The fight to bring four marquee U.S. hotels out of bankruptcy is turning increasingly nasty, with a hedge fund accusing the company that oversees their mortgage debt of “bullying” management into accepting a $1.5 billion offer from Singapore’s sovereign wealth fund. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, we’re betting financial self-help guru Robert Kiyosaki isn’t feeling so rich. Also, testimony from Nevin Shapiro’s right-hand man is stirring the pot for the Miami Hurricanes.
Residential Capital LLC said in court papers it is changing the terms of its $1.45 billion bankruptcy loan to allow it to sell its “legacy” loan portfolio before unloading its mortgage-servicing portfolio, a move that would allow Berkshire Hathaway Inc. or a competing bidder to close on a deal for the legacy loans more quickly. Read the Daily Bankruptcy Review article here.
A majority of American Eagle pilots have voted in favor of a new labor agreement between their union and AMR Corp., the regional airline’s parent. Read the Daily Bankruptcy Review article here.
Pinnacle Airlines Corp.'s thousands of pilots and flight attendants are objecting to the airline’s bid to scrap their contracts, a move the regional carrier says is necessary to exit bankruptcy protection. Read the Daily Bankruptcy Review article here.
Arcapita Bank’s unsecured creditors say a proposed $150 million financing package from Silver Point Finance LLC is structured to benefit the lender at other creditors’ expense and to preclude the company from pursuing other options. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, it’s a sports bonanza. A director documents how sports stars go broke, Michael Vick has spent some money, Curt Schilling might need to sell a bloody sock, and much, much more!
The trustee winding down Lehman Brothers’ brokerage has settled a $6 billion dispute with the failed investment bank’s former Swiss derivatives unit, one of the last holdouts among Lehman’s foreign affil
