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
Ally Financial Inc. is worried that the proposed sale of Residential Capital LLC’s mortgage-servicing platform might hamstring ResCap’s promise to abide by the terms of a landmark national mortgage settlement. Read the Daily Bankruptcy Review article here.
Philip Falcone‘s LightSquared on Friday made a proposal to the Federal Communications Commission that the company hopes will solve the regulatory issues surrounding its wireless satellite network and help it build its business faster without abandoning its long-term goals. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, Digital Domain creative leaders want a happy ending, and a Lynyrd Skynyrd-themed restaurant finds a sweet home in bankruptcy. Also this week, a Ponzi-scheme operator disputed a lawsuit involving musician John Mayer.
