Lehman Brothers Holdings Inc. is locked in a high-stakes battle with its former Swiss derivatives subsidiary over billions of dollars in guarantees and intercompany loans, a legal dispute that threatens to delay recoveries for creditors who have been waiting more than three years to be paid following Lehman’s collapse. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, Kodak wants to reject an agreement with the PGA Tour and stars in Billy Crystal’s Oscars jokes. Also this week, Oscar winner Meryl Streep donates money to a school in Central Falls, R.I.
Hostess Brands Inc. is defending its bid to shed its pension plans and cut back on benefits for its unionized employees, saying it’s the only way for the company to survive its current trip through bankruptcy. Read the Daily Bankruptcy Review article here.
The U.K. Supreme Court said Wednesday that billions of dollars in client cash belongs to customers of Lehman Brothers Holdings Inc.’s U.S. brokerage whether it was properly segregated or not, a win for customers of Lehman’s U.S. unit and the trustee winding down the business. Read the Daily Bankruptcy Review article via The Wall Street Journal.
A company controlled by real-estate mogul Donald Trump is set to buy the Doral Golf Resort & Spa in Miami out of Chapter 11 protection and prepare it for a massive renovation after no other bidders stepped up to challenge its $150 million offer for the iconic resort. Read the Daily Bankruptcy Review article here.
A judge on Monday approved Great Atlantic & Pacific Tea Co.’s plan to exit bankruptcy proceedings as a leaner grocery chain by both store count and cost of labor, more than a year after the owner of A&P and other supermarkets filed for Chapter 11. Read the Daily Bankruptcy Review article here.
A legal fight between Lehman Brothers Holdings Inc. and J.P. Morgan Chase & Co. over claims that the bank illegally siphoned billions of dollars from Lehman in the weeks before its collapse illustrates what happens when the “shadow” banking system runs headlong into bankruptcy court. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, the name Kodak Theatre is no more and Joe Torre has dropped his bid for the Los Angeles Dodgers. Also, sports agent Leigh Steinberg opens up about his downfall.
