Restructuring

A lot of odd things have happened to pitcher Vicente Padilla during his 13-season Major League career.

Lehman Brothers Holdings Inc. early Wednesday filed a revised plan to repay creditors that has much broader support than its previous proposals and could result in other parties withdrawing their rival plans and a final deal being confirmed by the court before the end of the year. Read the Daily Bankruptcy Review article here.

Federal prosecutors say Lee Farkas should spend the rest of his life behind bars because the former chairman of mortgage lender Taylor, Bean & Whitaker Mortgage Corp. continues to deny responsibility for the devastation he wrought as the mastermind of a multibillion-dollar “fraud of staggering proportions.” Read the Daily Bankruptcy Review story here.

W.R. Grace & Co. is seeking bankruptcy-court permission to compete at an auction for a “highly confidential potential strategic transaction” as it awaits the final word on its Chapter 11 exit plan. Read the Daily Bankruptcy Review story here.

Aurelius Capital Management, one of the big hedge funds accused of benefiting from insider trading in the bankruptcy case of Washington Mutual Inc., says it’s the victim of a “shakedown” by the committee representing aggrieved investors. Read the Daily Bankruptcy Review story here.