News Topic: Uncategorized

By Rachel Feintzeig and Mara Lemos Stein ... Read full article

This week on The Broke and the Beautiful, actor and “Celebrity Apprentice” contestant Gary Busey files for Chapter 7 bankruptcy, and Chrysler’s Super Bowl ad sparks controversy. Also, the New York Mets’ owners face new allegations regarding Bernard ... Read full article

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NewPage Corp. says its executives are in danger of being treated like pawns as second-lien investors seek to probe the company’s plans for bonuses. A bankruptcy judge has scheduled an emergency hearing Wednesday on the company’s bid to protect executives ... Read full article

American Airlines parent AMR Corp. Wednesday said it will seek to cut 13,000 jobs and terminate pensions in pursuit of $2 billion in annual costs savings, tipping its hand for the first time in what could be a long and painful bankruptcy proceeding. Read ... Read full article

Reuters Justin Timberlake is one of the many celebrities who have recently visited the Yellowstone Club. Move over, Bill Gates. ... Read full article

On November 2, 2009, CIT Group, Inc., a leading provider of financing to small businesses and middle market companies, filed for bankruptcy in the United States Bankruptcy Court for the Southern District of New York.  Click here for a copy of the CIT ... Read full article

In what is sure to be a controversial opinion, the Third Circuit Court of Appeals (No. 09-4349) has issued an Opinion  holding that the lenders in the contentious Philadelphia Newspapers’ bankruptcy case pending in the United States Bankruptcy Court for ... Read full article

After much litigation and legal maneuvering, the Senior Secured Lenders prevailed at the auction for Philadelphia Newspapers.  The Lender’s winning bid is for approximately $139 million, and the parties expect to close on the sale by late June.  To read a ... Read full article

In In re Erving Industries, Inc. et al . , the Court held that the supply of electricity constituted the sale of goods so that the electric supplier was entitled to assert a 503(b)(9) administrative expense claim.  The Court’s opinion is very ... Read full article

In an unprecedented paper entitled The Crisis , Alan Greenspan, the former Chairman of the Federal Reserve, acknowledges that the government failed to properly regulate the markets and banks under his leadership (although he also states that probably no ... Read full article

According to Bloomberg.com , U.S. ... Read full article

In a recent decision by the Delaware Bankruptcy Court, the Court held that a person holding the title of an officer, including vice president, is presumptively what he or she appears to be — an officer and, thus, an insider.  See In re: Foothills Texas, ... Read full article

Under the GM deal reached with the Obama Administration, the US Government will own 60% of New GM — that is, the “leaner and meaner” GM (of course, only time will tell if that becomes the case).  The problem for the Obama Administration is that the US, ... Read full article

GM filed for Chapter 11 bankruptcy protection today in the United States Banrkuptcy Court for the Southern District of New York at 09-50026.  A copy of the petition is here , and a copy of the GM press release describing the bankruptcy proceedings are ... Read full article

While this Blog generally focuses on bankruptcy-related issues, I thought it would be interesting to provide some of the key information about the Government’s fraud investigation into Goldman Sachs; after all, the subprime debacle caused the most ... Read full article