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The Daily Docket: Omega Navigation Files for Bankruptcy

07/11/11

Shipping company Omega Navigation Inc. and nine of its subsidiaries filed for Chapter 11 bankruptcy protection in Texas Friday after failing to strike a deal with its senior lenders on an out-of-court debt restructuring. Read the Daily Bankruptcy Review story here.

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Widespread Criticism Leads to Vote to End Last Remaining Obama Housing Program

07/06/11

The Home Affordable Modification Program, HAMP, a home loan modification program to avoid foreclosure, once touted as key to helping millions of homeowners who were “underwater” due to plummeting home values, suffered a loss when the House of Representatives voted to eliminate the program, the last remaining housing program of the Obama administration. HAMP, launched [...]

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Poll: Dodd-Frank Wouldn’t Have Helped Lehman Creditors

07/01/11

A majority of respondents to an American Bankruptcy Institute poll said creditors of failed investment bank Lehman Brother Holdings Inc. wouldn’t have fared better in a post-Dodd-Frank world.

The strenuously negotiated financial reform law put into place last year gave the government the authority to orderly liquidate financial firms–a power that theoretically would have prevented Lehman’s crash into bankruptcy that many blame for intensifying the recent financial crisis.

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The Daily Docket: Former Taylor Bean Leader Gets 30 Years

07/01/11

A federal judge on Thursday sentenced former Taylor, Bean & Whitaker Mortgage Corp. Chairman Lee Farkas to 30 years in prison for running a multibillion-dollar fraud scheme that led to the collapse of the mortgage lender and a major bank. Read the Daily Bankruptcy Review story here.

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Vicente Padilla Gets ‘CLIP’ped in Dodgers Bankruptcy

06/30/11
EPA/Erik S. Lesser

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

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