The Daily Docket: Five Mile Seeks Independent Trustee for MSR

Five Mile Capital Partners LLC is accusing MSR Hotels & Resorts Inc. of using its Chapter 11 case to shield its directors from possible liability for their alleged misconduct and wants an independent trustee to take charge of the company. Read the Daily Bankruptcy Review article here.

Companies that sell themselves quickly in bankruptcy should be forced to hold back a portion of the sale proceeds in so-called “ice cube bonds” to resolve later disputes, a new study concludes. Click here for the DBR article.

The parent company of Arkansas-based Metropolitan National Bank has filed for Chapter 11 bankruptcy after piling up more than $100 million in nonperforming mortgages since the financial crisis. The DBR Small Cap article is available here.

(Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

The Wall Street Journal reports on the return of the Twinkie and how ex-Hostess workers are unhappy about wage cuts.

DealBook looks at the duties of custodial banks in the Bernard Madoff case.

Detroit’s financial problems aren’t the city’s worst problems, the New York Times reports.

Ambac Assurance Corp. is turning to Harrison J. Goldin for advice on Detroit debt it insures, Bloomberg reports.

Credit Slips discusses the bankruptcy filing decline rate.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa.