The Daily Docket: Funds Seek Bankruptcy For Allied

Hedge funds owed nearly $53 million have moved to push Allied Systems Holdings Inc. into an involuntary bankruptcy case, a remedy for what they claim are improper moves by owner Yucaipa Cos. Read the Daily Bankruptcy Review article here.

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Treasury Secretary Timothy Geithner says J.P. Morgan Chase & Co.’s collateral requests from a stricken Lehman Brothers Holdings Inc. was “immaterial” to Lehman’s collapse and the filing of the largest bankruptcy in U.S. history. Read the DBR article via The Wall Street Journal.

Reno, Nev.-based Silvery Legacy Resort Casino filed for Chapter 11 protection with about $143 million in outstanding senior secured notes, Vegas Inc. reports.

Companies including Allstate Corp., Deutsche Bank AG and American International Group Inc. have been tapped to represent the unsecured creditors in Residential Capital LLC’s bankruptcy, WSJ reports.

Warren Buffett wanted to buy ResCap before it was placed into bankruptcy, Bloomberg reports.

Some of MF Global Holdings Ltd.’s customers are seeking a quick wind-down and want the case to be streamlined to that legal professionals get less money and they get more, Reuters reports.

According to the Financial Times (sub. req.), Bank of Credit and Commerce International liquidators are standing down after 21 years arranging one of the longest corporate wind-downs.

Dow Jones Newswires reports that ports-to-telecom operator Hutchison Whampoa Ltd. last a motion to have its bid for Eircom Ltd. “given due consideration.”

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