The Daily Docket: Lehman Closer to Chapter 11 Plan Approval

Lehman Brothers Holdings Inc. said recent settlements with a number of its far-flung foreign affiliates have put the failed investment bank on track to win approval of its plan to exit bankruptcy by the end of the year. Read the Daily Bankruptcy Review article here.

Facing angry investors who want their money back, nine investment funds managed by Louisiana-based Commonwealth Advisors Inc. have filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Wilmington, Del., in a move that will enable the funds’ managers to liquidate the pools of money under a judge’s watch. Click here to read the article in DBR Small Cap.

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According to the Associated Press, Bernard Madoff told Barbara Walters in a prison interview that he regrets his actions but is also “happier in prison than he’s felt in 20 years.” Madoff also told Walter in the interview, which wasn’t filmed because of prison rules, that he’d thought about suicide before going to prison but no longer does.

The Wall Street Journal reports that solar-panel company Solyndra LLC isn’t the only one facing financial hurdles—so are many companies backed by the same Energy Department loan program.

The Philadelphia Inquirer reports that a bankruptcy judge indicated he’d approve a labor-contract deal between the Philadelphia Orchestra Association and its musicians’ union.

According to Bloomberg, traders think that because oil pipelines are so in demand, SemGroup Corp. will get the worst windfall if it holds out for more money in any takeover deal.

The United Auto Workers said employees of Chrysler Group LLC approved a new labor contract with the company, according to WSJ.

Law professor Stephen Lubben directs us to a chart by the Economist that may provide insight into the sectors from which the next Chapter 11 bankruptcy cases will emerge.

Fees for the Howrey law firm’s case have reached $3 million in the four months since the firm has filed for bankruptcy, the Am Law Daily reports.

According to WSJ, AMR Corp.’s American Airlines said it has reached a tentative contract with the Transport Worker union that will cover more than 10,000 baggage handlers and ramp workers.

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