The Daily Docket: Life Sentence for Farkas?

Federal prosecutors say Lee Farkas should spend the rest of his life behind bars because the former chairman of mortgage lender Taylor, Bean & Whitaker Mortgage Corp. continues to deny responsibility for the devastation he wrought as the mastermind of a multibillion-dollar “fraud of staggering proportions.” Read the Daily Bankruptcy Review story here.

Unsecured creditors of Allen Family Foods Inc. are protesting its proposed sale to the poultry producer’s rival, which they said will allow the buyer and Allen’s lenders “to waltz away with the spoils” while the unsecured creditors trudge off empty-handed. Read the DBR Small Cap story here.

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Apple Inc. has received antitrust clearance to bid on Nortel Networks Corp.’s patent portfolio at an auction next week, The Wall Street Journal reports.

Pennsylvania Gov. Tom Corbett said Thursday that he would sign a bill pending in the state legislature that would clamp down on the ability of the state’s financially troubled capital city to file for bankruptcy protection, the Associated Press reports.

Before New York’s H & H Bagels began to close down its popular Upper West Side outlet, the bagel empire was crumbling under financial pressure in the midst of multiple bankruptcy and foreclosure filings, WSJ reports.

The Supreme Court ruled against the estate of Anna Nicole Smith in the inheritance saga that arose from her marriage to oil magnate J. Howard Marshall II, WSJ reports.

An independent panel exploring the restructuring of Tokyo Electric Power Co. on Friday ruled out the possibility of selling off the entire company to a third party, Dow Jones Newswires reports.

The World Bank has hired Madelyn Antoncic, the former risk officer at Lehman Brothers Holding Inc. who was moved from her post after she complained in 2007 that the bank was increasing its risk profile too quickly, Financial News reports.

National Enquirer publisher American Media Inc., which emerged from bankruptcy protection in January, has acquired the U.S. edition of OK magazine from Northern & Shell, WSJ reports.