The Daily Docket: Medicis Buys Graceway

Medicis Pharmaceutical Corp. won bankruptcy court approval Tuesday to close on the $455 million acquisition of Graceway Pharmaceuticals LLC, after a fight with an advertising agency that claimed its intellectual property was caught up in the deal. Read the Daily Bankruptcy Review story here.

St. Mary of the Woods, an Ohio retirement home controlled by the Franciscan Sisters of Chicago, filed for Chapter 11 bankruptcy protection Monday, blaming its financial hardship on the soured real-estate market that has kept aging potential residents stuck in homes they can’t sell. Read the Daily Bankruptcy Review Small Cap story here.

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At MF Global Holdings Ltd., where Jon S. Corzine made $6.3 billion in trades on European sovereign debt that sank the company last month, the former New Jersey governor was able to side-step conventional risk management procedures, The Wall Street Journal reports.

CME Group Inc. moved to free up more customer cash and other collateral trapped within MF Global Holdings Ltd., increasing its financial guarantee on those funds to $550 million, reports WSJ.

An environmental trust created to oversee the cleanup of hazardous waste left behind at dozens of former General Motors sites says the “old” GM has failed to pay millions of dollars it promised as part of its bankruptcy case, The Journal reports.

Pennsylvania will pursue a plan to put Harrisburg, its bankrupt capital, into state receivership even if a U.S. judge allows the city to seek bankruptcy protection in federal court, says Bloomberg.

The trustee seeking money for victims of imprisoned swindler Bernard Madoff has reached an agreement with the U.S. Internal Revenue Service to recover $326 million, Reuters reports.

The New York Times asks if Joe Torre interested in joining a group that would buy the Los Angeles Dodgers.

The Associated Press profiles the NHL’s newest owner, Dallas Stars chief Tom Galardia.

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