Federal Circuit Finds Successor Liability in Patent Case Sep 3, 2010
Companies and their lawyers should always consider whether acquiring a company through a bankruptcy proceeding or only buying a company's assets makes more sense, Segal said. The Federal Circuit has previously ruled on successor liability cases, but Segal isn't aware of cases that involved international transactions as opposed to a purely U.S. transaction. (Law.com)
Magna Entertainment Corp. files thirtieth default status report Sep 3, 2010
AURORA, ON, Sept. 2 /PRNewswire/ - Reorganized Magna Entertainment Corp. ("MEC" or the "Company") filed this news release as its thirtieth default status report under National Policy 12-203 of the Canadian Securities Administrators, pursuant to which MEC announced that it would not be filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, nor would it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities... (Yahoo! Wire -- Entertainment News)
Issa losing more property overseas Sep 3, 2010
Issa allegedly filed for personal bankruptcy in England last year after owing various banks nearly $100 million. Issa has not been seen in Buffalo for almost three years. (Buffalo Business First, NY)
Bernanke’s testimony focuses on regulatory shortfalls Sep 3, 2010
On Wednesday, former Lehman Brothers chief executive Richard Fuld said regulators had acted on flawed information in making their decision to deny Lehman Brothers aid and force it into bankruptcy proceedings ... After 2 1/2 hours of answering questions, Bernanke made a frank admission: Even as the Fed scrambled to save Lehman the weekend before it declared bankruptcy, the Fed had already concluded the bank would fail because customers and investors had declared it dead. (Boston Globe)
GM's New Boss Woos Autoworkers in First Staff Memo Sep 3, 2010
That was before GM went through bankruptcy and shed four of its eight brands. Active GM brands remaining are Chevrolet, Buick, GMC and Cadillac. (ABC News -- Wire)
Settlement announced in salmonella outbreak Sep 2, 2010
Peanut Corp. filed for Chapter 7 bankruptcy to dissolve amid fallout from the outbreak. Marshall Tousignant still hopes there will be criminal charges, but said he hasn't heard an update on that front for some time. (Brainerd Daily Dispatch)
Lehman Says Two Units Need Help to Avoid Failing Sep 2, 2010
In a filing with a U.S. bankruptcy court on Wednesday, Lehman said it was faced with a choice of either allowing the units to fail or injecting capital into their balance sheets to recover significant value for its creditors ... Lehman hired hundreds of its former bankers and other financial experts to help it unwind the complex contracts that were left in disarray when it filed for bankruptcy protection on September 15, 2008, the largest U.S. bankruptcy filing in history ... The case is In re:... (ABC News -- Wire)
Eileen McGann: How Republicans Will Win the Senate Sep 2, 2010
And what is the liberal answer to national bankruptcy. Colorado Mountain High Wrote: 18 hours ago (11:24 AM) Say What Ron. (Townhall.com)
Flawed decisions killed Lehman, ex-CEO testifies Sep 2, 2010
Lehman was the only firm that was mandated by government regulators to file for bankruptcy ... Lehman, the biggest underwriter of mortgage-backed securities when the US real estate market was at its peak, filed the largest bankruptcy case in the country s history in September 2008, with $639 billion in assets, roiling markets and exacerbating the credit crisis ... Lehman was forced into bankruptcy not because it neglected to act responsibly or seek solutions to the crisis, but because of a... (Boston Globe)
“This one was actually a surprise to me... Mondrian/Theodore has been in the news a while, but from what I gather, the property would make a more valuable parking lot than hotel. Scottsdale would be wise to buy the property, raze it, and use it for an expansion of their ever...” Sep 2, 2010
According to a report in the Wall Street Journal, Highland is exploring bankruptcy, which could potentially alter the time frame for any trustee sale. The Pointe has been a popular destination for out-of-state conferences and locals because of the 18-hole golf course and exotic swimming pool, dubbed the Falls Water Village. (Phoenix Business Journal, AZ)
Hawaii bankruptcy cases ease in August from July Sep 2, 2010
The number of Hawaii residents filing for bankruptcy protection in August eased slightly from July, but cases remained above the 300 mark for the sixth month in a row. There were 329 filings in August compared with 345 cases filed in July, according to federal Bankruptcy Court statistics ... The current cycle of bankruptcy cases peaked in April with 391 cases filed. (Honolulu Star-Bulletin)
Mediator named in Tribune Co. bankruptcy case Sep 2, 2010
US federal judge Kevin Gross was appointed as mediator by the US Bankruptcy Court for the District of Delaware ... The Tribune's board of directors meanwhile named a special committee of four independent directors to oversee the company's contentious bankruptcy process ... The Tribune Co. filed for bankruptcy protection in December 2008. (Yahoo! Asia News)
More Japanese vacation due to strong yen Sep 2, 2010
" onclick="Next();" src="/images/butt_next. travel between Tokyo and our beach destinations; Hawaii, Guam and Saipan. (Channelnewsasia.com)
Banks, relax - until the next crisis Sep 2, 2010
In 1997, the east-Asian crisis evoked several radical proposals an international bankruptcy mechanism, an overhaul of the IMF, an Asian reserve fund. These too were quickly forgotten once the east-Asian economies began to recover. (India Times)
Source Interlink sells off division Sep 2, 2010
Source Interlink traded publicly until entering Chapter 11 bankruptcy in April 2009. It emerged as a private company in June 2009. (The News-Press -- Business)
Firm picks up 17 McDonough lawyers Sep 2, 2010
Areas of expertise include commercial real estate, litigation, banking and finance, corporate law and securities, tax, labor and employment, trusts and estates, bankruptcy and creditors rights, intellectual property and nonprofit and tax-exempt organizations. The name of the firm will change to reflect the addition of McDonough attorneys, but to what has not been decided. (Sacramento Business Journal, CA)
“That buyer...I confess, It's me! My only stipulation is that in order for the team to be financially viable in this market, it must move to the Colosseum in downtown Phoenix. The players will of course willingly take a huge pay-cut and the management team will be payed on ...” Sep 2, 2010
An undisclosed wealthy buyer is leading a new ownership group that is interested in buying the Coyotes from the NHL. The league has owned the team since October when it bought the Coyotes via Chapter 11 bankruptcy proceedings. Details of the new ownership group are very limited, though Glendale and the NHL could announce details and developments soon, according to sources familiar with the situation. (Phoenix Business Journal, AZ)
Property shakes off winter blues with $52m sale Sep 2, 2010
Since the stockmarket implosion inspired by the bankruptcy of Lehman Brothers in 2008, Sydney prestige house price dealings have been few and far between. The highest sale in the past two years has been $26. (Sydney Morning Herald -- Australia)
Not just easy money Sep 2, 2010
Pointing to the cost of subsidizing dog racing (which has since been eliminated) and the heavy bite of the state (which claims almost 61 cents of every dollar lost by gamblers at Twin River), BLB Investors filed for bankruptcy in 2009 ... Despite Twin River s plunge into bankruptcy, the former dog track retains an outsized ability to influence state government ... To critics, Twin River even after its plunge into bankruptcy has become Rhode Island s own version of Too Big to Fail. (Boston Globe)
America's Most Underestimated Company Sep 2, 2010
One of Netflix's direct competitors, Blockbusterwhich for years was supposed to put Netflix out of businessis teetering on the edge of bankruptcy. Netflix's iPad app was when the device launched in April. (Slate)
Cinemas rediscover gold in the silver screen Sep 2, 2010
And companies like Columbus-based Carmike Cinemas sought bankruptcy protection to reorganize operations. But now a box-office renaissance is bringing more sparkle to the silver screen as theater operators reinvest in their properties and upgrade screens. (Atlanta Journal-Constitution -- Business)
Brewer, Goddard spar over immigration, state budget Sep 2, 2010
Brewer pressed an oft-repeated theme: that she had the unenviable task of turning around a state on the verge of bankruptcy. "I arrived, and I have to solve it all," Brewer said. (AZCentral)
Consumer Bankruptcies Fell 8 Percent in August Sep 2, 2010
6 million filings in 2010, according to a report by the American Bankruptcy Institute (ABI). "While monthly filings are volatile, consumer bankruptcies are still the highest they have been since Congress overhauled the bankruptcy law in 2005," ABI Executive Director Samuel Gerdano said in the report ... Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts. (ABC News -- Wire)
Court-Appointed Mediator to Assist Negotiations in Tribune Chapter 11 Process Sep 2, 2010
The U.S. Bankruptcy Court for the District of Delaware today appointed federal judge Kevin Gross as mediator. Gross is currently a U.S. Bankruptcy judge for the District of Delaware in Wilmington, DE.. (Yahoo! Wire -- Entertainment News)
AIW is under new leadership Sep 2, 2010
Scott Prince, lead director of IDG s board and of LKCM Capital Group s board, says the company struggled to get products to sell to its customers during the bankruptcy process. But since our acquisition, we have re-established business relationships will all of the vendors that Alamo Iron Works previously had. (San Antonio Business Journal, TX)
Delta upbeat on Japan business amid strong yen Sep 2, 2010
JAL, which is restructuring after filing for bankruptcy protection in January, had been in talks with both airlines before making the decision in February. "We wish them nothing but success," Bastian said of JAL.. (San Francisco Chronicle -- Business)
Spain halves deficit with painful austerity cuts Sep 2, 2010
MADRID: Spain's deficit is down sharply thanks to an unpopular cocktail of tax hikes and austerity cuts good news for a government fighting to ward off fears it might need a bailout like the one that saved Greece from bankruptcy. Still, with a fifth of the work force out of a job and businesses struggling to survive, the spending cuts that are helping the budget are likely to keep any economic recovery subdued. (The Star Online, Malaysia -- Business)
Feingold decries 'systematic' effort to 'destroy' Obama Sep 2, 2010
Thursday, September 02, 2010. By Michael O'Brien - 09/01/10 07:43 AM ET. (TheHill.com)
Police: Woman Struck And Killed By SUV Was A Local Doctor Sep 2, 2010
"The Korean Asian community is relieved. Her identity is finally known, he said. Chan was walking south along Old FM 440 Road in Killeen just after 5:30 a.m. on Aug. 11 when a southbound 2007 Dodge Nitro struck at the intersection with Clairidge Avenue. The driver of the SUV was unable to see her, police said. She was pronounced dead at the scene. (David Williams contributed to this story) Latest Comments Posted by: Al Location: Waco on Sep 1, 2010 at 08:29 PM You guys think she could have... (KWTX.com, TX)
On Day 1, Sumner hospitals already money makers for LifePoint? Sep 2, 2010
Adjusting for one time-expenses related to its sale and bankruptcy, the hospital system's cash flow improved by $20 million from May 2009 to May 2010, according to an executive at the Chicago turnaround firm that managed the system's bankruptcy ... Sumner Regional filed for Chapter 11 bankruptcy on April 30 and announced the same day plans to sell itself to LifePoint for $145 million According to Navigant, the final purchase price was $156. (Nashville Business Journal, TN)
Report: Blockbuster bankruptcy is imminent Sep 1, 2010
Blockbuster has plans to file for a pre-packaged bankruptcy in September, the is reporting. The paper is quoting unidentified sources who claim executive management is going the route of a pre-packaged bankruptcy filing, which will allow the company to reorganize in court and shed its debt burden ... If you do anything out of bankruptcy to change the terms of the debt on one, it triggers a default on the other. (Milwaukee Business Journal, WI)
Report: NM may sell Russell Investments Sep 1, 2010
Russell closed its fund-of-hedge-funds operation in 2008 and suffered losses in its money market funds that had exposure to securities of Lehman Brothers Holdings, which filed for bankruptcy in September 2008. The company cut its staffing level by 20 percent during 2009. (Milwaukee Business Journal, WI)
Lehman Lawyers Seek Records From Hedge Funds and Goldman: Report Sep 1, 2010
As part of its bankruptcy proceedings, the Lehman estate issued subpoenas in April seeking documents from Goldman and the hedge funds that make reference to their Lehman-related investments, to see if any documents could provide a basis for a lawsuit to recover potentially billions of dollars in damages from the funds, the newspaper said. The law firm Kasowitz, Benson, Torres man could not immediately be reached for comment by Reuters outside regular U.S. business hours. (ABC News -- Wire)
BlockShopper.com Looking to Expand Sep 1, 2010
Timpone is looking for venture capital to expand his venture, publishing stories based on parking tickets, divorce, and bankruptcy records. Source: Forbes, Stephane Fitch (09/13/2010). (Realtor Magazine Online)
Tribune Forms Committee to Oversee Ch. 11 Plan Sep 1, 2010
The Tribune Co. has formed a special committee of its board to oversee its Chapter 11 plan as it closes in on two years spent in contentious bankruptcy proceedings ... The recession and the shift of ad dollars to online competition helped push Tribune Co. into bankruptcy court in December 2008. (ABC News -- Wire)
Winn-Dixie Stores Inc. Sep 1, 2010
Winn-Dixie fell to the lowest price since the grocery store company emerged from bankruptcy in 2006. The Jacksonville, Fla. (Boston Globe)
Pointe Hilton Tapatio heads to auction Sep 1, 2010
According to a report in the Wall Street Journal, Highland is exploring bankruptcy, which could potentially alter the time frame for any trustee sale. The Pointe has been a popular destination for out-of-state conferences and locals because of the 18-hole golf course and exotic swimming pool, dubbed the Falls Water Village. (Phoenix Business Journal, AZ)
Axis of fashion world tilts east Sep 1, 2010
Just weeks after Mr Obama was inaugurated wearing a Hickey Freeman suit, HMX, the Chicago-based owner of that brand as well as Hart Schaffner Marx among others, filed for bankruptcy protection ... SKNL has taken advantage of flexibility in the US bankruptcy code to rationalise the structure of its purchase. (CNN -- International)
The right-wing congressman made for the Obama age Sep 1, 2010
A family doctor who treated Jimmy Carter s relatives in South Georgia for a number of years, Broun declared bankruptcy in the early 1980s. A federal judge ruled -- according to news accounts in Athens -- that Broun "falsified financial documents in an effort to obtain a loan and misrepresented his assets and debts during bankruptcy proceedings" and ordered him to pay nearly $70,000 to an Americus bank ... According to a bankruptcy complaint, the young family doctor "has a reputation of having an... (Salon)
Trustee: Bergs company diverted funds Sep 1, 2010
Seattle entrepreneur Frederick Darren Berg s Meridian Mortgage Investors Funds took in about $210 million in investments and then diverted investments to various other Berg interests, including his luxury bus company, according to the court-appointed trustee in charge of overseeing the Meridian bankruptcy case. In a nearly three-hour meeting Monday with about 375 Meridian investors, trustee Mark Calvert told the investors that they might see only 15 percent to 20 percent of their money returned... (Puget Sound Business Journal, WA)
Local gift chain Swoozie's reopens two Atlanta stores, plans for more growth Sep 1, 2010
She separated the intellectual property -- Swoozie's name and concept -- from a bankruptcy filing ... In part, it was the acquisition of gift shop chain Blue Tulip out of bankruptcy in the Northeast that brought Swoozie's down ... For her part, Plank-Dworkin said she was taken by surprise by the bankruptcy and, after the filing, never had any idea that Swoozie's would ever come back. (Atlanta Journal-Constitution -- Business)
State may disincorporate to solve budget woes... Sep 1, 2010
A side note: unions have revived legislation in that seeks to prevent cash-strapped cities from declaring bankruptcy (Municipalities would have to get permission from a labor-dominated commission first). The consequence of that legislation, were it to pass, might well be to promote more disincorporations -- that is, the shutting down of cities -- since bankruptcy would be all but off the table ... California has the eighth-largest economy in the world yet is always on the verge of bankruptcy. (The Drudge Report)
Cities benefiting from privatization Sep 1, 2010
One need only look at states teetering on bankruptcy such as California to look at the need for alternative solutions to expensive employee payrolls. Sandy Springs has been the national prototype of local governments that contract with the private sector, according to the Reason Foundation. (Atlanta Journal-Constitution -- Opinion)
California to 'ban' plastic grocery bags... Sep 1, 2010
Ban the Bag or Bag the Ban. 392724 101825238 http://www. (The Drudge Report)
Thomas concedes to Horne in AG race Sep 1, 2010
Horne's campaign was dogged by criticism of a 1970 bankruptcy involving an investment firm he started in law school, which led to him to receive a lifetime trading ban from the Securities and Exchange Commission. He also failed to disclose the bankruptcy as required on a series of annual reports. (AZCentral)
Blockbuster's Bankruptcy Sep 1, 2010
has reported that Blockbuster Video is telling major Hollywood studios that they will be filing for bankruptcy sometime in September. Blockbuster, Inc. currently has more than its competition to worry about, as it has fought long and hard to recoup its losses of more than $1. (IGN FilmForce)
Hyundai Motor Aug sales dip due to holidays Sep 1, 2010
Ssangyong Motor Co, which is in bankruptcy protection and signed a preliminary acquisition deal with India's Mahindra dra in August, said sales more than tripled from a year ago as it remained on a firm recovery track. But vehicle sales edged down 11 percent from the previous month. (India Times)
Which businesses aren't paying taxes? Sep 1, 2010
Tax liabilities under appeal, litigation, or bankruptcy proceedings are not listed. . (San Diego Union-Tribune)
Bankruptcy court approves Visteon Chapter 11 plan Sep 1, 2010
(AP) A federal judge has confirmed auto parts supplier Visteon's reorganization plan, clearing the way for the company's emergence from bankruptcy. Visteon Corp., based in Van Buren Township, Michigan, said Tuesday that it expects to end its Chapter 11 bankruptcy Oct. 1. (KGW Northwest NewsChannel 8, OR -- Business)
Miami Athletes' Charities to Return Rothstein Money Sep 1, 2010
Charities run by Miami Heat star Dwayne Wade and former Miami Dolphins star Jason Taylor agreed to return donations from Ponzi king Scott Rothstein, his defunct law firm's bankruptcy trustee reported Tuesday. Both charities will return half of the donations under a settlement with Herbert Stettin, the bankruptcy trustee for Rothstein's Fort Lauderdale law firm ... The money collected by the bankruptcy trustee goes into a poll to be distributed among creditors, including fraud victims. (Law.com)
Cash-Strapped Calif. Co. Approves Hospital Tax Sep 1, 2010
The vote gives Modoc County, in the state's northeastern corner, a much-needed infusion of cash and likely means it will avoid bankruptcy. Voters approved both measures - one to impose a $195-a-year parcel tax to keep their struggling hospital, and another to create a hospital district to oversee its operations. (CBS News -- US)
Somerhill Gallery converts to Chapter 7 Sep 1, 2010
Durham s soon will be closing its doors for good after converting its Chapter 11 bankruptcy petition to Chapter 7 liquidation ... According to the original bankruptcy filing, Studio Frames Ltd., which does business as Somerhill Gallery, owed its top 20 creditors almost $927,000. (Triangle Business Journal)
Obama Declares End To U.S. Combat Operations In Iraq Sep 1, 2010
"I am mindful that the Iraq war has been a contentious issue at home" and that "it is time to turn the page, he said. Mr. Obama said earlier Tuesday he called former President George W. Bush, who began the war with the March 2003 invasion of Iraq. Mr. Obama, an anti-war activist, said that he and Bush disagreed about the war, but said there was no doubt about Bush's support for U.S. troops, his love of country or commitment to America's security. He called Mr. Bush a patriot. The troop... (KWTX.com, TX)
Elderly Texas Man Charged After Female Trooper Punched Sep 1, 2010
This free service can help you find answers to your legal questions about personal injury, criminal law, bankruptcy, family law and more ... This free service can help you find answers to your legal questions about personal injury, criminal law, bankruptcy, family law and more. (KWTX.com, TX)
Mortgage modifications miss the mark Sep 1, 2010
Half of the trial modification dropouts have found other ways to pay their loans, but 17 percent have been foreclosed upon, filed for bankruptcy or sold their home at a loss through a short sale, a Treasury Department survey found ... With the help of a lawyer, he staved off the foreclosure, but he has since filed for bankruptcy, hoping for some protection through the court. (San Diego Union-Tribune)
Pension fight stalls sale of Philly newspapers Sep 1, 2010
Creditors won the April bankruptcy auction for The Philadelphia Inquirer and Philadelphia Daily News with a 139 million bid, but the sale hinges on them getting signed labor contracts. "> Curious? Search ScoutPA. Your online website and business directory. Daily American Archive Search Search for an Event Search our Classifieds Pension fight stalls sale of Philly newspapers Rating: 0 Tuesday, August 31, 2010 7:55 PM EDT PHILADELPHIA (AP) The bankruptcy sale of Philadelphia s two major newspapers... (Somerset Daily American, PA)
Tempted? Hands off that 401(k) Sep 1, 2010
If you file for bankruptcy protection, creditors will go after your assets to repay your debts. But federal law protects your 401(k) from creditors. (AZCentral -- Business)
Padres at Park at the Park even when they're not Sep 1, 2010
This, said Jeff Larkin, a bankruptcy attorney who lives downtown, is one of San Diegos unknown treasures. . (San Diego Union-Tribune)
Virgin America to offer Mexico flights Sep 1, 2010
Burlingame-based Virgin America is partly stepping into a breach caused by the bankruptcy of. Virgin will run flights from San Francisco International Airport to San Jose del Cabo beginning in December, and from SFO to Cancun beginning in January. (San Jose Business Journal, CA)
Belle Terre opening Friday under new management Sep 1, 2010
LAPLACE Two weeks after completely shutting down its golf operations amid a cloud of bankruptcy, officials at Belle Terre Golf and Country Club said Tuesday the course will reopen for public use Friday ... The club s owner, Tim Duhe, filed for Chapter 11 bankruptcy last year in an effort to reorganize his debts and stave off foreclosure. (L Observateur, LA)
U.S. Concrete emerges from bankruptcy Sep 1, 2010
on Tuesday said it has completed its reorganization and has emerged from Chapter 11 bankruptcy. The Houston-based ready-mixed concrete in late April. (Houston Business Journal, TX)
Five Rules for Collecting Late Payments Sep 1, 2010
Keep in mind that if things are going south for the delinquent customer, a bankruptcy court can claw back anything paid out within 90 days of a filing. Before concluding the call, make sure you pinpoint a specific payment arrangement including the amount to be paid, the deadline receipt, and the method of payment delivery. (BusinessWeek)
Combining the worst Aug 31, 2010
Job holders will find themselves receiving little or nothing in pay increases because the labor market will be slack, while unions that attempt to keep up their members' living standards by industrial action will find their employers locking them out to avoid bankruptcy, their bargaining position improved by the pool of available unemployed labor. As for the public sector, we are already seeing a massive political backlash against automatic public sector pay and pension increases, which is... (Asia Times Online)
Airlines' shares soar Aug 31, 2010
This followed the January bankruptcy of JAL, Japan's largest carrier. At the other end of the scale, Aer Arran, a lossmaking regional Irish airline, was last week placed in interim "examinership", a provision in Irish law designed to help companies that have financial difficulties but also have a reasonable prospect of survival. (CNN -- International)
The Costs of the Federal Bailouts Aug 31, 2010
If private companies find themselves in dire straits, it would be far better to allow the orderly processes of bankruptcy to determine who survives and who fails. Washington increasingly is making spending decisions on your behalf and using your money to finance them. (Human Events Online)
