March 26, 2011
Borders Seeks To Hand Out $8.3 Million In Bonuses
"Book retailer Borders Group Inc., which is shuttering hundreds of stores in a bid to stay alive, is seeking bankruptcy court approval to hand out as much as $8.3 million in executive bonuses, including nearly $1.7 million to President Mike Edwards.
Papers filed with the U.S. Bankruptcy Court in Manhattan outline a proposed bonus program that is keyed to the company either reorganizing under Chapter 11 or selling itself as a going concern."
March 24, 2011
Dr. Murray Propofol Pharmacy Shut Down
"The Las Vegas pharmacy that supplied Dr. Conrad Murray with massive amounts of Propofol for Michael Jackson has been shut down ... TMZ has learned.
According to court documents obtained by TMZ ... "Applied Pharmacy has been shut down by the State of Nevada and will file Bankruptcy in 90 days."
The pharmacy shipped multiple packages of Propofol to Murray at his girlfriend's Santa Monica address in the months before MJ died."
Ex-lawyer gets jail in bankruptcy fraud
Employees, members of Club Fitness wake up to locked doors, bankruptcy note
Fund Wants Bling From Steelers’ Charlie Batch
"A Pennsylvania real-estate fund is going after the glory–and some of the bling–that comes with Pittsburgh Steelers player Charlie Batch’s athletic fame.
A federal bankruptcy judge is allowing Primerock Real Estate Fund, owed $820,000 by the Steelers backup quarterback, to continue its legal pursuit of the things that the 36-year-old Batch used as collateral to obtain a loan in November 2009, according to the Pittsburgh Tribune-Review."
March 22, 2011
Auditor says Victorville near insolvency
Another Oregon resort goes bankrupt
Feb. US bankruptcy claim trades dip, value rises
"WILMINGTON, Del., March 22 (Reuters) - The value of U.S. bankruptcy claims that traded in February hit an eight-month high due to a handful of big transfers involving cases such as Mesa Air Group Inc, according to data released on Tuesday.
But overall activity continued to dry up as large bankruptcy filings evaporate and traders are left shifting through smaller cases, according to SecondMarket, which runs a bankruptcy claims trading marketplace."
Madoff, WaMu, Borders, Lehman, Viceroy Resort: Bankruptcy
"March 22 (Bloomberg) -- Fred Wilpon, Sterling Equities Inc., the owners of the New York Mets baseball club, and Wilpon’s friends, family and associates filed a motion on March 20 to dismiss the newly revised, 373-page complaint where the trustee liquidating Bernard L. Madoff Investment Securities Inc. seeks to recover $300 million in fictitious profits and $700 million in principal repayments.
The Wilpon group, in their 94-page brief supporting dismissal, say they were “victims” who were “defrauded by Madoff” and “never should have been targeted by the trustee.” They say there are no facts to support the trustee’s complaint.
The motion to dismiss won’t be decided until late June, at the earliest."