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September 30, 2011

Hussey Copper files for bankruptcy protection

"Hussey Copper of Leetsdale has filed for bankruptcy and has a letter of intent with a potential buyer.

The action comes after the 163-year-old copper producer defaulted on a loan agreement with PNC Bank and other lenders and failed to find other backers to refinance its debt."

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September 30, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Friendly's Bankruptcy Filing Imminent, Says Report

"Friendly's is on the verge of bankruptcy, according to a report from the Wall Street Journal. The ice cream and casual dining chain will apparently file for Chapter 11 protection as early as next week. The Journal reports that the over 500 Friendly's location will likely remain open during bankruptcy proceedings, with the help of a $75 million financing deal with Wells Fargo bank."

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September 30, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Kodak Debt Swaps Soar as Camera Maker Said to Weigh Bankruptcy

"The cost to protect Eastman Kodak Co. (EK)’s debt from default jumped as the unprofitable 131-year-old camera maker is said to be weighing options including a bankruptcy filing.

Credit-default swaps linked to the Rochester, New York-based company rose 4 percentage points to 66.5 percent upfront, according to data provider CMA. That means investors would pay $6.65 million initially and $500,000 annually to protect $10 million of Kodak’s debt for five years.

Kodak may seek bankruptcy protection because of concerns raised by possible bidders for its patent portfolio, said three people with direct knowledge of the process. Some potential buyers of the patents are reluctant to proceed with bids because a purchase may amount to a so-called fraudulent transfer if Kodak becomes insolvent, said the people, who asked not to be named because the talks are private."

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September 30, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

September 27, 2011

Dodgers Fans to McCourt: Show Us the Money In Bankruptcy Court!!

"Los Angeles Dodgers season ticket holders want to make sure Frank McCourt isn't screwing them over in the team's bankruptcy proceedings -- and they've filed a motion to make sure they're protected.

Attorneys representing a handful of season ticket holders filed docs with the bankruptcy court in Delaware ...seeking to establish a formal committee of more than 17,000 season ticket holders.

According to the docs, the committee's goal is to make sure Dodger funds are going to what they consider the most important part of the 'fan experience' -- such as acquiring new players, meeting payroll, renovating the stadium, and operating concessions.

Interestingly, the motion makes no mention of stadium security -- which is what everyone's been talking about since the Opening Day beating of Giants fan Bryan Stow."

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September 27, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Deloitte sued for $7.6B in mortgage fraud case

"A pair of lawsuits filed Monday claim that Deloitte & Touche LLP, one of the nation's largest accounting firms, should pay $7.6 billion in damages for failing through years of audits to detect massive fraud at a now-defunct Florida mortgage company.

'They certainly did not do their job,' said attorney Steven Thomas, who represents those suing Deloitte. 'This is one of those cases where the red flags are staring you in the face, and you've got to do a lot, and they did not.'

Deloitte spokesman Jonathan Gandal responded that the company rejects the claims, calling them 'utterly without merit.'

The lawsuits were filed in Miami-Dade Circuit Court on behalf of the bankruptcy trustee for the fraudulent mortgage firm, Taylor Bean & Whitaker, and by Ocala Funding LLC, a company that purchased hundreds of millions of dollars' worth of mortgages from Taylor Bean. The bankruptcy trustee is attempting to recover money for Taylor Bean creditors."

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September 27, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Solyndra cleared for October 27 bankruptcy auction

"Solar panel maker Solyndra LLC, which filed for bankruptcy after borrowing $535 million from the U.S. government, on Tuesday was cleared to begin a quick sale process that some creditors criticized as 'rushed.'

U.S. Bankruptcy Judge Mary Walrath in Delaware approved the plan for an October 27 auction of the business, citing the support for the plan by the Department of Energy (DOE). She also directed the company to attend a major trade show next month to find a buyer for the business."

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September 27, 2011 in Current Affairs | Permalink | Comments (1) | TrackBack

Dodgers fight MLB request for control of team

"The Los Angeles Dodgers fought back against Major League Baseball's attempt to wrest control of the bankrupt baseball team from Frank McCourt, asking a federal court to delay considering the league's requests to sell the team and throw out its lawyers.

The team, which filed for bankruptcy in June, wants to move forward with its own plans to hold an auction of its broadcast rights next month. The auction is expected to help refinance the team and allow McCourt to hold onto it after bankruptcy.

MLB has disputed the team's need for bankruptcy and questioned McCourt's personal interests and spending. The league filed documents with the court last week asking to present its own plan for the team, most likely a quick sale."

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September 27, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack