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Lehman Brothers Holdings Inc. is seeking approval of deals to bring in more than $390 million. Syms Corp. unsecured creditors are objecting to its proposal to terminate a Manhattan lease. Lehman’s estate has retained Gleacher & Co. to advise on Archstone.
Jefferson County, Ala., is rallying to protect the settlement it received as a result of its disastrous sewer-debt deal from flowing back to Wall Street.
And it’s the type of dispute that has potential to draw more ink from the same kind of vampire squid furor that’s fueling anti-Wall Street protesters.
At issue is a bid by the financial expert who’s running the county’s debt-clogged sewer system for a piece of a $75 million settlement that J.P. Morgan Chase & Co. was forced to pay in the aftermath of the $3.2 billion deal.
A bankruptcy judge told Young Buck to get straight out of Cashville.
Judge George C. Paine II of the U.S. Bankruptcy Court in Nashville, Tenn., switched Young Buck’s Chapter 11 reorganization to a Chapter 7 liquidation this week, court papers show, granting the request of the attorney shepherding the rapper and driving force behind Cashville Records through bankruptcy.
As Bankruptcy Beat previously reported, trustee Jeanne Burton in October concluded that Young Buck (real name: David Darnell Brown) didn’t have a viable shot at reorganizing. Burton came to this conclusion after spending months reviewing Young Buck’s financial situation and helping him to craft a bankruptcy-exit plan. But in the end, it all came down to fellow rapper and former mentor 50 Cent.
Quiznos is reaching a deal to restructure about $870 million in debt. A judge was “troubled” by a plan by two banks who co-own Archstone with Lehman Brothers Holdings Inc. to sell half their interests to Equity Residential. AR Broadcasting Holdings Inc. won approval of its Chapter 11 plan.
A handful of hedge fund companies are suing Delphi Automotive PLC and some of its biggest backers. Real Mex Restaurants Inc. won permission to dole out up to nearly $3 million in bonuses. Sam Zell sued former Tribune Co. shareholders.
Environmentally friendly baby-bottle maker Green to Grow, loved by celebrity moms like Bethenny Frankel and Kelly Preston, is liquidating its business under Chapter 7 bankruptcy protection, according to court documents filed Friday.
Amid poor sales in 2011 and two straight years of net losses, the company declared liabilities of $711,886 and assets of $34,252 in its court filings. Unsecured creditors, owed $445,093, aren’t expected to receive any payout once the company is liquidated.
The owner of several luxury resorts has won permission to place its Doral Golf Resort & Spa on the auction block. Money Tree Inc. turned to Chapter 11 protection. Swedish auto maker Saab’s downfall accentuates the difficulties niche auto makers face in trying to survive.
A retired Los Angeles Dodgers pitcher is at the center of a $3 million dispute between the Major League Baseball team and insurance giant Hartford Life Insurance Co.
The dispute concerns ex-Dodger Paul Shuey, who, the Los Angeles Times reports, underwent hip surgery in October 2003. He tore a tendon in his thumb in March 2004 and had a second hip surgery that July, leaving him in the dugout for the whole 2004 season. In court papers, the Dodgers’ attorneys said the team remained on the hook for Shuey’s 2004 season salary of $3.25 million and therefore filed a claim to draw insurance proceeds from Hartford. The insurer, however, said Shuey wasn’t totally disabled when his coverage expired, pointing to the multiple injuries the pitcher received over the span of nearly a year.
Saab declares bankruptcy, William Lyon Homes files for Chapter 11 and Eastman Kodak Co. hits a hurdle in its restructuring bid.
From Dow Jones Daily Bankruptcy Review, exclusive coverage of corporate bankruptcies, companies headed for trouble and the latest trends in bankruptcy law, distressed investing and corporate restructuring. Lead writer Marie Beaudette and Daily Bankruptcy Review reporters in Washington, New York and Wilmington, Del., provide insight into the big cases, who’s next to fall and what’s making news across the bankruptcy market.