Happy Holidays from Bankruptcy Beat!

The Daily Docket: Lehman Seeks Approval of $390M Deals

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 Fights to Keep Scandal Settlement Money

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.

Bankruptcy Judge Orders Young Buck Into Liquidation

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.

The Daily Docket: Quiznos Reaching Debt Deal

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.

The Daily Docket: Hedge Funds Sue Delphi

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.

Baby-Bottle Maker to Liquidate

The Daily Docket: Doral to Hit Auction Block

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.

Dodgers Seek to Settle Dispute Over Injured Pitcher

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.

The Daily Docket: Saab Story

Saab declares bankruptcy, William Lyon Homes files for Chapter 11 and Eastman Kodak Co. hits a hurdle in its restructuring bid.