According to an article in the Washington Post, Capital One Financial lost $276 million in their second quarter, due to continuing losses from its credit card loans. Capital One's U.S. credit card business was down by 51 percent in 2009 compared to last year's numbers. The article said: "Chief executive Richard D. Fairbank told investors [...]
According to an article in the Star Tribune a federal bankruptcy trustee handling Denny Hecker's personal bankruptcy sued Hecker's female friend, demanding that she return documents and $119,800 worth of cash and gifts received from Hecker since January. The article said:"The lawsuit lists a $60,000 fur coat and $58,900 in check payments that Hecker gave [...]
According to an article in the Dallas Morning News , retail occupancy fell this year to 87 percent due to store closings and retail bankruptcies. The article said: "Overall retail building and shopping center occupancy was at 87 percent at the end of June - down from 87.6 percent at the start of the year, [...]
According to an article in the Star-Telegram , two shopping, residential and office developments in the growing Alliance Corridor in far north Fort Worth are facing foreclosure, another casualty of the credit crisis. The article said: "Plans for the open-air development included 1.6 million square feet of retail, and medical and office space. Trophy completed [...]
According to an article in Bloomberg, CIT Group Inc., a 101-year-old commercial lender is facing a possible bankruptcy as it has failed to secure an emergency loan to pay creditors. If CIT Group (not Citigroup) files bankruptcy it will be the first bank who received TARP funds to do so. The article said: "A bankruptcy [...]
According to an article in the Dallas Morning News, a General Motors (GM) bankruptcy may be exactly what the struggling automaker needs to boost sales. The article said: Car and truck buyers, they say, may not be as fearful of Chapter 11 as once thought, as evidenced by Chrysler LLC's stronger-than-expected sales in the two [...]
Congressmen Jerrold Nadler and Steve Cohen introduced a bill in the U.S. House of Representatives to repeal some sections of the 2005 Bankruptcy law that governs Chapter 11 bankruptcy. Critics of the 2005 bankruptcy law claim that the rules make it too difficult for large retailers to successfully reorganize in Chapter 11 bankruptcy. The proposed [...]
According to an article in the Star-Telegram, Charter Communications, the fourth-largest cable operator in the country has filed for Chapter 11 bankruptcy. The article said: Charter, which serves 150,000 customers in 59 municipalities in the Fort Worth area, said last month that the upcoming filing would not affect its service. It reported having about 350 [...]
According to an article in the Star-Telegram, Six Flags Inc. announced that it may file for Chapter 11 bankruptcy because it cannot meet an imminent financial obligation as revenue has slowed significantly. According to the company's annual report, the company does expect to have enough money to repay more than $300 million in preferred-income redeemable [...]
According to an article in the Star-Telegram, Choice Homes, a Dallas-Fort Worth based builder is preparing to close its doors because it cannot secure the funding necessary to continue operating. A company that has been in business for over 21 years, Choice Homes is just one of many homebuilders who have closed its doors or [...]