In a bid to move the bankruptcy process along for the Dodgers, the MLB has agreed to allow current owner Frank McCourt to solicit competing bids for the team's media rights as long as he agrees to sell the baseball team. The structure of the auction was the biggest of several concessions MLB made to [...]
The city of Harrisburg filed Chapter 9 bankruptcy to get a handle on debt that was literally destroying it. But because the state of Pennsylvania opposes bankruptcy, the city is now facing cumbersome and tiresome measures to avoid both bankruptcy and being placed under the control of state officials. In the resulting Chapter 9 filing, [...]
There's more bankruptcy drama coming out of reality TV, this time involving reality TV star Jacqueline Laurita of "Real Housewife of New Jersey." Laurita and much of her immediate family are accused of plundering the assets of a clothing company in bankruptcy. First of all, court papers show New Jersey's Jacqueline Laurita, her husband Joseph, [...]
After experiencing their third bankruptcy in ten years, Filene's Basement and Syms have decided to liquidate their stores nationwide. "The filings today are the result of a process that has been taking place for several months," Syms said. "Our board has conducted a rigorous assessment of all the strategic options and alternatives available and after [...]
The IRS is amongst a small group of creditors objecting to the Dallas Stars' bankruptcy exit plan. The federal taxing authority is challenging the plan alleging that it infringes upon its rights. The federal tax agency detailed its opposition to the National Hockey League team's Chapter 11 plan of reorganization, arguing that the plan doesn't account [...]
In a dispute between bankruptcy debtor B.B. King's restaurant and Mirage, owned by casino operator MGM Resorts International, lawyers for the casino argue that the proposed bankruptcy plan for B.B. King's isn't feasible nor in the best interests of the bankruptcy estate. "There is no lease for the debtor to assume and the motion is [...]
Preliminary bickering and fighting is just a prelude to a hearing scheduled for October 31, 2011, that will include testimony which could be fateful in McCourt's ability to keep control of the Dodgers. The battle lines are already being drawn about everything from file cabinets used by an MLB appointed trustee to alleged IRS investigations [...]
Young Buck Faces Bankruptcy Rapper Young Buck's (David Darnell Brown) Chapter 11 bankruptcy restructuring may no longer be feasible due to unresolved disagreements. The Chapter 11 bankruptcy trustee Jeanne Burton has ruled that the unresolved contract issues preventing the approval of the bankruptcy plan and the inability to recover misappropriated assets warrants liquidation in Chapter [...]
Bankruptcy Judge Mary Walrath has for the second time refused to confirm Washington Mutual's bankruptcy plan on the grounds that without mediation the bankruptcy case could collapse into a litigation nightmare. The major point of contention is allegations of insider trading which hedge fund investors vehemently deny. But the bankruptcy judge views the allegations as [...]
Barnes & Noble has agreed to pay $14 million for Borders' intellectual assets which include private customer information. But the bankruptcy sale could be jeopardized if the court appointed Consumer Privacy Ombudsman's recommendation that Borders' privacy policy remain in effect is enforced by the bankruptcy court. The FTC wrote, in part: "The representations Borders made [...]