bankruptcy

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Acorn Ready to File Bankruptcy
 Acorn Ready to File Bankruptcy  
Mar 20, 2010 8:29 AM CDT

Acorn Ready to File Bankruptcy

Funding dried up in wake of pimp scandal

(Newser) - When James O'Keefe can convince your workers that he's a pimp and elicit all sorts of ill-advised advice, it's probably not an indicator that business is booming. And indeed, insiders tell the New York Times that Acorn will announce its pending bankruptcy this weekend. At least half of the group's...

3 Things That Killed Blockbuster
 3 Things That  
 Killed Blockbuster 
ANALYSIS
Mar 17, 2010 7:17 PM CDT

3 Things That Killed Blockbuster

Netflix takes leading role in company's imminent bankruptcy

(Newser) - With Blockbuster, once the dominant US video-rental chain, on the verge of bankruptcy, Daniel Indiviglio takes a look at three crucial factors in the demise of an outfit whose “fate was mostly sealed by its failure to embrace technology quickly enough.”
  • Netflix: “Its business model merged technology,
...

Runaway Calif. Prius Driver Has Sketchy Past

Bankruptcy, bad real estate deals have some thinking scam

(Newser) - The driver of the Toyota Prius he says went haywire and took him on a 94mph terror ride earlier this week has a checkered past that leads some to doubt his story. “Immediately I thought this guy has an angle here,” a dissatisfied client of real estate agent...

Lehman Post Mortem Bares Shady Tricks

Execs may land in court for disguising bad investments

(Newser) - Lehman Brothers tried to buy itself time by manipulating accounting gimmicks to disguise its bad investments, according to a court-ordered report on the firm's demise. The exhaustive, 2,200 page report found that execs, including former CEO Richard Fuld, could be held legally liable for the "materially misleading" attempt...

Ansel Adams' Family Sues Museum Over Prints

Fresno Met trying to sell prints to pay off debt

(Newser) - Ansel Adams’ family is suing the bankrupt Fresno Metropolitan Museum over its attempts to auction off six prints the photographer donated before he died. The museum closed in January and is now furiously trying to sell off artwork to pay off its estimated $4 million in debt. But Adams' relatives...

Record $5.4B NYC Apartment Complex Lost to Creditors

Stuyvesant Town project collapses under debt

(Newser) - The record-setting sale of a New York residential property for $5.4 billion in 2006 was a deal made at the height of the boom—and it's now a casualty of the collapsed real estate market. Tishman Speyer, the property company that bought the 56-building, 11,000-unit Peter Cooper Village...

Air America Going Off the Air

Liberal radio network will cease live broadcasts today

(Newser) - Tough week for the left: First, Ted Kennedy's seat goes Republican, and now Air America has gone bust. The liberal radio network will stop live broadcasts as of 6pm EST today. It will feed affiliates reruns through Monday, then cease operations altogether after 6 years. Air America, which gave a...

Japan Airlines Goes Bankrupt
 Japan Airlines Goes Bankrupt 
Jan 19, 2010 3:50 AM CST

Japan Airlines Goes Bankrupt

Delta and American vie for piece of restructuring JAL

(Newser) - Japan Airlines filed for bankruptcy today in one of the nation's largest corporate failures, entering a restructuring from which it seeks to emerge leaner, smarter, and free of crippling debt. Asia's biggest carrier by revenue, staggering under a $25 billion debt mountain, JAL will slash nearly 16,000 jobs, cut...

Babymama Sues Nicolas Cage for $13M
 Babymama 
 Sues Nicolas 
 Cage for $13M 


the broke get broker
Dec 9, 2009 9:57 AM CST

Babymama Sues Nicolas Cage for $13M

Christina Fulton says broke actor caused her $1.2M in debt

(Newser) - Just when it seemed Nicolas Cage couldn’t possibly get more broke than he already is, his ex is suing him for fraud and breach of contract—and wants $13 million. Christina Fulton says Nicolas Cage “gave” her a Los Angeles home years ago in exchange for raising son...

Dubai Crash Will Test Murky Sharia Finance

Unclear how default will affect Islamic lenders, who earn no interest

(Newser) - Dubai World’s unraveling could prove a critical test for the rapidly growing Islamic finance sector, and Dubai’s murky judicial system. A significant chunk of Dubai’s debt is in the form of Sharia-compliant bonds, the New York Times explains. These increasingly popular instruments forbid lenders from collecting interest,...

Dubai: We Won't Bail Out Dubai World

Says it's not responsible for state-owned company's debt

(Newser) - Dubai’s government threw investors a curve ball today, saying that even though struggling Dubai World is state owned, the government won’t guarantee its debts or bail it out. Lenders “have deemed Dubai World as part of the government, and this is not true,” Dubai’s finance...

Gatecrashers Named In 16 Lawsuits
Gatecrashers Named
In 16 Lawsuits
Nov 27, 2009 3:12 AM CST

Gatecrashers Named In 16 Lawsuits

Salahis engaged in numerous court battles

(Newser) - White House gatecrashers Tareq and Michaele Salahi appear to spend a lot of their time in court when they're not trying out for reality TV or sneaking into diplomatic functions. The two are named in no less than 16 civil lawsuits in Virginia's Fauquier County, sometimes as plaintiffs and sometimes...

Tribal Casino Defaults May Sink Creditors
Tribal Casino Defaults
May Sink Creditors  
whose law applies?
Nov 19, 2009 2:17 PM CST

Tribal Casino Defaults May Sink Creditors

Foxwood failure sparks debate over 'sovereign nation' status

(Newser) - As the Native American tribe that own the Foxwoods Resort Casino in Connecticut looks poised to become the biggest defaulter yet on tribal casino debt, holders of billions of dollars of tribal debt are questioning whether US laws apply to tribes operating as sovereign nations. “With casinos such as...

Manager: I Warned Nic Not to Buy That Castle...

Broke Nicolas Cage countersued by business manager

(Newser) - The business manager Nicolas Cage is suing for fraud is suing the actor right back, claiming he warned Cage he would have to make $30 million a year to support his extravagant lifestyle. Samuel J. Levin’s suit also claims he cautioned the actor—who recently lost two New Orleans...

Mega-Lender CIT Files Chapter 11

Bailed-out firm's move will cost government $2.3B

(Newser) - CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71...

Rattner: Why I Fired GM's Wagoner

Former car czar calls deficiencies 'appalling'

(Newser) - Barack Obama's former car czar says he had no choice but to fire GM's Rick Wagoner. "Everyone knew Detroit's reputation for insular, slow-moving cultures," Steven Rattner writes in an essay for Fortune. "Even by that low standard, I was shocked by the stunningly poor management that we...

Simmons Bankruptcy: Study in Private Equity Run Amok

Buyout firms profited as mattress maker saw its debt skyrocket

(Newser) - The mattress company Simmons will be filing for bankruptcy protection soon, wiping out bondholders and jeopardizing more jobs at a company that's already fired a quarter of its work force. While Simmons watched its debts balloon nearly tenfold since 1991, a string of private equity firms bought and sold the...

CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Taxpayers shares could go up in smoke while Goldman gains

(Newser) - Troubled commercial lender CIT, circling the drain for more than a year, would cost taxpayers $2.3 billion in shares purchased by the Treasury Department if it files for Chapter 11 soon—but Goldman Sachs, which gave the lender emergency funding, stands to collect a $1 billion windfall if it...

Fed May Have Outmuscled Other Lehman Creditors

Government creditors got their cash back; private investors still struggling

(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly...

Leibovitz Staves Off Foreclosure
Leibovitz
Staves Off
Foreclosure
Sep 11, 2009 2:58 PM CDT

Leibovitz Staves Off Foreclosure

Photog gets reprieve, but property, rights to work still at risk

(Newser) - Annie Leibovitz has won an extension of her outstanding $24 million debt to Arts Capital Group, the New York Times reports. The celebrity photographer bought back the rights to her homes and intellectual property—both collateral in the loan—for an undisclosed sum as part of the restructured deal. But...

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