Bankruptcy Decision
By Patrick Fitzgerald
Washington Mutual Inc., still reeling from a bankruptcy judge’s second rejection of its $7 billion creditor-payment plan, is appealing a ruling that paves the way for its shareholders to pursue insider-trading claims against prominent distressed-debt investors. Read the Daily Bankruptcy Review story here.
A judge denied a bid by Yellowstone Mountain Club LLC’s founder and former owner to sue a pair of parties: the Boston private-equity firm that took control of the club through a restructuring plan and the agent for the club’s lending syndicate. Read the Daily Bankruptcy Review Small Cap story here.
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Pennsylvania’s capital city filed for bankruptcy protection from creditors Wednesday, in a case closely watched by other cities and towns looking for ways out of dire financial troubles.Read The Wall Street Journal story here.
Swedish Automobile NV, owner of Saab Automobile AB, said Thursday it has received the first payment of a €70 million bridging loan from a Chinese partner, throwing a financial lifeline to the troubled car maker as it restructures its operations under bankruptcy protection, WSJ reports.
Lehman Brothers Holdings Inc., which lent $232.4 million for a resort in Hawaii in 2007, said it intends to take title to the Ritz-Carlton Kapalua after foreclosing on its loan, Bloomberg reports.
The liquidator of Bernard Madoff’s firm said people and companies he has sued in 247 actions are “eviscerating” the bankruptcy court and “perverting” the law by rushing to find new judges for their cases, says Bloomberg.
UBS AG is shutting down its money-making, stand-alone restructuring business, the New York Post reports, citing people with knowledge of the matter.
A Miami bankruptcy trustee has painstakingly tried to recover millions for dozens of investors bilked by convicted Ponzi schemer Nevin Shapiro, the rogue University of Miami booster, the Miami Herald reports.
blogs.wsj.com/bankruptcy/2011/10/13/...ls-bankruptcy-decision/
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