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Bankruptcy Beat

An inside look at companies in trouble from Daily Bankruptcy Review

Lawsuits

Lululemon Sued Over $59,000 Unpaid Bill for Store Displays

People

Bill Clinton Regales New York Bankruptcy Crowd

Daily DocketLawsuitsThe ExaminersFeesNew CasesPeopleWhite-Collar Crime

12:12 PM ETMay 12, 2009
People

Goalies, Gretzky Wait For Paychecks

By Eric Morath
Three former NHL goalies and Wayne Gretzky find themselves waiting along side dozens of arena workers and ticket salespeople for their next paycheck from the Phoenix Coyotes.
Coyotes Hockey LLC’s Chapter 11 bankruptcy filing last week stopped the team from sending paychecks totaling $526,000. The Coyotes filed papers asking for court permission to pay wages to more than 400 workers.
While most are part-time employees at Jobing.com Arena, the list included some of hockey’s most notable goaltenders: five-time Stanley Cup champion Grant Fuhr, former NHL All-Star Sean Burke and Chicago Blackhawk-turned-television-personality Darren Pang. Read More »
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10:05 AM ETMay 12, 2009
Credit MarketsHedge Funds

The Daily Docket: CDS Complicate GM Restructuring

By Marie Beaudette Credit default swaps could complicate General Motors proposed debt restructuring. A ruling is expected this week in the General Growth bankruptcy that could have an impact on the commercial mortgage securities market. Disgraced lawyer Marc Dreier pleaded guilty to fraud Monday. Read More »
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3:26 PM ETMay 11, 2009
Bankruptcy TrendsCredit Markets

Lenders Battle It Out Over General Growth

By David McLaughlin
A rare event in the world of bankruptcy is shaping up this afternoon in New York – a battle over who gets to provide financing to mall giant General Growth Properties Inc.
At the Manhattan offices of Weil, Gotshal & Manges LLP, General Growth’s law firm, rival lenders are expected to compete for the right to loan General Growth the money it will use to support operations while it sheds a $27 billion debt load. Fights over loaning to companies in bankruptcy have been practically unheard of during the financial crisis. Read More »
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1:31 PM ETMay 11, 2009
People

Boscov Gets Bronzed

By Melanie Cohen
The bronze likenesses of actor Jimmy Stewart and Sylvester Stallone character Rocky Balboa now have a new Pennsylvanian to share their turf with: retailer and developer Albert Boscov.
On the last day in April, the head of the buyout group that purchased troubled Boscov’s Inc. out of bankruptcy was honored in bronze during a surprise block party in which a city garage was also renamed for him, according to the Reading Eagle. Standing right outside of what’s now called Albert Boscov Plaza, the statue comes complete with blueprints, a hard hat, the Boscov’s Department Stores’ modern insignia and a miniature replica of his father’s original store. And the statue’s hand contains the Flair pen Boscov is said to always carry. Read More »
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9:50 AM ETMay 8, 2009
Bankruptcy TrendsCredit Markets

The Daily Docket: More Madoff Lawsuits

By Marie Beaudette The trustee liquidating Bernard Madoff’s investment firm sued former GMAC Chairman J. Ezra Merkin. The U.S. government wants 19 U.S. banks to raise a total of $74.6 billion in capital. The SEC is planning to file enforcement action against the firm that arranged Jefferson Countys’ interest rate swap deals. Read More »
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4:06 PM ETMay 7, 2009
Bankruptcy TrendsPeople

Downturn May Send Public Hospitals Into Bankruptcy

By Jacqueline Palank
The economic downturn will force more municipalities to make the tough political call of shedding financially draining public hospitals, possibly through a bankruptcy filing, a health care restructuring expert predicts.
According to George Pillari, a managing director at restructuring firm Alvarez & Marsal, publicly funded hospitals (which barely turn a profit even when times are good) have been a key contributor to huge financial losses that cities and counties around the U.S. have been experiencing. He expects this to become a more pressing concern. « That’s going to get a lot more airtime over the next 12 months, » Pillari said. « There’s going to be counties that say we simply can’t do this anymore. »
He predicted that private investors or religious orders may step in to take these hospitals off financially strapped municipalities’ hands. That’s where a Chapter 9 bankruptcy filing potentially comes in, Pillari said. Not only does it provide a framework for municipalities to sell their assets and pay off their debts, but it also takes some political pressure off municipality officials. Read More »
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9:54 AM ETMay 7, 2009
Bankruptcy LawFees

The Daily Docket: GM Posts $6B Loss

By Marie Beaudette General Motors posts a $6 billion first-quarter loss as fears mount that the auto maker is headed for bankruptcy. Chrysler begins making dealer payments. General Growth gets a new $400 million bankruptcy loan. Read More »
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3:16 PM ETMay 6, 2009
New CasesPeople

Coyotes Bankruptcy Could Mean Millions For Gretzky

By Eric Morath
The National Hockey League’s all-time leading scorer, Wayne Gretzky, stands to receive a big windfall if the Phoenix Coyotes hockey team succeeds in selling itself to BlackBerry baron Jim Balsillie.
Gretzky, the team’s coach and minority owner, is slated to receive an $8 million payment for deferred compensation under Balsillie’s offer to buy the Coyotes out of bankruptcy. Balsillie is the founder of BlackBerry maker Research In Motion Ltd.
The Coyotes filed for Chapter 11 bankruptcy protection Tuesday. The team has lost $73 million the last three seasons, and its majority owner is no longer willing to subsidize its operating losses. The team is asking the court to allow Balsillie’s $212.5 million offer to serve as the lead bid at a bankruptcy auction. Read More »
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1:42 PM ETMay 6, 2009
Bankruptcy LawPeople

‘Strategic Jockeying’ Over Preakness

By Marie Beaudette
If you caught Saturday’s Kentucky Derby, you may be anxiously awaiting the May 16 Preakness Stakes to see if Mine That Bird can claim the second leg of thoroughbred racing’s Triple Crown. But here at Bankruptcy Beat, we’re interested in the Preakness for completely different reasons: The race, hosted by Baltimore’s Pimlico Race Course, is at the center of an interesting legal battle between the track’s owner, Magna Entertainment Corp., and the state of Maryland. Read More »
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5:51 PM ETMay 5, 2009
People

Chrysler Asks Workers To Share ‘Positive Story’

By Eric Morath Chrysler LLC sent a memo to its employees this week encouraging them to be an « ambassador” for the new company. « As the events shaping Chrysler’s future are unfolding quickly, many of your family members, friends and neighbors may be asking you questions, » the memo says. Read More »
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From Dow Jones Daily Bankruptcy Review, exclusive coverage of corporate bankruptcies, companies headed for trouble and the latest trends in bankruptcy law, distressed investing and corporate restructuring. Lead writer Pat Fitzgerald and Daily Bankruptcy Review reporters in Washington, New York and Wilmington, Del., provide insight into the big cases, who’s next to fall and what’s making news across the bankruptcy market.
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