A U.S. senator is pushing the Department of Justice and the Securities and Exchange Commission to investigate whether illegal insider trading contributed to the collapse of Bear Stearns Cos.
April has been a rocky month for the airline industry, especially for those carriers that are not only trying to wind down operations in bankruptcy but are facing putative class actions for allegedly failing to give employees enough notice before closing up shop.
The Chapter 7 trustee for liquidated law firm Brobeck, Phleger & Harrison LLP has launched suits against 10 of the firm’s former partners and the two firms that currently employ them — Dorsey & Whitney LLP and Orrick, Herrington and Sufcliffe LLP — claiming they owe the Brobeck estate money earned from clients they took with them when the firm imploded.
Housewares chain Linens 'n Things is reportedly planning to file for bankruptcy and has hired a restructuring firm to guide the process.
Canada's attorney general has objected to a motion filed by bankrupt W.R. Grace & Co. seeking a bar date for asbestos claims against it, on the grounds that the motion would allow only claims regarding property in the U.S.
The chairman of the board of Sharper Image Corp. has quit to pursue a possible buyout of the bankrupt catalog retailer, the company announced Thursday.
The bankruptcy court overseeing the Chapter 11 proceedings of The Wornick Co. has approved the company’s amended disclosure statement, allowing the bankrupt military food supplier to send its reorganization plan to creditors for their votes.
Hancock Fabrics Inc. has brokered an exit financing deal with General Electric Capital Corp., which has agreed to provide the bankrupt fabric company with a revolving credit line of up to $100 million.
Bankrupt Delphi Corp. has said it may sue a group of investors, including hedge fund Appaloosa Management LP, that backed out of a $2.55 billion financing deal last week, leaving the auto parts company to remain in Chapter 11 protection.
A federal court approved Movie Gallery Inc.'s plan of reorganization Wednesday, clearing the way for the nationwide video-rental retailer to emerge from bankruptcy as soon as next month.
A week after filing for bankruptcy protection, ATA Airlines Inc. has been hit with a putative class action brought by a former employee who claims the airline failed to give workers enough notice before firing them as part of a mass layoff.
Bankrupt Metropolitan Mortgage & Securities Inc. will sell its major asset, Western United Life Assurance Co., for $52 million to Global Life Holdings LLC, the Washington state insurance commissioner announced Monday.
Hoping to tie up the last loose ends of its bankruptcy, Northwest Airlines Inc. asked a court on Tuesday to approve a $6 million settlement agreement that would resolve all grievances of its airline pilots union.
The U.S. Department of Justice's increasing willingness to strike prosecution deals for corporate crimes in lieu of lodging indictments has sparked a debate on whether the agency has gone soft on white-collar crime. Some say the approach saves innocent bystanders from the fatal blow an indictment can deliver to a major corporation, while others worry that the trend is moving away from prosecution altogether.
The company that purchased American Home Mortgage Corp.’s loan servicing business many months ago is now pushing the bankruptcy court to force the bankrupt lender to close the deal.
A bill aimed at ensuring that students' access to their federal college loans remains open and secure even when lenders struggle to stay afloat cleared a U.S. House of Representatives committee on Wednesday.
Bear Stearns Cos. and Deloitte & Touche LLP have reportedly been hit with a lawsuit from the liquidators of two Bear Stearns Cos. hedge funds that went bust last summer after making bad bets in the subprime mortgage market.
Bankrupt software company SCO Group Inc. has withdrawn its reorganization plan and put its Chapter 11 exit plan on hold, after a private equity firm said it was changing its plans to buy SCO's stock and underwrite its ongoing trademark and licensing litigation.
The ongoing credit crunch hit the student loan market Monday, as the Education Resources Institute, which describes itself as the oldest and largest nonprofit guarantor of private education loans in the country, filed for bankruptcy.
It's not quite Red Sox versus Yankees or the Montagues versus the Capulets, but for the last few years UCLA law professor Lynn M. LoPucki and Seton Hall University law professor Stephen J. Lubben have engaged in an academic rivalry over whether professional fees in Chapter 11 cases are too high.