bankruptcy

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Bankruptcy: Wrong for You, OK for American Airlines

It's a double standard that needs to go

(Newser) - When American Airlines declared bankruptcy even though it could afford to pay its debts , pundits largely applauded this smart business move. Many homeowners face the same predicament, observes James Surowiecki in the New Yorker : "They can still pay their debts, but doing so is like setting a pile of...

Corzine: 'I Simply Do Not Know Where the Money Is'

Former MF Global chief testifies today

(Newser) - In an appearance before a House panel today, Jon Corzine plans to offer up an apology—but not much else. "I simply do not know where the money is, or why the accounts have not been reconciled to date," the former MF Global chief will testify before the...

Jon Corzine Blew Off MF Global Risk Executive Michael Roseman on European Bond Dangers
 Corzine Blew Off Risk Officer 
Dec 6, 2011 8:31 AM CST

Corzine Blew Off Risk Officer

CRO Michael Roseman went to board of directors with fears

(Newser) - Jon Corzine can’t say that nobody warned him that his bets on European debt might ruin MF Global, because his chief risk officer did just that—repeatedly. Michael Roseman told Corzine that the company didn’t have the cash to handle the risk it was taking on, and that...

American Airlines Bankruptcy Designed to Cut Union Benefits, Stephen Gandel Observes
American Went Bankrupt
to Undercut Union
OPINION
Nov 30, 2011 1:51 PM CST

American Went Bankrupt to Undercut Union

Healthy companies use bankruptcy to cut labor costs: Stephen Gandel

(Newser) - American Airlines has $4 billion in the bank, doesn’t need emergency financing, and feels quite confident it can keep paying its vendors, business partners, and creditors in full. So where was the crisis that pushed it into bankruptcy ? “It doesn’t appear there was any,” writes...

American Airlines Files for Bankruptcy

Parent firm says voluntary move best choice for firm

(Newser) - American Airlines and American Eagle's parent companies are filing for bankruptcy protection. AMR Corp. and AMR Eagle Holding Corp. said today that they filed voluntary petitions to reorganize, saying it's in the best interest of the companies and its shareholders. American says it sought protection to reduce its...

MF Global's Missing Cash Doubles to $1.2B

And returning even 60% of client funds will clear out trustee

(Newser) - MF Global’s problems might be even bigger than advertised—as in twice as big. James Giddens, the trustee overseeing the case, says the company now appears to be short $1.2 billion in client funds—or twice the roughly $600 million previously believed, the Wall Street Journal reports. What’...

1K MF Global Workers Sacked
 1K MF Global 
 Workers Sacked 
Nov 11, 2011 1:03 PM CST

1K MF Global Workers Sacked

Tracking missing funds becomes mammoth task

(Newser) - The bankrupt MF Global has informed all 1,066 of its broker dealer employees that they’re out of a job, effective immediately, the firm’s court-appointed trustee said in a statement. They’ll have their salaries paid until next week, and up to 200 will be rehired to help...

Ala. County to File Biggest Municipal Bankruptcy

Birmingham's Jefferson County deep in the red

(Newser) - Jefferson County is Alabama's most populous county, the home of Birmingham, and now destined to be the answer to a dubious trivia question: County commissioners today voted to file the biggest municipal bankruptcy in US history, reports the Birmingham News . The $4.1 billion bankruptcy stems from $3.14...

MF Global Ignored Warnings, Couldn't Match Shoes

Jon Corzine thought regulators' warnings were wrong

(Newser) - Those interested in the bankruptcy of MF Global—the biggest Wall Street collapse since Lehman—will be fascinated and maybe a little depressed to read the New York Times ' look at what went wrong. The big takeaway is that the brokerage company run by Jon Corzine ignored regulators' warnings...

Euro Crisis Fells First US Victim: MF Global

Financial firm files for bankruptcy

(Newser) - Europe’s debt crisis has reached American shores: MF Global, a financial firm headed by former New Jersey governor Jon Corzine, filed for bankruptcy this morning. The company had bet $6.3 billion on European sovereign debt, driving away investors and causing its stock to fall 67% last week. Though...

Harrisburg, Pa., Declares Bankruptcy

Filing means capital will lose state aid

(Newser) - The capital of Pennsylvania filed for Chapter 9 bankruptcy protection last night, defying a new state law created to prohibit it from doing so. The Harrisburg city council voted 4-3 to take the drastic step, with supporters arguing that the state’s proposed recovery plan was unacceptable, Bloomberg reports. “...

Creditors Sue Crystal Cathedral's Founding Family

Family scored big salaries despite church's financial woes: suit

(Newser) - The Crystal Cathedral creditors' committee is suing the church's founding family for allegedly borrowing endowment money and raking in healthy salaries—all while the church was in dire financial straits. The lawsuit says that family members of founder Robert H. Schuller borrowed some $10 million from an endowment fund...

Nostalgia Goes Belly-Up: Friendly's Files Chapter 11

Ice cream chain's model 'is no longer viable,' says expert

(Newser) - You may have let out a nostalgic, "Awwww" when you heard the news that ice cream chain Friendly's filed for Chapter 11 bankruptcy protection this morning. "Oh, that's so sad. I love Friendly's," says one mother whose kids enjoy the same Fribble concoctions she...

Solar Firm Touted by Obama Goes Belly-Up

...leaving Uncle Sam on the hook for $535M

(Newser) - One of the showpieces for President Obama’s green jobs push is going under—and leaving the federal government on the hook for $535 million worth of guaranteed loans in the process. Solyndra, a California-based solar cell manufacturer, told workers yesterday that it would be closing its remaining plant, laying...

Bankrupt Crystal Cathedral Aims for $50M in Donations

Schuller church hopes 'faith-based' tactic prevents sale of campus

(Newser) - Seeking to fight its way back from bankruptcy , Crystal Cathedral’s board is trying a new, “faith-generated” approach: It hopes to raise $50 million in donations, the Los Angeles Times reports. Meanwhile, the creditors committee at the church founded by Robert Schuller will continue its effort to sell the...

Rhode Island City Declares Bankruptcy

Retiree health benefits sink city of Central Falls

(Newser) - Central Falls, Rhode Island, declared Chapter 9 bankruptcy yesterday, a virtually unheard of move prompted by a mass of unfunded pension and retiree health benefits. Central Falls, which Reuters calls "the smallest city in the smallest US state," has just 19,000 residents—yet it has a budget...

Buyer-Less Borders Will Liquidate

Move will put almost 11K employees out of work

(Newser) - There will be no storybook ending for Borders. The 40-year old bookseller could start liquidating its 399 remaining stores as early as Friday. The chain, which helped pioneer the big-box bookseller concept, is seeking court approval to liquidate its stores after it failed to receive any bids that would keep...

Dodgers File for Bankruptcy: Manny Ramirez Biggest Creditor

Move comes days before payroll due

(Newser) - With owner Frank McCourt unable to meet this week’s payroll, the Los Angeles Dodgers have filed for bankruptcy. McCourt will likely hold that this means Major League Baseball can’t take over the team, notes Craig Calcaterra at NBC Sports , though the courts may decide otherwise in the coming...

'Wealthiest Divorcee' Files for Bankruptcy

Patricia Kluge and husband have $46M in liabilities, says lawyer

(Newser) - Patricia Kluge's downfall appears to be complete: The one-time billionaire divorcee and winemaker filed for personal bankruptcy protection this week, the New York Post reports. Kluge, a socialite and one-time pin-up girl, snagged a reported $1 billion in her 1990 divorce, along with a 45-room mansion. But the 62-year-old...

Crystal Cathedral Will Be Sold to Pay Debts

Megachurch forced to offload California landmark

(Newser) - Crystal Cathedral Ministries has found a way out of bankruptcy: Selling its giant crystal cathedral. The megachurch's landmark 10,000-glass-pane building in Orange County will be sold along with other buildings on the church's campus to pay off the $50 million owed to vendors and creditors, the Los ...

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