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Bankruptcy trustee sues former ITT boss, directors for $250M
The bankruptcy trustee seeking a settlement for ITT Technical Institute's students is suing its parent company's former CEO and eight former directors for $250 million.
Exec describes efforts to save Schilling’s company
WILMINGTON, Del. — A top executive for a failed video game company led by former Boston Red Sox pitcher Curt Schilling says the company tried up until the very last minute to work out a deal to stay afloat. But William Thomas told a U.S. bankruptcy trustee in Delaware on Tuesday that Rhode Island’s refusal […]
Roomstore asks judge to allow asset sale
RICHMOND, Va. — The Roomstore Inc. plans to sell its assets at an auction, including the inventory at its stores. The Goochland County-based retailer filed for Chapter 11 bankruptcy protection last December. It has asked a federal Bankruptcy Court judge to approve the asset sale. The auction would be held June 25. President and CEO […]
N.Y. judge: Feeder funds not Madoff customers
NEW YORK — A federal judge has affirmed a bankruptcy court ruling that thousands of clients of funds that invested money with jailed financier Bernard Madoff do not qualify for payouts that reimburse Madoff customers. The decision made public Thursday by Judge Denise Cote agreed with a judge’s finding last year. It said the clients […]
Tribune Co. to offer new bankruptcy plan
WILMINGTON, Del. — Tribune Co., whose plan to exit bankruptcy was rejected by a judge late Monday, will file a new proposal by Nov. 22, Chief Restructuring Officer Don Liebentritt said Tuesday in a note to employees. Tribune, owner of The Baltimore Sun, saw its reorganization plan and a competing proposal by a group of […]
Jewish Times bankruptcy case extended
The parties involved in the Alter Communications bankruptcy case have been granted a 30-day extension to come together on a plan for post-Chapter 11 restructuring. Judge James F. Schneider had given Alter — publisher of the Baltimore Jewish Times — and its former long-time printer, H.G. Roebuck & Son Inc., until Oct. 21 to reach […]
Borders seeks approval to liquidate, close stores
NEW YORK — There will be no storybook ending for Borders. The 40-year-old book seller could start shuttering its 399 remaining stores as early as Friday. The Ann Arbor, Mich.-based chain, which helped pioneer the big-box bookseller concept, is seeking court approval to sell off its assets after it failed to receive any bids that would […]
Workers win severance pay priority in bankruptcy court
Former employees’ severance-pay claims are entitled to full priority in the employer’s bankruptcy, the 4th U.S. Circuit Court of Appeals has held. Last week’s published decision affirmed the ruling of a U.S. Bankruptcy Court judge in Richmond, Va., in favor of 125 former employees of LandAmerica Financial Group Inc. LandAmerica let the employees go less […]
Borders says sale likely by end of July
NEW YORK — Borders Group Inc. hopes to name a bidder by July 1 and sell itself by the end of that month, according to bankruptcy court filings. Forty stores previously targeted for closing are also getting a temporary reprieve. The bookseller, which filed for bankruptcy protection in February, said in papers filed Friday it […]
Judge okays Borders plan to pay $6.6M in bonuses
A lawyer for bookseller Borders Group Inc. says a judge has approved paying executives up to $6.6 million in bonuses as the company works to reorganize under bankruptcy court protection. The Office of the U.S. Trustee objected to an earlier request to pay about $8 million in bonuses. Lawyer Andrew Glenn confirmed that a judge […]
