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Bell is on the brink of a fiscal crisis, audit says
This post has been corrected. Please see the note below.Bell's finances have worsened considerably since its infamous corruption scandal, leaving the city unable to refund millions of dollars in taxes illegally levied on residents and businesses, an audit released Wednesday shows. The report by the state...Tags: Crime, Law and Justice, Accounting and Auditing, Trials, Finance, Economy, Business and Finance
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Breakup Fee for Rythym & Hues Stalking-Horse Bidder Approved (Exclusive)
ReutersMay 23 (TheWrap.com) - A U.S. bankruptcy court judge approved a settlement Wednesday between Rhythm & Hues and JS Communications, ending at least one contentious legal issue stemming from the March sale of the Oscar-winning visual-effects studio. As...Tags: Evan Jones, Auction Service, Life of Pi (movie), Companies and Corporations, Economy, Business and Finance
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Borders gift card holders deserve nothing, judge rules
Reuters* About 17.7 million cards outstanding when chain closed * Tens of millions of dollars of potential claims rejected By Jonathan Stempel May 22 (Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by...Tags: Crime, Law and Justice, Borders Group Incorporated (MI), Manhattan (New York City), Barnes & Noble, Inc., Financially Distressed Companies
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BRIEF-Residential capital llc asks US bankruptcy court to approve Ally settlement
ReutersMay 23 (Reuters) - Ally Financial Inc: * Residential capital llc asks US bankruptcy court to approve settlement with Ally Financial Inc * Ally financial inc to increase contribution to residential capital llc estate to $2.1 billion - court docs * Ally...Tags: Finance, Economy, Business and Finance
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Ally to contribute $2.1 bln to settle ResCap litigation
ReutersMay 23 (Reuters) - Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors. Under the deal,...Tags: Insurance, MBIA Incorporated
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Ally to contribute $2.1 billion to settle ResCap litigation
Reuters(Reuters) - Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors. Under the deal, which...Tags: Insurance, MBIA Incorporated
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Judge rules gifts cards from belly-up Borders bookstores worthless
Those clinging hopefully to the old Borders books gift cards stashed in their drawers or wallets are out of luck, a Manhattan federal judge ruled Wednesday. According to Reuters, there are about $210.5 million worth of such cards that had not been used by...
Tags: The New York Times, The Wall Street Journal, Services and Shopping, Borders Group Incorporated (MI), Manhattan (New York City)
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Former Chrysler, Fisker CEO launches venture fund with Penske
ReutersBy Deepa Seetharaman DETROIT, May 23 (Reuters) - Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske to invest in technology startups. The fund,...Tags: Penske Racing, Chrysler Group LLC, General Motors Corp., Indianapolis 500, Automotive Equipment
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Ally to pay $2.1 billion to settle claims tied to ResCap
Reuters(Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business. Ally hopes the...Tags: Assured Guaranty Limited, Automotive Equipment, Finance, Manhattan (New York City), Warren Buffett
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US auto factories cutting back on summer downtime
DETROIT (AP) — The Detroit automakers are largely forgoing the traditional two-week summer break at their factories and speeding up production to meet buyers' growing demand for new cars and trucks. Ford Motor Co. said Wednesday that 21 of its...
Tags: GMC, Jeep, Chrysler Group LLC, Automotive Equipment, Toyota
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Deals of the day -- mergers and acquisitions
ReutersMay 22 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday: ** Clearwire Corp said its special committee and its board of directors approved Sprint Nextel Corp's sweetened offer to take over the...Tags: Algeria, Realty, Automotive Equipment, Finance, Japan
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Fisker fields $20 million offer from Bob Lutz, Wanxiang: sources
ReutersDETROIT/TOKYO (Reuters) - A team including former General Motors Co executive Bob Lutz and China's largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the "green" car company's estimated worth almost a year and a half...Tags: Hybrid Vehicles, Chevrolet, General Motors Corp., Automotive Equipment, Manufacturing and Engineering
May 22, 2013
|Story| Los Angeles Times
May 23, 2013
|Story| Wrap
May 23, 2013
|Story| Reuters
May 23, 2013
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May 23, 2013
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May 23, 2013
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May 23, 2013
|Story| Los Angeles Times
May 23, 2013
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May 23, 2013
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May 22, 2013
|Story| Petoskey News
May 22, 2013
|Story| Reuters
May 22, 2013
|Story| Reuters
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