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Sep 15, 2010

Lehman seeks $3 bln from CIBC, others in lawsuits

NEW YORK, Sept 15 (Reuters) – Lehman Brothers Holdings Inc
(LEHMQ.PK: Quote, Profile, Research, Stock Buzz) has sued Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz)
and dozens of other defendants to recover more than $3 billion
it said it was deprived of as a result of its record bankruptcy
two years ago.

The lawsuits contend that the defendants were allowed
unfairly to have their claims vault ahead of Lehman’s own.

Sep 1, 2010

Innkeepers USA gets OK for more DIP financing

NEW YORK, Sept 1 (Reuters) – U.S. hotel owner Innkeepers
USA Trust INKPQ.PK may obtain supplemental bankruptcy
financing from an affiliate of Lehman ALI Inc, a bankruptcy
judge ruled on Wednesday.

The judge’s decision overruled the objections of special
servicer Trimont Real Estate Advisors Inc, which opposed the
additional financing saying that Innkeepers did not need “that
kind of leverage.”

Aug 25, 2010

Corporate debt ‘wall of maturity’ crumbling – report

NEW YORK (Reuters) – U.S. financial markets are knocking down a wall of debt maturity that has endangered the U.S. economic recovery and threatened to push more companies into bankruptcy, according to an investment firm report on Tuesday.

Companies must refinance about $400 billion in debt over the next five years, according to Morgan Joseph LLC’s second-quarter financial restructuring outlook. The specter of companies defaulting en masse has worried investors even as bankruptcy attorneys have geared up for a busy few years.

Aug 24, 2010

Corporate debt “wall of maturity” crumbling: study

NEW YORK (Reuters) – Financial markets are knocking down a wall of debt maturity that has endangered the U.S. economic recovery and threatened to push more companies into bankruptcy, according to an investment firm report on Tuesday.

Companies must refinance about $400 billion in debt over the next five years, according to Morgan Joseph LLC’s second-quarter financial restructuring outlook. The specter of companies defaulting en masse has worried investors even as bankruptcy attorneys have geared up for a busy few years.

Aug 23, 2010

Barclays exec defends deal as Lehman trial resumes

NEW YORK, Aug 23 (Reuters) – A legal showdown between
Lehman Brothers (LEHMQ.PK: Quote, Profile, Research, Stock Buzz) and Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) resumed on
Monday with a Barclays witness testifying that the deal to buy
parts of the bankrupt Lehman was the best one possible given
the near collapse of financial markets in 2008.

The testimony stands in contrast to Lehman’s accusations
that the British bank took advantage of market chaos to arrange
an unfair “windfall profit” for itself in its purchase of
Lehman’s core U.S. brokerage business in September 2008.

Jul 27, 2010

Examiner sees signs of dishonesty in Tribune sale

NEW YORK (Reuters) – The court-appointed examiner investigating Tribune Co’s bankruptcy said he found some evidence of dishonesty in the 2007 leveraged buyout of the media company by real estate developer Sam Zell.

In the document summarizing his findings, bankruptcy examiner Kenneth Klee said Tribune did not act forthrightly in getting an independent opinion about the company’s solvency. He also said senior management did not “adequately discharge their duties” in preparing financial projections.

Jul 21, 2010

“Blind Side” family’s story inspires others

NEW YORK (Reuters) – When Leigh Anne and Sean Tuohy welcomed a 16-year-old stranger into their home they had no idea their story would become the plot of the best-selling book and award-winning film “The Blind Side.”

In their own book, “In a Heartbeat,” the couple describes why they took Michael Oher, a boy from the ghetto who had been living in foster homes, into their care, provided a tutor for him to improve his grades and later adopted him.

Jul 20, 2010

Judge backs Extended Stay’s reorganization plan

NEW YORK (Reuters) – Extended Stay America Inc ESAIN.UL moved closer to emerging from bankruptcy on Tuesday as a judge confirmed the hotel chain’s plan of reorganization in which an investor consortium will take over the hotel chain for $3.93 billion.

Centerbridge Partners, Paulson & Co and Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) won an earlier bankruptcy auction and will own the chain of about 680 hotels.

Jul 20, 2010

Don’t look for rattlesnake on Emeril Lagasse’s menu

By Chelsea Emery

NEW YORK (Reuters Life!) – Don’t look for rattlesnake or processed cheese in any of Emeril Lagasse’s recipes. Only fresh ingredients are on his menus and will be as long as the Gulf oil spill does not hurt supplies.

Lagasse, who worked in a local Portuguese bakery while growing up in Massachusetts, turned down a music scholarship to pursue a culinary career. After stints perfecting his skill in France, Lagasse now owns several restaurants.

Jul 19, 2010

Innkeepers USA files for Chap 11 bankruptcy

NEW YORK/BANGALORE, July 19 (Reuters) – Innkeepers USA
Trust (INKPP.PK: Quote, Profile, Research, Stock Buzz), a U.S. hotel owner whose portfolio includes
some Residence Inn and Hampton Inn hotels, filed for Chapter 11
bankruptcy on Monday, citing crippling debt that hurt its
ability to maintain and upgrade its properties.

Innkeepers owns and operates a portfolio of about 72
upscale and mid-priced hotels under recognized brands such as
Marriott, Hilton and Hyatt. About half of its properties
operate as Marriott’s Residence Inn hotels.

    • About Chelsea

      "Chelsea Emery joined Reuters in 2001. She wrote the daily stock market story during the dot.com era. She then moved to the aerospace desk to follow defense contractors during the Iraq war. When the U.S. economy began to crumble in 2008, Emery reported on corporate bankruptcy and restructuring for companies including Lehman Brothers and General Motors. While currently an editor, Emery continues to write chef and author profiles for the Reuters Life! wire. Emery is originally from Oregon. She has lived in Japan, Ireland and Hong Kong. She speaks Japanese and Spanish."
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