George's Feed
Nov 16, 2011

LA Dodgers sue to keep Fox from blocking team sale

Nov 16 (Reuters) – The Los Angeles Dodgers sued Fox Sports
on Wednesday to stop the broadcaster of the baseball team’s
games from interfering with plans to auction the bankrupt
franchise.

The lawsuit comes just four days after the Dodgers sought
court permission to sell future media rights as a way to boost
the value of the team as it heads to the auction block.

Nov 15, 2011

Analysis: Solyndra may face tough task attracting big bids

By Tom Hals

(Reuters) – Solyndra LLC, the solar panel maker that went bankrupt after accepting a big U.S. government loan, may have a tough time drumming up sizable bids in an auction of its business this week.

Tepid bidding could reinforce arguments by critics who say the Obama administration rushed a $535 million loan guarantee for Solyndra without properly vetting the company’s true value and viability. Active bidding would help generate more money to repay the government.

Nov 11, 2011

Analysis: Bondholders warming to Dynegy’s unusual bankruptcy

WILMINGTON, Delaware (Reuters) – The bankruptcy of a unit of Dynegy Inc (DYN.N: Quote, Profile, Research, Stock Buzz) has turned the usual order of payment for creditors upside down, as the power company tries to protect shareholders like billionaire financier Carl Icahn at the expense of bondholders.

But prices have been rising on Dynegy bonds, suggesting that at least some bondholders are warming to the arrangement.

Nov 11, 2011

Bondholders warming to Dynegy’s unusual bankruptcy

, Nov 11 (Reuters) – The bankruptcy of a
unit of Dynegy Inc (DYN.N: Quote, Profile, Research) has turned the usual order of
payment for creditors upside down, as the power company tries
to protect shareholders like billionaire financier Carl Icahn
at the expense of bondholders.

But prices have been rising on Dynegy bonds, suggesting
that at least some bondholders are warming to the arrangement.

Nov 2, 2011

Retailers Syms and Filene’s to go out of business

Nov 2 (Reuters) – Discount clothing retailer Syms Corp
(SYMS.O>, famous for saying educated consumers were its best
customers, filed for bankruptcy on Wednesday along with its
Filene’s Basement chain and both plan to go out of business.

The bankruptcy is the third and likely final trip through
bankruptcy for Filene’s Basement, a chain famous for its
“Running of the Brides” events.

Nov 1, 2011

Judge rejects Tribune Co’s plan to exit bankruptcy

By Tom Hals

(Reuters) – Tribune Co, the owner of the Los Angeles Times and Chicago Tribune newspapers, suffered a legal defeat on Monday after a judge late Monday rejected its plan to end its three-year stay in bankruptcy.

The judge also rejected a competing plan from the company’s noteholders and but said the company’s plan had stronger creditor backing and could be way out of bankruptcy.

Oct 31, 2011
via Breakingviews

Barclays sets bar high and low for peers

By George Hay and Margaret Doyle

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Barclays’ latest numbers add up to a curate’s egg. In a terrible third quarter for investment banks, Barclays did relatively well. But by the end of September, chief executive Bob Diamond had already axed 3,500 posts — 500 more than previously expected for the whole year. That’s inauspicious for rivals.

Oct 31, 2011

Beacon Power bankrupt; had U.S. backing like Solyndra

By Tom Hals and Roberta Rampton

(Reuters) – Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.

The bankruptcy comes about two months after Solyndra — a solar panel maker with a $535 million loan guarantee — also filed for Chapter 11, creating a political embarrassment for the administration of President Barack Obama, which has championed the loans as a way to create “green energy” jobs.

Oct 25, 2011

MLB: McCourt “looted” $190 mln from LA Dodgers

Oct 25 (Reuters) – Los Angeles Dodgers owner Frank McCourt
“looted” $190 million from the bankrupt team to fund his lavish
lifestyle, which includes eight homes, according to court
documents filed on Tuesday by Major League Baseball.

The league stepped up its battle to oust McCourt as owner of
the franchise by arguing he was draining the team’s financial
lifeblood.

Oct 25, 2011

Delaware Chancery Court sued for ‘secret’ hearings

Oct 25 (Reuters) – The judges on Delaware’s prominent
business court are violating the First Amendment of the U.S.
Constitution by holding “secret” hearings, according to a
nonprofit group that sued to unseal the proceedings.

The Delaware Coalition for Open Government Inc sued the
five judges on the state’s Chancery Court to open the court’s
arbitration hearings to the public.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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