MILFORD, Delaware (Reuters) – Delaware residents headed inland on Saturday, under orders to evacuate homes within three-quarters of a mile of the Atlantic Ocean, Delaware River and other waterways ahead of Hurricane Irene.
The hurricane’s center path was expected to pass closer than previously forecast to Delaware and Ocean City, Md., the National Hurricane Center said.
, Aug 24 (Reuters) – Shareholders of
Washington Mutual Inc made their final pitch against the
company’s $7 billion reorganization plan on Wednesday,
repeating accusations the bankruptcy was tainted by insider
The company needs the plan approved so it can begin
repaying its creditors, although shareholders are unlikely to
get much of anything.
/NEW YORK (Reuters) – Cerberus Capital Management LP CBS.UL and Chatham Lodging Trust (CLDT.N: Quote, Profile, Research, Stock Buzz) ended their $1.12 billion agreement to buy 64 hotels owned by the bankrupt Innkeepers USA Trust (INKPQ.PK: Quote, Profile, Research, Stock Buzz).
In a joint statement on Monday, Cerberus and Chatham said a “material adverse” change had taken place since the May 16 agreement, entitling them to withdraw. Neither specified whether the change related to the marketplace or Innkeepers itself.
, Aug 22 (Reuters) – A large radio
broadcasting company targeting African-Americans and founded by
civil rights leader Percy Sutton could wind up under the
control of billionaire Ron Burkle and other creditors seeking
to put it in bankruptcy.
Three creditors asked a bankruptcy judge to put the parent
of Inner City Broadcasting Corp into Chapter 11 after the owner
of “urban” radio stations around the country, including WBLS
and WLIB in New York, pulled out of a deal to restructure its
WILMINGTON, Delaware (Reuters) – It was an eye-popping investment pitch no one else could match — in return for $2 million, Manhattan accountant Neil Ash was offering investors a stake in the one of the biggest sunken treasures ever, an underwater site teeming with emeralds.
The hitch: When Ash took backers to a Citibank vault to inspect gems that had quietly been recovered from the sea, they were gone.
By George Hay
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
European banks have had a nervy summer. Indicators of stress in bank funding markets are flashing red, raising fears of another 2008-style crisis. Those concerns look misplaced for now. But if markets don’t improve, the autumn could bring fresh problems.
, Aug 18 (Reuters) – New York’s famed
Tavern on the Green restaurant, which closed after going
bankrupt in 2009, may be reborn as a global chain with a
charitable twist if an investor gets his way.
Louis Bivona has offered $1.3 million for the name, which
will allow him to build off his business selling premium salad
dressings under a license with the Tavern name.
WILMINGTON, Delaware (Reuters) – The bankrupt Los Angeles Dodgers baseball team has not paid or lent money to team owner Frank McCourt over the last two years, the team’s chief financial officer told creditors on Wednesday.
Major League Baseball has accused McCourt of siphoning more than $100 million from the team’s revenue to finance his lavish lifestyle.
WILMINGTON, Delaware (Reuters) – The estate of Frank Sinatra, a long-time Los Angeles Dodgers fan, has joined four other season ticket holders to ask a bankruptcy judge for an official say in the baseball team’s future.
Nancy, Frank Jr. and Tina Sinatra and the other ticket holders are seeking recognition as an official committee to advocate on behalf of Dodger fans who generally blame team owner Frank McCourt for its financial problems.
/NEW YORK, Aug 9 (Reuters) – Verizon
Communications Inc (VZ.N: Quote, Profile, Research, Stock Buzz) sought court injunctions to prevent
striking workers from blocking access to its buildings as
tensions escalated in the third day of a strike involving
almost half of the company’s wireline employees.
Two unions representing 45,000 workers called a strike on
Sunday when a labor contract expired and talks for a new
contract failed after several weeks of negotiations.