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Aug 28, 2011

Relieved Delaware lifts Irene evacuation orders, travel bans

DEWEY BEACH, Delaware (Reuters) – Mandatory evacuation and travel restrictions were lifted in Delaware on Sunday as the coastal state dodged the worst of Hurricane Irene.

Businesses began to reopen and residents emerged to survey what the storm, which hit early on Sunday, left behind.

Aug 28, 2011

Irene drives Delaware residents inland, tornado fears

MILFORD, Del (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, Maryland, the National Hurricane Center said.

Aug 27, 2011

Delaware residents head inland as Irene threatens coast

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, 2011

WaMu judge weighs closing arguments

, 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
trading.

The company needs the plan approved so it can begin
repaying its creditors, although shareholders are unlikely to
get much of anything.

Aug 22, 2011

Cerberus, Chatham end Innkeepers hotels purchase

/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, 2011

Creditors seek US black radio company’s bankruptcy

, 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
debt.

Aug 19, 2011

Sunken treasure sparks legal tussle

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.

Aug 18, 2011
via Breakingviews

EU banks’ summer funding lull may bring autumn woe

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, 2011

Tavern on the Green may be reborn as global chain

, 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.

Aug 17, 2011

Dodgers did not pay owner McCourt in last 2 years

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.

    • 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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