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Aug 16, 2011

Sinatra estate steps to plate in Dodgers Chapter 11

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.

Aug 10, 2011

Verizon seeks injunctions against strikers

/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.

Aug 1, 2011
via Breakingviews

HSBC supertanker will take time to turn around

By George Hay
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

LONDON — HSBC is proving a slow ship to turn. In May, chief executive Stuart Gulliver set out a strategy for the giant lender that required it to hit a return on equity target of 12-15 percent. Getting there involves top-line growth and cutting costs. HSBC’s interim results suggest that, for the time being, the emphasis will be on the latter.

Jul 29, 2011

Court won’t block Dynegy restructuring

, July 29 (Reuters) – Dynegy Inc (DYN.N: Quote, Profile, Research, Stock Buzz)
can proceed with its debt restructuring after a Delaware judge
on Friday declined to grant a temporary restraining order to
stop the company’s overhaul.

The ruling clears the way for the $1.7 billion debt
refinancing that Dynegy, the third-largest U.S. independent
power producer, was preparing to close this week.

Jul 28, 2011

Transatlantic sues Validus, rejects offer

NEW YORK/DELAWARE, July 28 (Reuters) – Reinsurance company
Transatlantic Holdings Inc (TRH.N: Quote, Profile, Research, Stock Buzz) said on Thursday it sued
unsolicited suitor Validus Holdings Ltd (VR.N: Quote, Profile, Research, Stock Buzz) and rejected its
offer as “inferior and highly conditional.”

Transatlantic also established a poison-pill plan to keep
anyone from taking control of the company in the open market.
The plan lasts for a year and has a 10 percent ownership
threshold.

Jul 26, 2011

Judge to rule this week on Dynegy restructuring

, July 26 (Reuters) – A Delaware court is
likely to rule by Friday on whether Dynegy Inc’s (DYN.N: Quote, Profile, Research, Stock Buzz)
proposed debt restructuring should be put hold, according to a
Dynegy spokesman.

Dynegy, the third-largest U.S. independent power producer,
confirmed that the judge made his plans known during a late
Monday hearing in Delaware’s Chancery Court.

Jul 25, 2011

Investor sues Temple-Inland over takeover defense

WILMINGTON, Delaware (Reuters) – A shareholder sued the board of corrugated packaging maker Temple-Inland Inc (TIN.N: Quote, Profile, Research, Stock Buzz) to roll back the company’s “poison pill” defense against a $3.3 billion hostile takeover bid by rival International Paper Co (IP.N: Quote, Profile, Research, Stock Buzz).

The board of directors is accused of violating its duty to shareholders by refusing to negotiate with International Paper to improve its bid or to begin a sale process for the company, according to the complaint, which was filed on Friday in Delaware Chancery Court.

Jul 22, 2011

Dodgers ordered to take league loan to stay afloat

WILMINGTON, Delaware (Reuters) – A judge directed the Los Angeles Dodgers to negotiate a $150 million loan from Major League Baseball to finance their bankruptcy, dealing a blow to embattled team owner Frank McCourt on Friday.

But the Dodgers said in response that if MLB sticks to the terms the judge ordered, the loan combined with other sources of revenues should give the team “ample liquidity” to meet payroll and other expenses and emerge from Chapter 11 by year’s end.

Jul 21, 2011

Dodgers’ judge sees “bare-knuckled” fight looming

, July 20 (Reuters) – The judge overseeing
the Los Angeles Dodgers bankruptcy case said he would try to
decide by the end of Thursday the contentious question of which
loan the team should take to stay afloat — but said he
expected even rougher battles ahead.

Judge Kevin Gross declined to rule late on Wednesday on
whether the Dodgers could borrow $150 million from a hedge
fund, as they prefer, or should take a cheaper loan from Major
League Baseball that the team has called a “deal with the
devil.”

Jul 20, 2011

Dodgers, MLB lock horns over bankruptcy loan

, July 20 (Reuters) – The Los Angeles
Dodgers fought on Wednesday to keep control of their finances
while in bankruptcy, arguing Major League Baseball’s offer to
provide a $150 million loan was a “deal with the devil.”

The Dodgers want to borrow the money from a hedge fund and
told a Delaware Bankruptcy Court that the league wants to use
its cheaper loan as a way to strip the team from owner Frank
McCourt.

    • 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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