George's Feed
Aug 30, 2011

Analysis: McCourt’s long-shot odds to hang on to Dodgers

WILMINGTON, Delaware (Reuters) – Frank McCourt’s decision to put the Los Angeles Dodgers baseball team in bankruptcy is a bit like a knuckleball: if conditions are perfect, it could be a wild way to stay in the game.

The parking lot tycoon and Dodgers owner could defy conventional wisdom and hang on to the team when it comes out of bankruptcy, even as Major League Baseball and its commissioner Bud Selig are trying hard to get rid of him.

Aug 29, 2011
via Breakingviews

Greek bank consolidation escapes Catch-22

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

LONDON — The long-awaited consolidation of Greek banks has finally started — and with a bang. The merger of EFG Eurobank and Alpha Bank, announced on Monday, has sent shares in every major Greek bank up around 30 percent: not bad, given IMF chief Christine Lagarde’s confidence-sapping recent remarks that European banks were undercapitalized. But while the deal presents a rare opportunity for investors in the battered nation to cheer, it may not mean the sector as a whole has turned the corner.

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.

    • 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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