, 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.
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.
, 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.
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
, 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, 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.
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.
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.