George's Feed
Sep 16, 2010

Hearing into Gulf lawsuits opens in New Orleans

NEW ORLEANS (Reuters) – A federal judge began on Thursday sorting through hundreds of lawsuits resulting from the oil spill in the Gulf of Mexico as shrimpers, restaurateurs and others pressed their cases against BP Plc and its partners.

Most of the cases were sent from around the United States last month to District Judge Carl Barbier in New Orleans. He will oversee what is expected to be among the costliest and most complex litigation in U.S. history.

Sep 15, 2010

Oil spill lawsuits to start with clash over pace

NEW ORLEANS (Reuters) – Scores of attorneys will jam a federal courtroom on Thursday to argue for almost immediate access to emails and other documents from BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) (BP.N: Quote, Profile, Research, Stock Buzz) and its business partners as the legal fight over the Gulf of Mexico oil spill heats up.

The hearing is the first major gathering of attorneys involved in the sprawling spill-related litigation since hundreds of civil lawsuits were combined before a judge in New Orleans federal court last month.

Sep 14, 2010

BP and partners say most victims not yet entitled to sue

WILMINGTON, Delaware (Reuters) – BP Plc and its partners in the blown-out Gulf well said on Monday that thousands of fishermen, seafood processors, restaurants, hotel owners and others may not yet have the right to sue over the spill, according to court papers.

BP and its partners such as Transocean Ltd and Halliburton Co said the majority of alleged victims who have brought about 400 lawsuits must first take their claims to a $20 billion fund established by BP.

Sep 13, 2010

Tribune creditors want to pursue Zell over LBO

, Sept 13 (Reuters) – Creditors of Tribune
Co want to sue Sam Zell for his $8 billion leveraged buyout of
the company, which they blame for newspaper publisher’s
bankruptcy, according to court documents filed on Monday.

The official committee of unsecured creditors asked
Delaware’s bankruptcy court to allow it to sue the billionaire
as well as others who had a role in the 2007 buyout, such as
the board of directors, large shareholders and advisers.

Sep 9, 2010

eBay stake in Craigslist restored but no board seat

/SAN FRANCISCO (Reuters) – A judge on Thursday reinstated eBay Inc’s 28.4 percent stake in Craigslist, but allowed the classifieds site to keep eBay off its board.

The mixed ruling in Delaware’s Chancery Court gave no clear victory to either of the companies, whose relationship turned from cozy to competitive and ended up in court in 2008.

Sep 9, 2010

Court allows Dollar Thrifty vote on Hertz deal

, Sept 9 (Reuters) – Car rental company
Dollar Thrifty Group (DTG.N: Quote, Profile, Research, Stock Buzz) was cleared by a Delaware court to
put its agreed $1.1 billion merger with rival Hertz Global
Holdings (HTZ.N: Quote, Profile, Research, Stock Buzz) to a vote by shareholders next week.

In a decision late on Wednesday, Chancery Court Judge Leo
Strine refused to grant an injunction blocking the vote,
scheduled for Sept. 16.

Sep 7, 2010
via Breakingviews

Barclays’ Diamond choice spices up strategy debate

Bob Diamond’s promotion to chief executive of Barclays is no surprise. The driving force behind the UK bank’s investment banking arm was a candidate for the top job back in 2004, and Barclays Capital’s rise since then — it contributed over 80 percent of the group’s pre-tax profit in the first half of 2010 — made him a shoo-in.

The question is what the decision means for Barclays’ future structure. The UK banking commission, which reports next year, is examining whether to demand that lenders separate their retail and wholesale arms. Barclays’ leaders have to consider every possible scenario.

Sep 7, 2010

WaMu examiner requests more time to file report

WILMINGTON, Delaware (Reuters) – The court-appointed examiner investigating the collapse of Washington Mutual Inc said he would need several more weeks to complete his probe, according to court documents.

Joshua Hochberg, who was appointed examiner in July, said on Tuesday he needed to extend the deadline for his final report to November 1 from October 8 as he required “a significant number of additional documents” from JPMorgan Chase & Co, government agencies and others.

Sep 4, 2010

Exclusive: American Apparel in talks with restructuring firm

/SAN FRANCISCO (Reuters) – Hipster brand American Apparel Inc (APP.A: Quote, Profile, Research, Stock Buzz) is in talks to bring in an outside restructuring firm as the manufacturer and retailer struggles to fix its flagging operations, sources told Reuters on Friday.

Lender Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) pressed American Apparel to hire the firm, a specialist in corporate turnarounds, according to people familiar with the matter. The firm is not being brought in to arrange a bankruptcy, sources said, but to help improve operations and its financial condition.

Sep 3, 2010

Tronox shareholders’ plan opens value fight

, Sept 3 (Reuters) – Shareholders of Tronox
Inc (TRXAQ.PK: Quote, Profile, Research, Stock Buzz) filed a rival reorganization plan, setting up a
battle that will turn on the chemical company’s worth.

The new plan, filed Thursday in Manhattan bankruptcy court,
puts a higher value on the business than the company’s plan,
allowing stockholders to claim a larger recovery. Shareholders
generally only get a recovery in bankruptcy after other
creditors are paid.

    • 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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