George's Feed
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

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.

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.

    • About George

      "George Hay coordinates European financial coverage and writes about macroeconomics, the euro zone and UK/European financial policy. He covered European banks for Breakingviews during the financial crisis, and has also worked as a correspondent for AFX News and at United Business Media. He attended Edinburgh University and his work has been recognised at the UK’s Business Journalist of the Year Awards. Follow George on Twitter @gfhay"
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