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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.

Sep 1, 2010

Pitcairn family firm fights takeover with bankruptcy

, Sept 1 (Reuters) – A property management
company that traces its blue-blood lineage to the earliest
existence of PPG Industries Inc and the American Revolution
opted to file for bankruptcy on Wednesday rather than be taken
over.

Pitcairn Properties Holdings Inc, which traces its
corporate family tree back to 19th Century founding of
Pittsburgh Plate Glass Co by John Pitcairn, fled to bankruptcy
court for fear of losing its investments worth hundreds of
millions of dollars.

Sep 1, 2010

FDIC loses closely watched Colonial Bank case

, Sept 1 (Reuters) – The Federal Deposit
Insurance Corp is not entitled to $900 million it demanded from
the parent company of the failed Colonial Bank, in a court
ruling closely watched by other holding companies of failed
banks.

The federal bank regulator demanded the money which it said
represented the capital shortfall at Colonial Bank when it was
seized in the biggest bank failure of 2009.

Sep 1, 2010

Mediator will try to bring Tribune out of bankruptcy

, Sept 1 (Reuters) – A U.S. bankruptcy
judge was appointed mediator on Wednesday to broker peace among
Tribune Co’s creditors and find a way out of the media
company’s 20-month stay in Chapter 11.

Delaware Bankruptcy Judge Kevin Gross was charged with
finding a way to resolve legal claims stemming from the
disastrous 2007 leveraged buyout that put real estate developer
Sam Zell in charge of the Chicago Tribune, Los Angeles Times
and numerous broadcasters.

Aug 31, 2010

Tribune board sets panel to oversee bankruptcy

, Aug 31 (Reuters) – Tribune Co’s board has
formed a special committee to oversee the media company’s
bankruptcy, which unraveled this month following an
investigation into its 2007 leveraged buyout.

The special committee will consist of four independent
directors of the company who were appointed after real estate
developer Sam Zell led the buyout of the owner of the Los
Angeles Times and Chicago Tribune, according to a bankruptcy
court filing.

Aug 31, 2010

Visteon to exit bankruptcy in hands of hedge funds

, Aug 31 (Reuters) – Visteon Corp
(VSTNQ.PK: Quote, Profile, Research, Stock Buzz) received court approval on Tuesday to exit
bankruptcy, ending a 15-month fight among hedge funds, lenders
and an industry giant for a piece of the revived auto parts
maker.

Visteon’s reorganization caps a two-year stretch in which
dozens of U.S. automotive companies collapsed into bankruptcy.
Chrysler, General Motors, Delphi Corp and Lear Corp (LEA.N: Quote, Profile, Research, Stock Buzz)
used Chapter 11 to remove crushing debt, shed obligations and
close underutilized factories.

Aug 20, 2010

Tribune to offer new bankruptcy plan as talks fail

WILMINGTON, Delaware (Reuters) – Tribune Co will file a new bankruptcy plan by August 27 in an attempt to force a settlement among its warring creditors, the company’s lawyer told a court on Friday.

Creditors to the owner the Los Angeles Times and Chicago Tribune warned that competing proposals to restructure the company were now likely.

Aug 13, 2010

Lawyer steps from dad’s shadow in spill legal fight

WILMINGTON, Delaware (Reuters) – A Shakespeare-quoting father and his novelist son have emerged as leading lawyers in the Gulf oil-spill legal battle after winning the fight to bring hundreds of lawsuits to their home court in New Orleans.

Russ Herman, 67, has spent the past half century battling big corporations and has landed billions in settlement payouts. As one of the biggest U.S. court cases takes shape, he wants to pass the baton to his son, Steve, a partner in his law firm.

Aug 11, 2010

BP’s spill clean-up now shifts to the lawyers

By Tom Hals

WILMINGTON, Del. (Reuters) – As BP Plc works on plugging up its blown-out oil well in the Gulf of Mexico, the clean-up is shifting from the engineers to the lawyers.

The legal cases against BP and others are only beginning, and lawyers involved predict the ultimate cost may exceed the $20 billion the company has promised for a claims fund.

Aug 10, 2010

Analysis: BP’s spill clean-up now shifts to the lawyers

WILMINGTON, Delaware (Reuters) – As BP Plc works on plugging up its blown-out oil well in the Gulf of Mexico, the clean-up is shifting from the engineers to the lawyers.

The legal cases against BP and others are only beginning, and lawyers involved predict the ultimate cost may exceed the $20 billion the company has promised for a claims fund.

    • 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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