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Jun 25, 2015

Bankrupt gun maker Colt gets revised loan, eases rush to sale

By Jim Christie

(Reuters) – Bankrupt gun maker Colt Holdings has reached an agreement with its bondholders that will postpone the company’s rush into a controversial sale to its current private equity owner while also providing much-needed cash.

Colt will accept a loan of up to $75 million from its bondholders and other lenders to finance its operations while in bankruptcy. The company originally planned to borrow up to $20 million from its current lenders, including Morgan Stanley.

Jun 17, 2015

Ellen Pao owes Kleiner Perkins $276,000 for lawsuit costs -judge

SAN FRANCISCO, June 17 (Reuters) – The Kleiner Perkins
Caufield and Byers venture capital firm should get nearly
$276,000 instead of the $973,000 it sought from former partner
Ellen Pao to cover the cost of successfully defending itself
during her discrimination lawsuit, a California judge said on
Wednesday.

Most of the Silicon Valley venture capital firm’s award
would cover fees for its experts, Superior Court Judge Harold
Kahn said in a tentative ruling.

Jun 16, 2015

Judge rules California owes $331 mln to homeowners

SAN FRANCISCO (Reuters) – A California judge has ruled the
state is obligated to pay $331 million in mortgage relief funds
it used to bolster its finances, but stopped short of ordering
that the money be turned over to homeowners hard hit by the
mortgage and foreclosure crisis.

Instead, Judge Timothy Frawley of Sacramento County Superior
Court in his ruling on Friday said it is up to Governor Jerry
Brown and lawmakers to come up with a plan to return $331
million that was part of the $25 billion National Mortgage
Settlement of 2012 when the state has money available to do so.

May 13, 2015

Standard General makes top offer for RadioShack name, customer data

SAN FRANCISCO (Reuters) – The auction for bankrupt
electronic retailer RadioShack’s brand and customer data has
closed with the Standard General hedge fund posting a winning
bid of $26.2 million after objections piled up to their sale.

Standard General affiliate General Wireless, which had
already bought more than 1,700 RadioShack stores, on Tuesday won
the auction with the offer, well over its initial bid of $15
million on Monday, Adrienne Walker, a lawyer with Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, said on Wednesday.

May 12, 2015

In auction for RadioShack name, bid stands at $15 million

SAN FRANCISCO (Reuters) – The auction for bankrupt electronic retailer RadioShack’s name and customer data will resume on Tuesday with bidding at $15 million, according to a lawyer tracking the sale.

The high bidder is an affiliate of the Standard General hedge fund, which acquired 1,740 RadioShack stores in April, according to Adrienne Walker of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo.

Apr 23, 2015

Kleiner Perkins aims to recover almost $1 mln in costs in Pao case

By Dan Levine and Jim Christie

(Reuters) – Silicon Valley powerhouse venture capital firm Kleiner, Perkins, Caufield and Byers aims to recover about $973,000 in costs for defending itself against charges of gender discrimination, according to a court filing on Thursday.

In March, a jury cleared Kleiner Perkins of claims it short-circuited the career of former partner Ellen Pao because she is a woman in a trial closely watched in Silicon Valley, the center of the U.S. technology industry.

Mar 26, 2015

Shoppers’ personal info not part of RadioShack sale: ombudsman

By Jim Christie

(Reuters) – Personal information gathered by RadioShack Corp from shoppers is not included in its sale, the consumer privacy ombudsman in the electronics retailer’s bankruptcy case said in response to concerns shared by several states that the data could be sold.

If that changes, Elise Frejka also said in a letter on Wednesday to U.S. Bankruptcy Judge Linehan Shannon she would file a report with recommendations based on specific facts and circumstances.

Mar 25, 2015

Jury in Silicon Valley discrimination trial starts deliberations

SAN FRANCISCO, March 25 (Reuters) – Jurors began
deliberating on Wednesday on a high profile lawsuit brought by a
former Kleiner Perkins Caufield & Byers partner who alleges she
suffered gender discrimination and retaliation at the storied
venture firm.

The jury of six men and six women started their discussions
shortly after attorneys for Kleiner and its former partner Ellen
Pao wrapped up their closing arguments.

Mar 10, 2015

Prime Healthcare pulls offer for struggling hospitals in California

SAN FRANCISCO (Reuters) – Prime Healthcare Services said on Tuesday it has withdrawn its offer to buy the Daughters of Charity Health System in California due to conditions imposed by the state, a move the struggling hospital chain said could force it into bankruptcy.

The non-profit hospital chain will attempt to find another buyer while considering a bankruptcy filing, said Chief Executive Officer Robert Issai. “Bankruptcy will be on the table,” he said.

Mar 4, 2015

Bankruptcy judge okays disputed bonus plan for RadioShack execs

March 4 (Reuters) – The judge overseeing RadioShack Corp’s
Chapter 11 bankruptcy case on Wednesday approved a revised $1.5
million bonus plan for eight top executives at the electronics
retailer, over the objection of the U.S. Trustee in the case.

U.S. Bankruptcy Judge Brendan Shannon said that while he
shared some of the trustee’s concerns over the key executive
incentive plan, or KEIP, he was convinced the executives would
be “up to their elbows” with the sale of 2,000 RadioShack
stores.

    • About Jim

      "Jim Christie covers financial, economic and public debt matters of Western U.S. states along with general news. He previously covered network equipment manufacturers and venture capital, and prior to joining Reuters in late 2000 he covered dot-com start-ups for RedHerring.com and the U.S. economy for Investors Business Daily."
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