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Bankruptcy? Primer

Bankruptcy \Bank"rupt*cy\, n.; pl. Bankruptcies.
   1. The state of being actually or legally bankrupt.
      [1913 Webster]

   2. The act or process of becoming a bankrupt.
      [1913 Webster]

   3. Complete loss; -- followed by of.
      [1913 Webster]
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Lehman Gets More Bids for Investment-Management Unit (Update4)

Published December 3, 2008, 12:51 pm, Bloomberg

Dec. 3 (Bloomberg) -- Lehman Brothers Holdings Inc. received two additional bids for today’s auction of its investment- management business beyond a $2.15 billion offer from Bain Capital LLC and Hellman & Friedman LLC, a lawyer said.

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Bally Files Bankruptcy for Second Time in 14 Months (Update3)

Published December 3, 2008, 12:21 pm, Bloomberg

Dec. 3 (Bloomberg) -- Bally Total Fitness Holding Corp. , the operator of 349 gyms in the U.S., filed for bankruptcy little more than a year after emerging from court protection with financing from hedge fund firm Harbinger Capital Partners.

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VeraSun Wins Approval of $196.5 Million in New Loans (Update2)

Published December 3, 2008, 12:06 pm, Bloomberg

Dec. 3 (Bloomberg) -- VeraSun Energy Corp. , the second- largest U.S. ethanol producer, won court permission to borrow as much as $196.5 million to keep operating while it tries to sell itself in bankruptcy.

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Election coverage: Candidates competing to represent state Senate District 30

Published December 3, 2008, 12:03 pm, Lake County Journals

Incumbent Terry Link is facing Keith Gray in the race to represent state Senate District 30.

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US economy weakened further in November: Beige Book

Published December 3, 2008, 11:23 am, AFP via Yahoo! News

Economic activity weakened across the United States over the past several weeks with most sectors facing pressure, the Federal Reserve said in its Beige Book report Wednesday.

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Lehman Gets More Bids for Investment-Management Unit (Update3)

Published December 3, 2008, 11:06 am, Bloomberg

Dec. 3 (Bloomberg) -- Lehman Brothers Holdings Inc. received two additional bids for its investment-management business beyond the $2.15 billion offer from Bain Capital LLC and Hellman & Friedman LLC, a lawyer said.

Full Story


Court Clarifies Arbitrators"™ Duty to Disclose Relationships

Published December 3, 2008, 10:42 am, Metropolitan News-Enterprise

The Fifth District Court of Appeal yesterday rejected a general contractor’s attempt to set aside an award by an arbitrator who did not disclose that his law firm previously represented a debtor whose bankruptcy proceedings led to substantial, ongoing litigation against the contractor.

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UAW Offers Concessions, Urges Passage of Auto Aid Package

Published December 3, 2008, 10:30 am, CQPolitics.com via Yahoo! News

While the auto industry's primary restructuring process should take place under the incoming Obama administration, Congress needs to pass some type of auto industry aid package next week, a top auto union official said Wednesday.

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Entellium Files Bankruptcy, Seeks Sale to Intuit (Update1)

Published December 3, 2008, 10:06 am, Bloomberg

Dec. 3 (Bloomberg) -- Entellium Corp., the Seattle-based software company whose former chief executive officer was charged with defrauding investors, filed for bankruptcy with a plan to sell itself to Intuit Inc.

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White House: Too early for response to autos plans

Published December 3, 2008, 8:54 am, Reuters via Yahoo! News

The White House said on Wednesday that officials were starting to look over the restructuring plans by the ailing automakers, but it is too early to say what the administration's response will be to them.

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