04/28/13 The Raw Bankruptcy Newswire

• THQ Inc. to Receive $6.55 Million in Sale of Certain Intellectual... _{2013-04-22, 05:56 pm}
  THQ Inc. today announced that it has completed the bidding and sale process on certain of its intellectual properties with three buyers emerging to pay $6.55 million for the six available lots, subject to Bankruptcy Court approval.
• FASB Issues Standard on the Liquidation Basis of Accounting _{2013-04-22, 07:58 pm}
  ... blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). In cases where a plan for liquidation was specified in the organization's governing documents at inception (for example, ...
• Energy Secretary Chu leaves post Monday _{2013-04-22, 07:46 pm}
  Deputy Energy Secretary Daniel Poneman will serve as acting secretary beginning Tuesday and serve until a successor is sworn in.
• UPDATE 1-US Energy Dep't recovers $21 mln from Fisker to repay loan _{2013-04-22, 07:45 pm}
  ... and a search for a buyer in China. The company also hired law firm Kirkland & Ellis to prepare a possible bankruptcy filing. Fisker was expected to make a payment on the DOE loan on Monday. A DOE official said the company did not make that payment, ...
• THQ Inc. to Receive $6.55 Million in Sale of Certain Intellectual... _{2013-04-22, 07:45 pm}
  THQ Inc. today announced that it has completed the bidding and sale process on certain of its intellectual properties with three buyers emerging to pay $6.55 million for the six available lots, subject to Bankruptcy Court approval.
• Budget Shocker: L.A. Shows $119 Million Surplus _{2013-04-22, 07:26 pm}
  For five years a chorus of voices has been predicting bankruptcy for Los Angeles, while often calling for deeper cuts to city employee pensions.
• City debates best way to acquire last piece of Japanese Gulch _{2013-04-22, 07:21 pm}
  ... attract the required turnout, but time is of the essence because another buyer could swoop in to buy the land. A bankruptcy court, however, is temporarily holding the land for the city of Mukilteo if the city can raise the funds. Lord supported ...
• Acting energy secretary to be sworn in Tuesday _{2013-04-22, 07:21 pm}
  Deputy Energy Secretary Daniel Poneman will serve as acting secretary beginning Tuesday and serve until a successor is sworn in.
• Candidate For Tulsa Mayor Goes Negative, Prompts Threats Of Litigation _{2013-04-22, 07:08 pm}
  It all goes back to the bankruptcy of Great Plains Airlines and former Mayor Kathy Taylor having the city pay off a bad loan for the airline.
• Gearbox acquires 'Homeworld' IP _{2013-04-22, 07:05 pm}
  ... online multiplayer. The acquisition is the result of a liquidation of THQ's assets in the wake of its Chapter 11 Bankruptcy filing back in December of 2012 after the company had defaulted on a $50 million loan. THQ initially saw some of its ...
• The Commons: A day to debate terrorism _{2013-04-22, 06:51 pm}
  Here at Maclean's, we appreciate the written word. And we appreciate you, the reader.
• THQ Auctions Remaining Assets _{2013-04-22, 06:48 pm}
  ... personally spearheaded the acquisition," the company said in the post. The Agoura Hills company, which filed for bankruptcy in December, auctioned its most valuable intellectual property in January, ultimately raising about $73 million in a ...
• Mexico to Unveil Bank Reform Tuesday in Effort to Boost Lending _{2013-04-22, 06:40 pm}
  ... call for the creation of a universal credit bureau that includes more measures of creditworthiness, and to speed bankruptcy proceedings and asset recoveries. The proposal would build on education and telecommunications reforms that have already ...
• Argentina Takes on Vulture Funds in "Debt Trial of the Century" _{2013-04-22, 06:31 pm}
  ... that often takes place on the individual level: You lose your job and you can't pay your debts. You file for bankruptcy and restructure your debts, but the owners of your hospital debt and credit card debt refuse to negotiate. Instead, these debts ...
• Going once, going twice! Gearbox picks up Homeworld in THQ auction _{2013-04-22, 06:08 pm}
  When the now-bankrupt THQ was broken up and sold for parts earlier this year, a few of the pieces weren't included in the deal.
• Over $1M In Debt, Janice Dickinson Files For Bankruptcy _{2013-04-22, 06:06 pm}
  According to a report, Supermodel-turned-reality TV star Janice Dickinson has declared herself bankrupt with debts of almost $1 million.
• Bankruptcy Fees Out of Control: Reform Panel _{2013-04-22, 06:05 pm}
  ... firms because of creditor-committee proliferation and a flawed compensation system, say experts. A corporate bankruptcy filing can now mean hundreds of dollars in dry-cleaning bills, hotel rooms costing $700 a night, and hundreds of thousands of ...
• North Bergen recycling plant files for bankruptcy _{2013-04-22, 05:54 pm}
  A North Bergen recycling company that has pleaded guilty to illegal dumping and amassed fines of more than $700,000 over safety issues has filed for bankruptcy reorganization.
• Turnaround guru calls for cap on legal fees in Chapter 11 cases _{2013-04-22, 05:50 pm}
  ... theories, a turnaround guru told attendees at a Friday program. Speaking at a Maryland meeting of an American Bankruptcy Institute commission that is studying Chapter 11 reform and could potentially rewrite bankruptcy law, billionaire Wilbur Ross ...
• Elmira businessmen complete purchase of Greek Peak ski resort _{2013-04-22, 05:49 pm}
  The sale of Greek Peak to two Elmira businessmen has closed, clearing the way for the Cortland County ski resort to emerge from bankruptcy.

04/18/13 The Raw Bankruptcy News Feed

Bankruptcy Newswire

• Las Vegas firm accuses Turner of collusion with Westport creditors _{2013-04-18, 07:35 pm}
  ... in order to avoid foreclosure. Las Vegas-based Warhorse-Baltimore Real Estate LLC filed a motion in U.S. Bankruptcy Court in Baltimore on April 17. The company is asking for communications between the firms behind the Westport project and the ...
• LDK Shrinking to a Third of Its Peak Aimed at Luring Investors _{2013-04-18, 07:35 pm}
  ... Deficits of that scale tipped the biggest unit of LDK's larger competitor, Suntech Power Holdings Co., into bankruptcy last month. "The biggest concern people have is that LDK will be the next Suntech and go into some form of bankruptcy," Edwin Mok, ...
• Biggest LBO Collapse Seen as Boon to Texas Power Market: Energy _{2013-04-18, 07:34 pm}
  As Texas warns of potential power shortages and blackouts this summer, the state's biggest electricity producer is teetering toward bankruptcy.
• Barclays's Ricci, Kalaris Stepping Down After Diamond Exit _{2013-04-18, 07:14 pm}
  ... Britain. Skip McGee, who joined Barclays when it acquired Lehman Brother Holdings Inc.'s U.S. operation out of bankruptcy in 2008, will become head of Barclays's Americas business, the bank said today. "There is a clear need for even more effective ...
• Why Fisker crashed and burned _{2013-04-18, 04:01 pm}
  ... the ground - just like faulty parts did to a couple of its cars. Fisker has been reported to be on the brink of bankruptcy , lawsuits are piling up , and a government hearing is reportedly in the works . There are a lot of crash-and-burn stories in ...
• Report: Fisker allowed to draw on U.S. loan after default _{2013-04-18, 01:47 pm}
  ... manufacturing cars late last year and has retained Kirkland & Ellis LLP, a law firm with one of the largest U.S. bankruptcy practices. The company fired three quarters of its remaining workers April 5 after making only 2,500 cars of its first model, ...
• Southern Air welcomed to CVG _{2013-04-18, 03:00 am}
  ... and Southern Air officials believe the company is heading in the right direction after recently emerging from bankruptcy. Kentucky Lt. Gov. Jerry Abramson, airport and DHL executives and Northern Kentucky leaders officially welcomed Southern Air to ...
• Bad Economics, Sovereign Debt, The Irish Mortgage Crisis And More _{2013-04-18, 06:27 pm}
  Instead, involuntary bankruptcy is pretty much the exclusive means of owner occupied residence repossession - at least until this month, when a new insolvency process similar to Chapter 13 bankruptcies in the United States, was put in place.
• Jefferson County Manager Tony Petelos sees light at end of tunnel 'and it's not a train' _{2013-04-18, 06:16 pm}
  ... professional manager, and it has not been fun, Petelos told the Hoover Area Chamber of Commerce today. Between bankruptcy , the closing of inpatient services at Cooper Green Mercy Hospital, cutting more than 1,000 jobs and slicing 35 percent of the ...
• Spreadtrum Leads Rebound on Smartphones: China Overnight _{2013-04-18, 06:11 pm}
  ... loss in the fourth quarter. Suntech Power Holdings Ltd., a solar company whose main unit was forced into bankruptcy after defaulting on a bond payment last month, tumbled 5.1 percent to 65 cents, leading declines on the Bloomberg US-China gauge. The ...
• Bankruptcies Dip Slightly as Economy Improves _{2013-04-18, 06:09 pm}
  All chapters combined - Chapters 7, 11 and 13 - declined to 2,161 Shelby County bankruptcies for the three-month period ended March 31, down 1 percent from 2,216 bankruptcies filed during the same three-month period in 2012, according to The Daily News Online, www.memphisdailynews.com . The U.S. Bankruptcy Court, Western District of Tennessee, has ... (more)
• Fall of Five Star's third musketeer _{2013-04-18, 06:06 pm}
  When Five Star finance company boss Neill Williams is sentenced in court today, it will be just the latest stage in a series of misadventures, reports Hamish Fletcher Neill Williams once called himself and his business associates the "Three Musketeers", but the 79-year-old's life is now more a tale of tragedy than adventure.
• Woodland Park council adopts budget with $2.9 million surplus _{2013-04-18, 05:48 pm}
  WOODLAND PARK - The borough council has adopted a $15.7 million budget that includes no tax increase for municipal purposes.
• Global Agenda: Getting to the core _{2013-04-18, 05:22 pm}
  ... sales by the city. No press, no public, just the ubermenschen who run America, being consulted over the impending bankruptcy of the country's fifth-largest city by population. a China's reported growth rate came in lower than expected. That's the ...
• LDK Reduces Solar Capacity While Seeking Investors _{2013-04-18, 05:14 pm}
  ... Deficits of that scale tipped the biggest unit of LDK's larger competitor, Suntech Power Holdings Co., into bankruptcy last month. "The biggest concern people have is that LDK will be the next Suntech and go into some form of bankruptcy," Edwin Mok, ...
• Lon Morris employees to meet Saturday to discuss recovering back wages _{2013-04-18, 05:06 pm}
  Former employees of Lon Morris College plan to gather Saturday to discuss ways to recover their back wages from the LMC bankruptcy estate.
• Bankruptcy - Court correctly construed oil and gas royalty contract _{2013-04-18, 04:59 pm}
  The bankruptcy court correctly construed an oil and gas royalty agreement when it determined that defendant, who leased mineral rights from plaintiff debtor, properly calculated and paid royalties to plaintiff.
• Las Vegas firm accuses Turner of collusion with Westport creditors _{2013-04-18, 04:57 pm}
  ... in order to avoid foreclosure. Las Vegas-based Warhorse-Baltimore Real Estate LLC filed a motion in U.S. Bankruptcy Court in Baltimore on April 17. The company is asking for communications between the firms behind the Westport project and the ...
• Why Didn't Repo and Charge-off Erase Old Debt? _{2013-04-18, 04:52 pm}
  ... place a lien on any property owned by you. The only way to stop this type of collection activity is to file for bankruptcy. However, even bankruptcy may not prevent you from paying something on this debt. How do you know what to do? See that ...
• Rebates give Pilot major competitive edge _{2013-04-18, 04:42 pm}
  ... approved Pilot's $1.8 billion merger with Flying J in July 2010, which allowed Flying J to emerge from Chapter 11 bankruptcy. In response to antitrust concerns, the FTC required Pilot to sell 26 travel center locations. Although Pilot's rebate ...

The Domino Effect

... than see us end up at the bottom of the Atlantic. When Stockton, California gets approval to officially enter bankruptcy, all of the sudden we imagine the remaining 477 cities and towns in the nation's largest state (by GDP) must also be teetering ...

http://seekingalpha.com/article/1329781-the-domino-effect?source=feed

Your daily business need to know

Check out a story in today's thespec.com by Reporter Steve Arnold about the call for a need for regulation of patient transfer companies following the bankruptcy filing of Hamilton-based Ontario Patient Transfer.

http://www.thespec.com/news/business/article/915694--your-daily-business-need-to-know

Doctors driven to bankruptcy

New York - As many doctors struggle to keep their practices financially sound, some are buckling under money woes and being pushed into bankruptcy.

http://lucianne.com/thread/?artnum=730391

Bond Insurer's Settlement with IRS Puts It on Track to Emerge from Bankruptcy

Ambac Financial Group Inc. on Monday said it has reached a $101.9 million settlement of a dispute with the Internal Revenue Service, a key step in the bond insurer's effort to emerge from bankruptcy.

http://www.insurancejournal.com/news/national/2013/04/09/287735.htm

Trust Deed Forum - a Reduction in Scottish Trust Deed Fees Could...

Bankruptcy Law Reform has been on the Scottish political agenda for some time. Scotland's insolvency service, the Accountant in Bankruptcy, has recently produced an update on which of their proposed changes to protected trust deeds will be brought before Parliament later this year.

http://www.americanbankingnews.com/2013/04/09/trust-deed-forum-a-reduction-in-scottish-trust-deed-fees-could-result-in-increased-creditor-dividends/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+AmericanBankingNews+%28American+Banking+News%29