02/06/13 THE COMPREHENSIVE REAL-TIME NEWS FEED FOR BANKRUPTCY

Bankruptcy Newswire

• Inspiration sells off remaining hemophilia drug assets, prepares to liquidate _{2013-02-06, 03:07 pm}
  ... The Cambridge, Mass.-based biotech, with a manufacturing facility in Milford, Mass., filed for Chapter 11 bankruptcy protection in October 2012. Michel Dahan, vice president of commercial development and strategic planning, told Mass High Tech ...
• Greece orders on-strike ferry crews back to work _{2013-02-06, 03:05 pm}
  ... rity policies forced upon it by international creditors, whose bailout loans are shielding debt-heavy Greece from bankruptcy.
• Chrysler, Santander Form Financing Arm _{2013-02-06, 02:42 pm}
  ... at least through the end of Chrysler's existing contract with Ally, which expires on April 30. Since exiting bankruptcy in 2009, Chrysler has relied on Ally to provide retail loans, as well as finance leases and credit to dealers for stocking ...
• UPDATE 2-S&P says public finance rating actions positive for 2012 _{2013-02-06, 02:23 pm}
  ... have faced fiscal and revenue problems, which led analyst Meredith Whitney to warn of a rash of defaults and bankruptcy filings. Her predictions have not been realized, but they cast a long chill on the $3.7 trillion municipal bond market. For all ...
• City faces imminent bankruptcy, says DA _{2013-02-06, 02:12 pm}
  The DA has called on Gauteng Local Government MEC Ntombi Mekgwe to intervene in the financial affairs of the Tshwane municipality as it is "facing imminent bankruptcy". This comes after the municipality's salary payments to staff were apparently delayed because "it had used its long-term debt account to pay salaries", the party said.
• CPA Firm Pun & McGeady Joins Forces With Law Firm to Tackle... _{2013-02-06, 02:09 pm}
  ... to a CNBC October 3, 2012 article , many municipalities are likely to join Stockton and San Bernardino in bankruptcy. While this Pew info-graphic downplays the number of bankruptcies since the crisis of 2007 & 2008, and the states have helped ...
• Q&A: The Hostess Auction - What To Expect _{2013-02-06, 02:08 pm}
  As Hostess continues its bankruptcy auction process, the company has announced the lead bidders for many of its popular brands, including Wonder Bread and Twinkies.
• Ipswich: Michael Chopra leaves Twitter after posting picture of cash _{2013-02-06, 02:08 pm}
  ... made the revelations when she appeared at Newcastle Magistrates' Court, claiming that Chopra was on the verge of bankruptcy. Last month, Chopra released a statement saying that he would not be defending himself against the BHA charges as he could ...
• Popular New York Soul Food Hot Spot Files for Bankruptcy _{2013-02-06, 01:46 pm}
  ... have a liquor license for at least six months, according to its attorney, David Biondi, who filed the Chapter 11 bankruptcy papers. Even though the restaurant recently secured a liquor license, the months where they operated without a license hurt ...
• Freedom Financial Network Records Strong Fourth-Quarter, Year-End Results _{2013-02-06, 01:36 pm}
  ... consumers' behalf to resolve debt balances. Offering an alternative to credit counseling, debt consolidation and bankruptcy, the company's debt relief program helps clients resolve their unsecured debt, often in 24 to 48 months. Freedom Financial ...
• Alberta mortgage fraud victim elated over extended jail term _{2013-02-06, 01:17 pm}
  ... he lost much more than the $10,000 he had invested in the scam. He walked away from the deal and tried to declare bankruptcy, but was refused because of the fraud case, he said. Miller also could not get a mortgage when he tried to buy a house again ...
• Don McNay: Tax Relief Scams: Where Crime Does Pay _{2013-02-06, 01:15 pm}
  ... you are obviously at the end of your rope. You are also probably financially disconnected. There are legitimate bankruptcy attorneys who may be able to help. I would rather take a chance walking into a local attorney's office than paying an unknown ...
• Law Offices of Hilton Wiener Issues Tax Opinion to Real Estate... _{2013-02-06, 01:15 pm}
  ... believe that they will have difficulty collecting the full amount. Debtors, particularly those who are not filing bankruptcy, may find this preferable to attempting to catch up by making payments. The IRS considers the difference between what was ...
• Former CEO explains how he turned GM around _{2013-02-06, 01:11 pm}
  Sixteen months later the company went from being on life to support to launch of the biggest IPO in history.
• Sue S&P, Sue Everybody _{2013-02-06, 01:09 pm}
  It appears S&P is being sued by the Justice Department. Lest anyone think this is payback for its downgrade of Uncle Sam, the suit will allege S&P played a key role in the 2008 credit crisis-issuing too rosy ratings on mortgage-backed securities and other collateralized debt obligations when they knew such securities were toxic.
• USPS to Only Deliver Parcels on Saturday _{2013-02-06, 01:00 pm}
  Come August 1, the bankrupt and deeply in debt US Postal Service means to stop delivering first-class mail on Saturdays and save a projected $2 billion a year.
• Fujitsu, Panasonic to merge chip business in FY 2013 - sources _{2013-02-06, 12:35 pm}
  ... when Elpida Memory Inc, the country's last remaining dynamic random access memory (DRAM) maker, was driven into bankruptcy last February with more than $5 billion in debt. Elpida's troubles were followed by the Japanese government's $1.8 billion ...
• New Law Could Help Chuck Toxic Student Loan Debt _{2013-02-06, 12:31 pm}
  ... apiece. With rare exceptions , neither government nor private student loans can currently be wiped out through bankruptcy . If they aren't paid off, the government can even dock Social Security payments of debtors. An estimated $150 billion of the ...
• The Cornett-owned Hooters at 7912 W. Broad St. _{2013-02-06, 12:20 pm}
  ... lawsuit over its use of the Hooters brand. Cornett Hospitality, which has been working its way through Chapter 11 bankruptcy since November, last month was forced to turn over the keys to two more of its Hooters restaurants: one in Roanoke and one ...
• REO to Rental: Closer, but No Securitization _{2013-02-06, 12:19 pm}
  Learn about this year's finalists and see who won the 2012 MT Award. 2012 MT Awards: Servicer of the Year Award The Servicer of the Year Award recognizes a servicer using technology to optimize the management of performing and distressed mortgage portfolios and ensure efficient communication with borrowers, investors and the mortgage servicing ...