Washington Mutual (WaMu) has been a well known wealth manager for many years. Now it seems as if the worst financial crisis over so many years has robbed this company of the chance to have financial strength to continue as it has gone in for bankruptcy filing. The company could be in such a spot that shareholders could be left quite empty handed. The common shareholders could very well file a lawsuit that could continue for years on end. This is because WaMu has gone in for an out of court settlement that is worth around $6 billion and this means that the company will get only a small part of the claims against the estate.
The claims against WaMu why the company has gone in for bankruptcy filing are from bondholders and also preferred shareholders and these claims could be as high as $11 billion. The common shareholders are thus the least priority to be paid back by the company, leading to a lot of distress and heartburn among this constituency of shareholders. This has led to such common shareholders contemplating legal action. Such a move could result in a long drawn out case and lawsuit that could come in the way of any quick or amicable settlement
Chrysler looks to be in worse shape than originally thought, according to the court proceedings. A new VW Scirocco is in the works, some guy learns to fly his Mitsubishi, and Brad Pitt may be portr…
Now it seems to be the turn of the golf courses. There are many corporate entities that are suffering a lot due to the recession and if you thought that this was limited just to finance companies. One of these is a golfing company, which is in the Lake George area. This company which has gone in for bankruptcy filing is said to be one of the oldest golf courses in the country. This is Holly Raj Inc. which is located on 8 Beach Road. There is also a gift shop and fast food stands that exist here. The gold course is said to date back to around 1927 or whereabouts, and is said to be the very oldest in the whole country.
There are a lot of people who are worried about what would happen to the community if the golf course would close down, as it does create a lot of jobs for folks there. Holly Raj has said that it has $4.74 million in assets and $4.73 million in debt. The company has serious cash flow issues and is likely to face many problems unless it goes in for bankruptcy filing. This is just a sign of the times and one would not be surprised if it were not the last of its kind.
im Rogers, chairman of Rogers Holdings, talks with Bloomberg’s Betty Liu, Jon Erlichman and Adam Johnson about Greece’s fiscal woes. Rogers, speaking from Vienna, also discuss…
General Growth Properties is well known as being the owner of some of the largest and most famous malls in North Texas. The company is however, trying to get out of bankruptcy filing and manage its debt. The company has also successfully and vehemently fended off a competing bid by its rival Simon Property Goup Inc. The company has got help from Brookfield Asset Management, which has taken up 30% in stake in General Growth, even as it gets help in the form of selective assets sale and debt help. Brookfield has already pledge funds to the extent of $2.63 billion, which is substantial and quite handy for General Growth that is desperate to come out of bankruptcy.
There is news that Bruce Berkowitz’s Fairholme Capital Management LLC and William Ackman’s Pershing Square Capital Management LP will pitch in with extra funds to bail out General Growth. These efforts are all scoffed at by Simon Property Inc. which views such deals as being suboptimal and not in the best interests of shareholders. This is something that irks General Growth as it makes a last ditch but honest and sincere effort to come out of bankruptcy. After all, you do not try to out someone down who is trying to come up, do you?
A bankruptcy expert says Chrysler could emerge from bankruptcy in the next 60 to 90 days. He added bankruptcy may be a good thing for consumers, since now the federal government will back warranti…
The Tech Valley Printing Inc shut down in the month of February, in a development that has stunned the printing industry in the Wateryliet region. This was certainly not expected, given the fact that the printing industry is generally robust and can well weather storms. At least that is what is generally thought. But the company is now in trouble as there is a lawsuit against it, to recover almost $1.2 million of dividend payments. In any case, the shutdown of the company had resulted in loss of jobs of around 160 people, who had to look for alternative employment, affecting them and their families too.
Tech Valley went into bankruptcy due to the fact that there were many creditors like the Hudson Paper Co. to which it owed money. The company was unable to pay and had to file for bankruptcy. It now seems that Alan Goldberg, one of the shareholders of Tech Valley had improperly received dividend payments while Tech Valley was still in operation. This is a new allegation and it is serious as the company had made preferential payments to Goldberg instead of paying its other shareholders. This is not right as the shareholders have the first right to the dividend payouts.
The way to solve the financial problems of the nations state and local governments is to enact a law permitting residents to file an involuntary petition in partial bankruptcy, to give the bankrupt…
There are some businesses that are generally considered to be recession proof. This is because of the nature of the business, as well as the kind of demand that exists for these businesses, that can weather every storm in the market place. This is one of the main reasons why a lot of folks consider a casino to be a kind of recession proof enterprise. Most people who go to enjoy themselves in the casino are those who have enough funds not to be affected by any global downturn. This is conventional wisdom, which seems to be borne out by proof in the fact that casinos in Vegas are still going strong. But it may not be true in all cases as Casino operator Centaur LLC has gone in for Chapter 11 bankruptcy filing.
Centaur LLC are the owners of Valley View Downs & Casio, which is still running and also a racetrack in Lawrence County. The company has plans to get out of bankruptcy before the end of July 2010. The company has not disrupted its operations in Hoosier Park and Racing Casino in Indiana. There is also a plan for a valley hotel and casino in Colorado that the company is not abandoning.
