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Ally settlement may be a boon for ResCap bondholders
Reuters* Paulson, hedge funds will likely make profit on settlement * MBIA, FGIC to recoup about $1 billion * Ally to contribute $2.1 billion to ResCap creditors By Nick Brown NEW YORK, May 23 (Reuters) - While bond insurers MBIA Inc and FGIC Corp receive...Tags: Finance, MBIA Incorporated, Mortgages, Mutual Funds, Securities
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L.A. City Council OKs Villaraigosa's final, $7.7-billion budget
The Los Angeles City Council on Thursday signed off on Mayor Antonio Villaraigosa's final $7.7-billion budget, setting the stage, as several members acknowledged, for many city workers to get a 5.5% raise in eight months. Council members did not vote to...
Tags: Elections, Government, Finance, Los Angeles Police Department, Economy, Business and Finance
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Christian Brothers settle suit with 400 sex abuse victims
The Roman Catholic religious order that runs Brother Rice High School in Chicago and St. Laurence High School in Burbank didn't want Brother Edward Chrysostom Courtney in Chicago any longer. So in the early 1970s, the Irish Christian Brothers shipped...Tags: Justice System, Crime, Law and Justice, Abusive Behavior, Roman Catholic Sex Abuse Scandal, Christianity
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Former Chrysler, Fisker CEO launches venture fund with Penske
ReutersBy Deepa Seetharaman DETROIT, May 23 (Reuters) - Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske to invest in technology startups. The fund,...Tags: Automotive Equipment, China, Penske Racing, Economy, Business and Finance, General Motors Corp.
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Breakup Fee for Rythym & Hues Stalking-Horse Bidder Approved (Exclusive)
ReutersMay 23 (TheWrap.com) - A U.S. bankruptcy court judge approved a settlement Wednesday between Rhythm & Hues and JS Communications, ending at least one contentious legal issue stemming from the March sale of the Oscar-winning visual-effects studio. As...Tags: Life of Pi (movie), Auction Service, Evan Jones, Economy, Business and Finance, Companies and Corporations
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Ally to pay $2.1 billion to settle claims tied to ResCap
Reuters(Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business. Ally hopes the...Tags: Automotive Equipment, Warren Buffett, Justice System, General Motors Acceptance Corporation, Economy, Business and Finance
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Suntech's local creditors claim $2.5 bln as restructuring starts
ReutersBy David Lin and Charlie Zhu WUXI, China/HONG KONG, May 22 (Reuters) - Local creditors of Wuxi Suntech, the bankrupt unit of Chinese solar panel maker Suntech Power Holdings Co Ltd, on Wednesday claimed the subsidiary owed them a combined $2.5 billion,...Tags: World Bank Group, Suntech Power Holdings Company Limited, China, Credit and Debt, Debt Market
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Ally to contribute $2.1 bln to settle ResCap litigation
ReutersMay 23 (Reuters) - Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors. Under the deal,...Tags: MBIA Incorporated, Insurance
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Ally to contribute $2.1 billion to settle ResCap litigation
Reuters(Reuters) - Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors. Under the deal, which...Tags: MBIA Incorporated, Insurance
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Bell is on the brink of a fiscal crisis, audit says
This post has been corrected. Please see the note below.Bell's finances have worsened considerably since its infamous corruption scandal, leaving the city unable to refund millions of dollars in taxes illegally levied on residents and businesses, an audit released Wednesday shows. The report by the state...Tags: Finance, Justice System, Crime, Law and Justice, Accounting and Auditing, Economy, Business and Finance
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Borders gift card holders deserve nothing, judge rules
Reuters* About 17.7 million cards outstanding when chain closed * Tens of millions of dollars of potential claims rejected By Jonathan Stempel May 22 (Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by...Tags: Manhattan (New York City), Justice System, Borders Group Incorporated (MI), Crime, Law and Justice, Judges
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BRIEF-Residential capital llc asks US bankruptcy court to approve Ally settlement
ReutersMay 23 (Reuters) - Ally Financial Inc: * Residential capital llc asks US bankruptcy court to approve settlement with Ally Financial Inc * Ally financial inc to increase contribution to residential capital llc estate to $2.1 billion - court docs * Ally...Tags: Finance, Economy, Business and Finance
May 23, 2013
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May 23, 2013
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May 23, 2013
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May 23, 2013
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May 23, 2013
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May 22, 2013
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May 22, 2013
|Story| Los Angeles Times
May 23, 2013
|Story| Reuters
May 23, 2013
|Story| Reuters
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