14, 2014 7:32 p.m. ET DETROITRacing to hammer out the first major settlement between the bankrupt city of Detroit and its creditors by Christmas, Gerald Rosen, the chief mediator in the case, was convinced he had gotten the best possible dealand just in time. On Christmas Eve, Mr. Rosen, who is a federal judge, called the parties together to put the deal on the record before a court hearing on the issue scheduled for after the holiday week, a person…
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area bankruptcy filings for Feb. 17 These firms recently filed with the U.S. Bankruptcy Courts local court clerks offices. Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court.
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The plan and its terms, however, are subject to court approval, with a hearing set for March 17 in U.S. Bankruptcy Court in Manhattan before Judge Shelley Chapman. Potentially accelerating Ergen’s decision is LightSquared’s request for lenders to vote on the plan by March 3 and any objections to be lodged by March 10. Whether that timetable is appropriate will be taken up at a separate hearing before Judge Chapman on Feb. 24. NEW FINANCING LightSquared has been trying to create a bankruptcy exit plan that would bridge disagreements between various fractious lender and creditor constituencies, some of which had proposed their own plans for how to restructure the company. LightSquared plans to raise $1.65 billion in bankruptcy loans, which would consist of $1.35 billion of new money from Fortress, Melody and JPMorgan Chase & Co. The remaining $300 million would come from existing LightSquared lenders rolling their pre-bankruptcy claims into the new loan. The company said it later plans to raise another $1 billion of senior loans to fund its exit from Chapter 11.
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The three bond insurance firms do not see it that way. National Public Finance Guarantee Corp, the public finance subsidiary of MBIA Inc, and Assured Guaranty Municipal Corp jointly filed one lawsuit, and Ambac Assurance Corp filed another, soon after http://ift.tt/NiaNUs Detroit defaulted on a $9.4 million interest payment last October 1. That was its first GO bond default under Kevyn Orr, the city’s state-appointed emergency manager. They claim bondholders and the insurers have a statutory lien on property-tax revenue specifically earmarked for the bonds. Instead of repaying the bonds, the city is using that tax money for general purposes and has no right to do so, the insurers argue. “Nothing in Chapter 9 or elsewhere in bankruptcy law allows the city to disregard the state law restrictions imposed on the restricted bond taxes and use the funds for unauthorized purposes,” said a court filing by National Public Finance and Assured.
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Photo: Phil Carrick The EU wants to banish the word bankruptcy from the English language because it is too stigmatising, according to reports. Officials in Brussels want to see the term replaced with a more neutral phrase, such as “debt adjustment”. Such a move would see the phasing out of a word that has been in common parlance in the English word for more than 500 years The idea is part of wider reforms being considered to harmonise economic arrangements across the EU and make it easier for people who have run into financial problems to be given a second chance. Riccardo Ribera d’Alcala, the EU’s Directorate General for International Policies, said use of the word bankruptcy was too potent and made it difficult for people to rebuild their financial reputation. It is thought the term derives from the Italian ‘banca rotta’ meaning broken bench, which refers to the ancient custom of breaking a money changer’s bench to signify his insolvency. Tory MP Brooks Newmark, who is a member of the Commons Treasury Select Committee told the Mail on Sunday: “This shows just how intellectually bankrupt sorry debt adjusted the European Union has become.” Mr d’Alcala’s report comes as the Commission looks to unify financial services across the EU. Among his other proposals are suggestions that banks should be penalised if inappropriate lending contributes to someone’s financial problems. Other examples where the EU has attempted to interfere with language includes a recent recommendation that the words Miss and Mrs ought not to be used in certain circumstances because they were not considered to be politically correct. A spokesman for the European Parliament said: “The report makes clear that the opinions expressed in the document are the sole responsibility of the authors and do not necessarily represent the official position of the European Parliament.” The Telegraph, UK
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Born in Newark on March 31, 1941, to Regina and Irving Stern, he attended Weequahic High School. In 1962, Stern earned a bachelors degree in Industrial Engineering from Lafayette College. In 1965 he graduated with honors from Rutgers University School of Law in Newark, where he was an editor of the Law Review. After law school Stern clerked for the Hon. Robert Matthew in Superior Court in Hudson County. For 30 years, Stern was a partner at Stern, Dubrow and Marcus, where he specialized in commercial law.
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Officials in Brussels want to see the term replaced with a more neutral phrase, such as debt adjustment. The idea is part of wider reforms being considered to harmonise economic arrangements across the EU and make it easier for people who have run into financial problems to be given a second chance. Riccardo Ribera dAlcala, the EUs Directorate General for International Policies, said use of the word bankruptcy was too potent and made it difficult for people to rebuild their financial reputation. In his report, Mr dAlcala said: The use of stigmatising labels should be ended, and the pejorative term bankruptcy should be replaced with the more neutral debt adjustment. Related Articles Cameron turns to Brussels for flood aid 13 Feb 2014 But such a move would see the phasing out of a word that has been in common parlance in the English word for more than 500 years. It is thought the term derives from the Italian banca rotta meaning broken bench, which refers to the ancient custom of breaking a money changers bench to signify his insolvency. Tory MP Brooks Newmark, who is a member of the Commons Treasury Select Committee told the Mail on Sunday: This shows just how intellectually bankrupt sorry debt adjusted the European Union has become. Mr dAlcalas report comes as the Commission looks to unify financial services across the EU.
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According to the Wall Street Journal , Optim said its executives had failed to obtain consent to borrow more money under a credit facility. Optim is reportedly planning to sell its coal-fired Twin Oaks plant during the bankruptcy, while the other two plants natural-gas fired. Optim was founded in 2007, and electricity prices began to fall shortly afterwards, hindering the company’s ability to repay borrowed money. Reductions in natural gas prices have hit power companies hard over the past several years, and Optim is the third to file for bankruptcy recently, following Dynegy Inc and Edison Mission Energy. Optim notesin its court filings that the price of electricity in the company’s market area has fallen roughly 40% in the past five years, from around $63.24 per megawatt hour in 2008 to around $38 per megawatt hour by December 2013. Optim’s owner, ECJV Holdings LLC, is owned by Cascade Investment LLC, an investment vehicle for Gates, the Microsoft Corp. co-founder and the world’s richest person, according to Bloomberg . Your best bet on energy investing Imagine a company that rents a very specific and valuable piece of machinery for $41,000… per hour (that’s almost as much as the average American makes in a year!).
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