Ally Financial Inc. may owe $25 billion to unsecured creditors of its bankrupt Residential Capital LLC unit, the creditors said in court papers seeking to sue Ally.
Covington & Burling LLP sought to overturn a judge’s ruling disqualifying the firm from working for Minnesota on a lawsuit alleging 3M Co. polluted state waters.
A court-ordered investigation in Residential Capital LLC’s bankruptcy case is estimated to cost $82.75 million, more than double an earlier calculation by the former judge leading the probe.
Borders Group Inc. , the second- biggest U.S. bookstore chain, won bankruptcy court approval to liquidate 200 stores in a deal that may bring in $175 million to creditors.
Philadelphia Newspapers LLC is aiming to put the company up for auction again next week after the Teamsters union blocked a court-approved sale of the publisher of the Philadelphia Inquirer and Philadelphia Daily News to secured lenders.
"The investigation has proven to be an enormous undertaking."
- Arthur Gonzalez on Apr 05, 2013