Bank holding company Colonial BancGroup Inc. won a major victory over the Federal Deposit Insurance Corp. when the bankruptcy judge in Montgomery, Alabama, ruled on Aug. 31 that Colonial hadn’t made an enforceable agreement to make up a $1 billion capital deficiency at the bank unit.
Trade Secret Inc. , a 612-store beauty-supply retailer based in Markham, Canada, filed a Chapter 11 petition yesterday in Delaware along with a term sheet to sell the business to former owner Regis Corp. and an entity controlled by the family that bought the company from Regis in January 2009.
Colonial BancGroup Inc. , the bankrupt Montgomery, Alabama-based holding company, has defeated a bid by the Federal Deposit Insurance Corp. to force it to pay almost $1 billion because of the capital deficiency at its Colonial Bank.
SunTrust Banks Inc., M&T Bank Corp. and two other banks accused of gouging customers on overdraft fees won a delay of lawsuits against them while an appeals court considers whether the plaintiffs have to go through arbitration.
The official creditors’ committee for newspaper publisher Tribune Co. wants authority from the bankruptcy judge to sue Sam Zell and company officers, directors and advisers who were responsible for what the group calls the “ruinous LBO transaction” in 2007.