Companies trying to rehabilitate themselves through bankruptcy are threatened by valuation fights among late-arriving investors, U.S. Bankruptcy Judge Burton Lifland told lawyers and judges at a conference in New York.
The trustee liquidating Bernard L. Madoff Investment Securities LLC filed a mass appeal asking the U.S. Court of Appeals in Manhattan to revive about $10 billion in lawsuits against 635 customers that have been or will be dismissed by U.S. District Judge Jed Rakoff.
Citadel Broadcasting Corp. , the third-largest radio station owner in the U.S., won court approval to exit bankruptcy over the objections of shareholders who said the company is worth more than executives and bankers assert.
Citadel Broadcasting Corp. ’s bankruptcy judge refused to delay a hearing today on the confirmation of the company’s reorganization plan, after denying opponents a chance to have an expert witness testify.
A trustee overseeing the liquidation of Bernard Madoff’s firm is near a “multibillion-dollar” settlement with the estate of Jeffry Picower, the longtime Madoff investor who drowned in his swimming pool last year, a bankruptcy judge said.
Merrill Lynch & Co., the brokerage unit of Bank of America Corp. , won a U.S. judge’s ruling denying a bid by 17 black financial advisers for group status in their five-year-old discrimination lawsuit.
The estate of investment adviser Stanley Chais must face claims by the trustee liquidating Bernard L. Madoff Investment Securities LLC that Chais and related entities fraudulently received more than $1 billion as “insiders” of Madoff’s Ponzi scheme.