Peregrine Financial Group Inc. employees gathered for their annual holiday party at the River East Art Center, overlooking the Chicago River. After enjoying appetizers and an open bar, they heard the kind of somber note you don’t expect from the boss at such a fete: Even businesses that get off to a good start aren’t guaranteed to last.
Russell Wasendorf Sr. gave Cedar Falls, Iowa, a boost in 2009 when he moved his futures brokerage to a wooded area of town. The firm’s collapse, after he confessed to pilfering at least $100 million, may leave the state-of-the-art headquarters he built languishing for years.
Dissident Syms Corp. creditors are dissatisfied with the plan negotiated by the official creditors’ committee and intend to block approval of the reorganization plan in bankruptcy court at the Aug. 29 confirmation hearing.