U.S. President Barack Obama is taking yet another run at a grand bargain with Congress, conjuring images of the famous “Peanuts” cartoon, in which Lucy invites Charlie Brown to kick the football, then pulls it away at the last second. The question is: Who’s Lucy and who’s Charlie Brown?
Midland Loan Services Inc., the special servicer for $825 million in fixed-rate mortgages on property of Innkeepers USA Trust , filed papers on Feb. 1 objecting to the request by LNR Securities Holdings LLC and Appaloosa Management LP for the right to oppose the newly proposed Innkeepers reorganization structure.
The rights to Charlie Brown and Snoopy will be bought by Iconix Brand Group Inc. and the family of cartoonist Charles Schulz, adding to the company’s earnings this year and shifting more of its revenue away from fashion.
Borders Group Inc. , the book seller that had a $143.7 million operating loss in the first three quarters of 2010, obtained a $550 million financing commitment that sets a high bar to avoiding Chapter 11.
Bank of America NA was on the losing end of an opinion in which the bankruptcy judge ruled Lehman Brothers Holdings Inc. is entitled to the return of $500 million that the bank improperly set off in violation of the so-called automatic stay.