The federal judge who once steered the future of a bankrupt General Motors Co. is again in the driver’s seat, setting out rules for a fight over billions of dollars in claims tied to ignition switch defects.
General Motors Co. is bringing its fight against owners of recalled cars to its former turf: the Manhattan bankruptcy court where the U.S. government financed the automaker’s turnaround five years ago.
The lawyer who helped craft a proposed $8.5 billion settlement with Bank of America Corp. over soured mortgages urged some of her biggest bondholder clients to oppose a more aggressive stance set forth by a rival attorney, Bloomberg News Jody Shenn and David McLaughlin report.
The leveraged buyout of Lyondell Chemical Co. in 2007 benefited the company’s board as well as billionaire Len Blavatnik, who gained $1.2 billion, according to a revised lawsuit brought by the company’s creditors.
Pershing Square Capital Management LP and Winthrop Realty Trust’s $45 million investment in Manhattan’s Stuyvesant Town-Peter Cooper Village is in jeopardy after the companies failed to stop a planned foreclosure sale.
Pershing Square Capital Management LP and Winthrop Realty Trust said they have the right to proceed with their planned foreclosure auction for Manhattan’s Stuyvesant Town-Peter Cooper Village apartment complex.