New York jeweler Ralph O. Esmerian pleaded guilty to a bankruptcy fraud scheme and other crimes for pledging at least $20 million of jewels as collateral on multiple loans from Merrill Lynch & Co. and other lenders.
The examiner for newspaper publisher Tribune Co. filed his heavily redacted report yesterday evening and concluded it was “highly likely” that the completion of the leveraged buyout in December 2007 made the parent company “insolvent” and “reasonably likely” the subsidiaries were rendered insolvent.
The bankruptcy judge who presided over the reorganization of the Texas Rangers professional baseball club told one of the team’s eventual buyers during a conference in July 9 that he could no longer speak to the press as a lawyer, only as a businessman aiming to buy the franchise.
Leslie Controls Inc., a subsidiary of Circor International Inc. , filed a Chapter 11 petition this morning in Delaware to implement a reorganization plan already negotiated with lawyers representing asbestos claimants.
Lehman Brothers Holdings Inc. and brokerage unit Lehman Brothers Inc. face a tax liability of as much as $283 million if they retain residual interests in real- estate mortgage investment conduits known as Remics.
The partnership that owns the Texas Rangers professional baseball club filed a so-called prepackaged Chapter 11 reorganization yesterday in Forth Worth, Texas, to sell the operation in a transaction the club said has a value of $575 million.