Discount retailer Loehmann’s Inc. received approval from the bankruptcy court for a commitment agreement allowing its reorganization plan to be partly financed with a new $25 million investment from current owner Istithmar World PJSC and Whippoorwill Associates Inc.
Fairfield Greenwich Group, the hedge fund that steered $7 billion to Bernard Madoff, faces new claims of fraud by investors who previously alleged negligence against co-founders Walter Noel, Jeffrey Tucker and Andres Piedrahita.
Almatis BV, a producer of specialty alumina products, filed a prepackaged Chapter 11 reorganization early this morning in New York where senior secured creditors led by an affiliate of Oaktree Capital Management LLC will take ownership in exchange for debt.
Settlements allowing the U.S. government, GSO Capital Partners and other parties to share recoveries from imprisoned ex-lawyer Marc Dreier’s $700 million Ponzi scheme need changes before they can be approved, a judge ruled.
Dechert LLP won an appeal dismissing a suit by Fortress Investment Group LLC that claimed the law firm issued a false opinion letter endorsing a transaction with Marc Dreier, the lawyer later convicted of fraud.
Almatis BV, a producer of specialty alumina products, filed an agreement on July 23 underpinning a revised reorganization plan that will allow the Chapter 11 case to end consensually and avoid a protracted battle between senior and junior secured creditors.
Robert L. Miller, who once worked as a lawyer with the U.S. Securities and Exchange Commission, was sentenced to two years’ probation for helping New York law firm founder Marc Dreier defraud hedge funds.
Yellow-page publisher R.H. Donnelley Corp. filed a Chapter 11 petition late yesterday in Delaware along with agreement on a reorganization plan reducing debt by $6.4 billion and giving all of the new stock and $300 million in unsecured notes to holders of 11 issues of unsecured notes.