Detroit is close to agreements with more creditors on a plan to reduce its $18 billion debt load, lawyers for the city told a judge who withheld a final ruling on whether to allow a vote on the proposal.
Leonard M. Rosen, a founder of the Wachtell, Lipton, Rosen & Katz law firm who helped avert a New York City bankruptcy in 1975 and created a restructuring practice that would guide the U.S. through the 2008 mortgage crisis, has died. He was 83.
Detroit’s “divide-and-conquer” campaign to build support for its plan to shrink $18 billion in debt with a recent series of creditor accords may put pressure on holdouts to settle before a bankruptcy judge decides to push it through, lawyers following the case said.
A former Sanofi executive who cooperated with prosecutors got 16 months in prison after a judge called him a leader of an insider-trading ring that made $1.4 million in profit off pharmaceutical and medical-technology company tips.
MF Global Holdings Ltd.’s independent directors won dismissal of nine claims, including fraud and violations of New York business law, in a lawsuit brought by a customer of the defunct brokerage company.