Senior creditors in the Tribune Co’s Chapter 11 bankruptcy proceeding have warned the bankruptcy court against allowing bondholders to sue over the legitimacy of $10 billion of the bankrupt company’s debt. The bondholders claim that $10 billion in debt for a leveraged buyout of the Tribune in 2007 was fraudulently incurred and therefore holders of the debt should have their claims disallowed or subordinated …

Tags: Chapter 11 Bankruptcy Fraud Tribune Co

Permalink: /filing_bankruptcy/tribune%e2%80%99s-bankruptcy-dispute-spawns-%e2%80%9cworld-war-iii%e2%80%9d/

Bankruptcy judge Kevin Carey approved the Tribune Company’s exclusivity extension request, allowing the company until the end of March to resolve outstanding issues delaying the company’s emergence from bankruptcy and present an effective reorganization plan.   The main point of contention is an $8.2 billion leveraged buyout in 2007 that according to an official committee of unsecured creditors, left the company bankrupt.   The …

Permalink: /bankruptcy-law/tribune-company%e2%80%99s-bankruptcy-extension-request-approved/

The Tribune Co. which filed for Chapter 11 bankruptcy in December 2008, is being accused of fraudulent conveyance because of a $8.6 billion transaction before the company filed bankruptcy.

After an investigation that included getting documents from Tribune, the Official Committee of Unsecured Creditors formally asked U.S. Bankruptcy Court in Delaware for permission to file a complaint alleging …

Permalink: /dallas_bankruptcy/tribune-co-accused-of-fraudulent-conveyance-before-bankruptcy/

On Monday, Tribune Co. filed Chapter 11 bankruptcy, giving the nearly insolvent newspaper and television station owner time to find buyers for some of its troubled properties. Tribune Co. which owns 10 daily newspapers, 23 TV stations and has 20,000 employees has been financially devastated by a crushing $13 billion debt and reduced advertising revenue. Many of their top employees, fearing job losses …

Permalink: /chapter-11-bankruptcy/tribune-co-files-bankruptcy/

… said:

“The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts… The team’s brief stay in Chapter 11 is expected to protect the team’s new owners from potential claims from Tribune creditors.”

According to some analysts, the sale of the Chicago Cubs using bankruptcy is designed to protect the sports team …

Tags: Chapter 11 Title 11 United States Code Chicago Cubs Tribune Co Wrigley Field

According to an article in the Salt Lake Tribune, since the recession began many consumers are choosing prepaid credit cards over traditional bank accounts and unsecured credit card accounts.

How It Works

The consumer buys a prepaid credit card from a retailer, loads it with money and sometimes even creates a direct deposit account with their employer. The cards are used to pay bills and everyday expenses–just like a debit or …

According to an article in the Herald Tribune, in some jurisdictions, the number of foreclosure filings filled with errors and false statements are at such a high rate, that many homeowner advocate groups are looking for ways to identify and punish attorneys who file foreclosures with false information.

The article said:

“Some of the most egregious Florida examples come from Sarasota County, where a study this summer that …

According to an article in the Star Tribune a federal bankruptcy trustee handling Denny Hecker’s personal bankruptcy sued Hecker’s female friend, demanding that she return documents and $119,800 worth of cash and gifts received from Hecker since January.

The article said:

“The lawsuit lists a $60,000 fur coat and $58,900 in check payments that Hecker gave to Christi Rowan. Bankruptcy Trustee Randy Seaver said the gifts …

… expenses by $110 million.

The Star-Telegram has joined other newspapers such as The Chicago Tribune in implementing job losses and cutting salaries in an effort to survive the recession. And the actions of the newspaper industry are not isolated. Many more businesses are expected to implement more job losses and salary cuts across the board as they watch the recession eat away at their revenue. Many companies simply have too many employees for their current circumstances. As …

According to an article in the Herald Tribune, the number of senior citizen bankruptcies is on the rise due to uninsured medical costs and rising debts amongst seniors.

The article said:

Bankruptcies are increasing faster among Americans 55 and over than in any other age group, according to a recent study. And people 65 and over accounted for nearly 5 percent of bankruptcy filings in 2002 — nearly double the 2.5 percent …