Pin Itemailprint Here are your top stories for this Friday, January 20, 2012: – Rick Perry drops out – Barack Obama promotes U.S. as travel destination – Italian cruise ship captain’s hometown comes to his defense – Kodak files for Chapter 11 bankruptcy protection Incoming search terms:Powered By Pligg familyPowered By Pligg coloring & activity [...]
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It’s official. Iconic photo-equipment company Eastman Kodak Co. said early this morning that it has filed for Chapter 11 bankruptcy protection. The firm said the move “is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the company to focus on its most valuable business [...]
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“The easiest way to become a millionaire is to start out a billionaire and go into the airline business.” – Richard Branson, founder of Virgin America You just spent $500 on holiday airfare, including baggage fees, change fees, and a fuel surcharge – yet all you got to eat on the flight was a tiny [...]
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There’s trouble in Twinkie-land. Hostess Brands filed for Chapter 11 bankruptcy protection today to confront burdensome debt and labor costs, less than three years after completing an earlier restructuring. The baker ended an earlier round of bankruptcy hearings in February 2009 when buyout firm Ripplewood Holdings LLC and lenders took control of Interstate Bakeries Corp., [...]
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Here’s a head-scratcher. Former MF Global CEO Jon Corzine apologized to customers, employees, and investors who have suffered due to the company’s collapse, but said he doesn’t know where all the missing money is. “Their plight weighs on my mind every day — every hour,” Corzine said in 21 pages of remarks prepared for the [...]
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Another airlines is hitting hard times. AMR, the parent company of American Airlines, filed for Chapter 11 bankruptcy this morning. Texas-based AMR Corporation announced that the company filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York. The company says it did so “in order to [...]
Here’s a staggering figure. The amount of client money missing from collapsed trading firm MF Global may be over $1.2 billion, according to the trustee dismantling the firm’s brokerage unit. That’s more than double previous estimates. In other words, customers of MF Global have been essentially robbed of $1.2 billion…and almost everyone on Wall Street [...]
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The cracks in the facade of the United States of America are slowly beginning to show as the global debt crisis lingers on. Jefferson County, Alabama filed for bankruptcy protection yesterday in the largest municipal bankruptcy in U.S. history. County commissioners voted 4-1 to declare bankruptcy after meeting behind closed doors for two days straight [...]
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Here’s one that will have you scratching your head. An email sent out to members of the Crystal Cathedral congregation requesting meals for founder Rev. Robert Schuller‘s ailing wife has sparked outrage. The email asked that that meals for Arvella Schuller, who is ill with pneumonia, be dropped off at the cathedral’s Tower of Hope [...]
Dippin’ Dots, the company behind those tasty ice cream pellets dubbed “The Ice Cream of the Future”, has filed for bankruptcy protection from its creditors. Yesterday, the company listed assets of $20.2 million and debt of $12 million in Chapter 11 documents in U.S. Bankruptcy Court in Paducah, Kentucky, where the company is based. Revenue [...]
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Another financial giant has fallen. The fallout from the implosion of MF Global Holdings Ltd rippled through global exchanges this morning, as operators moved to suspend the U.S. futures broker. MF Global filed for bankruptcy protection yesterday following bad bets on euro zone debt, with London clearing house LCH Clearnet declaring the company a defaulter. MF [...]
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Embattled solar company Solyndra announced today that CEO Brian Harrison has resigned. Solyndra has been the focal point of a media firestorm since the California solar energy company sought bankruptcy protection after receiving a $528 million loan from the Obama administration. The company filed paperwork in Delaware yesterday stating that Harrison resigned last Friday. Solyndra [...]
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