According to a lawsuit filed by wireless communications firm LightSquared Inc, Dish Network Corp and its chairman, Charles Ergen had schemed to ensure that the latter would be able to obtain the former's broadband spectrum.
Tags: Bankruptcy
Bankrupt Nortel Networks cuts over $3B in claims in reached deal
Three of the four largest claims against the US estate of bankrupt telecoms company Nortel Networks Inc has been resolved, reducing the bills the estate needs to settle by by $5.14 billion, said a Reuters report.
Taxpayers earned gains on GM bailout - outgoing CEO
Outgoing chief executive officer of General Motors Co Dan Akerson has said that US taxpayers actually netted a gain despite the US government losing $10.5 billion stemming from a bailout package it extended to the carmaker in 2009, according to an Associated Press report.
Savient Pharmaceuticals gets approval from US Bankruptcy Court to sell all assets to Crealta
A US Bankruptcy Court gave its approval to Savient Pharmaceuticals to sell all substantially all its assets to Crealta Pharmaceuticals, a firm backed by private equity company GTCR.
Bankrupt Detroit's art assets value up to USD866 million - Christie's
Auction house Christie's said the value of the 2,781 works collection fully and partially-owned by the Detroit Institute of Arts (DIA) was around the USD452 million to USD866 million range.
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Fee examiner Richard Stern recommended to Judge Allan Gropper that USD 240 million in fees and expenses be paid to Eastman Kodak Co's lawyers and advisers.
A new CEO was recently installed for billionaire Eike Batista's OSX as it prepares itself for bankruptcy and other legal processes, according to its lawyers.
Advantage Rent a Car was hived off by Hertz to comply with regulatory authorities. Advantage Rent A Car would be filing for bankruptcy after Hertz had terminated lease agreements over vehicles that Advantage was able to use in its operations.
A lawsuit was filed by LightSquared against manufacturers of its GPS equipment for broken promises as to the capacity of the machines.
Northern Beef Packers, which had filed Chapter 11 bankruptcy, sets USD12.75 million minimum bid for its assets.
An agreement was signed between NRG Energy and Edison Mission for assets worth USD2.64 billion. The largest independent power producer in the United States, NRG Energy Inc, had entered into an agreement to purchase most of the assets of the bankrupt Edison Mission Energy.
The city of Detroit had gotten a USD350 million debtor-in-possession financing from Barclays Plc after filing for bankruptcy last July.
The noteholders of GM Nova Scotia used a local law loophole to allow its earnings to double from the bankruptcy proceedings.
A court-appointed trustee asked a bankruptcy judge to return more funds to MF Global Holdings' clients, said a Reuters report.
