bankruptcy

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ATA Goes Bankrupt, Cancels All Flights

No ticket refunds given

(Newser) - Passengers booked on ATA Airlines flights got a rude awakening this morning: The low-cost carrier declared bankruptcy in the middle of the night, shut down operations, and canceled all further flights, Eyewitness News reports. “Unfortunately, we were not in a position to provide our customers or others with advance...

Aloha Airlines Shuts Down
 Aloha Airlines Shuts Down 
Mar 31, 2008 7:11 AM CDT

Aloha Airlines Shuts Down

Fierce competition and rising fuel costs push carrier over the edge

(Newser) - Unable to find a buyer and running out of cash, Hawaii’s ubiquitous Aloha Airlines is shutting down operations after today, idling 1,900 workers and ending more than six decades of island-hopping and transpacific flights, the Honolulu Advertiser reports. The airline filed for bankruptcy March 20 because of rising...

Bankrupt Lender's Audit Lapses 'Mind Boggling'

Bankrupt subprime lender, auditor ripped in report on business practices

(Newser) - Auditors at now-bankrupt New Century Financial—once one of the nation’s largest subprime lenders and one of the earliest to fail—were accused of “mind boggling” lapses in a Justice Department report on the debacle released yesterday. Partners at accounting firm KPMG are said to have ignored “...

Mortgage Meltdown Hits Small Builders

Wave of bankruptcies could in turn weaken regional banks

(Newser) - The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could...

Gift Cards Not Looking So Sharp
Gift Cards Not Looking So Sharp
Mar 4, 2008 11:00 AM CST

Gift Cards Not Looking So Sharp

Bankrupt retailer isn't honoring $25M in gift cards

(Newser) - Consumers holding Sharper Image gift cards are out a collective $25 million after the gadget retailer stopped honoring the cards when it filed for bankruptcy in February, MarketWatch reports. With the shaky economy likely to produce more bankruptcies over the next year or two, consumers would be wise to redeem...

One Million Going Bankrupt
One Million Going Bankrupt
Mar 4, 2008 4:28 AM CST

One Million Going Bankrupt

Record spike in bankruptcy filings, more ahead

(Newser) - More than a million Americans are headed for bankruptcy in 2008, mostly due to crippling household debt, according to the American Bankruptcy Institute. There were 76,120 bankruptcy filings last month—a 37% increase over February last year, and the biggest monthly spike since the change in personal bankruptcy laws...

China ATM Glitch Nets Man Life
China ATM Glitch Nets Man Life
Feb 28, 2008 11:56 AM CST

China ATM Glitch Nets Man Life

After withdrawing free money, man found guilty of bank robbery

(Newser) - It seemed like a miracle to Xu Ting of Guangzhou: a misplaced decimal point somewhere in the bowels of an ATM meant that his $140 withdrawal debited his account only 14 cents. Over several hours he made another 170 transactions, pocketing more than $24,000. But after getting robbed and...

Mortgage Crisis: Judges to the Rescue?

Democrats back plan to let jurists change loan terms

(Newser) - Over the loud objections of lenders, Senate Democrats are lining up behind a plan to give bankruptcy judges the power to alter mortgages, the LA Times reports. The proposals could go to the floor as early as today. “This bill will have more impact… than any other option currently...

Mortgage Crisis Sparks GOP Defections

Lawmakers back Dem bills as constituents lose homes

(Newser) - GOP lawmakers are breaking ranks over the housing crisis as they see constituents suffering foreclosures, Politico reports. Ohio Rep. Steve Chabot, the owner of a 97.5% lifetime American Conservative Union rating, recently snubbed party leaders and the White House by co-writing a bill to let bankruptcy judges re-write mortgages....

BofA May Buy Ailing Countrywide
BofA May
Buy Ailing Countrywide
Jan 10, 2008 3:21 PM CST

BofA May Buy Ailing Countrywide

Talks between bank and troubled mortgage giant well advanced

(Newser) - Bank of America is in advanced talks to buy troubled Countrywide, the Wall Street Journal reports. The Charlotte-based bank could be on the brink of acquiring the US' largest mortgage lender, whose market value has plummeted to $3 billion—about 2 months' profit for BofA—as foreclosures continue to dent...

$37M Deal for Priest Sex Victims
$37M Deal for Priest Sex Victims 
Dec 4, 2007 2:12 AM CST

$37M Deal for Priest Sex Victims

Iowa bishop apologizes for abuse

(Newser) - A Catholic diocese in Iowa has agreed to pay $37 million to settle claims by 156 people who charge they were sexually abused by priests. The deal clears the way for the diocese to emerge from bankruptcy declared last year after a jury awarded $1.5 million to a single...

Bankruptcies Jump as Owners Fight to Save Homes

Popular Chapter 13 staves off foreclosure

(Newser) - Bankruptcies jumped 23% last month over the same time last year as debtors caught up in the sagging US housing market struggled to save their homes, reports the Wall Street Journal. Homeowners are now increasingly turning to Chapter 13 as an option—which can stave off foreclosure for three to...

Laity, Clergy Asked to Defray Sex Abuse Costs

San Diego bishop draws support from pulpit, less backing from pews

(Newser) - The San Diego Diocese is turning over every stone to pay its $198.1 million settlement to sexual abuse victims, asking both priests and parishioners to chip in. Clerics are apparently willing—many will donate a month’s salary—but parishioner responses are far less positive, the LA Times reports....

SEC: Don't Blame Credit Markets for Firm's Demise

Bankrupt cash management operation comes under federal scrutiny

(Newser) - The feds don’t know what happened to the millions of dollars that disappeared from the books of a Chicago-area cash management firm, but they don’t believe upheaval in the credit markets is to blame. Days after Sentinel Management blocked investors from withdrawing their investments, the company filed for...

Bank of America Bails Out Countrywide

Lender avoids disaster as bank buys $2 billion in cut-rate shares

(Newser) - Countrywide came back from the brink yesterday as Bank of America bought $2 billion in preferred stock in the mortgage company, writes the Los Angeles Times. Countrywide's share price soared in after-hours trading, only a week after the credit crunch brought it to the point of bankruptcy.

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

(Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times. Before today's open, the company...

A Fool and His Money ... You Know
A Fool and
His Money
... You Know
Aug 8, 2007 6:22 PM CDT

A Fool and His Money ... You Know

Everyone has 10 ways to get rich—here are 10 tips for staying broke

(Newser) - Too much money? Here's some much-needed advice from the Consumerist:
  1. Make shopping your hobby.
  2. Don't budget.
  3. Buy your friends gifts you can't afford
  4. Grocery shop hungry, don't bring a list, and buy everything you sample.
  5. Use the ATM at the gas station.

Bear Stearns Takes Refuge in Caribbean

Bankrupt hedge funds ticketed for liquidation in friendly Caymans

(Newser) - Bear Stearns, faced with the implosion of two hedge funds worth more than $1 billion, has decided to liquidate them in the Cayman Islands—a move that will give creditors and investors less access to their money.  Bloomberg forecasts a court battle over the tactic, which an analyst said...

Stocks Surge as Jitters Remain
Stocks Surge as Jitters Remain
Aug 2, 2007 4:36 PM CDT

Stocks Surge as Jitters Remain

(Newser) - The Dow was up 100.96 today—mostly in late trading—closing at 13,463.33 after Asian markets made a partial recovery from its recent hemorrhage and some rare good news emerged from the housing market. Retail and tech winners beat losers; Nokia, Motorola, CVS, and Hewett-Packard all put...

Ronco Goes Bankrupt
Ronco Goes Bankrupt
Jun 16, 2007 4:49 PM CDT

Ronco Goes Bankrupt

(Newser) - But wait, there’s more, as pitchman Ron Popeil liked to say. Ronco, maker of Veg-o-matic, Chop-o-matic, Popeil’s Pocket Fisherman, and an endless array of consumer items sold through infomercials, has filed for Chapter 11 bankruptcy protection. While founder Ron Popeil had sold the company in 2005, he remains...

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