bankruptcy

This morning I was reading Simon Johnson’s excellent post “President Obama’s Regulatory Reforms Announcement: A Viewer’s Guide” about what Barack Obama should say when he makes his regulatory reform pitch today at 12:30 PM.  I agree…

The Washington Post is reporting that the Obama administration has rejected initial pleas from the State of California for U.S. Government aid. However, the post report reveals that Tim Geithner told California it must make get its fiscal…

You probably saw the mention of Six Flags’ bankruptcy in the links over the weekend (here’s the original article).  It is a shame that the company has gone bankrupt.  However, I was contacted via e-mail by a Six Flags spokesperson…

We have just learned that Fiat has successfully completed its deal with Chrysler.  This means that the bankrupt ‘Old Chrysler’ will now have far fewer cash and assets available for creditors and that it will be liquidated with large or…

Bank of Lincolnwood in Illinois is FDIC casualty number 37 this year. It is not very big.  Below is the FDIC press release: Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and…

You probably saw in my links that Fiat had bowed out because of German government demands. The Magna story also comes via the BBC: Canadian car parts maker Magna International is the preferred bidder for GM Europe, owner of Opel and…

I was on the BBC yesterday talking autos and my commentary was almost entirely political.  So, as we await the likely General Motors bankruptcy, I think it bears discussing how political this process has been and will continue to be.…

GM Bondholders are not happy about the GM deal because the government seems to be running the same scheme where senior bondholders get a serious haircut while other constituents like the union and the federal government get more.  Chrysler…

Strategic Capital and Morton Community Bank were seized by the FDIC tonight.  Below are the FDIC announcements on the matter. The FDIC estimates a cost to taxpayers of $173 million (nearly 30% of assets) for Strategic Capital and $106…

I was heading to dinner with Marshall Auerback when the news of the BankUnited bust came into my inbox. I see this as fairly big new for what it represents. We are witnessing a sea change in how FDIC seizures are done here with private…