Sunday, 29 March 2015
Last updated 2 days ago
Nov 2 2011 | 9:07am ET
A federal bankruptcy court judge has rejected not one, but two bankruptcy exit plans for Tribune Co., including one championed by a hedge fund.
U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., savaged the plans, calling them examples of "an inescapable facet of human character: the willingness to visit harm upon others, even at one's own peril." But Carey was especially critical of the plan backed by Aurelius Capital Management, approving the skeleton of JPMorgan Chase's competing plan and saying the hedge fund's proposal "unfairly discriminates."
But he warned both sides that he'd appoint a trustee to run Tribune unless the company can "promptly find an exit door" from Chapter 11 bankruptcy protection.
That's not likely to make any of the hedge funds, including Oaktree Capital Management and Angelo Gordon & Co., happy: Under both plans, they and other senior lenders were to become the majority owners of Tribune, which publishes eight newspapers, including the Chicago Tribune and Los Angeles Times, and 23 television stations, including outlets in New York, Chicago and Los Angeles.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…