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By NEW YORK TIMES NEWS SERVICE | May 15, 1997
NEW YORK -- Bondholders fighting Marvel Entertainment Group's plan to merge with Toy Biz Inc. and emerge from bankruptcy won a round in court yesterday when a federal judge ruled that the bondholders could take control of the 80 percent stake in Marvel stock that secured the bonds.The ruling will not take effect until May 23, however, giving Marvel time to appeal.The fight over Marvel, the comic book and sports card company, pits Marvel's board and bank lenders against the bondholders, led by Carl Icahn.
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BUSINESS
April 1, 2010
With the clock ticking down, Tribune Co. bought more time to negotiate with fractious creditors Wednesday when it filed a motion in Delaware bankruptcy court to extend until April 30 its exclusive right to propose a reorganization plan in its 15-month-old Chapter 11 case. Any extension of the "exclusivity period" requires a judge's approval. But the move takes advantage of a quirk in Delaware law, which allows Tribune to file the motion and essentially freeze exclusivity until the next scheduled court hearing on April 13. Tribune Co., which owns the Chicago Tribune, The Baltimore Sun and other media properties, already had filed four extensions as it tried to broker a compromise between sparring senior creditors and junior bondholders.
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BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | January 26, 1995
A federal judge in Baltimore yesterday threw out a bondholder suit against the old Marriott Corp. that claimed the company committed securities fraud when it launched a 1992 bond offering without disclosing internal discussions about dividing the company into two separate firms.Senior Judge Alexander Harvey II said the investors who sued Marriott presented so little evidence at last year's trial that no rational jury could have found the company broke the Securities Exchange Act of 1934.The jury at the actual trial failed to reach a verdict, but jurors said that most of the panel initially favored Marriott but that by the end of the deliberations they were leaning toward the bondholders.
NEWS
By Jim Puzzanghera and Jim Puzzanghera,Tribune Washington Bureau | May 31, 2009
A deadline for General Motors Corp. bondholders to accept a revised debt-for-stock offer that could speed the carmaker's ride through Chapter 11 passed Saturday without any word on whether there was enough participation to satisfy the company and the Obama administration. The offer would give holders of about $27 billion in bonds as much as 25 percent of a new, post-bankruptcy GM while wiping out most of the bond debt. The company and the administration hoped to get enough bondholders to agree so that the deal could be part of GM's expected bankruptcy filing Monday.
NEWS
By Jim Puzzanghera and Jim Puzzanghera,Tribune Washington Bureau | May 31, 2009
A deadline for General Motors Corp. bondholders to accept a revised debt-for-stock offer that could speed the carmaker's ride through Chapter 11 passed Saturday without any word on whether there was enough participation to satisfy the company and the Obama administration. The offer would give holders of about $27 billion in bonds as much as 25 percent of a new, post-bankruptcy GM while wiping out most of the bond debt. The company and the administration hoped to get enough bondholders to agree so that the deal could be part of GM's expected bankruptcy filing Monday.
BUSINESS
By David Conn and David Conn,Staff Writer | February 12, 1993
A federal judge gave bondholders of Marriott Corp. the right yesterday to pursue their lawsuit aimed at blocking the Bethesda-based hospitality company's restructuring plan, andscheduled a hearing in two months on Marriott's motion to dismiss the case.The hearing before U.S. District Judge Alexander Harvey was the first time both sides in the case appeared in court since they agreed in December to talk over Marriott's controversial plan to split itself into two companies. The plan, critics said, would benefit stockholders at the expense of bondholders.
BUSINESS
By David Conn and David Conn,Staff Writer | February 12, 1993
A federal judge gave bondholders of Marriott Corp. the right yesterday to pursue their lawsuit aimed at blocking the Bethesda-based hospitality company's restructuring plan, andscheduled a hearing in two months on Marriott's motion to dismiss the case.The hearing before U.S. District Judge Alexander Harvey was the first time both sides in the case appeared in court since they agreed in December to talk over Marriott's controversial plan to split itself into two companies. The plan, critics said, would benefit stockholders at the expense of bondholders.
BUSINESS
By Ellen James Martin and Ellen James Martin,Staff Writer Bloomberg Business News contributed to this article | April 9, 1993
The Marriott Corp. won a round in a Baltimore court yesterday when a U.S. District judge ruled that a group of the company's bondholders may not communicate directly with members of another bondholder group, which reached an out-of-court settlement with Marriott last month."
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | June 19, 1993
A federal judge tentatively approved an agreement yesterday that would settle class-action lawsuits aimed at stopping Marriott Corp.'s plan to divide itself into two companies.U.S. District Judge Alexander Harvey II scheduled an Aug. 6 hearing on a bid to have the settlement finally approved. Marriott bondholders who object to the settlement will be able to argue their case at the August hearing.Bethesda-based Marriott said in October that it wanted to split itself into two companies: a virtually debt-free Marriott International Inc., which would own the company's hotel management and food services businesses, and Host Marriott Corp.
BUSINESS
By BLOOMBERG NEWS | April 29, 1997
NEW YORK -- Marvel Entertainment Group Inc. Chairman Ronald Perelman yesterday unveiled a second proposal to get the comic-book company out of bankruptcy court, drawing criticism from bondholders who succeeded in blocking the first plan.Under the proposal, Marvel would combine its comic book and character-licensing businesses with Toy Biz Inc., which makes toys modeled on Marvel characters. Marvel then would auction the combined company, mainly to repay secured creditors.Bondholders said the plan is Perelman's latest effort to hamper their recovery on $894 million of bonds.
BUSINESS
May 28, 2009
GM bankruptcy likely as bondholders balk at deal DETROIT -: General Motors bondholders felt they deserved something like a 58 percent stake in the company in exchange for their billions of dollars in debt. What they were offered wasn't even close. As a result, the largest industrial bankruptcy in U.S. history is now all but certain. The bondholder rejection virtually ensures GM will file for Chapter 11 bankruptcy protection within days. The government, which has already extended nearly $20 billion in loans to GM, ordered the company to come up with a plan that 90 percent of its bondholders would agree to. But the government allowed it to offer only 10 percent of the company's stock.
BUSINESS
By Tribune Washington Bureau | April 29, 2009
WASHINGTON - Chrysler's path to recovery cleared a major roadblock ahead of Thursday night's government-imposed deadline when the struggling automaker's largest bondholders agreed Tuesday to significantly reduce its debt. That deal and the expectation that the United Auto Workers will ratify a labor pact Wednesday increase the likelihood that Italian automaker Fiat will buy Chrysler and save it from financial collapse. But even if Fiat takes over, Chrysler might still enter government-backed bankruptcy to resolve some of its toughest outstanding issues, including a sharp reduction of its 3,300 U.S. dealers.
BUSINESS
By McClatchy-Tribune | April 14, 2009
General Motors Corp. shares fell as much as 19 percent Monday in the wake of a report that the troubled automaker has been directed by the U.S. Treasury to lay the groundwork for a bankruptcy filing by June 1. GM's stock, a component of the Dow Jones industrial average, ended the session down 16.2 percent at $1.71 and is now down 47 percent since the beginning of the year. Members of President Barack Obama's automotive task force are holding meetings and conference calls with GM officials and their advisers in Detroit and Washington, according to The New York Times, with the goal of preparing for a fast "surgical" bankruptcy.
NEWS
By Gadi Dechter and Gadi Dechter,gadi.dechter@baltsun.com | November 20, 2008
A struggling Baltimore sports museum and Western Maryland resort were put on taxpayer life-support by the Board of Public Works yesterday, over objections by Comptroller Peter Franchot that a state facing huge budget deficits can ill afford to subsidize money-losing projects. The board's two other members - Treasurer Nancy K. Kopp and Lt. Gov. Anthony G. Brown, sitting in for Gov. Martin O'Malley - voted to allow the Maryland Stadium Authority to forgive $444,274 in unpaid rent by Sports Legends at Camden Yards and to slash the faltering museum's rent from more than $32,000 a month to about $10,000.
NEWS
By James Drew and James Drew,Sun Reporter | September 21, 2007
FLINTSTONE -- On a recent weekday, Wit Kosicki enjoyed the view of Evitts Mountain as his wife received a massage inside the Rocky Gap Lodge & Golf Resort. Kosicki, an insurance broker who has lived in Timonium for 20 years, was surprised to find only a smattering of people in the upscale restaurant for lunch. Only a few had rented boats or bicycles on a sunny day when the noon temperature hit 75 degrees. The indoor pool was empty, and the fairways on the Jack Nicklaus-designed golf course were surprisingly uncrowded.
BUSINESS
By Jay Hancock | September 8, 2004
NOT EVERYBODY who invested in the Columbia-based Rouse Co. is thrilled with the company's $12.6 billion deal to sell itself to General Growth Properties Inc. While Rouse shareholders have seen the value of their stakes soar by a third, Rouse bondholders have gotten hammered. Fearing that General Growth's already-large debt would hurt the post-merger creditworthiness of Rouse bonds, investors dumped the securities after the deal was announced last month. Depending on maturity dates and other attributes, Rouse bonds have fallen by as much as 7 percent.
BUSINESS
By Bloomberg Business News | March 2, 1993
NEW YORK -- A group of Marriott Corp. bondholders led by PPM America Inc. said yesterday that it's preparing to expand its lawsuit against the hotel company, a spokesman for the bondholders said.The group decided to broaden the lawsuit because another group of bondholders represented by Goldman, Sachs & Co., which had been expected to sue the company, failed to do so, the spokesman said.The litigation would be expanded to include new claims alleging fraudulent conveyance, breaches of contract and fiduciary duty, and other broad-based claims against Marriott.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | July 18, 1993
For someone with such choice words for attorneys, Stephen F. Bollenbach deals a mean hand of Lawyer's Poker.As shareholders of Bethesda-based Marriott Corp. prepare to vote Friday on the chief financial officer's plan to split the hotel giant into two companies, the deal stands as a harsh reminder of corporate pecking orders.Stockholders come first. And they stand to make lots of money on the plan -- they already have, in fact, because Marriott stock has risen almost 60 percent since the split was proposed last October.
BUSINESS
By June Arney and June Arney,SUN STAFF | April 12, 2003
The state will lend an additional $4 million to Rocky Gap Lodge & Golf Resort to finance improvements aimed at improving business at the struggling Western Maryland attraction, state officials said yesterday. The low-interest unsecured loans are to be supplemented by an additional $565,000 from the project's bondholders, who have agreed to postpone interest payments for more than a year. Those investors - three mutual fund companies - have said they will not foreclose on the project through 2006 and will consider restructuring the project's debt, state officials said yesterday "The restructuring is part of our plan to get the Rocky Gap facility to operate within its own cash flow," said Robert C. Brennan, assistant secretary for financing programs in the state's Department of Business and Economic Development.
BUSINESS
By June Arney and Bill Atkinson and June Arney and Bill Atkinson,SUN STAFF | February 7, 2003
The head of a state-backed economic development agency said yesterday that it will take another three years to stabilize the Rocky Gap Lodge & Golf Resort, which has lost $18.9 million since 1999. Hans F. Mayer, executive director of the Maryland Economic Development Corp., said the agency and Rocky Gap bondholders "have been trying to work out a transaction that provides stabilization for the project." "As a result of exchanges yesterday and today, we are very close to doing that," Mayer told members of a House Appropriations subcommittee.
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