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Economics News continually updated from thousands of sources around the net.

1 hr ago | The New Zealand Herald

Yahoo threatened with trillion-dollar fine over access to user data

Yahoo says the US govt threatened to fine the company $250,000 a day if it did not comply with demands to go along with an expansion of surveillance laws by surrendering online information. Photo / AP For an illuminating glimpse of government power in action, it's hard to beat the fines the US Justice Department threatened to level against Yahoo if it didn't comply with a secret and sweeping surveillance request in 2008.

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Related Topix: Bankruptcy

Tue Sep 16, 2014

NewsOK.com

Brookstone President and CEO Speltz resigns

Speltz helped Brookstone emerge from Chapter 11 bankruptcy protection in June. That month a bankruptcy court judge approved its sale to Sailing Innovation for $135.7 million, not including the company's cash and assumed liabilities.

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Related Topix: Bankruptcy, Merrimack, NH, Marketing

SFGate

Margaritaville casino owners seek bankruptcy

The owner of Biloxi's Margaritaville casino has filed for Chapter 11 bankruptcy protection Tuesday, only hours before a hearing where the landlord aimed to seize the property. The filing by MVB Holding LLC in U.S. Bankruptcy Court in Gulfport follows the casino's shutdown on Monday night.

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Related Topix: Bankruptcy, Biloxi, MS, Gulfport, MS, Harrison County, MS, Entertainment

Brandon Sun

Margaritaville owners file for bankruptcy before landlord could grab closed Mississippi casino

The owner of Biloxi's Margaritaville casino has filed for Chapter 11 bankruptcy protection Tuesday, only hours before a hearing where the landlord aimed to seize the property. The filing by MVB Holding LLC in U.S. Bankruptcy Court in Gulfport follows the casino's shutdown on Monday night.

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Related Topix: Bankruptcy, Mississippi, Biloxi, MS, Gulfport, MS, Harrison County, MS

NewsOK.com

Margaritaville casino owners seek bankruptcy

The owner of Biloxi's Margaritaville casino has filed for Chapter 11 bankruptcy protection Tuesday, only hours before a hearing where the landlord aimed to seize the property. The filing by MVB Holding LLC in U.S. Bankruptcy Court in Gulfport follows the casino's shutdown on Monday night.

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Related Topix: Bankruptcy, Harrison County, MS

Reuters

UPDATE 3-Sale of storage company PODS being explored -sources

PODS Enterprises Inc, a U.S. moving and storage company managed by members of the private equity firm Eagle Merchant Partners, is exploring a sale that could value it at around $1 billion, including debt, according to people familiar with the matter. PODS Enterprises, overseen by partners of Atlanta-based Eagle Merchant and owned by restructured Bahraini investment firm Arcapita Bank BSCC, has hired Barclays Plc to assist with the sale process, one of the sources said.

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Related Topix: Clearwater, FL, Bankruptcy

Business Journal

Penske, Creative Recycling Systems come to agreement on truck fleet

Penske Truck Leasing Co. has agreed to let Tampa's Creative Recycling Systems continue to use five of its trucks in return for providing the location of 38 other trucks Creative previously rented.

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Related Topix: Bankruptcy

The Republic

Sears takes $400M loan from Lampert's hedge fund

Sears is taking out a $400 million secured short-term loan from a hedge fund run by CEO Edward Lampert. The Hoffman Estates, Illinois, company, which runs Sears and Kmart stores, said in a regulatory filing that the loan is from entities affiliated with Lampert's ESL Investments Inc. Lampert is Sears' biggest stockholder.

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Related Topix: Retail, Sears, Hoffman Estates, IL, Bankruptcy

WHTC

Detroit reaches bankruptcy deal with fiercest creditor

Detroit on Monday officially settled with one of its fiercest creditors, removing a major hurdle for the city to exit its historic bankruptcy but possibly creating another delay in the trial on restructuring its $18 billion in debt and obligations. The settlement with Syncora Guarantee Inc. to be included in another version of the plan that will be released late Monday leaves Financial Guaranty Insurance Co, which has $1.1 billion on the line, as the major holdout creditor.

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Related Topix: Bankruptcy

The New Zealand Herald

Ex-Orcon owner gets bankruptcy reprieve

Warren Hurst's liabilities total more than $3.5 million and his creditors include former Orcon chief executive Greg McAlister, above left. Photo / Richard Robinson One of the former owners of internet company Orcon who has debts of $3.57 million has avoided bankruptcy and will attempt to appease creditors with a $343,000 deal.

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Related Topix: Bankruptcy

Mon Sep 15, 2014

Reuters

Nextel carrier NII files for bankruptcy protection as debt soars

NII Holdings Inc, the parent of Nextel operators in Latin America, filed for U.S. bankruptcy protection on Monday after struggling for years with debt, fierce competition in Brazil and Mexico, and a dispute with a U.S. hedge fund. The company filed a voluntary petition for so-called Chapter 11 in U.S. Bankruptcy Court in New York, according to a filing.

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Related Topix: Wireless, Telecom, NII Holdings, Bankruptcy, Reston, VA

Yahoo!

Stocks to watch on Tuesday

Miner and steelmaker Arrium is asking its shareholders to cough up more than $750 million to pay down its debt pile in the face of sliding iron ore prices. Logistics company Brambles has completed its acquisition of Ferguson Group, which provides containers to the offshore oil and gas sector.

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Related Topix: Bankruptcy

The Item

Judge OKs auction for closed $2.4B Revel casino

A bankruptcy court judge on Monday approved a Sept. 24 auction for the failed $2.4 billion Revel Casino Hotel in Atlantic City after a Florida developer offered $90 million cash for the closed building.

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Related Topix: Bankruptcy

West Australian

RadioShack CFO resigns; AlixPartners MD named interim CFO

Struggling electronics retailer RadioShack Corp, which is teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer last week. The company said on Monday it named AlixPartners LLP managing director Holly Etlin as interim CFO.

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Related Topix: RadioShack, Retail, Financial Services, AlixPartners, Bankruptcy

WAVY-TV Portsmouth

United Way to accept donations in bitcoin currency

United Way Worldwide said Monday that it will accept bitcoin donations for the charity's innovation fund through the San-Francisco-based wallet service Coinbase. The charity will accept donations from a donor's digital wallet with no transaction fees.

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Related Topix: Bitcoin, Alexandria, VA

SFGate

Coroner: bitcoin exchange CEO committed suicide

A Singapore Coroner's Court has found that the American CEO of a virtual currency exchange committed suicide earlier this year in Singapore because of work and personal issues. The death on Feb. 26 death of 28-year-old Autumn Radtke triggered media interest because it occurred not long after the high-profile collapse of the Mt.

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Related Topix: Bitcoin, Suicide

Local TV Station KTVZ

On this day: September 15

Before declaring bankruptcy, Lehman was the fourth-largest investment bank in the U.S., with the firm holding more than $600 billion in assets.

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Related Topix: Financial Services, Investment Banking, Lehman Brothers, Bankruptcy

Sun Sep 14, 2014

Detroit News

Creditors seek delay in Detroit bankruptcy trial

Detroit's remaining holdout creditors are asking for a one-week delay in the city's bankruptcy trial to adjust their litigation plans after one of the city's fiercest opponents settled. Lawyers for Financial Guaranty Insurance Co.

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Related Topix: Bankruptcy

Investopedia

Falling Giant: A Case Study Of AIG

What was once the unthinkable occurred on September 16, 2008. On that date, the federal government gave the American International Group - better known as AIG - a bailout of $85 billion.

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Related Topix: Insurance, American International Group, Bankruptcy, Home, Mortgage, Foreclosures

13WHAM

AG Schneiderman kicks off re-election campaign

New York State Attorney General Eric Schneiderman says he's running for re-election to keep fighting corruption, both public and private. Schneiderman says one of his biggest victories is a homeowner protection program that has helped more than 10,000 families keep their houses after the subprime mortgage crisis.

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Related Topix: Subprime Mortgage Crisis

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