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Under federal Chapter 7, assets will be sold to help pay creditors.
Thursday's open auction was required under Federal Chapter 11 bankruptcy provisions affecting asset purchase agreements, and was planned to determine that the company was raising as much as it could to satisfy its creditors.
Chief among those is the ability to extend federal Chapter 9 bankruptcy protections to municipalities.
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Last Friday, Gawker Media LLC, the publisher of the eponymous celebrity online gossip blog, petitioned a federal court for Chapter 11 bankruptcy protection prompted by a $140 million civil judgment that had been returned against it by a Florida jury this March in an invasion of privacy case brought by Hulk Hogan Terry Gene Bolleaa).
[C4.] Builders Accused of Diverting Funds A report released by a union group suggests that money from apprenticeship programs was steered, in violation of federal law, to chapters of the Associated Builders and Contractors, an association that promotes nonunion labor in the construction industry.
The deal still requires approval by the federal judge overseeing the Chapter 11 case.
ROWE INTERNATIONAL INC., Grand Rapids, Mich., a maker of jukeboxes, has filed for Chapter 11 federal bankruptcy protection, claiming $82 million in debt.
People were required to file their accusations by Nov. 30, a deadline imposed by the federal judge overseeing the Chapter 11 bankruptcy of the Oregon Province of the Society of Jesus.
Only two years ago, Detroit's Big Three automakers were in such dire condition that they took more than $87 billion in federal aid; Chrysler and General Motors required Chapter 11 bankruptcy protection to turn themselves around, with the government's help.
SafetyTips.com, a site that specializes in safety consulting and training, may be near a deal to buy APBNews.com, a faltering Web site covering crime, justice and safety that sought Chapter 11 federal bankruptcy protection last month.
PHOENIX — A man who bought two weapons found at the scene of a Border Patrol agent's killing and subsequently linked to the botched gun-trafficking investigation known as Operation Fast and Furious was sentenced here on Wednesday to 57 months in federal prison, closing another chapter in a case that ignited a political firestorm.
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