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The firm filed to liquidate.
The company, which bills itself as the nation's sixth-largest pager carrier, filed to liquidate its assets under Chapter 7 of the federal bankruptcy code, The Record of Hackensack reported yesterday.
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Brokerages can file to liquidate only under Chapter 7. The big question is whether Bear's shareholders would make out better in a bankruptcy.
But in the last six months, nonprofit groups have filed to reorganize or liquidate themselves under the bankruptcy code.
Hostess Brands has filed a motion to liquidate, and it would be easy to assume that is the end of the well-known company.
NEW YORK -- CommonSense Media, a digital advertising network co-founded by film producer and Firedoglake publisher Jane Hamsher, has filed for bankruptcy to liquidate its assets.
Yesterday, a trustee for Napster filed to convert its bankruptcy to Chapter 7 from Chapter 11; a company liquidates its assets under Chapter 7, while Chapter 11 allows a company to reorganize.
Aladdin, which is closely held, told Judge Robert C. Jones of United States Bankruptcy Court in papers filed last week that it "intends to liquidate in one transaction all property and rights comprising the casino-hotel".
Linens N'Things, the home goods chain, recently was forced to liquidate after filing for bankruptcy protection in May.
The petition to the Cayman court to liquidate Ambow was filed in April by a fund run by the Asian unit of the Avenue Capital Group, a New York investor in distressed stocks and bonds that owns 21.6 percent of Ambow's shares.
Acclaim Entertainment Inc., a maker of video games like Showdown: Legends of Wrestling, filed for bankruptcy yesterday and plans to liquidate its assets.
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