Word: receivershipped
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...funny thing happened to Good and Von Lehman: almost nothing. Good has been hired by a midwestern bank to find $40 million "missing" from a $110 million telecommunications company in receivership. But the oceans of capital at private-equity funds mean that companies once left for near dead, like Barry, have more options. In this flush economy, Von Lehman says, "hedge funds just lend these troubled companies money, but they don't fix them. We don't know when that bubble's gonna burst, but they're gonna need us someday." They always...
...negotiations lasted over a year due to a number of technical difficulties, according to Meyer. The estate, previously owned by the joint venture of Fletcher Challenge Forests Ltd. and China International Trust and Investment Corp., had gone into receivership. It was placed on the market at 1 billion New Zealand Dollars, an amount owed to a syndicate of 12 banks...
According to the Herald, the state-planted tree farm was in receivership to a consortium of 12 banks, and was originally on the market for $650 million. The Herald also reported that Harvard was believed to be behind a thus-far failed bid for another massive New Zealand forest, raising the prospect that they could end up with a “super-estate...
...Money? Get In Line Britons are famed for loving an orderly queue. But a new law may cause chaos in the ranks of those seeking to wring funds from insolvent firms. Unleashed last week, the Enterprise Act makes it harder for banks to push a firm into receivership (almost 20,000 U.K. businesses failed last year). Instead, it promotes the appointment of administrators acting on behalf of all creditors, in the U.S. style. This spells the end for the U.K. government's right to settle unpaid taxes before other creditors are reimbursed; 20% of a troubled firm's distributable assets...
...Corus 2002 results showed a net loss of 3675 million and triggered the resignation of British CEO Tony Pedder. Corus will likely now lay off thousands more of its 26,000 U.K. workers. Still, financial woes may keep the marriage intact; the cost of demerging could force Corus into receivership. - By Jennie James The Bottom Line "Sure, losing hurts, but not nearly as much as paying lawyer's bills." DAVID WARE, head of TeamTalk, after he lost a best-of-three arm-wrestling match to settle a €102,000 legal dispute with a rival telecommunications firm in New Zealand