February 6, 1986 |
Osborne Computer, whose quicksilver success was more than matched by its breathtaking descent, has ceased operations and will be liquidated, its creditors said Wednesday. Osborne's official creditors' committee said it had asked the bankruptcy court to declare the Fremont, Calif., company in default of the terms of its Chapter 11 reorganization. A liquidation trustee, Jerome E. Robertson, was appointed Jan. 31 to oversee the sale of the company's inventory and assets.
March 19, 2013 |
American Airlines is defending a plan to pay its departing chief executive a severance payout of nearly $20 million after the airline completes a merger with US Airways. The parent company of American Airlines, AMR Corp., which filed for bankruptcy in 2011, recently submitted a request to a bankruptcy court to make the payment to its chief executive, Thomas Horton. After the merger is completed, Horton will be replaced by US Airways Chief Executive Doug Parker and will take the post of board chairman for the new airline.
March 19, 2013 |
South Korean entertainment and media company JS Communications has withdrawn its bid to acquire Rhythm & Hues, the El Segundo visual effects company that recently filed for bankruptcy protection. Rhythm & Hues, which won an Academy Award for its work on the Ang Lee movie "Life of Pi," said in a statement that JS Communications, the previously designated stalking horse bidder, was unable to proceed with the proposed acquisition. The statement did not specify the reason for the decision, but a source close to the matter said JS cited a "lack of cooperation from the studios.
October 21, 2000
Troubled Premier Laser Systems Inc. said Friday that it has tentatively agreed to sell assets of its EyeSys Corneal Topography division to ProLaser Ltd. in Duesseldorf, Germany. ProLaser will acquire the intellectual property, customer base and inventory of the EyeSys division. ProLaser expects to close the deal Dec. 8.
June 1, 2006 |
A $280-million-a-year concession agreement between Delta Air Lines Inc. and its pilots was approved Wednesday by a U.S. Bankruptcy Court judge. The decision rejected claims by the government's pension insurer that it should receive the compensation the pilots were promised if their pension is terminated. The decision came hours after pilots approved the deal. The agreement, which runs through 2009, will take effect today.
January 9, 1987 |
The controversial saga of Financial Dynamics founder Richard E. Donovan continued Thursday, as a bankruptcy trustee prepared to take control of millions of dollars in assets once held by the investment entrepreneur who ran afoul of state officials. The move follows a decision by U.S. Bankruptcy Court Judge Barry Russell to turn down the request of Nancy R. Schauer, an attorney who previously had been sorting out Donovan's dealings, to terminate the bankruptcy proceeding.
July 12, 2011 |
Reporting from Phoenix — The Dodgers might not emerge from Bankruptcy Court for months, but Commissioner Bud Selig alluded Tuesday to the future of the team without Frank McCourt as its owner. Selig avoided speaking directly about McCourt, but the commissioner recalled hearing last year how bad the Texas Rangers' bankruptcy would be for baseball. The Rangers were sold in a Bankruptcy Court auction. "It didn't turn out terrible," Selig said. "They wound up getting a great price and a wonderful ownership group.