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Business Failures

January 30, 1985 | Associated Press
There were 25,018 business failures in France in 1984, up 10.2% from a year earlier, the National Statistics Institute reported. For the month of December, business failures totaled 2,077 compared with 2,341 in November and 1,788 in October, the institute said.
August 1, 2012
Re "Romney trip takes another detour," July 31 I, a registered Democrat for more than 40 years, felt a great sense of pride reading the comments Mitt Romney made in Jerusalem. His statements on culture being responsible for the economic disparity between Israelis and Palestinians were correct. How technologically advanced were the Palestinians prior to 1967? History proves that education and human welfare have always been a priority for Jews. My hat is off to Romney for having the courage to tell it like it is. I also give him credit for visiting only with the leaders of democracies.
March 22, 1987 | NANCY YOSHIHARA
Fewer California businesses had to close up shop last year while the number of new ventures was up, according to a newly released report on California business trends by Dun & Bradstreet. The analysis showed business failures statewide decreased 1.3% in 1986 to 10,160. That compared to a 6.9% increase in business failures nationwide.
July 12, 2008 | Tom Petruno
In a modern financial system, nothing is more frightening than a run on the bank. The U.S. now has suffered through a series of them, and they are escalating in size and scope -- posing a serious threat to the already reeling economy. On Friday, rumors swamped financial markets that the federal government would be forced to step in to aid mortgage-finance giants Fannie Mae and Freddie Mac, which together own or guarantee $5 trillion in U.S. home loans.
February 21, 1992
A record 87,266 businesses failed in the U.S. in 1991, up 43.7%, with insurance, finance and and real estate companies taking the burnt of the hit. Unpaid debts if defunct businesses totaled $108.8 billion last year, a gain of 95.9% from 1990. Falling real estate prices, debt-burdened businesses, tighter credit and bankruptcies from failed leveraged buyouts contributed to the 1991 results. Total U.S. 1990: 60,746 1991: 87,266 Breakdown of percent rise of failed businesses: Pacific: +62.
December 15, 1988 | United Press International
Bucking a national trend, business failures increased in Arizona, Nevada, Hawaii and Utah during the first nine months of the year, according to a report released today by Dun & Bradstreet Corp. In California, where the number of shuttered businesses declined during the period, the national trend was upheld, Dun & Bradstreet said. Nationwide, the number of shuttered businesses declined 6.3% from the year-earlier period, the company said.
August 28, 1989 | From Times wire services
Business failures during the first six months of 1989 declined 14.5% to a total of 26,234, a Dun & Bradstreet Corp. report said today. The number of companies filing for reorganization or protection under the U.S. Bankruptcy Code decreased significantly in seven of the nine U.S. census regions, the business information service said. Joseph W.
February 23, 1989 | From Associated Press
U.S. business failures declined 6.6% in 1988 over the previous year, the largest annual drop in a decade, Dun & Bradstreet Corp. reported today. The business-information company said 57,098 businesses went under last year, compared with 61,111 in 1987. "The significant decline in failures underscores the continued strength of the economy, now in its seventh year of expansion," said Joseph W. Duncan, chief economist for Dun & Bradstreet.
November 12, 1985
Failures in the first nine months of 1985 rose to 42,356 from 39,791 in the same period last year, according to data compiled by Dun & Bradstreet. "The increase is directly attributable to a dramatic gain in business failures in the service sector," said Joseph W. Duncan, corporate economist of Dun & Bradstreet. The company said that failures in the service sector through September rose by 24.7% to 12,082 from a year ago.
August 31, 2007 | From the Associated Press
Acknowledging that its proprietary audio technology is a marketplace flop, Sony Corp. is shuttering its Connect digital music store and opening its portable media players to other formats. The moves were announced Thursday at a Berlin consumer electronics trade fair as the Japanese electronics pioneer unveiled a pair of digital Walkmans that can play the Windows Media Audio, MP3 and AAC audio formats. Like rivals' players, including Apple Inc.'
September 30, 2005 | From Reuters
The founder and chief executive of Bayou Group pleaded guilty Thursday to conspiracy and fraud charges stemming from the hedge fund's high-profile collapse, a scheme that federal prosecutors said cost investors $450 million. CEO Samuel Israel III and the fund's chief financial officer, Daniel Marino, entered guilty pleas in separate appearances in U.S. District Court in White Plains, N.Y. Israel faces as many as 30 years in prison, while Marino faces up to 50 years.
March 3, 2005 | From Reuters
Citigroup Inc. said Wednesday that it would pay $75 million to settle a lawsuit brought by investors over its role in the collapse of telecommunications network provider Global Crossing Ltd. Citigroup, which was one of Global Crossing's bankers, was accused in the class action of issuing hyped research reports and failing to disclose conflicts of interest. It said the settlement resolved claims of investors in Global Crossing and its Asia Global Crossing Ltd. affiliate from Feb. 1, 1999, to Dec.
January 6, 2005 | From Times Wire Services
Ten former outside directors of WorldCom Inc. have reached a $54-million agreement to settle part of a shareholder lawsuit over accounting fraud that led to the largest bankruptcy case in U.S. history. Max Bobbitt, a former chairman of WorldCom's audit committee, said Wednesday that a group of directors had reached a settlement with investors. Sean Coffey, a lawyer for shareholders, said part of the settlement would be paid by the directors themselves.
February 25, 2004 | From Associated Press
An executive who presided over the collapse of MCA Financial Corp. that cost investors more than $250 million pleaded guilty Tuesday in Detroit to charges that he conspired to commit fraud and lied in corporate statements. Patrick Quinlan Sr., 56, of Grosse Pointe Farms, Mich., faces up to 10 years in prison and $500,000 in fines under a plea agreement with federal prosecutors. The former chairman and chief executive of the failed Michigan mortgage firm also was ordered to pay $256.
February 11, 2004 | From Bloomberg News
Milan prosecutors probing the collapse of Parmalat, once Italy's biggest food and dairy company, are investigating current and former employees at seven banks, people familiar with the probe said. Citigroup Inc., Bank of America Corp., Deutsche Bank, Morgan Stanley, UBS, Banca Intesa's fund unit Nextra and Banca Popolare di Lodi were added to the probe's official roster, said the sources, who asked not to be named.
January 15, 2004 | Dana Calvo and Nancy Rivera Brooks, Special to the Times
Andrew and Lea Fastow, the onetime Enron Corp. power couple who held this city in thrall as they wrangled the most important deal of their lives, pleaded guilty to fraud-related charges Wednesday, opening the door for an insider's tour of the failed energy merchant's misdeeds. Andrew Fastow, the former finance chief who built Enron's complicated web of off-the-books partnerships to hide debt and boost profit, accepted a possible 10-year sentence.
December 20, 2003 | From Associated Press has shut down, leaving about 100 employees without jobs and final paychecks. The Irvine-based company once employed 350 people and arranged more than $500 million in loans per quarter, but was caught unprepared by a rise in interest rates in July that caused a sudden slowdown in refinancing applications, the Orange County Register reported. "When the rates changed, we were totally caught with our pants down," Dan Moore, 44, a former loan officer said.
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