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Liquidation

BUSINESS
July 23, 1991 | From Reuters
British banking officials Monday sought to have the scandal-plagued Bank of Credit & Commerce International liquidated to repay thousands of depositors victimized by its shutdown. Lawyers for the Bank of England said BCCI, which was closed this month amid allegations of pervasive fraud, is technically insolvent and should be shut permanently in the public interest.
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NEWS
August 28, 1987 | United Press International
A federal bankruptcy judge decided Thursday to liquidate assets of the embattled The Bible Speaks fundamentalist church because its leaders had left town. U.S. Bankruptcy Judge James Queenen Jr. agreed to a court-appointed trustee's motion to liquidate The Bible Speaks under Chapter 7 of the U.S. Bankruptcy Code. "I find that there is considerable loss to the estate," Queenen ruled after hearing testimony and attorneys' statements.
BUSINESS
October 15, 2008 | From Times Wire Services
Specialty retailer Linens 'n Things Inc., which filed for bankruptcy protection in May, plans to begin liquidation sales at its stores as early as Thursday after failing to find a buyer that wanted to operate the company. The company has about 371 remaining store locations.
BUSINESS
October 19, 2002 | Bloomberg News
Beacon Hill Asset Management, a $1.7-billion hedge-fund group specializing in mortgage-backed and asset-backed securities, said it is liquidating two funds after losing $400 million since the end of August, according to some investors in the funds. The money management firm said the asset value of its funds fell 54% in September.
BUSINESS
August 16, 2000 | Bloomberg News
San Diego-based Burnham Pacific Properties Inc., one of the largest strip-mall owners on the West Coast, said that its board voted to liquidate the company after deciding that bids by potential acquirers weren't high enough. The plan will be considered by shareholders at Burnham's annual meeting Oct. 18. The board plans to hire a third party to manage the liquidation. The real estate investment trust hired Goldman, Sachs & Co. last year to review options for the company.
BUSINESS
December 1, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
A federal judge in Phoenix approved a plan on Friday to liquidate bankrupt American Continental Corp. and to pay creditors $21 million from its former subsidiary, Irvine-based Lincoln Savings & Loan. About $14.6 million of that payment is earmarked for American Continental's largest creditor group, those who purchased American Continental bonds primarily at Lincoln branches in Southern California.
BUSINESS
December 16, 1987 | MYRNA OLIVER, Times Legal Affairs Writer
The Beverly Hills and Los Angeles offices of the country's fourth-largest law firm, New York-based Finley, Kumble, Wagner, Underberg, Manley, Myerson & Casey, began liquidating at the close of business Tuesday, a West Coast spokesman for the firm confirmed. The impending demise of the 20-year-old firm became known publicly about six weeks ago. It has been struggling under a debt load estimated at $60 million to $85 million.
BUSINESS
June 14, 1991 | CRISTINA LEE, TIMES STAFF WRITER
FGS Insurance Agency, a low-cost auto insurer that has been accused of fraud, will be liquidated by a bankruptcy trustee, Insurance Commissioner John Garamendi said Thursday. "This is the end of the road for FGS--a road strewn with the wreckage of chiseled policyholders and bilked creditors," Garamendi said in a statement. "But we will move quickly to clean up this rubble."
BUSINESS
September 30, 2006 | From Reuters
Amaranth Advisors, the hedge fund manager that lost billions of dollars in energy trades, will suspend investor redemptions and liquidate its remaining positions, the company said in a letter to clients. Amaranth will continue to pursue strategic alliances, the letter said, after its net asset value declined by 65% to 70% during September. Its funds are down 55% to 60% year to date, it estimated.
BUSINESS
January 18, 2003 | From Bloomberg News
Wade Cook Financial Corp. was ordered liquidated by U.S. Bankruptcy Judge Thomas Glover on Friday after the money-losing stock market seminar company's chief executive failed to provide testimony requested by creditors. The creditors of Seattle-based Wade Cook Financial asked the court Dec. 19 to force the company and its subsidiary, Stock Market Institute of Learning Inc.
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