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NRA Loses Bankruptcy Protection; Boeing Pans Supplier's Owners; Elliott Snaps Up Paper Source
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Good day. A federal judge rebuked the National Rifle Association's case for bankruptcy protection, ruling it was filed only to avoid allegations from authorities in New York.
Elsewhere in bankruptcy court, Boeing went after the owners of a bankrupt supplier, and hedge fund manager Elliott won the bidding to buy Paper Source out of bankruptcy.
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National Rifle Association headquarters in Fairfax, Va.
JIM LO SCALZO/EPA/SHUTTERSTOCK
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NRA’s Bankruptcy Tossed Out in Setback for Gun Group’s Planned Move to Texas
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Judge Harlin Hale of the U.S. Bankruptcy Court in Dallas dismissed the NRA’s chapter 11 case, ruling that NRA CEO Wayne LaPierre filed the January bankruptcy “to gain an unfair litigation advantage” and “to avoid a state regulatory scheme.” Read More.
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Boeing Says 737 MAX Supplier Tect Driven to Bankruptcy by Owners
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Boeing Co. accused the owners of bankrupt parts manufacturer Tect Aerospace Group Holdings Inc. of raiding the company’s assets and sought a stake in any legal claims against the corporate insiders allegedly responsible. Read More.
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Hedge Fund Elliott to Buy Bankrupt Stationery Retailer Paper Source
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Hedge fund Elliott Investment Management LP, which owns the Barnes & Noble bookstore chain, Tuesday said it agreed to buy stationery and gift retailer Paper Source Inc. out of bankruptcy. Read More.
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Lex Greensill testified virtually in front of a U.K. parliamentary committee on Tuesday.
U.K. PARLIAMENT
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Greensill Capital Is Target of U.K. Government Probe
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Lex Greensill made his first public comments since his financal firm Greensill Capital tumbled into bankruptcy in March, saying he bears complete responsibility for the company’s collapse. “To all of those affected by this, I am truly sorry,” he said.
The U.K.’s top financial regulator said it was collaborating with other U.K. enforcement agencies and authorities overseas on "potentially criminal matters" related to its investigation into Greensill’s collapse. Read More.
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New York Legislation Introduced To Curb Sovereign-Debt Holdouts
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A New York state lawmaker introduced legislation to leverage the state's status as a global financial hub to curb hedge funds' ability to influence sovereign debt restructurings. The proposed bill would address what it called the "holdout problem," allowing a supermajority of a nation's creditors to amend or restructure its debt contracts and bind dissenters that could otherwise refuse.
"The absence of a predictable, orderly, and rapid process for restructuring sovereign debt has created a "Wild Wild West" system, hurting debtor nations, their citizens and their creditors, while also posing serious systemic threats to the international financial system," the legislation said. It acknowledged its enactment would retroactively impair bondholders' contractual rights, but said any such impairment "would be a reasonable exercise of the state's police powers to protect its economy." —Andrew Scurria
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Hildene Says High Consumer Default Rates ‘Unlikely’ in Short Term
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Dushyant Mehra, co-chief investment officer at Hildene Capital Management, specializes in investments in asset-backed debt tied to U.S. credit, including corporate and consumer loans, such as mortgages, auto loans and credit cards.
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He spoke with WSJ Pro Bankruptcy on the ups and downs of the market since the Covid-19 pandemic took hold. Read More.
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"The NRA is a solvent and growing organization using this bankruptcy as a tool to win its dissolution lawsuit."
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— Judge Harlin Hale of the U.S. Bankruptcy Court in Dallas
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Cosi Inc. convinced a court to dismiss its Chapter 11 case, allowing the fast-casual restaurant chain to apply for a new, federal relief program for the restaurant industry that’s largely unavailable to bankrupt companies. (Bloomberg)
Chesapeake Energy Corp on Tuesday reported a quarterly profit of $295 million in its first earnings after emerging from bankruptcy in February. (Reuters)
The hefty fees being charged to the Boy Scouts’ estate, which is money taken off the top of what could be offered to victims, have become a rising point of contention. (New York Times)
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