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Co-Op Brazos to Freeze Out Tort Claims; Prosecutors Seek Prison for Neiman Foe; Private Hospital Chain Threatens Shutdown
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Good day. The biggest power cooperative in Texas avoided having to widen its efforts to notify people of a claim deadline for property damage, wrongful death and other torts. Prosecutors asked for prison time for Dan Kamensky, the hedge-fund founder who pled guilty over his actions in the Neiman Marcus bankruptcy. And a private-equity-backed hospital chain is in a standoff with Rhode Island over the company's financial condition.
Elsewhere on Wall Street, Apollo is putting a focus on lower-risk debt over the leveraged buyouts that made its name.
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Brazos Electric Power Cooperative Inc., the largest power co-op in Texas, won a judge’s permission to fix a deadline for victims of Winter Storm Uri to step forward or lose their legal rights forever.
THOMAS RYAN ALLISON/BLOOMBERG NEWS
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Bankrupt Texas Co-Op Brazos Approved to Chill Storm Damage Claims
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Texans left in the dark during February’s winter storm blackout now risk being frozen out from claiming damages from Brazos Electric Power Cooperative Inc. and Griddy Energy LLC as the bankrupt power companies rush to shield themselves against potential claims for property damage and wrongful death. Read More.
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Prosecutors Seek Up to 18 Months in Prison for Hedge Fund Founder Charged in Neiman Bankruptcy
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Federal prosecutors recommended a prison sentence of up to 18 months for Daniel Kamensky, the hedge-fund founder who pleaded guilty to trying to suppress a competing bid for part of Neiman Marcus Group Ltd. Read More.
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Private-Equity-Backed Chain Threatens to Shut Two Hospitals Over Financial Dispute With Rhode Island
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A private-equity-backed hospital chain said it could be forced to shut down two Rhode Island hospitals after a dispute over a state review into the company’s operations and finances. Read More.
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Closed For-Profit College Mt. Sierra College Files Bankruptcy
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Mt. Sierra College Inc., a for-profit-college in Southern California that closed its doors in 2019, has filed for bankruptcy.
Mt. Sierra filed for chapter 7 liquidation on Friday in the U.S. Bankruptcy Court in Santa Ana, Calif.
The college listed in its bankruptcy petition no more than $50,000 in assets, compared with as much as $10 million in outstanding debt.
Mt. Sierra College closed suddenly in June 2019, days before its scheduled graduation ceremony, according to local news reports.
California authorities fined the owner of Mt. Sierra College $10,000 in November 2019 for failing to conduct a proper school closure and for failing to maintain student transcripts, state records show.
—Jonathan Randles
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Marc Rowan, shown in 2014, is a 58-year-old billionaire co-founder of Apollo who tends to keep a low profile. He took the firm’s reins earlier this year.
PHOTO: PATRICK T. FALLON/BLOOMBERG NEWS
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For Apollo’s New CEO, Insurance Is In—Racy Buyouts, Not So Much
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The shift reflects Apollo Global Management Inc.’s evolution from a leveraged-buyout shop to a credit-investing powerhouse catering primarily to insurance companies looking to park reams of cash from selling retirement-savings products known as fixed annuities. Read More.
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Avelo Airlines flight attendants on a training flight from Burbank, Calif., to Pasco, Wash.
COURTNEY COLES FOR THE WALL STREET JOURNAL
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More Than 90 New Airlines Are Launching in 2021. They Say It’s the Perfect Time.
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Upstart airlines are cropping up in North America, Europe, South America, Africa and Asia, as the pandemic continues to depress global travel. Some of the upstarts are emerging from the ashes of airlines that failed during the pandemic. Read More.
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Many Black Homeowners Are Falling Further Behind on Their Mortgages
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Black homeowners are having a harder time catching up on missed mortgage payments than other borrowers, new federal research shows. Read More.
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Mexican airline Aeromexico says a U.S. court allowed it to add planes. (Reuters)
Citigroup Inc. urged a federal appeals court to overturn a ruling allowing a group of disgruntled Revlon Inc. creditors to keep more than a half-billion dollars they were accidentally sent by the bank last summer. (Bloomberg)
A Long Island man who only ever made one mortgage payment has deftly used the courts to stay in the house for 23 years for free. Guramrit Hanspal, 52, has filed four lawsuits and claimed bankruptcy seven times to avoid being booted from the 2,081-square-foot East Meadow home he “bought” for $290,000 in 1998. (New York Post)
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