All items from WSJ.com: Bankruptcy Beat

William H. Millard, once one of America’s wealthiest chief executives at the helm of the ComputerLand Corp. retail chain, has sought creditor protection in the U.S., telling a New York bankruptcy judge that he’s not a notorious tax fugitive but the target of a decades-old vendetta from lawmakers on the Pacific island of Saipan.
The 80-year-old entrepreneur, a college dropout who grew ComputerLand throughout the 1970s and 1980s, has been portrayed as a Cayman Islands tax exile who, with his wife Patricia, has managed to dodge a 1987 tax bill that’s climbed past $118 million. In papers filed last week with the U.S. Bankruptcy Court in Manhattan, Millard said he faces more than $62 million in debt, largely owed on taxes, while his net worth has dwindled to $46 million.
Millard paints himself as a victim of political corruption that he discovered in the late 1980s after leaving ComputerLand. He moved to Saipan to protect his wealth using a generous tax incentive that island leaders once promised to U.S. citizens who relocated there. In fact, Millard said in court papers, the outstanding tax bill came as a surprise to him two years ago.

Revel Atlantic City

Revel is offering its four-legged guests custom dog beds.

Revel is kicking off its summer season with a makeover.
The Atlantic City, N.J., resort and casino’s balance sheet has undergone a transformation, thanks to a quickie bankruptcy that saw the reorganized Revel emerge from Chapter 11 protection Tuesday. And there are more changes on tap too—affecting everything from what you can eat to where you can party at the high-end beachfront property this Memorial Day.
Change is even looming for friends of the four-legged variety. Starting over the holiday weekend, Revel is introducing a pet-friendly policy. Dogs under 30 pounds are welcome to stay at the hotel, as long as their owners have an extra $50 per night to spare. For that price, they’ll be treated to amenities including gourmet treats baked by the hotel’s executive pastry chef and a custom dog bed that’s designed to look like a poker chip.

Satellite mogul Charlie Ergen bid $2 billion for certain spectrum from LightSquared Inc., the bankrupt wireless venture spearheaded by financier Philip Falcone, The Wall Street Journal reports.
AMF Bowling Worldwide Inc. is seeking to exit bankruptcy protection through a merger with Bowlmor, one of the upscale bowling chains with which AMF has struggled to compete. Read the Daily Bankruptcy Review story here.
Majority owner Sprint Nextel Corp. plans to boost its offer for Clearwire Corp. Tuesday, according to people familiar with the matter, just as a shareholder meeting was set convene for what many believe would be a failed vote, writes WSJ’s MoneyBeat

Florida home builder Tousa Inc ., which collapsed five years ago when the housing bubble popped, is seeking approval of a Chapter 11 plan that proposes to pay bondholders hundreds of millions of dollars, a big win for the hedge funds who bought up the company’s debt at a deep discount then battled lenders for a payout. Read the story here in the Daily Bankruptcy Review.
Al Lewis takes a look at how private-equity firms sucked up money from David Oreck’s vacuum cleaner company in The Wall Street Journal.
General Motors Co. shares eclipsed their $33 initial public offering price amid investor enthusiasm over its new vehicles and speculation the U.S. government may soon exit its stake in the company, WSJ reports.
Detroit’s emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing, reports Reuters.