All items from WSJ.com: Bankruptcy Beat

Associated Press

Gold bars and coins from the SS Central America, a mail steamship, sunk in a hurricane in 1857.

The Columbus Dispatch newspaper says an Ohio lawyer orchestrated an involuntary bankruptcy against Columbus Exploration in an effort to prevent a state receiver from taking control of the deep-sea exploration company.
The paper, along with an Ohio businessman, sunk $1.5 million into treasure hunter Tommy Thompson’s bid to salvage tons of gold and silver from a wrecked steamship off the Carolina coast. It’s been fighting with the treasure hunter for years.
“Richard Robol orchestrated this bankruptcy” in conjunction with Columbus Exploration “for the purpose of preventing the appointment of a receiver,” lawyers for the Dispatch and former Ohio Co. President Donald Fanta said in court papers. The Dispatch said Robol “timed the filing of the petition to make sure it occurred before the state court issued its decision on the Dispatch parties’ pending receivership motion.”

John Paulson‘s hedge fund has placed real-estate investment trust MSR Hotels & Resorts Inc., which recently sold a group of its affiliated resorts for $1.5 billion at bankruptcy sale, into Chapter 11 in a bid to stymie a multimillion-dollar lawsuit filed by Five Mile Capital Partners, Daily Bankruptcy Review reports.
(Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
American Airlines parent AMR Corp. has reached a $24.9 million settlement with the Federal Aviation Administration over alleged safety and maintenance infractions, The Wall Street Journal reports.

Wayne Parry/Associated Press

A federal bankruptcy watchdog is objecting to casino owner Revel AC Inc.’s restructuring plan, taking aim at “expansive” provisions meant to shield everyone from lenders to equity holders from liability. Read the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
The former owner of Maui’s Grand Wailea Resort and California’s La Quinta Resort filed for bankruptcy, Bloomberg reports.

The Daily Voice’s websites cover such “hyper-local” news as a hospital anniversary and “bike/walk to school day” in communities throughout New York’s Westchester County and Connecticut’s Fairfield County. But it’ll make headlines itself with its bankruptcy filing.
Main Street Connect LLC, which the Daily Voice went by until last year, on Tuesday filed a Chapter 11 bankruptcy petition with the U.S. Bankruptcy Court in White Plains, N.Y., court papers show.
The filing comes about two months after the resignation of former chief executive Zohar Yardeni resigned and an email that current CEO Carll Tucker sent to reassure employees went viral.
In the email, Tucker said the Yardeni’s Friday resignation would bring “good” news” the following Monday. What was that good news? That Monday, March 5, the company announced it would shut down all of its 11 Massachusetts news websites and, court papers show, it laid off 45 employees.