All items from WSJ.com: Bankruptcy Beat

Burned out lights can be seen as a woman passes Trump Plaza Hotel & Casino on the boardwalk Sept. 16, 2014, in Atlantic City, N.J.
Associated Press

Carl Icahn holds all the cards at the Trump casinos in Atlantic City, and the question is, will he hold ‘em or will he fold ‘em?
As a secured lender who’s owed $285 million plus interest, he’s in a prime position in the Trump Entertainment Resorts Inc. Chapter 11 case, which began Tuesday and is speeding toward a possible shutdown of the two casinos on the Atlantic City Boardwalk still bearing the name of rival billionaire Donald J. Trump.
Trump Plaza closed Tuesday, but there’s a chance Trump Taj Mahal, the larger and more successful of the two, can be saved. Court papers pin that hope on concessions from Unite Here Local 54, the union that represents thousands of Atlantic City casino workers.
Union chief Bob McDevitt said the Taj Mahal negotiating committee looks forward to talking to the new owners, but voted a unanimous “no” to cuts asked by current management.



Posted 6 weeks 22 hours ago

Energy Future Holdings Corp. is “in the midst of a bidding war” and still talking to NextEra Energy Inc., the Florida company that sparked a competition that shook up one of the biggest bankruptcies on record, company attorney Edward Sassower said Tuesday. Read the story in the Daily Bankruptcy Review.
(Daily Bankruptcy Review is a daily newsletter 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.”)
A judge on Tuesday approved several routine motions to allow NII Holdings Inc. to keep operating normally, as the owner of Nextel-branded wireless units in Latin America assured the court that negotiations with bondholders on a restructuring have been fruitful. Read the DBR story in The Wall Street Journal.



Posted 6 weeks 1 day ago

Associated Press

Donald Trump might be seeking a return to the bankrupt Atlantic City, N.J., casinos that bear his name.
Mr. Trump had been backing away from the Trump Plaza and Trump Taj Mahal, this year asking a New Jersey court to take his name off the languishing casinos. He currently holds a 5% stake in the casinos’ owner, Trump Entertainment Resorts Inc., which sought Chapter 11 protection last week.
Tuesday—the same day Trump Plaza closed its doors—Mr. Trump’s official Twitter profile tweeted (h/t CNBC) that the mogul may try to get back in the Atlantic City game.



Posted 6 weeks 1 day ago

PRNewsFoto/NII Holdings, Inc.

NII Holdings Inc ., which owns Nextel-branded wireless units in Latin America, filed for Chapter 11 bankruptcy protection in New York on Monday after deteriorating performance caused it to miss a series of interest payments. The Wall Street Journal has the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review is a daily newsletter 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.”)



Posted 6 weeks 2 days ago

“American Sniper” author Chris Kyle poses for this 2012 file photo. Mr. Kyle was fatally shot at a shooting range southwest of Fort Worth, Texas, on Feb. 2, 2013.
Paul Moseley/Associated Press

The widow of “American Sniper” Chris Kyle is suing the Texas law-enforcement-training business he founded, saying that the company has been illegally using Mr. Kyle’s image to sell merchandise and training services.
In court papers, lawyers for Taya Kyle said that Craft International LLC continues to use the name of her dead husband—who claimed to be the most lethal sniper in U.S. military history—without her permission. Ms. Kyle said that she and her children “have the right to control the use of Chris Kyle’s name, likeness and image” after he was killed on Feb. 2, 2013, on a Texas gun range.
Mr. Kyle, a former Navy SEAL, was credited with more than 150 “confirmed kills.” His 2012 autobiography became a bestseller.



Posted 6 weeks 2 days ago

Kenneth Feinberg
Bloomberg

General Motors Co. is now linking 19 deaths to faulty ignition switches in its vehicles.
The higher death-toll figure was disclosed Monday by the compensation expert retained by GM, Kenneth Feinberg, who gave his first public update on the claims made against GM in connection with the switch.
Reports WSJ’s Jeff Bennett:



Posted 6 weeks 2 days ago

Getty Images

RadioShack Corp. is considering $585 million in financing from investment bank UBS AG and hedge fund Standard General LP, The Wall Street Journal reports.
Philip Falcone’s Harbinger Capital Partners filed a new restructuring proposal for the smaller pool of LightSquared’s assets, a plan that includes financing from J.P. Morgan Chase & Co. WSJ has the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review is a daily newsletter 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.”)



Posted 6 weeks 3 days ago

This week on The Broke and the Beautiful, Vintage Associates is selling Jackson family memorabilia, and “Real Housewives of New Jersey” stars Teresa and Joe Giudice are selling their house. Also, the patriarch of “My Five Wives” is out of bankruptcy.



Posted 6 weeks 5 days ago

More than 1,600 pairs of luxury sunglasses will hit the auction block next week.
Tiger Group

American Optical Services’ vision centers have already been sold, but now you’ll have a chance to buy what was once inside its two luxury boutiques.
Online bidding starts next week for more than 1,600 pairs of “one-of-a-kind exotic eyewear” that together carry a value of more than $1 million, according to a news release. That means you could be the lucky new owner of glasses that were showcased at the Bellissimo and MesmerEyes, two boutiques located in Las Vegas’s Bellagio, including specs that originally cost up to an eye-popping $30,000. Brands to be sold include Cartier, Maybach and Chrome Hearts. The buyer who may not be able to afford such luxury will perchance set her eyes on the likes of Maui Jim, Oakley and Palm Optical-branded items.



Posted 6 weeks 5 days ago

Jessica Kourkounis/Getty Images

Atlantic City, N.J.’s Revel Casino Hotel heads to court Monday to protect a newly emerged bidder in the event someone else walks away with Revel’s assets.
A week after shutting down operations, Revel said Wednesday that it found a buyer, Polo North Country Club Inc., which has offered $90 million in cash for substantially all of Revel’s assets. It’s still unclear whether Polo and its principal, Florida real-estate developer Glenn Straub, plan to operate Revel as a casino.
As part of the bid, Revel is asking the U.S. Bankruptcy Court in Camden, N.J., to approve a $3 million breakup fee for Polo if the transaction doesn’t go through. The company is also asking to schedule an auction for Sept. 24, with competing offers due the day prior.



Posted 6 weeks 5 days ago