A bankruptcy court that ruled lawsuits against Caesars Entertainment Corp. would not be halted as the company's debt-heavy subsidiary attempts to emerge from Chapter 11 has also denied the casino company's effort to fast-track an appeal of the decision to a higher court.
The order was denied Wednesday in Judge Benjamin Goldgar's federal courtroom in Chicago according to court records.
A Caesars Entertainment attorney has argued the fate of its bankrupt operations subsidiary and its own financial well-being are at risk if creditor lawsuits seeking billions of dollars in claims proceeds.
The creditors suing Caesars allege the company robbed its subsidiary of valuable assets and left them without a guarantee on their investments.
Caesars Entertainment Corp. has argued the litigation puts Caesars Entertainment Corp. at risk of filing bankruptcy itself.
TiVo said Friday that it has received bankruptcy court approval to buy some assets of Aereo, an online startup that offered a cheaper alternative to cable TV. Financial terms were not disclosed.
Aereo filed for Chapter 11 bankruptcy protection in November, less than five months after an unfavorable ruling by the U.S. Supreme Court. The company backed by media mogul Barry Diller allowed people to watch and record broadcast TV online for $8 a month on tablets, phones and other gadgets. Unlike Hulu and other online video services, Aereo offered live streaming of broadcast channels.
The Supreme Court ruled in the summer of 2014 that Aereo had been operating like a cable TV company, meaning that unless it paid broadcasters licensing fees, it was in violation of copyright law. Aereo suspended its operations three days later.
TiVo Inc. President and CEO Tom Rogers said in a statement Friday that the San Jose, California-based company will acquire Aereo's trademarks and customer lists. He said that it will help Tivo serve consumers that "want access to both broadcast television and over the top content."
Tivo's products include equipment to record TV shows for later viewing.
TiVo said that the U.S. Bankruptcy Court in Manhattan approved the transaction earlier this week as the last step in the sales process of Aereo's patents, hardware and other assets.
A bankruptcy court judge will consider — yet again — the proposed sale of Atlantic City’s former Revel Casino hotel to a Florida developer.
But the $82 million deal has loopholes that could let the owner, Revel AC, or the purchaser, Glenn Straub, back out before it is due to close March 31.
The latest sale agreement between Revel and Straub’s Polo North Country Club contains a “fiduciary out.” It is language that gives Revel the right to scrap the Straub deal if a higher offer presents itself before the deal closes.
That is crucially important this week with a new potential purchaser, Los Angeles developer Izek Shomof, planning a bid for Revel after touring the property last week. A hearing to consider the proposed sale is set for Thursday.
A federal judge in Chicago ruled Wednesday that a bankrupt division of Caesars Entertainment Corp. can tap some of the $847 million in cash it has on hand for at least five weeks.
Judge Benjamin Goldgar said Caesars Entertainment Operating Co. could access its cash in the interim despite objections from some of the company's creditors.
A budget the company submitted to the court indicated it plans to spend $334 million through April 3. The documents showed revenue is expected to offset spending and leave the company with $834 million in cash at the end of five weeks.
Goldgar scheduled a hearing to reconsider the motion on March 26.
Several other motions, including requests for an examiner to investigate the company's pre-bankruptcy transactions, were delayed until March 25.
The company was also seeking to get out from under several contracts that would save it $675,000 a month.
Among the contracts is a suite for Kansas City Chiefs football games, a sponsorship with the New York Mets, an advertising agreement with The Forum in Los Angeles, and deals with a tour bus operator to support its Horseshoe Bossier City casino in Louisiana and a nearby Springhill Suites hotel operator where the company regularly reserved a block of rooms.
A judge overseeing Detroit's bankruptcy is getting an earful from retirees who are opposed to the city's plan to get back on its feet.
Judge Steven Rhodes is giving dozens of people five minutes each to air their objections Tuesday. He held a similar hearing last fall on Detroit's eligibility to file for bankruptcy.
The critics include retired police officers, a librarian and other former workers. One woman says she doesn't believe Detroit is broke.
Rhodes will hold a trial on Detroit's bankruptcy strategy, starting Aug. 14. He must find that the exit plan is fair and feasible, among other things, in order for the city to shed billions of dollars in debt.
Voting by creditors ended last Friday. Those results will be released next Monday.
The largest city in California to file for bankruptcy protection is asking a judge Monday to approve its plan for reorganizing more than $900 million in long-term debt to rescue the city from two years of financial uncertainty.
Standing in Stockton's way is Franklin Templeton Investments, which says the city is treating it unfairly. In 2009, Templeton loaned Stockton $35 million to build firehouses, parks and move its police dispatch center. Franklin says the city today is offering it $350,000.
The city has reached deals with all of its major creditors, except for Franklin, which is taking Stockton to a trial before U.S. Bankruptcy Judge Christopher Klein.
Stockton's bankruptcy attorney Marc Levinson recently told the City Council that he knows Franklin isn't happy. "We are choosing our battles and fighting where we have to fight and making deals where we can," Levinson said.
An inland port city 80 miles east of San Francisco, Stockton filed for Chapter 9 protection in 2012, making it the nation's largest bankrupt city before Detroit filed for bankruptcy last year. Vallejo went through bankruptcy before Stockton. San Bernardino filed shortly after Stockton, but it has yet to present an exit plan.
Bankruptcy proceedings have begun for Mt. Gox, a move that was widely expected after the Tokyo District Court decided earlier this month that the bitcoin exchange would not be able to resurrect itself.
An administrator will try to sell the company's assets, but many creditors, including those who had bitcoins with the exchange, might not get their money back.
After Mt. Gox went offline in February, its CEO said tens of thousands of bitcoins worth several hundred million dollars were unaccounted for.
Mt Gox has suggested the bitcoins were stolen. The company has not been able to confirm the bitcoin balances of its users.
Bitcoins, created in 2009, are used for transactions across borders without third parties such as banks and have become a popular investment.