Tuesday, March 12, 2013
Hostess Brands Inc. said it will seek to sell its Twinkies and other cake brands to Apollo Global Management LLC and Metropoulos & Co. after no rival bidders stepped forward to challenge their $410 million offer. Read the Daily Bankruptcy Review article here. The trustee liquidating Howrey LLP on Monday sued former partners and their new law firms to recover partner payments the now-defunct law firm paid out while its finances were shaky and to stake a claim in profits from the ongoing work those partners took to their new firms. Click here for the DBR article. (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.”) A subsidiary of Macquarie Group Ltd. is suing ATP Oil & Gas Corp., saying it owns the rights to royalty payments from three ATP offshore-drilling operations, entitling it to payments and exempting those rights from ATP’s bankruptcy estate, DBR reports via Deal Journal Australia. According to Reuters, China’s solar-panel maker Suntech Power Holdings Co. STP -8.61% is likely to get a bailout. New York’s attorney general is ready to ask a judge to complete a $410 million with J. Ezra Merkin regarding the Bernard Madoff Ponzi scheme, Bloomberg reports. The city of Detroit retained Jones Day as it looks to fight Michigan’s decision to put the city under control of an emergency financial manager, the Am Law Daily reports. The Washington Post has the “history” of Paul Krugman’s phony bankruptcy. Spanish airline Iberia is close to a restructuring deal with its unions, WSJ reports. Former Dewey & LeBoeuf LLP are allowed to sue over the firm’s collapse as a group, Reuters reports. According to the Detroit Free Press, the government sold $489.9 million in General Motors Co. GM -0.04% stock last month. WSJ reports on the death of Jack Byrne, who rescued Geico from the brink of bankruptcy in the 1970s. Write to Melanie Cohen at email@example.com. Follow her on Twitter at @MelanieLisa.
Posted by Bill Ponath Law at Tuesday, March 12, 2013