WaMu, Vitro, Delta, Nebraska Book, Syms-Filene's: Bankruptcy
(This report contains items about companies both in bankruptcy and not in bankruptcy. Updates Syms and adds Vitro in Updates and L.A. Dodgers in Briefly Noted.)
Dec. 29 (Bloomberg) -- Holders of $1.5 billion in Washington Mutual Inc. trust-preferred securities scheduled a Jan. 11 hearing where they will ask the bankruptcy judge to halt the process of confirming the bank holding company's latest reorganization plan.
In January 2010, the bankruptcy judge ruled against the trust-preferred holders, concluding they no longer had any interest in the securities because they were automatically converted into preferred stock of the holding company when the bank subsidiary was taken over by regulators.
The holders appealed. Final papers on the appeal were filed in May. WaMu and the holders are awaiting a ruling on the appeal from a U.S. district judge in Delaware.
The trust-preferred holders argued in papers filed in bankruptcy court that their appeal automatically blocks approval of the WaMu reorganization plan because it calls for transferring the securities to JPMorgan Chase & Co. “free and clear” of all claims, including the holders' argument that they are the owners.
Ron Brenneman, the man whose leadership of Petro-Canada capped an oil and gas career of more than four decades, has quietly left his last executive role in Calgary. Mr. Brenneman was named president and chief executive officer of Petrocan in 2000,
That was a contrast from what Robert Cadigan, president and CEO of the Newfoundland and Labrador Oil and Gas Industry Association (NOIA) had to say. Cadigan said that oil production in the province has peaked, even with the Hebron development coming