Dynegy, MF Global, Lehman, Tribune, Madoff: Bankruptcy
(This report contains items about companies both in bankruptcy and not in bankruptcy. Updates Vitro and adds MF Global, Lehman, Tribune, Madoff, Jefferson County and Harrisburg in Updates; Radian Group in Watch List; section on Daily Podcast; and Oscher case in Advance Sheets.)
Nov. 23 (Bloomberg) -- Dynegy Inc., the power producer that put five subsidiaries into Chapter 11 reorganization on Nov. 7, is now facing a motion on Dec. 2 to dismiss the bankruptcies in addition to a previously filed motion for an examiner to conduct an investigation.
Creditors filing the dismissal motion on Nov. 18 included Resources Capital Management Corp. and Roseton OL LLC. They are affiliates of Public Service Enterprise Group, the former owner of the two power plants Dynegy seeks to abandon through Chapter 11.
In the motion to dismiss, PSEG alleges that Dynegy “fraudulently and without good faith manufactured an artificial insolvency.” By transferring coal-fueled plants away from Dynegy Holdings LLC, one of the bankrupt companies, PSEG contends the parent “fraudulently stripped value” for the benefit of the parent Dynegy Inc. and shareholders.
The Chapter 11 case is intended to give back two power projects purchased in 2001 from PSEG affiliates in a $920 million sale-and-leaseback transaction. U.S. Bank NA, as indenture trustee, started a lawsuit on Nov. 11 and simultaneously filed a motion for an examiner to investigate whether the corporate restructuring in September amounted to a fraudulent transfer.
The motion to dismiss also argues that bankruptcy is being used improperly to invoke a limitation on damages resulting from the termination of real property leases for the two plants. The creditors' previously-filed papers are asking the bankruptcy judge in Poughkeepsie, New York to rule that the documents in reality are financing arrangements were the cap on damages doesn't apply. For details on the indenture trustee's papers, click here for the Nov. 14 Bloomberg bankruptcy report.
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The company is owned by First United Ethanol LLC, which didn't file for bankruptcy. The case is In re Southwest Georgia Ethanol LLC, 11-10145, US Bankruptcy Court, Middle District of Georgia (Albany). Palm Harbor Homes Inc. on Dec.
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The case is In re Quincy Medical Center Inc., 11-16394, US Bankruptcy Court, District of Massachusetts (Boston). Southwest Georgia Ethanol LLC, whose creditors are voting on a Chapter 11 plan in advance of a Dec. 7 confirmation hearing, reported $1.28
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Here’s a video walkthrough of Beth Reitmeyer’s installation “A Room for Inspiration” in Hammes Gallery…also included in this post are images from Jim Hopfensperger’s solo exhibition and the SISTAR-funded Katie Fisher/Krista Hoefle collaborative project, Unknown Atomic in Little Theatre and Sister Rosaire Galleries. Exhibitions run now through September 16th…come meet the artists on Friday, September 9th from 5-7pm at the artists reception!