ALEX BRUMMER: Arrogance, incompetence and a shameful bid to hide the truth about the bank collapse that nearly ruined Britain Mail Online: "The refusal to make public the report into the catastrophic failure of the Royal Bank of Scotland tells us a great deal about the arrogance and hopeless judgment of the City's financial regulator. While the Financial Services Authority (FSA) often takes a hammer to deal with minor miscreants, it is using kid gloves when it comes to dealing with the scandalous behaviour of bosses who brought down Britain's biggest financial group and which led to taxpayers being exposed to potential losses of £250billion. The regulator's egregious claim that the report into the bank's collapse is too technical and incomplete to be published is frankly preposterous. The truth is that the FSA is morally bound to let taxpayers know what went wrong and why, for example, its own staff spent £228,000 on Christmas parties at the height of the most damaging financial crisis for a century and why they are still paid exorbitant salaries."
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Wednesday, 15 December 2010
Tribune lender group withdraws reorganization plan | Reuters
Tribune lender group withdraws reorganization plan Reuters: "group of lenders to bankrupt Tribune Co withdrew its reorganization plan for the media company, leaving creditors with three other options when they begin voting on how to end the two-year-old Chapter 11 case.
Pursuing the plan 'was not the best focus of our resources,' said Evan Flaschen, an attorney representing the group, made up of 14 hedge funds, including GreyWolf Capital Management and billionaire George Soros' Soros Fund Management.
Flaschen, of the law firm Bracewell & Giuliani, told a hearing in Delaware's bankruptcy court on Wednesday that the decision to withdraw the plan Tuesday night was unilateral.
'Was there a secret deal? There was none,' he said.
Tribune, which owns the Los Angeles Times, Chicago Tribune and Baltimore Sun newspapers as well as about 20 broadcasters, filed for bankruptcy in 2008.
The company entered into court protection less than a year after real estate developer Sam Zell completed his two-step buyout of Tribune with $8 billion of debt."
Pursuing the plan 'was not the best focus of our resources,' said Evan Flaschen, an attorney representing the group, made up of 14 hedge funds, including GreyWolf Capital Management and billionaire George Soros' Soros Fund Management.
Flaschen, of the law firm Bracewell & Giuliani, told a hearing in Delaware's bankruptcy court on Wednesday that the decision to withdraw the plan Tuesday night was unilateral.
'Was there a secret deal? There was none,' he said.
Tribune, which owns the Los Angeles Times, Chicago Tribune and Baltimore Sun newspapers as well as about 20 broadcasters, filed for bankruptcy in 2008.
The company entered into court protection less than a year after real estate developer Sam Zell completed his two-step buyout of Tribune with $8 billion of debt."
WikiLeaks cables: Pfizer 'used dirty tricks to avoid clinical trial payout' | Business | The Guardian
WikiLeaks cables: Pfizer 'used dirty tricks to avoid clinical trial payout' Business The Guardian: "The world's biggest pharmaceutical company hired investigators to unearth evidence of corruption against the Nigerian attorney general in order to persuade him to drop legal action over a controversial drug trial involving children with meningitis, according to a leaked US embassy cable.
Pfizer was sued by the Nigerian state and federal authorities, who claimed that children were harmed by a new antibiotic, Trovan, during the trial, which took place in the middle of a meningitis epidemic of unprecedented scale in Kano in the north of Nigeria in 1996.
Last year, the company came to a tentative settlement with the Kano state government which was to cost it $75m.
But the cable suggests that the US drug giant did not want to pay out to settle the two cases – one civil and one criminal – brought by the Nigerian federal government."
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Pfizer was sued by the Nigerian state and federal authorities, who claimed that children were harmed by a new antibiotic, Trovan, during the trial, which took place in the middle of a meningitis epidemic of unprecedented scale in Kano in the north of Nigeria in 1996.
Last year, the company came to a tentative settlement with the Kano state government which was to cost it $75m.
But the cable suggests that the US drug giant did not want to pay out to settle the two cases – one civil and one criminal – brought by the Nigerian federal government."
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Lehman to Pay Jones Day $11.6 Million in Fees for Four Months' Litigation - Bloomberg
Lehman to Pay Jones Day $11.6 Million in Fees for Four Months' Litigation - Bloomberg: "Lehman Brothers Holdings Inc. will pay law firm Jones Day $11.6 million, plus almost $370,000 in expenses, for litigation in the four months from June 1 to Sept. 30, according to a court filing.
Robert Gaffey, a Jones Day lawyer representing bankrupt Lehman in the trial of Barclays Plc, charged $825 an hour for 798 hours in the period, according to today’s filing in U.S. Bankruptcy Court in Manhattan, which puts Jones Day’s total payments from Lehman at $43.4 million so far."
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Robert Gaffey, a Jones Day lawyer representing bankrupt Lehman in the trial of Barclays Plc, charged $825 an hour for 798 hours in the period, according to today’s filing in U.S. Bankruptcy Court in Manhattan, which puts Jones Day’s total payments from Lehman at $43.4 million so far."
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Tuesday, 14 December 2010
Century-old Sheffield law firm Ashton Morton Slack LLP has collapsed into administration
Century-old Sheffield law firm Ashton Morton Slack LLP has collapsed into administration, becoming the latest regional casualty of the economic downturn. Administrators from BDO, appointed by the limited liability partnership’s members last Friday, blamed the firm’s demise on cashflow problems arising from declining volumes of work and increasing overheads.
AMS, a one-office firm, has five equity partners and 67 staff, up to half of whom now face redundancy. Thirty-two jobs have been saved after other law firms, which have yet to be identified, agreed to take on AMS’s clients.
AMS’s services include personal injury, serious fraud, commercial/residential property, family matters, employment law and asset management.
Pending consent on a client-by-client basis, BDO has helped AMS to broker agreements whereby all clients, and their matters, have moved to alternative solicitors so ‘ensuring that their interests are fully protected’.
One firm will complete the family, property and commercial files, a second firm will complete the serious fraud files, and the three remaining firms will complete the personal injury files. The firms involved have asked not to be identified.
Thirty-two jobs have been secured and 11 employees will remain at AMS in the short term to help with the administration. The remaining staff will be made redundant.
The firm’s one office in Sheffield’s North Church Street will be sold to maximise return for its creditors, as will other physical assets belonging to the firm.
Graham Newton, BDO business restructuring partner, said: ‘A combination of a declining volume of business and increased overheads created a cashflow problem which was ultimately unsustainable for Ashton Morton Slack LLP. Our priority is to protect the interests of the firm’s clients by ensuring that they continue to receive appropriate legal representation with minimal disruption, and to maximise asset realisations for the benefit of creditors.’
In its latest set of accounts, for the year to April 30 2009, AMS LLP reported pre-tax profits before member remuneration of £771,150, down from £1.26m in 2008. Total bank loans and overdrafts falling due within one year stood at £2.69m at 30 April 2009, while staff numbers appear to have fallen by more than half since, from 143.
AMS, a one-office firm, has five equity partners and 67 staff, up to half of whom now face redundancy. Thirty-two jobs have been saved after other law firms, which have yet to be identified, agreed to take on AMS’s clients.
AMS’s services include personal injury, serious fraud, commercial/residential property, family matters, employment law and asset management.
Pending consent on a client-by-client basis, BDO has helped AMS to broker agreements whereby all clients, and their matters, have moved to alternative solicitors so ‘ensuring that their interests are fully protected’.
One firm will complete the family, property and commercial files, a second firm will complete the serious fraud files, and the three remaining firms will complete the personal injury files. The firms involved have asked not to be identified.
Thirty-two jobs have been secured and 11 employees will remain at AMS in the short term to help with the administration. The remaining staff will be made redundant.
The firm’s one office in Sheffield’s North Church Street will be sold to maximise return for its creditors, as will other physical assets belonging to the firm.
Graham Newton, BDO business restructuring partner, said: ‘A combination of a declining volume of business and increased overheads created a cashflow problem which was ultimately unsustainable for Ashton Morton Slack LLP. Our priority is to protect the interests of the firm’s clients by ensuring that they continue to receive appropriate legal representation with minimal disruption, and to maximise asset realisations for the benefit of creditors.’
In its latest set of accounts, for the year to April 30 2009, AMS LLP reported pre-tax profits before member remuneration of £771,150, down from £1.26m in 2008. Total bank loans and overdrafts falling due within one year stood at £2.69m at 30 April 2009, while staff numbers appear to have fallen by more than half since, from 143.
Police probe three officers over fraud - News - Chichester Observer
Police probe three officers over fraud - News - Chichester Observer: "Police have said they are conducting an investigation into three police officers - including an acting chief constable from Leicestershire - following allegations of gross misconduct and fraud.
The inquiry is being handled by Merseyside Police who said it centres on three officers from two different forces plus a member of the public.
The force said in a statement: 'Merseyside Police can confirm that Chief Constable Jon Murphy is conducting an investigation into a Leicestershire Constabulary officer, two officers from West Midlands Police and a member of the public following allegations of gross misconduct and fraud.
'The investigation is currently ongoing so it would be inappropriate to comment further at this time.'
Leicestershire Police Authority confirmed the suspension from duties of Leicestershire Constabulary's Temporary Deputy Chief Constable Gordon Fraser.
It said: 'This follows on from an allegation received in relation to a business interest connected to Mr Fraser."
The inquiry is being handled by Merseyside Police who said it centres on three officers from two different forces plus a member of the public.
The force said in a statement: 'Merseyside Police can confirm that Chief Constable Jon Murphy is conducting an investigation into a Leicestershire Constabulary officer, two officers from West Midlands Police and a member of the public following allegations of gross misconduct and fraud.
'The investigation is currently ongoing so it would be inappropriate to comment further at this time.'
Leicestershire Police Authority confirmed the suspension from duties of Leicestershire Constabulary's Temporary Deputy Chief Constable Gordon Fraser.
It said: 'This follows on from an allegation received in relation to a business interest connected to Mr Fraser."
Woman sentenced for role in student loan fraud ring | Sacramento Business Journal
Woman sentenced for role in student loan fraud ring Sacramento Business Journal: "24-year-old Sacramento woman has been sentenced to two years in prison and ordered to pay $119,000 in restitution for her role in a federal student loan fraud ring in the Sacramento area.
Jewel Minor admitted in her plea agreement that in June 2008 she was recruited to be a so-called “straw student” in order to get student loans but never attend school.
She was recruited by Teaona Williams, 24, and then 23-year-old Nakesha Sharrieff, — also known as Takiyah Raheem and Aysia Hanifah Kahan — gave Minor a “cut” of the proceeds from the alleged ring.
Sharrieff and Williams also have been charged for their role with the alleged ring.
Jarmal Duplessis, 22, has pleaded guilty to one count of conspiracy to commit student loan fraud and was sentenced to nine months in prison in November. He also must pay $23,300 in restitution. And Thomas Keys, 23, pleaded guilty in October to one count of conspiracy to commit student loan fraud and will be sentenced Jan. 10."
Jewel Minor admitted in her plea agreement that in June 2008 she was recruited to be a so-called “straw student” in order to get student loans but never attend school.
She was recruited by Teaona Williams, 24, and then 23-year-old Nakesha Sharrieff, — also known as Takiyah Raheem and Aysia Hanifah Kahan — gave Minor a “cut” of the proceeds from the alleged ring.
Sharrieff and Williams also have been charged for their role with the alleged ring.
Jarmal Duplessis, 22, has pleaded guilty to one count of conspiracy to commit student loan fraud and was sentenced to nine months in prison in November. He also must pay $23,300 in restitution. And Thomas Keys, 23, pleaded guilty in October to one count of conspiracy to commit student loan fraud and will be sentenced Jan. 10."
Defendant Cambridge Home Capital, LLC ('CAMBRIDGE'), a mortgage lender, then allegedly underwrote mortgages for the buyers knowing that the properties were not accurately appraised
"United States has filed a civil fraud lawsuit against 14 defendants – including sellers, lenders, and appraisers - alleged to have engaged in an elaborate conspiracy to commit mortgage fraud in New York City that caused at least 17 home buyers to default on their mortgages and face foreclosure. The Complaint also requests the Court to enjoin what the Government alleges to be an on-going mortgage fraud by a number of the defendants.
The sellers, lenders, and appraisers allegedly conspired to commit mortgage fraud in connection with the sale of 17 residential properties in New York City. The sellers purchased the 17 homes and promptly re-sold, or 'flipped,' them - without substantial improvement - to inexperienced, low-income buyers, duping them into buying properties they could not afford at falsely inflated prices. The appraiser defendants then fraudulently overstated the value of these homes in their appraisal reports so that the buyers would take out home mortgage loans far in excess of the property's true value.
Defendant Cambridge Home Capital, LLC ('CAMBRIDGE'), a mortgage lender, then allegedly underwrote mortgages for the buyers knowing that the properties were not accurately appraised, and knowing that the buyers could not afford the mortgage payments.
All 17 loans, which were insured by the U.S. Department of Housing and Urban Development ('HUD'), defaulted, often within just a few months after the closing, exposing HUD to millions of dollars in losses. In addition to the losses to HUD, the fraud also left the buyers facing foreclosure and eviction from their homes.
The fraud affected two financial institutions, Citibank, N.A., and Countrywide Bank, FSB, whose bank affiliates purchased these mortgage loans from Cambridge on the secondary market."
The sellers, lenders, and appraisers allegedly conspired to commit mortgage fraud in connection with the sale of 17 residential properties in New York City. The sellers purchased the 17 homes and promptly re-sold, or 'flipped,' them - without substantial improvement - to inexperienced, low-income buyers, duping them into buying properties they could not afford at falsely inflated prices. The appraiser defendants then fraudulently overstated the value of these homes in their appraisal reports so that the buyers would take out home mortgage loans far in excess of the property's true value.
Defendant Cambridge Home Capital, LLC ('CAMBRIDGE'), a mortgage lender, then allegedly underwrote mortgages for the buyers knowing that the properties were not accurately appraised, and knowing that the buyers could not afford the mortgage payments.
All 17 loans, which were insured by the U.S. Department of Housing and Urban Development ('HUD'), defaulted, often within just a few months after the closing, exposing HUD to millions of dollars in losses. In addition to the losses to HUD, the fraud also left the buyers facing foreclosure and eviction from their homes.
The fraud affected two financial institutions, Citibank, N.A., and Countrywide Bank, FSB, whose bank affiliates purchased these mortgage loans from Cambridge on the secondary market."
Mark Madoff and the Fraud's Burden - WSJ.com
Mark Madoff and the Fraud's Burden - WSJ.com: "Mark and Andrew Madoff had difficulty living with the burden of their father Bernard Madoff's fraud. But Mark, the older of the two, seemed to be having a harder time finding a way to move ahead, said people familiar with the men.
He often asked people how a father could do this to his sons, one friend noted.
The court-appointed trustee recovering assets for victims of Bernard Madoff's Ponzi scheme will move ahead with lawsuits brought against his late son Mark Madoff. Courtesy of Fox News.Related Video
Mark Madoff's suicide Saturday morning, at age 46 and on the second anniversary of his father's arrest, puts on stark display how the revelation of Bernard Madoff's decades-long Ponzi scheme has torn apart Mr. Madoff's family.
Ellen Borakove, spokeswoman for the city's medical examiner's office, said Sunday an autopsy was completed and Mark Madoff's death has been determined to be a suicide by hanging. Toxicology tests are being conducted and will take between a week and two weeks to be completed. Those test results aren't public information."
He often asked people how a father could do this to his sons, one friend noted.
The court-appointed trustee recovering assets for victims of Bernard Madoff's Ponzi scheme will move ahead with lawsuits brought against his late son Mark Madoff. Courtesy of Fox News.Related Video
Mark Madoff's suicide Saturday morning, at age 46 and on the second anniversary of his father's arrest, puts on stark display how the revelation of Bernard Madoff's decades-long Ponzi scheme has torn apart Mr. Madoff's family.
Ellen Borakove, spokeswoman for the city's medical examiner's office, said Sunday an autopsy was completed and Mark Madoff's death has been determined to be a suicide by hanging. Toxicology tests are being conducted and will take between a week and two weeks to be completed. Those test results aren't public information."
Madoff employee struggling to make bail - WSJ.com
Madoff employee struggling to make bail - WSJ.com: "longtime employee of Bernard Madoff who's accused of profiting from his historic fraud says she is struggling to make bail.
Lawyers for Annette Bongiorno told a Manhattan judge on Monday that the unrelenting notoriety of the case has scared off people needed to sign a $5 million bond. The suicide of Madoff's son on Saturday made the latest headlines.
The judge gave Bongiorno until Thursday to meet the bail conditions or be locked up while awaiting trial. She's currently under house arrest in Florida.
The 62-year-old has denied allegations she helped rip off Madoff's wealthy clients and more than $14 million for herself.
Another employee arrested with Bongiorno, Joann Crupi, is due in court on Wednesday for an arraignment on similar charges."
Lawyers for Annette Bongiorno told a Manhattan judge on Monday that the unrelenting notoriety of the case has scared off people needed to sign a $5 million bond. The suicide of Madoff's son on Saturday made the latest headlines.
The judge gave Bongiorno until Thursday to meet the bail conditions or be locked up while awaiting trial. She's currently under house arrest in Florida.
The 62-year-old has denied allegations she helped rip off Madoff's wealthy clients and more than $14 million for herself.
Another employee arrested with Bongiorno, Joann Crupi, is due in court on Wednesday for an arraignment on similar charges."
U.S. attorney charges telemarketers with fraud - From the online desk - bnd.com
U.S. attorney charges telemarketers with fraud - From the online desk - bnd.com: "When Vickie Ames went to hang up the phone in 2008 and heard, 'Yes, we have another one!' she knew she made a terrible mistake.
The newly widowed sexagenarian from Birmingham, Ala., had just given her credit card number to Transcontinental Warranty, a company that said it sold extended warranties for vehicles through robocalls that were handed off to high-pressure salesmen.
'They are incredibly good at what they do,' Ames said. 'It never occurred to me during that call that it was a scam.'"
The newly widowed sexagenarian from Birmingham, Ala., had just given her credit card number to Transcontinental Warranty, a company that said it sold extended warranties for vehicles through robocalls that were handed off to high-pressure salesmen.
'They are incredibly good at what they do,' Ames said. 'It never occurred to me during that call that it was a scam.'"
Allen Stanford: Brokers face charges | World news | guardian.co.uk
Allen Stanford: Brokers face charges World news guardian.co.uk: "US regulators have widened their investigation into the alleged fraud at Allen Stanford's banking group, and are now looking at brokers who worked with the bank as well as the bank's top executives.
The Financial Times reported this morning that the Securities and Exchange Commission had notified several brokers, as well as the head of Stanford International Bank's brokerage operations, that it intends to file civil fraud charges against them.
Investigators allege that Stanford's banking operation was in fact an $8bn (£5bn) Ponzi scheme – an investment in which returns to investors are funded either through their own payments or through those of subsequent investors rather than any genuine investment returns.
The FT said that Danny Bogar, head of SIB's brokerage operations, had been notified of the SEC's move by means of a Wells notice, a process used to alert individuals that they might face civil charges. Bogar's lawyer said his client knew nothing about the alleged fraud.
Patrick Cruickshank, a broker who worked in Stanford's office in Austin, Texas from 2006 to 2009, also received a Wells notice, the paper said, citing US regulatory filings. His lawyer said Cruickshank had 'done nothing wrong' and 'was a victim of the Stanford fraud'.
Until now only Stanford, four senior executives at the bank and an Antiguan regulator had been charged in connection with the scheme"
The Financial Times reported this morning that the Securities and Exchange Commission had notified several brokers, as well as the head of Stanford International Bank's brokerage operations, that it intends to file civil fraud charges against them.
Investigators allege that Stanford's banking operation was in fact an $8bn (£5bn) Ponzi scheme – an investment in which returns to investors are funded either through their own payments or through those of subsequent investors rather than any genuine investment returns.
The FT said that Danny Bogar, head of SIB's brokerage operations, had been notified of the SEC's move by means of a Wells notice, a process used to alert individuals that they might face civil charges. Bogar's lawyer said his client knew nothing about the alleged fraud.
Patrick Cruickshank, a broker who worked in Stanford's office in Austin, Texas from 2006 to 2009, also received a Wells notice, the paper said, citing US regulatory filings. His lawyer said Cruickshank had 'done nothing wrong' and 'was a victim of the Stanford fraud'.
Until now only Stanford, four senior executives at the bank and an Antiguan regulator had been charged in connection with the scheme"
Sheffield Forgemasters' £80m loan 'was an easy cut for Coalition' - Telegraph
Sheffield Forgemasters' £80m loan 'was an easy cut for Coalition' - Telegraph: "Forgemasters was awarded the loan by the Labour government to finance a 15,000-ton press to develop parts for nuclear power stations. However, following the election, Vince Cable, the Business Secretary, scrapped the state aid in a spending bonfire designed to reduce Britain's budget deficit.
The Business, Innovation, and Skills (BIS) Committee claim the project appears to have been scrapped without a 'substantial comparative cost-benefit analysis' and that the Government should have been more 'transparent' in articulating its decision.
The scrapping of the loan was controversial, with unions claiming it cost hundreds of jobs. Out of 217 projects analysed by the Government, only 12 were cancelled, with Mr Cable saying many had already been contractually committed."
The Business, Innovation, and Skills (BIS) Committee claim the project appears to have been scrapped without a 'substantial comparative cost-benefit analysis' and that the Government should have been more 'transparent' in articulating its decision.
The scrapping of the loan was controversial, with unions claiming it cost hundreds of jobs. Out of 217 projects analysed by the Government, only 12 were cancelled, with Mr Cable saying many had already been contractually committed."
Former comedian jailed for breaching bankruptcy rules - Debt Management Today
Former comedian jailed for breaching bankruptcy rules - Debt Management Today: "bankrupt former comedian has been sentenced to 40 months imprisonment for attempting to pervert the course of justice and breaching bankruptcy rules.
Liverpool Crown Court sentenced Anthony Lee Wright, also known as Anthony Cronley, on Friday 4 December 2010, following an investigation by the Insolvency Service.
Wright, 48, was found by the investigation to have concealed his interest in a property worth £108,000 by assuming the identity of ‘Anthony Cronley’, with the intention of deceiving the Official Receiver.
Had he been successful in his deceit he would have prevented the property being realised for the benefit of his creditors.
Mr Wright was made bankrupt on 8 April 2003 on the petition of Liverpool City Council, in relation to council tax arrears. He denied that he was liable as he was receiving various benefit payments – he was subsequently prosecuted by the Department for Work and Pensions and given a prison sentence."
Liverpool Crown Court sentenced Anthony Lee Wright, also known as Anthony Cronley, on Friday 4 December 2010, following an investigation by the Insolvency Service.
Wright, 48, was found by the investigation to have concealed his interest in a property worth £108,000 by assuming the identity of ‘Anthony Cronley’, with the intention of deceiving the Official Receiver.
Had he been successful in his deceit he would have prevented the property being realised for the benefit of his creditors.
Mr Wright was made bankrupt on 8 April 2003 on the petition of Liverpool City Council, in relation to council tax arrears. He denied that he was liable as he was receiving various benefit payments – he was subsequently prosecuted by the Department for Work and Pensions and given a prison sentence."
Bankrupt multinationals on hook for U.K. plan deficits, court says - Pensions & Investments
Bankrupt multinationals on hook for U.K. plan deficits, court says - Pensions & Investments: "Bankrupt parent companies based outside of the U.K. can be held financially responsible for the funding shortfalls in their U.K. subsidiaries' defined benefit plans, a London court ruled last week.
The unprecedented decision — which combined two separate cases before the U.K.'s High Court of Justice involving Lehman Brothers Holdings Inc. and Nortel Networks Corp. — also placed the priority of the pension liabilities imposed by government regulators before all unsecured creditors and some secured creditors."
The unprecedented decision — which combined two separate cases before the U.K.'s High Court of Justice involving Lehman Brothers Holdings Inc. and Nortel Networks Corp. — also placed the priority of the pension liabilities imposed by government regulators before all unsecured creditors and some secured creditors."
Fleming opts for UK bankruptcy - National News, Frontpage - Herald.ie
Fleming opts for UK bankruptcy - National News, Frontpage - Herald.ie: "IRISH property developer John Fleming has declared himself bankrupt in the UK, but he will be entitled to emerge from the process after a year.
The Cork developer, whose construction and investment firms owe €1bn to their banks, is the first of Ireland's major developers to make such a move.
Under the Irish system, it would take 12 years before the property developer can emerge from the system. But he will be free to build and operate new business by early next November, under the UK system. A receiver is now in control of Mr Fleming's finances, following a declaration of bankruptcy in Essex.
People who are not permanently resident in the country can petition for bankruptcy once they have had residential or business connections in England or Wales for three years."
The Cork developer, whose construction and investment firms owe €1bn to their banks, is the first of Ireland's major developers to make such a move.
Under the Irish system, it would take 12 years before the property developer can emerge from the system. But he will be free to build and operate new business by early next November, under the UK system. A receiver is now in control of Mr Fleming's finances, following a declaration of bankruptcy in Essex.
People who are not permanently resident in the country can petition for bankruptcy once they have had residential or business connections in England or Wales for three years."
Report: Apple, Google in Bidding War Over Nortel Patents | News & Opinion | PCMag.com
Report: Apple, Google in Bidding War Over Nortel Patents News & Opinion PCMag.com: "Bankrupt Canadian telecom giant Nortel is auctioning off its patents to the highest bidder, with both Apple and Google making a play for what's available, a report from Reuters said.
Nortel Networks was once a telecommunications giant, with more than 90,000 employees in Canada alone. The company filed for bankruptcy in January 2009 and in the summer of that year declared it would cease operations and sell off its assets. The company is said to have over 4,000 patents worth about $1 billion total, some of which are relevant to wireless LTE technology.
Apple and Google, both relatively new to the wireless business, are interested in acquiring the patents in private talks, the report said, citing unnamed sources. Also said to be eyeing the patent chest are RIM and Motorola. The sources say the patents are being grouped into six 'buckets' of related technologies, ranging from optical data to PCs"
Nortel Networks was once a telecommunications giant, with more than 90,000 employees in Canada alone. The company filed for bankruptcy in January 2009 and in the summer of that year declared it would cease operations and sell off its assets. The company is said to have over 4,000 patents worth about $1 billion total, some of which are relevant to wireless LTE technology.
Apple and Google, both relatively new to the wireless business, are interested in acquiring the patents in private talks, the report said, citing unnamed sources. Also said to be eyeing the patent chest are RIM and Motorola. The sources say the patents are being grouped into six 'buckets' of related technologies, ranging from optical data to PCs"
Dorset bankruptcy advice firm ordered into liquidation : South West : Insider News : Insider Media Ltd
Dorset bankruptcy advice firm ordered into liquidation : South West : Insider News : Insider Media Ltd: "Dorset-based company that advertised itself as a ‘one stop shop’ for dealing with bankruptcy has been ordered into liquidation following an investigation by The Insolvency Service.
UK Bankruptcy attracted clients through advertising and referrals from another official looking website called 'IVA Council'.
The investigation found the company derived the majority of its income from fees charged to clients who used UK Bankruptcy to make themselves bankrupt.
The fees, often running into thousands of pounds, bore no correlation to the work undertaken or the extent of the clients’ level of debt.
The advice given was often very basic and could easily have been obtained for free.
In some cases the fees charged to clients’ credit cards rolled into the ensuing bankruptcy whilst the amount of fees appeared to equate to the amount of credit still available on their cards.
This action meant that, in effect, the clients’ creditors were funding the company’s fees with no prospect of repayment."
UK Bankruptcy attracted clients through advertising and referrals from another official looking website called 'IVA Council'.
The investigation found the company derived the majority of its income from fees charged to clients who used UK Bankruptcy to make themselves bankrupt.
The fees, often running into thousands of pounds, bore no correlation to the work undertaken or the extent of the clients’ level of debt.
The advice given was often very basic and could easily have been obtained for free.
In some cases the fees charged to clients’ credit cards rolled into the ensuing bankruptcy whilst the amount of fees appeared to equate to the amount of credit still available on their cards.
This action meant that, in effect, the clients’ creditors were funding the company’s fees with no prospect of repayment."
UK Bankruptcy Ltd shut down over "dishonest practices" - Investigations
UK Bankruptcy Ltd shut down over "dishonest practices" - Investigations: "Over-charging people who are so desperate that they are considering going bankrupt seems unusually mean, but that's what UK Bankruptcy Ltd did.
It has just been put into liquidation following an Insolvency Service investigation, which found that the fees it charged to people seeking bankruptcy 'bore no correlation to the work undertaken or the extent of the clients' level of debt. The advice given was often very basic and could easily have been obtained for free.'
Many of the leads obtained by UK Bankruptcy came from the official-sounding IVA Council, which purported to be a voluntary independent body that monitored the insolvency industry but was just a marketing operation."
It has just been put into liquidation following an Insolvency Service investigation, which found that the fees it charged to people seeking bankruptcy 'bore no correlation to the work undertaken or the extent of the clients' level of debt. The advice given was often very basic and could easily have been obtained for free.'
Many of the leads obtained by UK Bankruptcy came from the official-sounding IVA Council, which purported to be a voluntary independent body that monitored the insolvency industry but was just a marketing operation."
A&P files for bankruptcy, gets OK for loan | StarTribune.com
A&P files for bankruptcy, gets OK for loan StarTribune.com: "A&P files for bankruptcy, gets OK for loan
Great Atlantic & Pacific Tea Co., the bankrupt operator of almost 400 supermarkets, won interim permission to draw on an $800 million loan to fund operations. The loan, subject to minor changes, was approved Monday during A&P's first-day bankruptcy hearing in White Plains, N.Y. The retailer, incorporated 110 years ago and based in Montvale, N.J., also runs stores under its own name and a number of others. It listed assets of $2.5 billion and debt of $3.2 billion in a Chapter 11 filing."
Great Atlantic & Pacific Tea Co., the bankrupt operator of almost 400 supermarkets, won interim permission to draw on an $800 million loan to fund operations. The loan, subject to minor changes, was approved Monday during A&P's first-day bankruptcy hearing in White Plains, N.Y. The retailer, incorporated 110 years ago and based in Montvale, N.J., also runs stores under its own name and a number of others. It listed assets of $2.5 billion and debt of $3.2 billion in a Chapter 11 filing."
FT.com / UK / Business - OFT to probe private healthcare providers
FT.com / UK / Business - OFT to probe private healthcare providers: "Growing NHS reliance on private providers and recent consolidation in the private insurance market have prompted the Office of Fair Trading to launch a study of the private healthcare market.
The market for private healthcare was worth £5.5bn as of 2008, and five insurers count for 80 per cent of the market for private insurance, the consumer watchdog said on Monday, citing a study by sector consultants Laing & Buisson.
The market for private healthcare was worth £5.5bn as of 2008, and five insurers count for 80 per cent of the market for private insurance, the consumer watchdog said on Monday, citing a study by sector consultants Laing & Buisson.
WikiLeaks' revelations about RBS call into question the FSA's findings | Business | guardian.co.uk
WikiLeaks' revelations about RBS call into question the FSA's findings Business guardian.co.uk: "No governance failure at Royal Bank of Scotland? That's what the Financial Services Authority claimed last week to widespread incredulity. Now FSA chairman Adair Turner has more explaining to do. As we report , Sir Philip Hampton, chairman of RBS, appeared to come to the opposite conclusion after nine months' examination of the wreck.
Hampton thought his predecessors on the RBS board failed to live up to their 'fiduciary duties' and did not conduct adequate due diligence before buying part of ABN Amro in 2007. His comments, in a meeting with three US politicians, were relayed in a cable sent from the US embassy in London.
Hampton is free to challenge this report of his conversation. But, if the cable is a correct summary of his remarks and views, one must assume he would dispute Turner's claim last week that the RBS board's poor decisions 'were not … made without consideration of relevant information'."
Hampton thought his predecessors on the RBS board failed to live up to their 'fiduciary duties' and did not conduct adequate due diligence before buying part of ABN Amro in 2007. His comments, in a meeting with three US politicians, were relayed in a cable sent from the US embassy in London.
Hampton is free to challenge this report of his conversation. But, if the cable is a correct summary of his remarks and views, one must assume he would dispute Turner's claim last week that the RBS board's poor decisions 'were not … made without consideration of relevant information'."
Lenihan found AIB bonuses 'galling' - RTÉ News
Lenihan found AIB bonuses 'galling' - RTÉ News: "Minister for Finance Brian Lenihan has said he found it 'galling' that Allied Irish Bank was to pay €40m in bonuses to senior staff when everyone in the country was having to make sacrifices.
Speaking on RTÉ's Morning Ireland, Mr Lenihan said this was a position which he described as unacceptable.
Last night, the board of AIB decided not to pay the bonuses to almost 2,500 staff, dating back to 2008, after the minister wrote a letter saying that State funding for the institution could be withheld.
Mr Lenihan said he had reflected on the matter over the weekend and discussed it with the Attorney General and Taoiseach Brian Cowen"
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Speaking on RTÉ's Morning Ireland, Mr Lenihan said this was a position which he described as unacceptable.
Last night, the board of AIB decided not to pay the bonuses to almost 2,500 staff, dating back to 2008, after the minister wrote a letter saying that State funding for the institution could be withheld.
Mr Lenihan said he had reflected on the matter over the weekend and discussed it with the Attorney General and Taoiseach Brian Cowen"
DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder