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Citadel Broadcasting: court grants 1st-day motions
Areas of Focus |
2009/12/22 04:46
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Citadel Broadcasting Corp. said Monday that the U.S. Bankruptcy Court for the Southern District of New York has granted all of its first-day motions — including allowing the company access to over $36 million in cash it has on hand and cash it brings in from daily operations to pay workers and vendors. Citadel, the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in a move meant to restructure its heavy debt load. In court documents, the Las Vegas-based company listed its total assets as of Oct. 30 at $1.4 billion and total debt at $2.46 billion. The company has an agreement with more than 60 percent of its senior secured lenders as part of a pre-negotiated financial restructuring that will eliminate $1.4 billion of its debt. Citadel said Monday that having access to the funds will let it keep satisfying financial obligations as it restructures its business. The company received court approval to pay wages, salaries, health benefits and other obligations it has to employees as it restructures. The court is allowing it to keep honoring current customer programs as well, Citadel said. Citadel owns and operates 224 radio stations and produces radio programing for 4,000 station affiliates and 8,500 program affiliates. |
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Idaho to pay $50K to settle grazing lease lawsuit
Areas of Focus |
2009/11/18 18:01
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Idaho agreed Tuesday to pay $50,000 and pledged to follow anti-discrimination rules to settle a federal lawsuit against state officials who awarded grazing leases to ranchers, not the environmentalist who had offered more money. The Idaho Board of Land has also committed to revising its rules to allow conservation groups to lease state endowment trust lands, a big change after years of fierce litigation. The board's five members are the governor, state controller, secretary of state, attorney general and superintendent of public instruction. In 2006, Washington state businessman and environmentalist Gordon Younger was the high bidder on seven Idaho grazing leases, but lost when the Board of Land with then-Gov. Jim Risch gave the leases to livestock owners. Younger, who planned to manage the lands to restore what he called "their degraded streams and wildlife habitats," sued in U.S. District Court on grounds he was the victim of discrimination. Laird Lucas, attorney for Younger's Lazy Y Ranch Ltd., said Tuesday he's optimistic this settlement and the Board of Land's revised leasing rules represent a departure from the past, when conservation groups were bullied out of winning state grazing leases and left no other option than to sue. |
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Court gives $1.1B tanker contract back to Boeing
Areas of Focus |
2009/11/17 18:00
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A federal appeals court has reversed a ruling that overturned Boeing Co.'s $1.1 billion contract for maintenance of an Air Force refueling tanker jet. The decision Tuesday by the U.S. Court of Appeals for the Federal Circuit reinstates Chicago-based Boeing's 10-year contract for work on the KC-135 Stratotanker — the Air Force's primary mid-flight refueling aircraft. Boeing, which built the KC-135, was awarded the maintenance contract in September 2007. The company had already held similar contracts for nearly a decade. But rival bidder Alabama Aircraft Industries Inc. filed suit, claiming the contract was not properly awarded to Boeing, citing issues such as pricing and past performance. The U.S. Court of Federal Claims ruled for Alabama Aircraft Industries in 2008 and ordered the Air Force to re-solicit bids for the maintenance deal. Boeing spokesman Dan Beck said the company is pleased with the decision and that Boeing looks forward to beginning work with the Air Force. An Alabama Aircraft Industries president Ronald Aramini said in a statement that the company was disappointed with the ruling and that it "will be reviewing all legal and strategic options available to us."
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Comic Artie Lange pleads guilty to DUI in NJ
Areas of Focus |
2009/10/01 22:56
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Comedian and radio personality Artie Lange has pleaded guilty to driving under the influence of a habit-producing drug in a minor traffic accident in New Jersey.
The 41-year-old Lange was charged following the July 10 accident in Toms River, about 40 miles southeast of Trenton. He entered his plea Wednesday in municipal court. Judge James Ligouri revoked his driving privileges for seven months. Lange, a regular on radio's "Howard Stern Show," said he was under the influence of prescribed sleeping pills, which he had last taken the night before the crash. |
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Lawsuit puts Lake Tahoe boating facilities on hold
Areas of Focus |
2009/09/28 17:21
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A federal judge is blocking construction of boating facilities on Lake Tahoe while he resolves an environmental lawsuit.
The lawsuit, filed by the League to Save Lake Tahoe and the SierraClub, challenges new regulations that would allow more than 100 newprivate piers, 10 new public piers, new boat ramps, mooring buoys andhundreds of slips.
The regulations were adopted last year by the Tahoe Regional PlanningAgency after years of controversy. Environmentalists argue that newpiers and ramps would increase motorized boating and the pollution thatgoes with it.
In a recent ruling, U.S. District Judge Lawrence K. Karlton issued apreliminary injunction. It bars construction of the piers and ramps butallows the planning agency to move ahead with processing permits forthe facilities.
Still, boaters might want to hold off.
"The court notes that its independent review indicates that plaintiffs have shown some likelihood of success," Karlton wrote.
Read more... |
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Pulman, Cappuccio, Pullen & Benson, LLP Files $80 Million Lawsuit
Areas of Focus |
2009/09/15 16:39
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SAN ANTONIO--(Business Wire)--
Pulman, Cappuccio, Pullen & Benson, LLP filed a lawsuit today in a San Antonio,
Texas state court on behalf of 97 former investors at Stanford International
Bank. The lawsuit, styled Rupert, et al. v. Winter, et al., seeks almost $80
million in damages from insurance brokers Willis Group Holdings, Ltd. and Bowen,
Miclette & Britt, Inc. and from a trust company, Aleman, Cordero, Galindo & Lee,
affiliated with a Panamanian law firm.
"Allen Stanford didn`t build this bank all by himself," said lead attorney and
firm managing partner Randy Pulman. "He had help. Companies like Willis, Bowen
Miclette, and the Aleman firm and trust company were too close to the action at
Stanford International Bank to avoid responsibility for this debacle."
Stanford International Bank took in $7.2 billion in deposits from all over the
United States and Latin America until it was shut down this February by the
Securities and Exchange Commission. The SEC claims that the bank was a "massive
Ponzi scheme" whose founder, Allen Stanford, is in jail outside of Houston,
Texas awaiting trial.
The lawsuit against the insurance brokers seeks to hold them responsible for
"Safety and Security" letters they sent to the plaintiffs saying that deposits
at Stanford International Bank were protected by insurance and that the bank was
made up of "first class business people." "Allen Stanford counted on these
insurance companies to help him separate our clients from their money - now,
we`re counting on them to put it back. It is against the law in Texas for an
insurance broker to tell someone something is insured when it`s not," explained
Pulman.
Many of the plaintiffs` Stanford deposits were held in trust accounts served by
Stanford Trust Company Limited and Aleman, Cordero, Galindo & Lee Trust (BVI)
Limited as trustees. The lawsuit alleges that the trust company, the firm, and
its principals breached fiduciary duties to the trusts.
The lawsuit also seeks damages from several individual employees of those
companies, and several former employees at Stanford Fiduciary Investor Services
and Stanford Trust Company. The suit alleges that all the defendants are also
liable for securities fraud.
Randy Pulman has already filed suit on behalf of five Stanford depositors
against Lloyd`s of London and the Stanford Receiver in a Dallas, Texas federal
court. The lawsuit, styled De Leon v. Lloyd's of Lond, seeks damages and a
declaration from the court that the proceeds of Stanford International Bank`s
"Bankers Blanket Bond" insurance policies should be held for the depositors.
Pulman, Cappuccio, Pullen & Benson, LLP is a fifteen-lawyer firm in San Antonio,
Texas that specializes in representing investors and businesses in litigation
and transactions. The firm is also home to San Antonio`s second largest
bankruptcy practice. For more information, visit the firm website at
http://www.pulmanlaw.com. |
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SEC Won't Challenge Stimulus
Areas of Focus |
2009/04/19 18:09
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South Carolina Attorney General Henry McMaster says a lawsuit broughtagainst the state over federal stimulus money is flawed and premature.
But McMaster said in a filing with the Supreme Court on Monday that hewon't oppose the state Supreme Court taking up the challenge filed lastweek by a Chapin High School student. McMaster says the timing may not be right to shift the issues raised in the case from a public policy debate to the courtroom. McMasterrecapped arguments made earlier this month that question theLegislature's authority to request federal money that Sanford has saidhe won't request unless it can be used to offset or reduce debt. McMaster says if the court takes the case he hopes the justices will apply principles that protect the state's rights. |
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