Ten years ago, investment bank Lehman Brothers Holdings filed what would become the country’s largest and most complex bankruptcy. Its default on $613 billion in debt sent shockwaves across the global economy, ushered in the worst economic downturn since the Great Depression and disrupted millions of lives. Most people have moved on since what became known as the Great Recession, but not Denver attorney Chris Carrington. Carrington has spent much of his career since 2009 tracking down and deposing hundreds of borrowers who submitted falsified loan applications. More recently, he has been hunting down the mortgage brokers and originators behind those bogus loan applications. A dry erase board in Carrington’s office shows the web of subterfuge and complex entities some loan brokers have used to hide their tracks. “What I kept seeing over and over again is how greed manifests itself,” he said. “There was an unprecedented amount of fraud.” It … [Read more...] about “Unprecedented amount of fraud”: Decade after Great Recession, Denver attorney still cleaning up Lehman mortgage mess.
Denver bankruptcy law firms
Last Updated Mar 27, 2009 1:32 PM EDT Sources say CityCenter close to bankruptcy -- MGM Mirage and Infinity World's $8 billion Las Vegas development, CityCenter, may file bankruptcy, reports say. MGM Mirage partnered with Infinity World, owned by Dubai World, to operate the project on the Las Vegas Strip which will feature casinos, shopping, hotels and condos, but earlier this week Dubai World sued MGM Mirage for breaching their agreement and is attempting to sever the partnership. The suit came after MGM's annual report which stated its precarious and debt-laden financial situation. CityCenter could file for bankruptcy as soon as Friday. CityCenter reportedly hired law firm Dewey & LeBoeuf to prepare the bankruptcy filing, but MGM Mirage and their lawyers declined to comment on the validity of the reports. [Source: Reuters] Southwest reaches flight attendant union contract -- After 10 months of negotiations, Southwest Airlines reached a tentative agreement with Transportation … [Read more...] about Travel Roundup: MGM Mirage CityCenter Bankruptcy, Southwest Reaches Labor Agreement, Less Baggage Mishandling and More
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Jon Chesto Globe Staff February 13, 2018 MediaNews Group, a newspaper chain that owns two other dailies in Massachusetts, emerged as the winning bidder for the Boston Herald in a bankruptcy auction held Tuesday. The Denver-based company, which does business as Digital First Media, beat out two other bidders with a package that totaled nearly $12 million, according to the Herald’s law firm, Brown Rudnick.The sale still needs to be approved by a bankruptcy court judge, who is expected to review the offer on Friday. The proceeds will be divvied among the creditors through the bankruptcy process. Advertisement After years of trimming costs to keep pace with declines in print advertising, publisher Pat Purcell put the Herald for sale last September and eventually reach an agreement with GateHouse Media, owners of numerous local papers. GateHouse’s … [Read more...] about Denver chain wins bidding for Boston Herald with $12m package
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Jon Chesto Globe Staff February 13, 2018 The Boston Herald’s next chapter will be written in a downtown law firm’s office.Three teams of bidders will gather on Tuesday at Brown Rudnick, which represents the Herald, to compete for the tabloid.Initially, only one company made an offer when the Herald went on the market, although the offer had a big catch. GateHouse Media proposed paying $4.5 million in cash and up to $500,000 in paid time off — based on the Herald’s liabilities (totaling $31 million in December) being cast aside in US Bankruptcy Court. Advertisement The promise of a relatively unencumbered Herald soon lured two other bidders. There was Revolution Capital Group, a Florida investment firm led by Robert Loring. Then the Denver-based newspaper chain Digital First Media arrived, in time for last Friday’s deadline. … [Read more...] about Herald bankruptcy auction, with 3 bidders, is Tuesday
Newspaper chain Digital First Media has put in the third bid for the Boston Herald, which will be sold off next week in a court-organized bankruptcy auction. Lawyers for the Herald confirmed the bid was made by MediaNews Group, the corporate name for Digital First. A representative from the Herald’s bankruptcy law firm Brown Rudnick said the bid is being reviewed to determine whether it qualifies the company for Tuesday’s bankruptcy auction. Details of the bid were not publicly disclosed. A spokesman for Digital First Media declined to comment on the bid. Under rules set by the bankruptcy court, a new bid must come in at least $600,000 over either of the two existing offers for the paper in order for a bidder to become a qualifying bidder for the auction. Newspaper giant GateHouse Media was the first to bid in December at $5 million, followed by a $5.75 million bid by Revolution Media Group, a private equity company. The Herald, which is largely owned by publisher Patrick … [Read more...] about Third bid’s in for Herald