Posts filed under “Legal”
Full blown liquidation, no value remains for shareholders.
I was going to write “Wow,” but its a tough business, with brutal competition and razor thin margins. CC had too many missteps over the years — and too much debt — to reorg/recover from.
WSJ: Circuit City Stores said it has reached an agreement with liquidators to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.
Circuit City Stores Inc. (CCTYQ), which filed for Chapter 11 bankruptcy protection in November, said Friday it will seek Bankruptcy Court approval to liquidate the company. Circuit City does not expect any value to remain for shareholders at this time. The retail chain had employed more than 30,000 workers in the U.S. and Canada.
Via Marketwatch: Bernard Madoff. David Colby, former CFO of Wellpoint Rod Blagojevich, governor of Illinois Heinz-Joachim Neubürger, Karl-Hermann Baumann and Johannes Feldmayer. The two former CFOs and former chairman of Siemens Ted Stevens, former senator from Alaska Bruno A Kaelin, former senior vice president and head of corporate compliance at Alstom Adam Vitale, sentenced to…Read More
Alternative title: The End of Self-Regulation A Boston Globe article today reveals that Madoff’s firms may never have traded — despite NASD/FINRA audits every 2 years since 1960. “As investigators try to untangle the scheme that Bernard L. Madoff hid from investors and regulators for a decade or more, one basic fact is emerging: He…Read More
Part of the story about the Madoff Ponzi scheme was that Madoff created this elusive, difficult-to-become-a-member club. The exclusivity and rejections made membership all the more desirable to greedy investors. That actually is turning out to be somewhat of a myth. There is much more to his canny trick of rejecting investors than initially meets…Read More
Fascinating conversation today over lunch today. It was held under Chatham House Rules, so I cannot reveal the identity of any of the parties or their firms. However, the conversation steered towards the Madoff affair, and one fellow proffered the thinking behind why Madoff remains out on bail, and could be working towards a plea…Read More
Client Total Source Access International $1.4 billion Company statement, Advisors Bloomberg Data Alicia Koplowitz, $14 million Bloomberg News One of Spain’s richest women Aozora Bank Ltd. 12.4 billion Company statement yen ($137 million) Bard College $3 million Bloomberg News Read More
Fascinating piece you may have overlooked this week in the Boston Globe on Harry Markopolos, the author of the detailed November 2005 memo to the SEC, identifying 29 red flags about Madoff and concluding he was a fraud. Excerpt: “A month ago, Harry Markopolos was an accountant unknown outside Boston’s financial community. Now the slight,…Read More
> Thank you for all the kind words and well wishes after my ordeal in Korea: South Korea said on Thursday it had arrested an elusive blogger accused of undermining the country’s financial markets with his doom-mongering, ending a case that has illustrated government unease with the growing influence of online gossip in the world’s…Read More
Earlier today, we looked at the NYT interactive graphic that calculates how long it will take to return to breakeven for typical portfolio losses. But what if you were one of 8000 Madoff investors, and your portfolio is now worth zero? For starters, you should get $500k from SIPIC. Then, there is the $830 million…Read More