Neil and Kathinka McKeown’s home in Calaveras County, Calif., burned down in a 2015 wildfire that regulators believe started when a power line made contact with a tree. Late last year, they thought they were finally close to rebuilding after reaching a seven-figure settlement with Pacific Gas & Electric, whose line was involved. But PG&E […]
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Fifteen years ago, a movie fan could go into any of Blockbuster’s 9,000 stores and walk out with a Steven Spielberg hit. Now, options are limited for those who want to rent a hard copy of “Saving Private Ryan” from somewhere other than a library. There are only two Blockbuster stores left in the world. […]
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Fifteen years ago, a movie fan could go into any of Blockbuster’s 9,000 stores and walk out with a Steven Spielberg hit. Now, options are limited for those who want to rent a hard copy of “Saving Private Ryan” from somewhere other than a library. There are only two Blockbuster stores left in the world. […]
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Pacific Gas & Electric said Thursday that its equipment probably caused the Camp Fire, the catastrophic November blaze that destroyed thousands of homes in Paradise, Calif., and killed at least 86 people. PG&E, which filed for bankruptcy protection in January, said it had recorded a $10.5 billion charge in anticipation of damage claims for that […]
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Jeffrey K. Skilling, the former chief executive of Enron whose lies contributed to the sudden collapse of the energy company in one of the country’s most high-profile cases of corporate fraud, was released from federal custody on Thursday after serving more than 12 years in prison, the federal authorities said. Mr. Skilling, 65, was released […]
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It sometimes seems baffling to me: I put my life on the line for research to produce a cancer medication that — if and when it is put on the market — I probably could not afford. Its miraculous prolongation of my existence, for which I am ever grateful, deepens my concern about those who […]
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McKinsey & Company agreed Tuesday to a $15 million settlement with the Justice Department to resolve an investigation into allegations that it did not make required disclosures of its financial connections with other parties while working on bankruptcies. The settlement arose from complaints that McKinsey had held back information about its investments and other deals […]
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Payless ShoeSource, a once-popular seller of inexpensive women’s footwear and a staple in many suburban shopping malls, is closing all of its American stores. The company said on Saturday that it would begin liquidating all 2,100 of its stores in the United States and Puerto Rico. Payless is also winding down its online business. The […]
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A federal bankruptcy judge on Thursday approved Edward S. Lampert’s plan to buy Sears, but the judge implored Mr. Lampert to make a fresh start. Mr. Lampert, a billionaire hedge fund manager, could avoid becoming the “cartoon character” his critics have painted him as, Judge Robert Drain said — a cross between Jay Gould, the […]
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Before the catastrophic Camp Fire destroyed Paradise, Calif., the Pacific Gas and Electric Company was worth more than $25 billion. Now it’s C.E.O. has stepped down and the company, which provides natural gas and electricity to 16 million people in California, has filed for bankruptcy as it confronts billions of dollars in potential liability claims […]
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LOS ANGELES — Pacific Gas and Electric, the largest electric utility in California, filed for bankruptcy protection on Tuesday in anticipation of billions of dollars in liability claims for two years of wildfires. PG&E, which faces damage claims estimated at tens of billions of dollars for wildfires started by its equipment, said this month that […]
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LOS ANGELES — Pacific Gas and Electric promises that its customers’ lights will stay on if it follows through on plans to file for bankruptcy this month. But companies that supply the California utility’s electricity may have more to worry about. PG&E said Monday that it would use bankruptcy to resolve huge liabilities arising from […]
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Sears lives. For now. The bankrupt retailer and Edward S. Lampert have reached $5.3 billion deal that would keep its 425 stores open and its 50,000 employees at work, according to a person familiar with the situation. In the deal, which was reached in the early morning hours on Wednesday, Mr. Lampert would acquire most […]
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LONDON — Pacific Gas and Electric Company, which has been struggling with a financial crisis stemming from California’s historic wildfires, intends to file for Chapter 11 bankruptcy protection by the end of the month, according to a regulatory filing. The company, which is the largest investor-owned utility in California, said it faced an estimated $30 […]
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At first glance, it didn’t look like a fair fight. On one side: an enormous and powerful global consulting company. On the other: the retired founder of a smaller turnaround firm who has become a thorn in the side of its larger rival. But the brawl that is erupting in the Federal Bankruptcy Court in […]
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In a move meant to stabilize an organization still reeling, and barely standing, in the wake of the Larry Nassar sexual abuse scandal, U.S.A. Gymnastics filed for bankruptcy on Wednesday in Indianapolis. Kathryn Carson, the federation’s newly elected chairwoman, characterized the bankruptcy filing as a reorganization, “not a liquidation,” of the federation, which oversees the […]
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Donald Trump has failed at most things he’s tried to do in life, with the crucial exception of selling himself as a success. Consider his business record over the past thirty years. In 1988, he bought Manhattan’s Plaza Hotel for over $400 million — at the time “an unprecedented sum for a hotel,” according to […]
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After its stock plummeted over its possible role in California’s deadly wildfires, the state’s largest utility won back some investor confidence on Friday after its chief regulator offered a backstop. Shares in the company, Pacific Gas and Electric Company, which serves most of the state’s northern half, had plunged over concerns that it could face […]
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By age 25, Edward S. Lampert was already a Wall Street wunderkind, celebrated for his intellect, ambition and prodigious work ethic. The famed investor Richard Rainwater, the billionaire Hollywood mogul David Geffen, and Michael Dell and Thomas J. Tisch were among the prominent backers who gave him more than $200 million in startup capital. At […]
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The hedge fund manager Edward S. Lampert has spent the last 14 years steering Sears as it spun off businesses, took on debt and, this week, filed for bankruptcy protection. It has been a long, and often painful, trip, but how has Mr. Lampert fared? His hedge fund, ESL Investments, appears to have racked up […]
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