By Steve Huff 4/26/12 11:29pm

Chapter 11

Betsey Johnson

Betsey Johnson Filing Chapter 11

Almost a week after we learned designer Betsey Johnson would be featured in a new reality show, Betsey And Lulu, comes the announcement that the spritely 69-year-old’s fashion line has filed for bankruptcy. As a result, over 300 Betsey Johnson employees will probably lose their jobs. To top that off, most of Betsey Johnson’s 63 stores will close.

All is not lost, however. Ms. Johnson still has the eponymous show in the works (as far as we know) and according to Forbes, this certainly isn’t the end of the brand name: Read More

By The Editors 3/13/12 7:04pm

opinion

Pension Reform, Now

Moments of absolute clarity are rare in politics. Governance usually is a muddle of compromises, short-term solutions and outright evasions. It isn’t pretty, but nobody ever said democracy was a work of art. Competing interests need to be satisfied; elections need to be won.

But every now and again, politicians and policymakers are confronted with a dilemma so profound and so frightening that the usual methods of operations can no longer apply.

Such a moment is here. State and local governments are on the verge of bankruptcy because of the spiraling cost of public employee pensions. The time for reform is now. Read More

By Mike Taylor 1/04/11 1:33pm

Wall Street

Morning Roundup: Americans Love a Good Bankruptcy

  • Goldman Sachs’ investment in Facebook may help the social-networking site escape the added regulatory scrutiny that comes with an IPO. [NYT]
  • On the other hand, the Securities and Exchange Commission is already conducting an inquiry into Goldman’s plan to give its clients access to Facebook shares. Regulatory scrutiny may come one way Read More

By Mike Taylor 11/08/10 11:03pm

Bankruptcies

Ambac Declares Bankruptcy

Turns out it wasn’t just idle threats and sewing-circle chitchat when bond insurer Ambac said a week ago that it may have to enter bankruptcy. The company today announced it had filed for Chapter 11 protection in the U.S. Bankruptcy Court in the southern district of New York.

Ambac said it was unable Read More

By Mike Taylor 11/01/10 4:43pm

Bankruptcies

Ambac Goes for Bankrupt

Municipal bond insurer Ambac Financial, a bellwether of the financial crisis back in 2007, when the whole mess was still just the subprime crisis, said today in a filing with the Securities and Exchange Commission that it has chosen not to make a regularly scheduled interest payment on some of its debt. The company Read More