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Power Company Calpine Files Year's Largest Bankruptcy
Power generation company Calpine Corp. filed for Chapter 11 late Tuesday. It is the country's largest bankruptcy this year by assets and the eighth largest in U.S. history. The builder, owner and operator of power plants cited numerous reasons for its bankruptcy petition and those of 19 affiliates. The final straw for Calpine was the Delaware Supreme Court's affirmation of a Court of Chancery ruling on litigation over the company's use of asset sale proceeds for fuel purchases.Arbitration Scorecard 2013: Contract Disputes
Contract arbitrations active in 2011–12 in which at least $500 million was in dispute.License Revocation Order Pursuant to Rule 1:28-2(c)
Notice to the bar.WorldCom's SEC Penalty Approved
U.S. Bankruptcy Judge Arthur Gonzalez approved a $750 million settlement between WorldCom Inc. and the Securities and Exchange Commission that resolves a historic civil fraud suit and breaks new ground in bankruptcy law. The fine, approved at a hearing late Wednesday, Aug. 6, is the SEC's largest ever against a public company and is the first to make use of provisions in the Sarbanes-Oxley Act.Trending Stories
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