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Trump Entertainment resorts was de-listed from the NASDAQ after filing Chapter 11 bankruptcy. The company does not expect to file an appeal of the decision. The company Common Stock trading will be suspended at the opening of business on February 26th. The common stock may become eligible trading over the OTC Bulletin Board if a market maker makes application to quote the common stock in accordance with Securities and Exchange Commission Rule 15c2-11, and the application is cleared.
Since Live Nation and Ticketmaster have announced a merger many have spoken out against it including recording artist Bruce Springsteen. The merger will have Ticketmaster drop its name and take on Live Nation. The merger will value the company at $2.5 billion. Artist's don't like the merger because with one company holding majority ticket sales there is no competition. In one report Barry Diller (chairman of Ticketmaster) and Micheal Rapino stated how the believe the merger would benefit fans: "Technology investments would allow for paperless ticketing and afford fans “better access to shows.” It’s unclear, though, what they meant by “better access.” Rapino also said that the combined company would be able to increase attendance at live events, but outside of additional marketing muscle, it’s unclear how fans would suddenly start buying more tickets just because the two companies are now one. And Rapino didn’t elaborate"(Tameka Kee-paidcontent.org). Ticket sales can be increase which can mean very few sold out shows for artists especially with the state that the economy is in at the moment.
On Dec. 10, according to a court filing by the Madoffs’ lawyer, Mr. Madoff admitted to his wife and their two sons that his multibillion-dollar hedge fund was an elaborate Ponzi scheme. If that is true, Ruth Madoff learned of her husband’s crimes as suddenly as the rest of the world. One day, she was married to a stock-market genius, the next she was married to one of history’s great con men.That, anyway, is the official Madoff version of events. At this point, as a mess that Mr. Madoff himself is said to have estimated at $50 billion lands in litigation, the main characters aren’t talking. In the absence of direct answers, all that’s left is the sort of psychological puzzle that belongs in Act II of a David Mamet drama, right before we find out who are the players and who are the played.
Was Mrs. Madoff really blindsided? In the social circles where the couple once traveled, both possibilities are unnerving — that Ruth Madoff was in on this, or that she wasn’t. If she isn’t a confederate, after all, then she arguably should be counted among Bernard Madoff’s victims. Either way, wittingly or not, she was an essential asset to her husband, humanizing him and drawing people into his orbit.
“All I will say on the subject is that it’s hard to imagine that she could live with the guy for 50 years and have no inkling,” says Donald Rosenzweig, a childhood friend of Ruth’s and an investor in Madoff Investment Securities. “Could she attract people to him? Yes. Was she out there shilling for him? I doubt it. But maybe.”
Federal prosecutors have not charged Mrs. Madoff with any crimes, and though she is currently living with her husband, who is under house arrest in their Upper East Side penthouse, she can come and go as she pleases. She has surrendered her passport and agreed to a deal with the United States attorney’s office that freezes her assets and grants her an undisclosed monthly allowance for living expenses, the cost of security for the couple and legal fees. The conditions of bail for Mr. Madoff include a $10 million bond secured by homes in Mrs. Madoff’s name. (huffingtonpost)
Looks like Sirius XM Radio may be preparing to file for bankruptcy. Recent news reports that Sirius "thinks there's a 'high likelihood' that Sirius XM will fail to repay or refinance its debt in 2009" states the financial research firm Moody. Sirius XM contains $5 billion in assets but has over $3.25 billion in debt. Sirius XM would be the second largest Chapter 11 filing this year. Sirius XM seemed to be putting things back into perspective when XM Satellite and Sirius merged last year but with auto sales declining (vehicles sold with Sirius XM radio made a up a large portion of its customer base)the company needed to rethink its position. Although it doesn't look like Sirius XM customers will loose their service but it looks as if the company may have to terminate contracts with Shock Jock Howard Stern and Martha Stewart. Howard Stern signed a contract with Sirius that allows him to make $100 million a year."—If Echostar is buying the convertible debt due in February, it could either be making a play for equity (it would have the option to convert the debt to equity), or planning to get in line behind the bank debt holders in bankruptcy proceedings.
—If Echostar is buying bank debt, it could be looking to take control of the company during bankruptcy proceedings as, again, bank debt holders are first in line for the assets." (forbes.com)
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