Bankruptcy

The New York Mets'$162 million settlement Monday in the Bernard Madoff fraud case looms as a victory for a financially beleaguered baseball franchise that has experienced few of them in recent years.

Holders of $229 million of debt issued for a now-bankrupt upscale continuing care retirement community in downtown Chicago would recoup just pennies on the dollar under an initial bid for the facility.

A court ruling that relieves Boston of its financial obligation to a police education incentive program is a credit positive, Moody’s Investors Service said.

Michigan Gov. Rick Snyder indicated that the state would not step in to help Detroit cover its looming debt payments even if the city does not have enough money to meet those obligations.

Stockton, Calif.'s bond defaults have already started a legal tug-of-war with insurers.

Bond-insurer Assured Guaranty Corp. has sued JPMorgan over mortgage securities that Assured says JPMorgan misrepresented.

DALLAS - Former New Mexico investment officer Gary Bland is seeking $1.25 million from the State Investment Council in a lawsuit that claims he was damaged by claims of corruption.

A federal court approved bond insurer Ambac Financial Group Inc.'s bankruptcy plan Wednesday.

Detroit would issue $100 million of new-money self-insurance bonds and push off $37 million of near-term debt service as part of Michigan's plan to pull the city back from the brink of insolvency.

Harrisburg's intention to skip general obligation bond payments totaling $5.3 million that are due Thursday have bond market and other observers wondering what will happen next in Pennsylvania's capital city.

WASHINGTON — The Fluvanna County Board of Supervisors voted 5-0 to petition the Virginia Supreme Court for an appeal of a lower court's dismissal of their lawsuit against former financial advisor Davenport & Co. over $67.5 million of 2008 bonds.

Bond insurers came and went last week in the Bank of New York Mellon’s legal challenge in Jefferson County’s bankruptcy case.

An end may be in sight for the two-year old bankruptcy of the Las Vegas Monorail Co., albeit at a steep price for bondholders.

Detroit Mayor Dave Bing late Tuesday blasted Michigan Gov. Rick Snyder for a proposed consent decree that the mayor said is a thinly disguised state takeover of the distressed city.

More shoes began to drop in Suffolk County, N.Y., as Standard & Poor's on Tuesday placed its AA long-term and underlying ratings on credit watch with negative implications.

Hercules, Calif., said it has tentatively settled a $4 million lawsuit brought by Ambac Assurance Corp. over a default by the city's redevelopment agency.

LOS ANGELES — La Mirada, a city of 50,000 southeast of downtown Los Angeles, on Friday received a downgrade from Moody's Investors Service to A1 from Aa3 on $13.6 million of outstanding lease revenue bonds after officials declared a fiscal emergency.

BRADENTON, Fla. — The Bank of New York Mellon will distribute the toll revenues of Florida’s Santa Rosa Bay Bridge Authority to holders of the agency's defaulted bonds later this month.

Harrisburg, Pa., will skip $5.3 million in general obligation bond payments due March 15, its state-appointed receiver said Friday.

CHICAGO — A lot has changed in the municipal debt world in the 20 years since Clayton Gillette and the late Robert Amdursky first wrote "Municipal Debt Finance Law: Theory and Practice."