Bankruptcy

Municipal bond insurer Assured Guaranty Ltd. has filed suit against JPMorgan Chase Bank NA with regards to the sale of mortgage-backed securities by Bear Stearns & Co. JPMorgan acquired Bear Stearns in 2008.

CHICAGO — Michigan Gov. Rick Snyder Tuesday announced the appointment of an emergency financial manager for Flint, finalizing the state's takeover of the struggling city.

BRADENTON, Fla. — The federal judge in Jefferson County's bankruptcy case on Monday struck down two arguments by the receiver in charge of the Alabama county's sewer system supporting the contention that the receiver should remain in place.

LOS ANGELES — Though the San Diego Association of Governments has encountered a few wrinkles during due diligence, the agency is on track in its proposed $345 million purchase of a bankrupt toll road from a private operator.

DALLAS — The Texas Supreme Court determined Monday that the state's main business tax does not violate the constitutional prohibition against enacting a personal income tax without voter consent.

HARRISBURG, Pa. - A federal judge on Wednesday dismissed the Harrisburg City Council's petition seeking protection from creditors under Chapter 9 of the federal bankruptcy code.

WASHINGTON - The Pennsylvania Higher Education Assistance Agency has paid $12.3 million to settle tax-law violations and protect the tax-exempt status of its student loan bonds.

BRADENTON, Fla. - A newly appointed member of northwest Florida's Santa Rosa Bay Bridge Authority has filed a complaint with the Securities and Exchange Commission, citing what he calls trading irregularities in some of the agency's $116 million of defaulted bonds.

BRADENTON, Fla. - The federal judge assigned to Jefferson County, Ala.'s bankruptcy case Tuesday gave attorneys additional time to file briefs concerning how much control the receiver of the county's sewer system is entitled to retain.

CHICAGO - Gov. Rick Snyder dodged a bullet Friday when a divided Michigan Supreme Court affirmed his controversial move to tax retirement income, a measure that balances the two-month-old 2012 budget and is part of the Republican governor's ambitious overhaul of the state's tax code.

Harrisburg Mayor Linda Thompson urged the Commonwealth Court of Pennsylvania to require the capital city's new state-appointed receiver to implement her proposed financial recovery plan.

LOS ANGELES - A judge rejected the Las Vegas Monorail Co.'s third amended plan to exit bankruptcy on Friday even though 97% of the bondholders voted in favor of it.

BRADENTON, Fla. - The federal judge in Jefferson County's bankruptcy said Monday that he is inclined not to remove the Alabama state court-appointed receiver of the county's sewer system, though he is expected to decide whether to limit the receiver's rate-setting powers.

The status of a bankruptcy filing of compelling interest to the municipal finance and legal industries will be in the hands of a federal judge in Harrisburg, Pa., this week.

WASHINGTON - An industry group urged a federal bankruptcy judge not to remove the court-appointed receiver for Jefferson County's sewer system, warning such a move would negatively impact revenue bond financing for infrastructure projects nationwide.

Pennsylvania Gov. Tom Corbett on Friday nominated 30-year public finance veteran David Unkovic to be state-appointed receiver for Harrisburg.

BRADENTON, Fla. - Federal bankruptcy Judge Thomas Bennett on Monday will hear the first major arguments in Jefferson County's massive bankruptcy case to determine if a receiver should remain in charge of the county's sewer system.

CHICAGO - Michigan Gov. Rick Snyder said Thursday he expects Detroit officials will soon request a preliminary financial review - the first step toward a state takeover of the city.

A parcel tax that will help the struggling Doctors Medical Center stay afloat passed with nearly three-fourths of the vote on Tuesday.

CHICAGO - Almost out of cash to keep operating, an upscale retirement facility in downtown Chicago financed with $229 million of bonds filed for Chapter 11 bankruptcy this week after the failure of negotiations with a group of investors aimed at buying the facility breathing room.