Bankruptcy

The Nassau County Interim Finance Authority argued that Nassau County’s motion for preliminary injunction to block a takeover of its finances should be denied, according to court filings.

Moody’s Investors Service revised its outlook on bonds that financed the Mets’ stadium in Queens, N.Y., to negative last week, citing pending litigation.

WASHINGTON — House panel members on Wednesday opposed federal bailouts for municipal governments and were reluctant to provide states with bankruptcy protection, but they seemed to support requiring improved public pension fund disclosure.

The Municipal Securities Rulemaking Board filed amendments to its Rule G-23 with the Securities and Exchange Commission on Wednesday that would prohibit dealer-financial advisers from switching roles and becoming underwriters in the same municipal securities transactions.

CHICAGO — Detroit Public Schools’ emergency financial manager Robert Bobb is pushing Michigan lawmakers to enact a bill that would insulate a chunk of the district’s debt from bankruptcy to address concerns by the debt’s bond insurer.

The Connector 2000 Association Inc., a beleaguered Greenville, S.C., toll road operator that a year ago defaulted on $329 million of bonds, needs bondholders to approve a tentative restructuring plan to exit bankruptcy.

Two Miami-Dade County elected officials facing recall petitions have now filed suits in an attempt to stop their recall elections.

New Jersey Attorney General Paula Dow Tuesday announced that UBS Securities LLC will pay the state $3.79 million in civil penalties and buy back $1.5 billion of auction-rate securities from New Jersey investors.

Retail investors in municipals are shaken, but still ­standing, after a relentless barrage of ­negative media hype surrounding forecasts for massive municipal ­bankruptcies and defaults later this year.

MBIA Inc. isn’t losing its fraud case against Merrill Lynch without a fight.

ALAMEDA, Calif. — Bankruptcy attorney Bruce Bennett, who represented Orange County, in its 1994 bankruptcy case, has joined Dewey & LeBoeuf LLP along with nine other California attorneys from his bankruptcy and restructuring practice, the firm announced Monday.

WASHINGTON — The House Financial Services Committee plans to examine state and local government budget shortfalls and the possibility of bond defaults in the municipal market, according to a 22-page draft of its oversight plans for the 112th Congress that chairman Rep. Spencer Bachus, R-Ala., has circulated among Republican panel members.

ALAMEDA, Calif. — Most holders of $451.5 million of first-tier revenue bonds issued for the Las Vegas Monorail are prepared to accept $111 million up front and release Ambac Assurance Corp. from its exposure to the defaulted bonds, the bond trustee said in a disclosure filing.

Five days before a House panel is set to hold a hearing — “State and Municipal Debt: the Coming Crisis?” — governors are insisting that municipal securities are among the safest investments and that states are keenly aware of the need to repay their obligations.

BRADENTON, Fla. — Nearly a year after beginning a 15-year sentence for pay-to-play crimes, former Jefferson County Commission President Larry Langford will get another day in court.

The Securities and Exchange Commission has opened an investigation into Rhode Island's bond offerings, state General Treasurer Gina Raimondo announced Thursday.

WASHINGTON — States strongly oppose Congress drafting legislation allowing them to file for bankruptcy protection, which is not needed and would actually hurt them as well as the markets, economists and a representative of the National Governors' Association warned members of the Senate Budget Committee Thursday.

CHICAGO — The Illinois Supreme Court on Tuesday granted the state’s request for a temporary stay against enforcement of a lower court decision invalidating the state’s $31 billion capital budget and the funding streams that support capital borrowing.

CHICAGO — Chicago Mayor Richard Daley will meet with executives at American Airlines and United Airlines Thursday as a legal standoff over $3.36 billion worth of expansion projects at O’Hare International Airport drags on.

WASHINGTON — Rating analysts are closely watching to see if states make structural changes in their finances to avoid their current fiscal problems as opposed to making one-time fixes that will not solve their underlying imbalances, a Standard & Poor’s analyst said Tuesday.