A large junior creditor in Tribune Co.’s bankruptcy case asked the judge to appoint a Chapter 11 trustee to administer potential legal claims surrounding the company’s ill-fated 2007 leveraged buyout.
Contending that the debtor, its management and lawyers for the committee of unsecured creditors face too many conflicts of interest, Aurelius Capital Management said appointing an independent third party would be the only way to make sure potential claims get a fair hearing. Get the full story »
Consumers living in minority communities were more likely to have non-prime credit scores, while individuals in mostly-white neighborhoods were more likely to have prime credit scores, according to a report released Tuesday by Woodstock Institute.
The Chicago-based non-profit research group into fair lending issues found that 20.3 percent of Illinois residents had credit scores below 620, a common cutoff point to be considered for prime interest rates. Get the full story »
OfficeMax Inc. maintained its third-quarter sales forecast on Tuesday and said customers were budget conscious in their back-to-school spending.
An FBR Capital Markets analyst on Tuesday cut his rating on shares of W.W. Grainger Inc., saying the facilities maintenance company’s stock is too expensive in light of slowing economic growth and an expectation for tougher sales comparisons for the rest of the year.
Gold could rally above $1,300 an ounce this year, setting successive all-time highs, as uncertainty about economic recovery and a sovereign debt crisis stoke investment interest, according to a closely watched industry report released Tuesday. Get the full story »
Tech giant IBM said Tuesday it will set up a website at supplier-connection.net early next year with a single, standard application for small companies to bid on contracts at AT&T Inc., Citigroup Inc., Bank of America Corp., Pfizer Inc. and UPS Inc. That means small businesses won’t have to invest the time and money in preparing multiple bids.
The head of CBOE Holdings Inc., the largest U.S. options exchange, said on Tuesday he is “fairly confident there is a reasonable chance” that the regulator will drop products listed on a single exchange from its fee-cap proposal. Get the full story »
U.S. derivatives exchange operator CME Group Inc. inadvertently placed dummy test orders into its active energy and metals markets on the CME Globex platform for about 6 minutes on Monday afternoon. Get the full story »
From Bloomberg News | Financier John P. Calamos Sr., the founder of Naperville, Illinois-based Calamos Asset Management Inc., is being sued along with his firm by an investor who claims they needlessly spent $280 million to redeem illiquid auction-rate securities in 2008 and 2009.
Common at the 2010 Grammy Awards. (Jason Merritt/Getty Images)
ELITE STREET | By Bob Goldsborough | A South Side native, Grammy-winning rapper and actor Common is something of a renaissance man, with a string of rap hits and a growing acting career that has included roles in big box-office drawing films like “Terminator Salvation,” “Street Kings,” and “Date Night.”
One of Common’s lesser-known roles, however, is as a real-estate investor here in town, where the 38-year-old has a 12th-floor condo unit that he owns in Museum Park on the South Side. It’s up for rental for $2,500 a month.
Common paid $402,000 in mid-2008 to buy the two-bedroom unit new. Located in a building that was constructed that year, the 1,248-square-foot unit has two baths, floor-to-ceiling windows, views of the Field Museum, a separate den/office, a private balcony, and a stone master bath with shower seat sprays. Get the full story »
European aerospace group EADS is open to adjusting the price of its refueling aircraft bid if the Air Force asks for final proposal changes, but will still see significant profit from the bid, the company’s U.S. chairman said on Tuesday.
The Air Force has been evaluating rival bids from EADS and Boeing in a competition valued at up to $50 billion, since July, with an eye to awarding a contract this fall. Get the full story »
Eight Illinois companies were among the 100 companies nationwide deemed best by Working Mother magazine, whose 2010 list opens a window onto a widening array of corporate assistance programs.
Tuition assistance, a concierge service to help with errands, leadership training for women, assistance for employees with special-needs children, paid maternity and paternity leave, and extensive flexible work arrangements were among the benefits at the top 10 firms. Get the full story »
Sales at U.S. retailers increased more than expected in August, notching their largest gain in five months on strong receipts at gasoline stations and clothing outlets, according to a government report that further assuaged fears of a double-dip recession. Get the full story »
From USA Today | Women earned 82.8 percent of the median weekly wage men do in the second quarter of 2010, the smallest pay gap ever recorded by the Bureau of Labor Statistics. The dramatic gains in the last decade — women earned 76.1 percent of men’s wages in the same period a decade ago — has been attributed, in part, to hits men’s wages are taking in the recession. Get the full story >>
