Delaware bankruptcy judge will weigh results of auction of Fisker Automotive assets + MORE Feb 14th

WASHINGTON – Financial markets were watching, the retirement accounts of millions of Americans on the line.
Nervous senators were watching too, well aware that political fortunes could be on the line.
So on perhaps the most important vote of the year, the Senate did something extraordinary this week: It tried to keep the vote tally secret until the outcome was assured.
As lawmakers voted Wednesday on must-pass legislation to increase the government’s debt limit, they dropped the parliamentary equivalent of a curtain on the voting as it was in progress.
Typically, rollcall votes in the Senate play out in a very public manner. People watching from the galleries or tracking action from afar via C-SPAN can watch democracy unfold in all its messy wonder.
Each senator’s vote is announced by the clerk; each time a senator switches sides, that’s announced too. Onlookers can keep a running tally of how it’s going.
But not this time. Fifteen minutes into the vote, as captured by C-Span cameras, the tally clerk rose to recite the vote…

HAMPSTEAD, Md. – Jos. A. Bank Clothiers Inc. is buying the parent company of Eddie Bauer in a cash-and-stock deal valued at $825 million.
The men’s clothing company, which itself is being pursued by Men’s Wearhouse Inc., made the deal with Everest Topco LLC to buy Everest Holdings LLC, Eddie Bauer’s parent company.
Jos. A. Bank said Friday that the transaction includes $564 million in cash and about 4.7 million new shares of Jos. A. Bank stock issued to Everest Topco at $56 per share.
Everest Topco may also earn up to an additional $50 million in cash based on Eddie Bauer’s adjusted earnings for fiscal 2014.
Jos. A. Bank may end the deal if it receives an acquisition offer for its company that it feels is superior.
The post Jos. A. Bank Clothiers buying Eddie Bauer parent company in deal valued at $825 million appeared first on Canadian Business.

WILMINGTON, Del. – A Delaware bankruptcy judge is preparing to consider whether to approve a sale of the remaining assets of failed electric-vehicle maker Fisker Automotive.
A hearing on whether to confirm the results of an auction of Fisker’s assets was scheduled for Friday in Wilmington.
But the auction, which began Wednesday, was still going on Thursday night, meaning the court hearing might be postponed.
The auction pitted Hybrid Technology, led by Hong Kong billionaire Richard Li, against Chinese auto-parts conglomerate Wanxiang Group Corp.
Going into the auction, Hybrid had offered $30 million in cash and cancellation of $25 million in debt as Fisker’s senior secured lender.
Wanxiang had offered $35.7 million in cash and an equity stake for creditors in a reorganized Fisker, which once planned to build cars in Delaware.
The post Delaware bankruptcy judge will weigh results of auction of Fisker Automotive assets appeared first on Canadian Business.

The best of the web on money, markets and all things financial, as chosen daily by Globe and Mail personal finance columnist Rob Carrick.

This GIC rate is offered by Oaken Financial and was updated on 2013-11-28. Click on the link above to get more details or apply online.