Mortgage lender Residential Capital filed for Chapter 11 bankruptcy protection on Monday. The Richfield-based company needs help from its parent company to repay about $12 billion owed to the federal government for a bailout during the financial crisis. ResCap has 3,500 employees and reported $15.3 billion in total debt.
MN rep. says he was 'assaulted' at activist group's public meeting
The Republican said a man grabbed his arms and yanked him from the room.
What were the 'bizarre things' seen in Minnesota's sky?
The mysterious streaks were not UFOs and they weren't pieces of an asteroid.
Mel Kiper Jr. has Vikings taking a cornerback in his first mock draft
Mike Zimmer may be gone, but the tradition lives on.
Free COVID testing site to open in St. Paul for 3 weeks
The federal testing site comes as demand for testing remains high.
MN TikToker accused of faking federal agent life pleads guilty
He told his 10,000 followers he was a Homeland Security agent — authorities say it was a lie.
Report: Vikings request second interview with 2 GM candidates
Ryan Poles of the Chiefs and Kwesi Adofo-Mensah of the Browns.
Hopkins takes on No. 1 team in the country on ESPNU Friday
The game will feature a pair of top recruits in the Class of 2022.
Educators in Minneapolis, St. Paul could strike amid contract negotiations
Teachers and support staff are demanding smaller class sizes, mental health support and better pay.
MN mayor in hot water for hawking $400M underwater hotel plan
The city council called a special meeting to discuss the mayor's public comments.
Woman in critical condition after attempted murder, authorities say
A 33-year-old woman is in custody and facing possible charges.
Charges: Driver threw 'large rocks' at police car during highway chase
Authorities say the suspect had used methamphetamine earlier in the day.
Berkshire offers to buy Bloomington-based ResCap mortgages
Warren Buffett's Berkshire Hathaway Inc. is eyeing a $374 billion mortgage-servicing portfolio of Residential Capital LLC. The bankrupt lending unit, a subsidiary of government-owned Ally Financial, filed for Chapter 11 protection in May. Dow Jones News Wires reports Minnesota-based ResCap already has a proposed agreement to sell the mortgage unit to NationStar Mortgage Holdings Inc. Berkshire says it will match the $2.4 billion bid, but offer a lower breakup fee.
Owners of Shakers Vodka file for bankruptcy protection
Infinite Spirits Inc., filed a Chapter 7 bankruptcy petition last month. The West Central Tribune reports the Minnesota-based company will be liquidated, but the Shakers brand could be sold. It was distilled in Benson up until last year.
Twin Cities restaurateur files Chapter 7 bankruptcy
Champps and Redstone American Grill founder Dean Vlahos told the Star Tribune he lost $26 million as a result of his onetime pal Tom Petters' $3.65 billion Ponzi scheme. He's now looking to escape nearly $12 million in debt.
U.S. Bancorp 3Q profit grows 16 percent to break another record
U.S. Bancorp, parent company of U.S. Bank, posted a record net income of $1.47 billion, a 16 percent jump from $1.27 billion a year-earlier, Bloomberg reports. “Earnings included continued strong mortgage-banking activity, which contributed to our growth in fee income, residential real estate loans and loans held for sale,” said CEO Richard Davis.
State files charges against Utah mortgage adjustment company
The new case involving a Utah company joins a list of other mortgage fraud prosecutions Minnesota has pending. Commerce Commissioner Mike Rothman says the companies are exploiting homeowners in financial distress by promising services that they don't deliver.
U of M drug gets a second chance to make it to market
The drug was initially licensed to a company that recently filed for Chapter 7 bankruptcy. Now Colorado-based Ariel Pharmaceuticals has picked up Tamiasyn and will take over the task of preparing it for human clinical trials.
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