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Former Kmart head to settle SEC case for $5.5 million
Hoffman Estates, Ill. -- A Detroit court on Wednesday said that Charles Conaway, the former head of Kmart Corp., has agreed to pay $5.5 million to end long-running litigation with government regulators over the retailer's finances nearly 10 years ago.
The deal would stop Conaway's appeal of a court-ordered financial penalty for misleading investors before Kmart's bankruptcy filing in 2002.
The appeals court has agreed to send the case back to federal court in Detroit to handle the settlement.
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General Growth exits bankruptcy
Chicago -- Exiting what was labeled the biggest real estate bankruptcy in U.S. history, General Growth Properties has emerged from Chapter 11 protection as two separate companies.
The country’s second-largest U.S. mall owner said Wednesday that it has spun off Howard Hughes Corp., an owner of master-planned communities and other properties.
The shares of the newly separate General Growth, as well as the shares of Howard Hughes, will begin trading Thursday on the New York Stock Exchange.