The settlement is the largest in our nation’s history, and it is the end of a 16 month battle between lenders and state and federal officials.  The settlement will help borrowers by “requiring the banks to reduce the amount borrowers owe on their mortgages, lowering their interest rates and paying restitution to homeowners who suffered mortgage-related abuses.”

All lending firms are now required to give borrowers a single point of contact to avoid being jostled around amongst different lending employees.

U.S. Attorney General Eric Holder stated that the settlement was the country’s latest attempt at “righting the wrongs that led to our nation’s housing-market collapse and economic crisis.”

The New York Giants will play the New England Patriots for the second time at the Super Bowl in four years.  The Giants beat the Patriots at the 2008 Super Bowl, and this year Patriots head coach Bill Belichick will lead the team along with quarterback Tom Brady for their fifth Super Bowl appearance together.

The Patriots have a 15-3 record, and have won 10 games straight over the regular season.  The Giants are coming off a recent 5 game winning streak beating the top-seeded Green Bay Packers and the second-seeded San Francisco 49ers in the NFC Championship.

The teams will face each other at Lucas Oil Stadium in Indianapolis at 6:30pm EST on Sunday.  The game will air on NBC.  For more information on the teams, visit the Super Bowl website.

Houston parks have been hit hard by the drought, and the Houston Parks Department called on volunteers to plant trees in Memorial, Mason, Hermann and MacGregor Parks.

The I-10 freeway has become exposed now that many tree have died, and it is now more common to see men with hard hats and saws ready to clear out the dead trees than lush foliage.  ”Here we’ll be planting approximately 20,000 trees. We won’t cover the freeway up tomorrow, but our goal is, down the road, we will have the freeway covered back up,” said Joe Turner, Houston Parks and Recreation director.

If you are interested in donating or volunteering, visit www.houstonparks.org

According to court documents, the Irving, Texas based company stated that the purpose of the Chapter 11 filing is “Whether the debtors can achieve long-term viability depends directly and substantially on the debtors’ ability to achieve dramatic change to their labor agreements, with a corresponding material reduction in their cost structure and legacy pension and medical obligations, and a restructuring of their capital structure.”

A $75 million loan from lender, Silver Point Capital LP, to help the company sustain operation while it restructures is pending approval by the court.

If you are considering bankruptcy, contact Galveston bankruptcy attorneys of Gipson, Norman & Root by calling 281-332-4800.

Houston Ballet presents “The Nutcracker” running through Dec 27.  Hurry up and get your tickets for the whole family to see the story of young Clara and her trip through the Land of Snow and Kingdom of Sweets in the world’s most famous ballet.  Wortham Theater Center, 501 Texas, Houston.  For information and to purchase tickets, visit the Houston Ballet website.

Visit Downtown Houston to see the shops lit up for the holidays, go ice skating at Discovery Green, or catch the famous tale of Ebenezer Scrooge in “A Christmas Carol” at the Alley Theatre.  Discovery Green is open for skating through Jan 22.  Tickets are $10 plus tax, including skate rental. Visit DiscoveryGreen.com for more details.

This coming Thursday, December 15, a free tasting event will be held at the Del Papa Distribution on 6702 Broadway.  The event will feature beers from Magic Hat, Pyramid, Rahr & Sons, Leffe and more.

From January 15 to January 21, the first annual Galveston Restaurant Week will take place.  A wide array of restaurants will participate with costs of meals ranging from $10-40.  For more information, visit the event’s website.

J.C. Evans Construction filed for Chapter 11 bankruptcy protection on August 1, and a lawyer representing the company sent a letter to the Texas Workforce Commission announcing its planned layoffs.

Worker Adjustment and Retraining Notification Act, or WARN, protects workers and requires advanced notice from companies such as J.C. Evans should they plan closings or mass layoffs.

If you are considering bankruptcy, it is important to have experienced representation to discuss your legal options. Contact Galveston bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800.

This exciting holiday event draws almost 85,000 visitors each year, and the festival includes a mile-long trail of lights, musical entertainment, ice skating, and winter wonderland festival with real snow on Saturdays.

The event runs Thursday-Saturday 6-10pm through Dec 10, and daily Dec 14-Jan 1. Admission is $5.95. Ice skating, Snow Zone, and screenings of Polar Express 4D require an additional fee.  The Festival of Lights also has a new attraction this year called the Home for the Holidays Gift Market.

For more information on Moody Gardens Festival of Lights, visit www.moodygardens.org

The not-for-profit facility filed at the U.S. Bankruptcy Court in Chicago listing $100 million to $500 million in assets and liabilities.  Its creditors include the Franciscan Sisters of Chicago Service Corp., Loyola University, the City of Chicago, and Greystone Development of Irving, TX.

The Clare at Water Tower is waiting on court approval to borrow $12 million from Redwood Capital Management LLC during the bankruptcy.

If you are considering bankruptcy and would like to speak with an experienced attorney about filing, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 today.

Dynegy Holdings is responsible for most of the group’s debt.  They, along with four associated companies, filed for bankruptcy protection.  The parent company, Dynegy Inc., and its subsidiaries will continue to run most power plants and be out of bankruptcy protection.

In 2011 alone, Dynegy has had two failed takeover bids–one from Blacksone, and the second from its largest shareholder, Carl Icahn.

As of August, the group’s net debt was roughly $5.5B.  $4.2B was owed by Dynegy Holdings, which has suffered from the fall in natural gas prices.

If you are considering bankruptcy, contact Galveston business bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to discuss your legal options.