Michael Jordan's Steakhouse Resturants in New York City file Bankruptcy

Michael Jordan, owner of the Charlotte Bobcats, throws the ball back to an official during their game against the San Antonio Spurs at Time Warner Cable Arena on November 8, 2010 in Charlotte, North Carolina.

 

An agreement that Credit-Based Asset Servicing & Securitization LLC negotiated with senior secured creditors would create an $8.2 million pot that the company can use to operate the Chapter 11 case and distribute to lower- ranking creditors under a reorganization plan.

To receive a distribution, creditors must agree not to sue the lenders or executives of the company, known as C-Bass, according to the agreement. If senior lenders are fully paid within three years, half the excess over the principal amount of the lenders' secured debt would go to C-Bass for distribution to lower-ranking creditors.

The agreement requires New York-based C-Bass to file a Chapter 11 plan and secure approval of the explanatory disclosure statement by Dec. 31. The court must hold a confirmation hearing for approval of the plan by Feb. 15.

Even with the lenders' seeming largesse, the first hearing didn't go well yesterday. U.S. Bankruptcy Judge Allan Gropper refused to approve the temporary use of the lenders' so-called cash collateral on the terms proposed by C-Bass. For Bloomberg coverage of the hearing, click here.

Gropper said that C-Bass hadn't shown an emergency need for cash. He also said an agreement with the lenders shouldn't be approved without first being analyzed by a yet-to-be-formed creditors' committee.

The judge told C-Bass to submit a simplified agreement on the use of cash.

Jay-Z signs copies of his Book "Decoded" on 5th Ave in New York.

Jay-Z signs copies of his book "Decoded" at Barnes & Noble, 5th Avenue on November 17, 2010 in New York City.

Well, Tuesday, Nov. 16th will go down in history as the day mega-star Jay-Z released his first book. The memoir is called "Decoded" and MTV.com illuminated for fans some of the interesting topics Jay-Z writes about. They include his assault charge. In Jay-Z's explanation he recalls "blacking out with anger" after a confrontation with an alleged bootlegger. It got violent, and "That night the guy went straight to the police and I was charged with assault."

Decoded also decodes a girlfriend's miscarriage, the time the artist offended MC Hammer, and his friendship with U2′s Bono. Further, ABCnews reported on the "Ambitious man, ambitious book, ambitious marketing campaign," saying the book also has the rapper's thoughts on President Barak Obama and his dealings with him and on why hip hop is such a controversial musical genre. The short of it? Jay-Z writes, "It challenges you."

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How did Kanye West become the Villian??

Kayne West and Jared Leto of Thirty Seconds to Mars perform on stage at Puerta de Alcala on November 7, 2010 in Madrid, Spain.

When I first saw the video, via YouTube, of Kanye West delivering his now infamous Angry Black Man mantra, "George Bush Doesn't Care About Black People," I stood up and applauded. Finally someone, albeit it was Kanye West, had the courage to speak up for those who'd either witnessed or were personally affected by the government's failure to act rapidly in response to Hurricane Katrina.

West's statement, while not the most eloquent of phrasing, was raw, emotional and ironically hilarious, especially when you observe the face of co-presenter Mike Myers, who appeared to be caught between a state of bewilderment and mortification. Personally, I think that his remark, and the accompanying video, should be added to the National Archives to confirm the hurt and pain people of darker hue had to endure.

So you can imagine my utter amusement when former President George Bush, of all folks, listed West as one of the most disgusting moments of his presidency.  Really Bush?  West's remarks were more upsetting than the two wars that you helped to start; the worst economic crash since the Great Depression that your administration oversaw; and the torture—which was authorized by your administration—at Guantanamo Bay and Abu Ghraib?
West's remarks even hurt worse than the back spasm you must have received dodging, not one but two, shoes thrown at you by a disgruntled Iraqi journalist? If Bush is this shallow and ignorant about all the bad choices he made during his presidency that he should regret, than it's safe to say that not only does George Bush not care about black people, but human life, regardless of what color.
And yet, it is West, not Bush, who is continuously being asked to apologize for what, I'm not quite sure.
Regardless, West has spent the last year through his music and interviews being remorseful. Even after he was baited by Matt Lauer of The Today Show to apologize to Bush (okay, technically it wasn't so much as an apology as it was a show of empathy for the former president), West can't seem to

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Lil Wayne scopes out the Phoenix Suns v Miami Heat

Rapper Lil' Wayne watches a game between the Miami Heat and the Phoenix Suns at American Airlines Arena on November 17, 2010 in Miami, Florida.

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Halle Berry arrives at the premiere of her film "Frank & Alice"

Halle Berry's courting Oscar buzz with her dramatic new role as a woman with multiple personalities in 'Frankie & Alice,' and we're with the beautiful star at a special screening of the film in New York!

"It was really challenging," Halle told ET. "Any time, as an actor, playing one role can be challenging, so playing three within one was a real challenge -- and I loved every second of it."

Based on a harrowing true story, 'Frankie & Alice' casts Halle as Frankie Murdoch, a woman suffering with multiple personality disorder in early 1970s Los Angeles.

-- Based on a harrowing true story, 'Frankie & Alice' casts Halle as Frankie Murdoch, a woman suffering with multiple personality disorder in early 1970s Los Angeles.

Halle also produced the film, which was directed by Geoffrey Sax, the moving psychological drama also stars Stellan Skarsgard, Phylicia Rashad and Chandra Wilson.

"I produced this film as well, so to see a film that I spent 10 years trying to make actually see the light of day is what I'm excited about right now."

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