Category Archives: bankruptcy

Bankruptcy filings down

According to a NY Times article, bankruptcy filings are down.  There are projected to be between 5 and 10% few filings this year.  There are a number of factors cited: access to credit, amount of consumer debt, and economic factors (unemployment and foreclosures).

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Jefferson County Alabama – Bankrupt?

Jefferson County Alabama is struggling under $4.2 Billion in debt and is contemplating filing Bankruptcy under Chapter 9.  A large part in the debt is due to bonds issued on a $2 Billion sewer project than the county has had difficulties refinancing.  Kenneth Klee is currently working with the county to help them explore their potential options.  Klee has worked many large bankruptcies, including Orange County CA.  Original articles found here and here.

Ultimate Electronics seeks $420K from Apple

Ultimate Electronics was recently forced into bankruptcy.  Now they are seeking $420,00 back from Apple as preferential transfers.  Those reading this blog are probably all too familiar with preferences.  No creditor wants to have to give back money, especially after they have probably lost money to the debtor.  Original article can be found here.

Involuntary Bankruptcy Film Battle

Article in the Hollywood reporter about David Bergstein.    Bergstein is a money guy for financing movies.   Improper actions by the Trustee are alleged.  Usually its the Debtor doing something wrong.  This is an interesting turnabout.

John Bryson – Commerce Secretary Nominee

To bankrupt or not to bankrupt…  Yes, it is a little cliché, but that was the question faced by CEO of Edison International, John Bryson, during the California electricity debacle.  Now Bryson, has been nominated for the Secretary of Commerce.  The full LA Times article can be found here.

Texas Rangers Bankruptcy – The Fees go on

Interesting, short article about the fees in the Texas Rangers baseball team bankruptcy.  The team was sold for $593 million.  $6.3 million is sought in fees – $159,000 is just for photocopying.

TowneSquare Media, LLC v. Brill (7th Cir.)

Justia.com Opinion Summary

Defendant owned companies forced into Chapter 11 bankruptcy, but was not a debtor in the proceedings. The plan was confirmed and prohibited suits against the bankruptcy professionals and certain litigation against pre-bankruptcy creditors. Years later defendant sued plaintiff, pre-judgment creditors, and the bankruptcy professionals in an Indiana state court, based on Indiana law. The creditors removed the suit to bankruptcy court (28 U.S.C. 1452(a)) rather than asking the bankruptcy judge to enforce his order. The statute authorizes removal of any claim of which that court would have jurisdiction under 28 U.S.C. 1334, which confers on the district courts original jurisdiction of all civil proceedings arising under the Bankruptcy Code, or “arising in or related to cases under” the Code. The bankruptcy judge determined that the suit against the bankruptcy professionals was barred. Defendant filed an amended complaint eliminating all defendants except plaintiff and stating that the only claims arose from alleged violations of confidentiality agreements. The bankruptcy judge ruled that, as amended, the complaint was unrelated to the bankruptcy and ordered the suit remanded to the state court. The district judge affirmed. The Seventh Circuit concluded that the dismissal was not subject to review.

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