Bankruptcy News

Small Businesses Paint Bleak Jobs Picture (WSJ Video)

07/12/11

Summary: A survey of small business owners shows a lack of confidence in the U.S. economy. More than two-thirds indicated they do not plan to add payrolls in 2011 or 2012. WSJ’s Siobhan Hughes reports.   View the video on our blog: http://blog.ch11cases.com/2011/07/small-businesses-paint-bleak-jobs.html

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Will the EU Let Greece Default? (WSJ Video)

07/12/11

Summary: EU President Herman Van Rompuy called a meeting of top policy makers to discuss plans for a second bailout package for Greece. Katie Martin discusses whether the EU will let Greece default this time around and whether Spain or Italy could be next?   View the video on our blog: http://blog.ch11cases.com/2011/07/will-eu-let-greece-default-wsj-video.html

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Omega Navigation Enterprises (ONAV) Voluntarily Files for Bankruptcy Protection in Texas

07/12/11

A group of affiliated companies - Omega Navigation Enterprises, Inc.; Galveston Navigation Inc.; Beaumont Navigation Inc.; Carrolton Navigation Inc.; Decatur Navigation Inc.; Elgin Navigation Inc.; Fulton Navigation Inc.; Orange Navigation Inc.; Baytown Navigation Inc.; and Omega Navigation (USA) LLC – voluntarily filed for chapter 11 bankruptcy protection on Friday in the Federal bankruptcy court in Houston, Texas.  The companies [...]

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ArchBrook Laguna Holdings Files for Chapter 11 Bankruptcy Protection in New York

07/12/11

ArchBrook Laguna Holdings LLC and several affiliated companies – ArchBrook Laguna New York, LLC; ArchBrook Laguna, LLC; ArchBrook Laguna West, LLC; Expert Warehouse, LLC; Lehrhoff ABL, LLC; and Chimerica Global Logistics, LLC – voluntarily filed for chapter 11 bankruptcy protection in New York City on Friday. The companies plan to use the bankruptcy filings to [...]

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Goldman Sachs’ Chief U.S. Economist: 15% to 20% Chance of Renewed Recession in 2012

07/12/11

In a WSJ interview, Goldman Sachs’ chief U.S. economist Jan Hatzius says he sees a 15% to 20% chance of renewed recession next year. However, his baseline forecast is still for a resumption of stronger growth in the second half of 2011 and into 2012.   View the video of the interview on our blog: http://blog.ch11cases.com/2011/07/goldman-sachs-chief-us-economist-15-to.html

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Read the 11th Circuit’s Opinion Affirming the Denial of a Motion to Amend Bankruptcy Claims Post-Confirmation from the Winn-Dixie Stores Bankruptcy Cases

07/12/11

The Eleventh Circuit Court of Appeals affirmed a district court decision (which had, in turn, affirmed a bankruptcy court decision) sustaining the debtors’ (Winn-Dixie Stores, Inc. et al.) objections to the appellants’ (IRT Partners, L.P. and Equity One, Inc.) attempt to amend their claims post-confirmation of the debtors’ plan of reorganization. The claims arose in [...]

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WSJ Interview of Economist John Taylor: We Are In a Balance Sheet Recession

07/12/11

Summary: Top economist John Taylor says his “biggest worry” is that the U.S. economy will be anemic for years and unemployment remain high. He does not, however, advocate any additional stimulus from the government or the Federal Reserve.   View the video on our blog: http://blog.ch11cases.com/2011/06/wsj-interview-of-economist-john-taylor.html

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What is a straw buyer and what are the consequences? Is this an option to consider if I can’t qualify the home I want?

06/30/11

A straw buyer is a fake buyer set up to defraud the mortgage company.  If an individual cannot qualify for a loan for a particular home, due to bad credit or some other reason, it may seem like a solution to ask a relative or friend to purchase the home and pay them.  However, this [...]

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Chapter 7 Trustees Attacking Debtors' Right To Stay Put In Their Upside Down Homestead Property

06/29/11

The Florida Supreme Court’s expanded debtor’s $4,000 wildcard exemption earlier this year giving debtors substantially more exemptions to apply to their cars and personal property. Any debtor who does not need to use their homestead exemption can take the wildcard exemption; joint debtors have a combined additional $8,000 of available exemptions.

Chapter 7 bankruptcy trustees get compensated based upon the amount of non-exempt assets they capture and administer in the bankruptcy estate.

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Seventh Circuit’s Opinion Affirming the Bankruptcy Court’s Denial of River Road Hotel Partners’ Proposed Bid Procedures

06/28/11

The Seventh Circuit Court of Appeals affirmed a decision of Judge Bruce Black of the United States Bankruptcy Court for the Northern District of Illinois in the In re River Road Hotel Partners, LLC et al. chapter 11 cases. The decision which was the subject of the appeal denied approval of the debtors’ proposed bid [...]

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