News Topic: BankruptcyLawInsights

Two months from now will bring the five year anniversary of the unraveling of Bernie Madoff’s Ponzi scheme, one of the bookends, along with the collapse of Lehman Brothers ., of the extraordinary Fall of 2008 . To date, Trustee Irving Picard has recovered ... Read full article

Kevyn Orr , the emergency manager appointed by Michigan Governor Rick Snyder to try to resolve the Detroit financial crisis , has effectively replaced the Detroit mayor, ... Read full article

Two months from now will bring the five year anniversary of the unraveling of Bernie Madoff’s Ponzi scheme, one of the bookends, along with the collapse of Lehman Brothers ., of the extraordinary Fall of 2008 . To date, Trustee Irving Picard has recovered ... Read full article

Many commentators have remarked that a “new normal” has evolved for Chapter 11 proceedings , wherein the major constituents negotiate the salient terms and exit strategy of the debtor’s restructuring prior to the filing of the bankruptcy petition, ... Read full article

A few weeks ago in In re S. White Transportation , the U.S. Court of Appeals for the Fifth Circuit permitted a secured creditor that had indisputably received notice of the debtor’s chapter 11 case, but took no steps to protect its interests until after ... Read full article

Two years ago in Stern v Marshall , the Supreme Court surprised many observers by placing constitutional limits on the jurisdiction of the United States Bankruptcy Courts. The Court, in limiting the ability of a bankruptcy court judge to render a final ... Read full article

Everyone gathered last week at the meeting convened by Detroit Emergency Manager Kevyn Orr knew that the news would be dire. Nonetheless, Orr’s report on Detroit’s financial condition and his proposal for the treatment of the city’s creditors – an offer ... Read full article

Kevyn Orr , the emergency manager appointed by Michigan Governor Rick Snyder to try to resolve the Detroit financial crisis , has effectively replaced the Detroit mayor, ... Read full article

GGW LLC and its affiliates (“GGW”), which produce and distribute the soft core pornography videos known as “Girls Gone Wild”, recently filed for relief under chapter 11 of the Bankruptcy Code. The filing follows years of legal troubles for the company’s ... Read full article

Nearly nine months after it filed for protection under Chapter 9 of the Bankruptcy Code , a federal bankruptcy judge last week determined that the city of Stockton, California has satisfied the requirements of Section 109(c) of the Bankruptcy Code and may ... Read full article

Distressed m&a is the “new normal” in Chapter 11 cases, as noted here and elsewhere . Two large media marketing and advertising companies, SuperMedia and ... Read full article

The School Specialty chapter 11 case began in what has become all too typical fashion. The company, overleveraged and short of cash, had no choice but to accept a lifeline extended by its second lien secured lender, a private investment fund. The terms of ... Read full article

By nearly any measure, the Chapter 11 cases of Hawker Beechcraft and its affiliates (the “Debtors”) stand as a significant success. The cases began as a standalone reorganization predicated upon a restructuring support agreement (the “RSA”) among the ... Read full article

Atari, Inc., the creator of the primordial video game “ Pong ”, filed for Chapter 11 yesterday in the U.S. ... Read full article

The battle in California municipal bankruptcies between bond investors and Calpers , the California public employee pension system, began in the Stockton Chapter 9 bankruptcy case and continues unabated in the bankruptcy ca ... Read full article

Detroit has seen signs of revival in its urban core following the near-death experiences of GM and Chrysler. Unfortunately, its municipal finances remain beaten down by the city’s long and precipitous decline over the past several decades. Labor and ... Read full article

Sno-Balls , on the other hand, and virtually every type of Drakes confection – Yodels, Yankee Doodles, Devil Dogs – I enjoyed to excess at every opportunity.  ... Read full article

Large law firm failures typically produce lengthy and litigious bankruptcy cases . A frustrated lawyer in one such case succinctly described the essential problem: “the assets walk, talk and, worst of all, have their own counsel.” To the inherent tensions ... Read full article