Bankruptcy Blogs

Aman Resorts Faces Involuntary Bankruptcy

03/08/16
The boat carrying George Clooney and his wife Amal Alamuddin, is surrounded by media and security boats as they cruise the Grand Canal after leaving the Aman luxury Hotel in Venice in 2014.
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Chase May Not 'Win' the Mobile Wallet War, But It's Well Armed

03/07/16

In explaining the bank's commitment to the Chase Pay mobile wallet, an executive told investors in February that the mobile payment landscape was going to get more complicated before it gets simpler.

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Why Banks Should Never Become Utilities

03/07/16

Having banks hold fortress balance sheets and be limited to traditional intermediation would require giving them monopoly status over certain products.

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Coming and Going Concerns

03/07/16

Steven Agran has been promoted to principal and shareholder at turnaround firm MorrisAnderson, and Mark Briden has been promoted to director. Mr. Agran, who is based in New York City, was previously managing director.

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We Must End the New Normal of Fed Board Vacancies

03/07/16

The news is full of debate over a replacement for Antonin Scalia on the Supreme Court, but the delays in filling seats on another important government panel Â-- the Federal Reserve Board Â-- should get more attention.

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Pacific Sunwear Hires Financial Advisers

03/07/16

Teen clothing company Pacific Sunwear of California Inc. hired financial advisers as it struggles with a maturing debt load. The Wall Street Journal has the Daily Bankruptcy Review article here.

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Truth or Consequences: The Department of Justice in Bankruptcy Court (updated for 2016)

03/05/16


82371497_4ca567f813_zAs our readers may recall, over the years, the members of this network have reported on various celebrity bankruptcy filings and the need for absolute truth in a debtor’s pleadings.

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Puerto Rico: The Multiple Issuer Problem

03/05/16

One problem complicating any resolution of Puerto Rico's financial distress is that there are a multiplicity of issuers. There are separate claims on separate issuers, and it won't work to resolve just some of them, as they are all ultimately drawing on the same set of economic resources.  While there are claims on different assets, they value of those assets derive from Puerto Rico's overall economic production.

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Opinion in AES Thames – A Pro-Defendant Interpretation of the Ordinary Course of Business Defense

03/04/16

In a 9 page decision signed March 3, 2016 in the AES Thames bankruptcy, Judge Carey of the Delaware Bankruptcy Court held that the recipient of allegedly preferential transfers had received the transfers from the Debtor in the ordinary course of business.  He thus concluded that the Trustee could not avoid and recover the transfers at issue.  Judge Carey’s opinion is available here.

Background

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