Bankruptcy Blogs

Trustee in Opus East Bankruptcy Files Preference Actions in Delaware

07/27/11

Last month, Jeoffrey Burtch, the Chapter 7 Trustee (the "Trustee") in the Opus East bankruptcy filed approximately 90 preference actions against various defendants.  As stated in his complaints, the Trustee "seeks to avoid and recover ... all preferential transfers of property made for or on account of an antecedent debt made to or for the benefit of the Defendant by the Debtor during the ninety-day period prior to the filing of the Debtor's bankruptcy petition under 11 U.S.C. sec.

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Beso Investor Wants to Put Longoria Under Spotlight

07/27/11
Reuters

Eva Longoria is used to the spotlight, but the latest request for the actress’s appearance doesn’t involve the red carpet.

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Preserving Causes of Action In Plans

07/27/11

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For-Profit Higher Education Industry Sues to Block Weak “Gainful Employment” Rule

07/27/11

Last week the Association of Private-Sector Colleges and Universities (aka the Career College Assn.) filed suit in U.S. District Court in Washington, D.C., to block enforcement of the U.S. Dept. of Education’s “Gainful Employment” regulation, issued in June.

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Maguire's poker lawsuit heading to trial

07/27/11

"Tobey Maguire's legal battle against the bankrupt trustees of convicted conman Bradley Ruderman is heading to trial in January, 2012. The Spider-Man star is accused of beating Ruderman in a series of unlicensed poker games in California, taking more than...

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When Bankruptcy Benefits Criminals? Comparing O.J. And Casey.

07/27/11

After reading and considering  my posts regarding legal issues in a Casey Anthony bankruptcy, an attorney sent me an email asking why O.J. did not file Chapter 7 bankruptcy. He asks why would bankruptcy work for Casey if it did not work for O.J.

Chapter 7 bankruptcy does not permit the debtor to discharge damages caused by the willful and malicious injury by the debtor to another person. This is important for the debtor only if there is a person entitled to damages and who is willing to sue for damages.

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The Scan for Wednesday, July 27

07/27/11

Wall Street Journal Squabbling over who should pay less has delayed a settlement between banks and 50 state attorneys general over the mortgage foreclosure mess, sources told the Journal. "The latest disagreement among banks is a contrast to the largely unified public stance taken by financial firms as they work to put the foreclosure woes behind them," the paper said. ...

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At-Will Contracts Are Not Executory Contracts

07/27/11

Executory contracts get special treatment in bankruptcy.  They are roughly defined as a contract where both parties still have to perform – think lease -  unlike a loan where the lender’s obligations ended when the loan was made. Executory contracts need to be listed in Schedule G, giving notice of the bankruptcy case to the other [...]

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The Daily Docket: U.K. Court Dismisses Lehman Appeal

07/27/11

Britain’s Supreme Court on Wednesday dismissed an appeal by units of Lehman Brothers Holdings Inc. and Bank of New York Mellon, a win for investors in a high-stakes legal dispute involving complex derivatives transactions that has divided courts on both sides of the Atlantic. Read the Daily Bankruptcy Review article via The Wall Street Journal.

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