News

MF Global, Polly Peck’s Nadir, Sean Quinn Contempt: Bankruptcy - Bloomberg

06/26/12

MF Global Holdings Ltd. (MFGLQ) Chapter 11 trustee, Louis Freeh, was given the right by a London judge to participate in all U.K. court proceedings involving the failed brokerage. Judge David Richards signed off on the application at a hearing today.

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3 things I learned from bankruptcy - MSN Money

06/26/12

This guest post comes from Andrea Whitmer at So Over Debt. I've posted about my experience with Chapter 7 bankruptcy several times, including a detailed explanation of how bankruptcy works. One thing I haven't done, though, is talk much about how that ...

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Can You Preserve Your Claims Against a Borrower After Filing a 1099-C Cancellation of Debt? - jdsupra.com

06/26/12

Bankruptcy courts around the country have expressed differing opinions about whether a 1099-C forgives or discharges the debtor from further liability on a debt. For example, courts in Connecticut have said that filing a 1099-C has the effect of ...

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The BBB's Investigating A Company That Allegedly Posed As A Bankruptcy Firm - The Business Insider

06/26/12

With average cost of filing bankruptcy around $1,500, according to new research released by the National Bureau of Economic Research, it's no wonder as many as 1 million Americans can't afford it. In some cases, consumers turn to legal counseling services ...

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Singer’s Hedge Fund Fights Mexico Elite in Legal Showdown - Bloomberg

06/26/12

“Vitro decided to use all the flaws in the law very aggressively against the creditors,” he says. In a U.S. Chapter 11 bankruptcy, a company can’t create intercompany claims to outvote third-party creditors, says Cameron Kinvig, a lawyer ...

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MF Global Trustee Freeh May Participate in U.K. Court Cases - Bloomberg

06/26/12

MF Global Holdings Ltd. (MFGLQ) Chapter 11 trustee, Louis Freeh, was given the right by a London judge to participate in all U.K. court proceedings involving the failed brokerage. Judge David Richards signed off on the application at a hearing today.

[more]

Ruling on American Airlines' labor contracts expected Friday - The Business Journal

06/26/12

A critical turning point in the American Airlines' bankruptcy case will have to wait, according to the Dallas Business Journal. U.S. Bankruptcy Court Judge Sean Lane last week delayed his ruling on American’s motion to reject its labor ...

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World’s most expensive movie poster seized in bankruptcy case - Gant Daily

06/26/12

A rare and coveted “Metropolis” movie poster — one of only four known  surviving copies from the 1927 silent classic — has been seized as part of a  Chapter 7 liquidation bankruptcy case involving its owner Kenneth Schacter, a  well ...

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Indiana Hospital Files for Chapter 11 - HealthLeaders Media

06/26/12

Saint Catherine Regional Hospital in Charlestown, IN has filed for Chapter 11. A request to incur secured debt of $1.5 million from a credit corporation to continue hospital operations notes that a potential buyer has been identified for the 60-bed ...

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Stockton, Calif. to take up bankruptcy budget plan - Reuters India

06/26/12

About $7 million in savings would come from cutting retiree health ... Stockton's confidential mediation with its creditors - required by a state law approved after the bankruptcy of Vallejo, California in 2008 - was part of an effort launched ...

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