News

Debt, down market drove plane maker to bankruptcy - AP - msnbc.com

05/10/12

The Wichita, Kan.-based aircraft maker filed for bankruptcy protection this week, seeking approval for a plan that would write an estimated $2.5 billion in debt off its books and eliminate almost $125 million in annual cash interest expenses. Hawker ...

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Hostess Brands warns workers, including 251 here, they face unemployment - Memphis Commercial Appeal

05/10/12

"The notices were sent to alert employees that a sale or wind down of the company is possible in the future. However, our goal is still to emerge from bankruptcy as a growing company and there are no immediate actions being taken to sell or wind ...

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Tom Martino's wife loses bid to keep property out of his bankruptcy - Denver Post

05/10/12

Things got more complex in July 2009 when Sherman Properties obtained a $3.7 million loan from Bank of the West, again using the parking lot as collateral, records show. The bank has filed a claim in the bankruptcy case against Tom Martino's ...

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Americans Too Broke to File For Bankruptcy - Reuters

05/10/12

It may be true. New data submitted to the National Bureau of Economic Research suggests that the cost of bankruptcy will prevent between 200,000 and 1 million Americans from filing this year. Another 200,000 are expected to rely on their tax ...

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Judge Rakoff Clarifies Limited Powers of U.S. Bankrupty Courts - Bloomberg

05/10/12

Bankruptcy judges don’t have power to make final rulings ... Rakoff in Manhattan issued the ruling yesterday in a case involving the Refco litigation trust. His law clerk sent the decision to lawyers for the liquidator of Bernard L.

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San Antonio Opera files for bankruptcy - MySanAntonio

05/10/12

The applause has died for the San Antonio Opera, which this week filed its expected liquidation bankruptcy filing. The move came several months after the organization canceled its last two performances for the current season. The 16-year-old opera listed ...

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JK Harris’ founder improperly paid self millions, won’t cooperate with bankruptcy case, trustee alleges - The Post and Courier

05/09/12

John K. Harris, founder of a Goose Creek-based tax resolution business that was driven to bankruptcy by consumer complaints, improperly took millions from the insolvent firm and should return the money, a court-appointed bankruptcy trustee alleges.

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JK Harris’ founder improperly paid self millions, won’t cooperate with bankruptcy case, trustee alleges - The Post and Courier

05/09/12

John K. Harris, founder of a Goose Creek-based tax resolution business that was driven to bankruptcy by consumer complaints, improperly took millions from the insolvent firm and should return the money, a court-appointed bankruptcy trustee alleges.

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Court sets precedent with Van Dyke harassment ruling - Macomb Daily

05/09/12

A former Van Dyke schools employee’s sexual harassment claim against a male teacher cannot be pursued in court because she failed to reveal her lawsuit as a potential asset in her unrelated bankruptcy case. The state Court of Appeals agreed ...

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U.S. Bankruptcy Courts’ Powers Clarified by Federal Judge - Businessweek

05/09/12

Bankruptcy judges don’t have power to make final rulings ... Rakoff in Manhattan issued the ruling yesterday in a case involving the Refco litigation trust. His law clerk sent the decision to lawyers for the liquidator of Bernard L.

[more]