News Topic: Uncategorized

Unsecured creditors have overwhelmingly voted to support the liquidation plan of General Motors’ bankruptcy estate, a proposal that will give those creditors an equity stake in the reorganized auto maker. Read the Daily Bankruptcy Review Story here . ... Read full article

A group of Innkeepers USA Trust creditors joined others in protesting Five Mile Capital Partners and Lehman Brothers Holdings Inc.’s $374.4 million bid to buy the hotel owner. Read the Daily Bankruptcy Review story here . ... Read full article

GM filed for Chapter 11 bankruptcy protection today in the United States Banrkuptcy Court for the Southern District of New York at 09-50026.  A copy of the petition is here , and a copy of the GM press release describing the bankruptcy proceedings are ... Read full article

After much litigation and legal maneuvering, the Senior Secured Lenders prevailed at the auction for Philadelphia Newspapers.  The Lender’s winning bid is for approximately $139 million, and the parties expect to close on the sale by late June.  To read a ... Read full article

In an unprecedented paper entitled The Crisis , Alan Greenspan, the former Chairman of the Federal Reserve, acknowledges that the government failed to properly regulate the markets and banks under his leadership (although he also states that probably no ... Read full article

According to Bloomberg.com , U.S. ... Read full article

Under the GM deal reached with the Obama Administration, the US Government will own 60% of New GM — that is, the “leaner and meaner” GM (of course, only time will tell if that becomes the case).  The problem for the Obama Administration is that the US, ... Read full article

On November 2, 2009, CIT Group, Inc., a leading provider of financing to small businesses and middle market companies, filed for bankruptcy in the United States Bankruptcy Court for the Southern District of New York.  Click here for a copy of the CIT ... Read full article

On December 10, 2010, President Obama signed into law the Bankruptcy Technical Corrections Act of 2010. This seven page document of technical changes was necessary to correct several sections of wording, numbering, lettering and indentation. However, the ... Read full article

In a recent decision by the Delaware Bankruptcy Court, the Court held that a person holding the title of an officer, including vice president, is presumptively what he or she appears to be — an officer and, thus, an insider.  See In re: Foothills Texas, ... Read full article

In In re Erving Industries, Inc. et al . , the Court held that the supply of electricity constituted the sale of goods so that the electric supplier was entitled to assert a 503(b)(9) administrative expense claim.  The Court’s opinion is very ... Read full article

In what is sure to be a controversial opinion, the Third Circuit Court of Appeals (No. 09-4349) has issued an Opinion  holding that the lenders in the contentious Philadelphia Newspapers’ bankruptcy case pending in the United States Bankruptcy Court for ... Read full article

Most of my clients are very concerned about credit. They have gotten into debt as a result of credit and they can’t bear the thought of living without credit. Thus, one of the first questions that I get asked is, “can I keep one or two of my credit cards, ... Read full article

While this Blog generally focuses on bankruptcy-related issues, I thought it would be interesting to provide some of the key information about the Government’s fraud investigation into Goldman Sachs; after all, the subprime debacle caused the most ... Read full article

Once the bankruptcy case is filed, an automatic stay is created. This automatic stay prohibits creditors from contacting debtors directly and prevents further collection efforts. In many instances, the creditors will not receive notice of the bankruptcy ... Read full article

The general answer is that bankruptcy filing, in and of itself, does not remove a valid lien. However, there are actions that can be taken before the court to remove a valid lien in some circumstances. For example, let’s say that a judgment creditor has ... Read full article

In the case of Valory Denise Ray, the Unites States Trustee moved for disgorgement of fees earned by debtor’s attorney. The fees in question were those earned during a 722 redemption process whereby the redemption company paid a portion of the loan amount ... Read full article

Often I’m asked whether or not someone can file a bankruptcy on their own? The answer is yes, but I will never recommend it. When the law changed on October 17, 2005, bankruptcy became much more complicated than it already was. Before, an individual could ... Read full article