WSJcomBankruptcyBeat

Bankruptcy Judge to Review Winning Auction Bid for Glacial Energy

06/13/14

On Monday, a bankruptcy judge could clear Platinum Partners Value Arbitrage Fund LP to take over struggling Glacial Energy Holdings Inc. after winning a bankruptcy auction earlier this month.

The value of Platinum Partners’ winning offer hasn’t been disclosed in documents filed to the U.S. Bankruptcy Court in Wilmington, Del. Throughout the case, Glacial Energy was able to spend a $122 million bankruptcy loan from a senior lender, which had also offered to purchase Glacial Energy out of bankruptcy but lost at auction.

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The Daily Docket: Supreme Court Says Creditors Can Tap Into Inherited IRA Money

06/13/14
Time & Life Pictures/Getty Image

The U.S. Supreme Court ruled that certain money inherited from individual retirement accounts can be taken by creditors to cover the debts of people in bankruptcy proceedings.

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New Orleans Chef’s Businesses Cook up Bankruptcy Filing

06/13/14

A New Orleans chef whose beloved restaurants rode out Hurricane Katrina put a handful of his business ventures into bankruptcy Thursday.

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Rothstein Law Firm Pleads Guilty to Criminal Conspiracy Charge

06/12/14

A former law partner of Ponzi-scheme operator Scott Rothstein pleaded guilty to a criminal charge this week.

With Stuart Rosenfeldt’s guilty plea, to a count of criminal conspiracy, all three name partners of the now-defunct Florida law firm Rothstein Rosenfeldt Adler have admitted to criminal activity.

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The Daily Docket: James River Approved to Pay Bonuses

06/12/14

A judge said James River Coal Co. can pay up to $2.7 million in bonuses to its top executives, rejecting a challenge to the payments by the federal government’s bankruptcy watchdog. Read the Daily Bankruptcy Review article via The Wall Street Journal.

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Olive Importer Files for Bankruptcy to Avoid Class Action

06/11/14
Melanie Cohen

A Long Island olive importer is asking a bankruptcy judge to decide how much it owes customers for allegedly selling processed olive oil as pure.

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The Daily Docket: Dewey Trustee Brings New Allegations on Two Ex-Executives

06/11/14

The bankruptcy trustee unwinding defunct law firm Dewey & LeBoeuf LLP has brought new allegations against two former Dewey executives in a suit seeking the return of more than $21.8 million the two allegedly were paid as the law firm “fell deeper and deeper into insolvency.” The Wall Street Journal has the Daily Bankruptcy Review article here.

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Minnesota College Settles Petters Clawback

06/10/14

A Minnesota liberal arts college that was once a beneficiary of Tom Petters’s largesse will return $600,000 of the $3 million it received.

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The Daily Docket: Supreme Court Rules on Bankruptcy Courts’ Powers

06/10/14

The Supreme Court on Monday clarified a prior ruling that effectively limited bankruptcy judges’ powers but left a bigger question unanswered. Law Blog has the Daily Bankruptcy Review article here.

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General Motors Cases Consolidated, Sent to Federal Court in Manhattan

06/09/14

Lawsuits against General Motors Co. alleging economic losses from ignition-switch defects will be consolidated and sent to federal court in Manhattan, a panel of judge has ruled.

More than 80 ignition-switch-related civil lawsuits have been filed against GM, most seeking alleged economic damages, such as repair costs and declines in resale value on about 2.6 million cars recalled since February. The average depreciation claim alone might total $500 to $1,000 per car, according to lawyers who have filed suits against GM.

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