Mealey's Bankruptcy - Bankruptcy Judge Approves $10M More In Funding For Bankrupt Anderson News

    WILMINGTON, Del. - A federal bankruptcy judge in the U.S. Bankruptcy Court for the District of Delaware on April 28 gave approval to Anderson News LLC to obtain an additional $10 million in post-petition financing, with the possibility of increasing that amount to $20 million (In Re: Anderson News LLC, No. 09-10695, Chapter 11, D. Del. Bkcy.).

    Mealey's Bankruptcy - Creditor: Global Aviation Must Be Forced To Pay $208,178.28 In Rent

    WILMINGTON, Del. - A creditor in the Chapter 11 bankruptcy of Global Aviation Holdings Inc., which acts as the landlord for properties that are rented by one of Global Aviation's affiliates, filed a brief in the U.S. Bankruptcy Court for the District of Delaware on April 25, contending that the Bankruptcy Court should compel the debtor to pay $208,178.28 in back rent (In Re: Global Aviation Holdings Inc., No. 13-12945, Chapter 11, D. Del. Bkcy.).

    Mealey's Bankruptcy - U.S. High Court Denies Hearing For Lawyer Denied Bar Admission Due To Bankruptcy

    WASHINGTON, D.C. - The U.S. Supreme Court on April 28 denied certiorari in a case in which a lawyer argued that the Florida Supreme Court wrongly denied her admission to the state bar on grounds she had filed for Chapter 13 bankruptcy (B.U.U. v. Florida Board of Examiners, No. 13-1101, Chapter 13, U.S. Sup.).

    Mealey's Bankruptcy - Judge: U.S. Airways, American Airlines Merger 'In Public Interest'

    WASHINGTON, D.C. - The federal judge in the U.S. District Court for the District of Columbia presiding over the antitrust lawsuit filed by the U.S. Department of Justice (DOJ) against U.S. Airways Group Inc. opposing its proposed merger with American Airlines Inc. on April 25 ruled that the merger was "in the public interest" (United States of America v. U.S. Airways Group Inc., et al., No. 13-1236, D. D.C.).

    Mealey's Bankruptcy - Detroit Seeks Stay Relief To Dispute $23.6M In Workers' Compensation Claims

    DETROIT - The bankrupt City of Detroit on April 25 moved in the U.S. Bankruptcy Court for the Eastern District of Michigan seeking relief from the automatic stay to pursue the liquidation of 3,600 disputed workers' compensation claims for a total of $23.6 million (In Re: City of Detroit, No. 13-53846, Chapter 9, E.D. Mich. Bkcy.).

    Mealey's Bankruptcy - 3rd Circuit: IRS Failed To Provide Proper Notice Of More Than $1.25M Tax Debt

    PHILADELPHIA - A panel of the Third Circuit U.S. Court of Appeals on April 24 affirmed a U.S. Tax Court ruling that held that a claim of $1,251,456.99 made by the Internal Revenue Service against a debtor for unpaid tax liabilities was deficient (Dominick Galluzzo v Commissioner of Internal Revenue, No. 13-3555, Chapter 11, 3rd Cir.; 2014 U.S. App. LEXIS 7680).

    Mealey's Bankruptcy - Judge: ResCap Creditor Fails To Meet Standard For Chapter 11 Plan Reconsideration

    NEW YORK - The federal bankruptcy judge in the U.S. Bankruptcy Court for the Southern District of New York presiding over the Chapter 11 case of Residential Capital LLC (ResCap) on April 23 denied reconsideration to a creditor who contended that the Bankruptcy Court abused its discretion when it confirmed ResCap's Chapter 11 plan, finding that he failed to meet the standard for reconsideration (In Re: Residential Capital LLC, No. 12-12020, Chapter 11, S.D. N.Y. Bkcy.).

    Mealey's Bankruptcy - MF Global: Complaint Seeking $20.02M In Transfers Meets Pleading Obligation

    NEW YORK - Bankrupt MF Global Holdings Ltd. (MFGH) on April 24 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to a motion by creditor JCF MFG Holdco LLC that sought to dismiss MFGH's complaint seeking recovery of $20,022,112 in what MFGH contends constitute fraudulent transfers arising out of the payment of dividends to MFGH shareholders (MF Global Holdings Ltd. v. JCF MFG Holdco LLC [In Re: MF Global Holdings Ltd.], No. 11-15059, Adv. No. 13-01663, Chapter 11, S.D. N.Y. Bkcy.).

    Mealey's Bankruptcy - Retiree Groups: Committee Not Allowed Additional Discovery In Detroit Bankruptcy

    DETROIT - Two retiree groups for employees of the bankrupt City of Detroit on April 24 filed a brief in the U.S. Bankruptcy Court for the Eastern District of Michigan opposing a motion filed by the Official Committee of Retirees, arguing that the committee should not be granted leave to pursue limited discovery related to a settlement that was reached but has not been finalized between the city and the retirees because the deadline has passed (In Re: City of Detroit, No. 13053846, Chapter 9, E.D. Mich. Bkcy.).

    Mealey's Bankruptcy - Judge OKs Liquidation Plan; Green Field To Pay Ford Motor Credit Company $1.25M

    WILMINGTON, Del. - The federal bankruptcy judge presiding over the Chapter 11 proceeding of Green Field Energy Services Inc. (GFES) in the U.S. Bankruptcy Court for the District of Delaware on April 23 issued conclusions of law and an order confirming the company's plan of liquidation, which would involve a payment of $1,253,657 to creditor Ford Motor Credit Co. LLC (FMCC) (In Re: Green Field Energy Services Inc., No. 13-12783, Chapter 11, D. Del. Bkcy.).

    Mealey's Bankruptcy - 9th Circuit: Debtor Failed To Disclose Material Facts; Debt Is Nondischargeable

    SAN FRANCISCO - A panel of the Ninth Circuit U.S. Court of Appeals on April 23 affirmed a bankruptcy court's decision that a debt was nondischargeable on grounds that the debtor failed to disclose material information to a creditor while doing business, which affected the creditor's decision to enter a contract with the debtor (Joseph H. Parks d/b/a Pool Construction Services v. Angelus Block Co. Inc. [In Re: Joseph H. Parks], No. 12-60073, Chapter 7, 9th Cir.; 2014 U.S. LEXIS 7634).

    Mealey's Bankruptcy - Judge Orders Asset Sale In 'Girls Gone Wild' Bankruptcy Case

    LOS ANGELES - The federal bankruptcy judge in the U.S. Bankruptcy Court for the Central District of California presiding over the Chapter 11 bankruptcy of GGW Brands LLC, the adult entertainment company that makes products carrying the name "Girls Gone Wild," on April 23 issued an order approving the sale of GGW's assets free and clear of all liens and encumbrances (In Re: GGW Brands LLC, No. 13-15130, Chapter 11, C.D. Calif. Bkcy.).

    Mealey's Bankruptcy - Irish Bank Representative: $149M In U.S. Assets Should Be Sold

    WILMINGTON, Del. - One of the foreign representatives in the Chapter 15 bankruptcy of Irish Bank Resolution Corp. Ltd. (IBRC) on April 22 filed a brief in the U.S. Bankruptcy Court for the District of Delaware arguing that certain U.S. assets of the IBRC valued at $149 million should be sold (In Re: Irish Bank Resolution Corporation Ltd., No. 13-12159, Chapter 15, D. Del. Bkcy.).

    Mealey's Bankruptcy - Putative Class: GM Ignition Switch Bankruptcy Injunction Should Be Denied

    NEW YORK - A putative class of claimants on April 22 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to General Motors LLC's motion seeking an injunction against claims asserted by claimants who seek to hold the reorganized version of GM - referred to as New GM - responsible for faulty ignition switches. The putative class argues that New GM is liable as the successor to GM (In Re: Motors Liquidation Company, No. 09-50026, Chapter 11, S.D. N.Y. Bkcy.).

    Mealey's Bankruptcy - Bankrupt Shipping Company Genco Seeks Approval Of Prepackaged Chapter 11 Plan

    NEW YORK - Genco Shipping & Trading Ltd. on April 21 moved in the U.S. Bankruptcy Court for the Southern District of New York for approval of the disclosure statement for its prepackaged Chapter 11 plan (In Re: Genco Shipping & Trading Ltd., No. 14-11108, Chapter 11, S.D. N.Y. Bkcy.).

    Mealey's Bankruptcy - Committee: 'No Objectionable Issue Exists' Regarding Fees For Adviser In OSG Case

    WILMINGTON, Del. - The Official Committee of Equity Security Holders in the Chapter 11 bankruptcy of Overseas Shipholding Group Inc. (OSG) on April 22 filed a brief in the U.S. Bankruptcy Court for the District of Delaware, arguing that "no objectionable issue exists" with regard to its employment of Peter J. Solomon Co. (PJSC) as the committee's financial adviser (In Re: Overseas Shipholding Group Inc., No. 12-20000, Chapter 11, D. Del. Bkcy.).

    Mealey's Bankruptcy - Federal Judge: MF Global Trustee May Administer Assets To Investors

    NEW YORK - A federal judge in New York on April 21 denied the objections of principals of bankrupt MF Global Inc. (MFGI) pertaining to the distribution of funds to individual investment customers and concluded that the trustee for MFGI under the Securities Investor Protection Act (SIPA) could administer the money (PricewaterhouseCoopers v. James B. Giddens [In Re: MF Global Inc.], No. 13-8893, Chapter 11, S.D. N.Y.).

    Mealey's Bankruptcy - 9th Circuit: $55 Million In Tax Refunds Belong To Estate Of IndyMac Bancorp

    SAN FRANCISCO - A panel of the Ninth Circuit U.S. Court of Appeals on April 21 affirmed a bankruptcy court that held that $55 million in tax refunds belonged to the bankruptcy estate of IndyMac Bancorp Inc. rather than the Federal Deposit Insurance Corp. (Federal Deposit Insurance Corporation v. Alfred H. Siegel [In The Matter of: IndyMac Bancorp Inc.], No. 12-56218, Chapter 7, 9th Cir.; 2014 U.S. App. LEXIS 7442).

    Mealey's Bankruptcy - 5th Circuit Cuts Damages By More Than $1.12M In Bankruptcy Contract Case

    NEW ORLEANS - A panel of the Fifth Circuit U.S. Court of Appeals on April 18 reversed a ruling and cut a $1.5 million award to $375,000 in a bankruptcy case, holding that the award of contract damages should not put the creditor in a better position than it would have been had the contract been fulfilled (Hess Management v. Denise M. Bankston [In the Matter of: Denise M. Bankston], No. 12-31016, Chapter 11, 5th Cir.; 2014 U.S. App. LEXIS 7332).

    Mealey's Bankruptcy - U.S. High Court Will Not Hear Debt Payment Case Involving American Airlines

    WASHINGTON, D.C. - The U.S. Supreme Court on April 21 declined to hear a case in which U.S. Bank Trust NA (U.S. Bank) argued that bankrupt AMR Corp., the parent company of American Airlines Inc., owed its bondholders a penalty fee related to the repayment of debt for which it had obtained post-petition financing of $1.5 billion (U.S. Bank Trust National Association v. AMR Corporation, No. 13-971, U.S. Sup.).

    Mealey's Bankruptcy - High Court Won't Rule On Injunctive Relief Under Bankruptcy Code Section 524(g)

    WASHINGTON, D.C. - The U.S. Supreme Court on April 21 denied a petition to resolve the question of whether a bankruptcy court's order barring the assertion of contribution claims against settling insurers must be accompanied by the establishment of alternative means for the nonsettling insurers to receive compensation for those claims (OneBeacon Insurance Co., et al. v. Plant Insulation Co., et al., U.S. Sup., No. 13-1090).

    Mealey's Bankruptcy - Revstone Parties: Committee's Motion Should Be Denied; Discovery Not 'Relevant'

    WILMINGTON, Del. - Bankrupt Revstone Industries LLC and its affiliate TPOP LLC on April 20 filed a brief objecting to the emergency motion of the Official Committee of Unsecured Creditors, contending that the thousands of emails that constitute the settlement communications between Revstone and the Pension Benefit Guaranty Corp. (PBGC) are not discoverable under Federal Rules of Evidence (In Re: Revstone Industries LLC, No. 12-13262, Chapter 11, D. Del. Bkcy.).

    Mealey's Bankruptcy - Overseas Shipholding: $935M In Financing Needed To Emerge From Bankruptcy

    WILMINGTON, Del. - Bankrupt Overseas Shipholding Group Inc. (OSG) on April 16 moved in the U.S. Bankruptcy Court for the District of Delaware for approval of $935 million in exit financing with Goldman Sachs Bank NA, which it says will allow the company to emerge "expeditiously" from Chapter 11 bankruptcy (In Re: Overseas Shipholding Group Inc., No. 12-20000, Chapter 11, D. Del. Bkcy.).

    Mealey's Bankruptcy - Federal Agency Seeks $645M Penalty For Fraud Of Bankrupt Peregrine Financial

    CHICAGO - The U.S. Commodities Futures Trading Commission (CFTC) on April 16 filed a brief in the U.S. District Court for the Northern District of Illinois seeking a $645 million penalty against bankrupt Peregrine Financial Group Inc. for what it calls "blatant fraud" related to when Peregrine's leader misappropriated in excess of $210 million customer funds and made false statements to the CFTC (U.S. Commodities Futures Trading Commission v. Peregrine Financial Group Inc., et al., No. 12-05383, N.D. Ill.).

    Mealey's Bankruptcy - GM Says It Holds A Claim Of More Than $10.36M In Revstone Bankruptcy

    WILMINGTON, Del. - General Motors LLC, a creditor in the Chapter 11 bankruptcy case of Revstone Industries LLC, on April 18 filed a brief in the U.S. Bankruptcy Court for the District of Delaware objecting to a settlement between Revstone and the Pension Benefit Guaranty Corp. (PBGC) on grounds that it holds valid claims valued at $10,368,125 (In Re: Revstone Industries LLC, No. 12-13262, Chapter 11, D. Del. Bkcy. and In Re: TPOP LLC, No. 13-11831, Chapter 11, D. Del. Bkcy.).