Mealeys

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9th Circuit Vacates Asbestos Bankruptcy Reorganization; Says Trust Isn't In Control
Posted on 29 Oct 2013 by Mealeys

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on Oct. 28 vacated the bankruptcy reorganization plan for a former asbestos insulator, finding that the plan failed to satisfy the requirements of Section 524(g) of the Bankruptcy Code dealing with... Read More

3rd Circuit: Workers Entitled To More Than $14.76M From Railroad Merger Agreement
Posted on 15 Aug 2013 by Mealeys

PHILADELPHIA - A panel of the Third Circuit U.S. Court of Appeals on Aug. 14 affirmed an award of $14,761,238 to a group of former railroad employees who said they were owed benefits as a result of an agreement that they entered with the Pennsylvania... Read More

AmBac Financial Seeks Approval Of $101.9M Settlement Payment To Resolve IRS Claims
Posted on 9 Apr 2013 by Mealeys

NEW YORK - Bankrupt AmBac Financial Group Inc. on April 8 moved in the U.S. Bankruptcy Court for the Southern District of New York for approval of a settlement with the Internal Revenue Service under which AmBac will pay $101.9 million to the U.S. government... Read More

Insurers: Conversion Of Power Company Case To Chapter 7 'Entirely Unnecessary'
Posted on 22 Jul 2013 by Mealeys

GREAT FALLS, Mont. - A group of insurance companies who are creditors in the Chapter 11 bankruptcy of the Southern Montana Electric Generation and Transmission Cooperative Southern Montana on July 18 filed a brief arguing that the motion of the Unsecured... Read More

AMR Examiner Seeks $749,271 Reduction Of Fees, Expenses By Counsel, Other Firms
Posted on 17 Apr 2013 by Mealeys

NEW YORK - The fee examiner in the Chapter 11 bankruptcy proceeding of AMR Corp., the parent company of American Airlines Inc., on April 16 filed a report proposing to reduce the fees and expenses for six firms involved in the litigation by a total of... Read More

Bankruptcy Judge Approves Tribune's 4th Amended Reorganization Plan
Posted on 16 Jul 2012 by Mealeys

WILMINGTON, Del. - The federal bankruptcy judge presiding over the Chapter 11 case of Tribune Co. on July 13 issued an opinion overruling the objections to confirmation of Tribune's fourth amended Chapter 11 reorganization plan, determining that the... Read More

Judge Says Ethical Wall Allows Silver Point To Trade MF Global Securities
Posted on 8 Apr 2013 by Mealeys

NEW YORK - The federal bankruptcy judge presiding over the Chapter 11 bankruptcy of MF Global Holdings Ltd. (MFGH) on April 8 approved the motion of Silver Point Capital for an order permitting securities trading upon the establishment of an ethical wall... Read More

Trustee: American West's Reorganization Plan Does Not Meet Requirements
Posted on 13 Sep 2012 by Mealeys

LAS VEGAS - The trustee in the Chapter 11 bankruptcy proceeding of American West Development Inc. on Sept. 11 filed a brief in the U.S. Bankruptcy Court for the District of Nevada contending that the debtor's reorganization plan does not meet the... Read More

Hostess Says $28.85M Offer For Selected Assets In Good Faith, Should Be Approved
Posted on 30 Jan 2013 by Mealeys

NEW YORK - Bankrupt Hostess Brands Inc. on Jan. 28 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York arguing that the bankruptcy court should approve the sale of some of its bakery assets for $28.85 million (In Re: Hostess... Read More

Ex-Dewey & LeBoeuf Executives Say Firm Promised Bonuses For Work In 2011
Posted on 11 Mar 2013 by Mealeys

NEW YORK - Former executives of bankrupt law firm Dewey & LeBoeuf on March 6 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York contending that they are entitled to bonuses they earned in 2011, prior to when the firm... Read More

Bankrupt Shipping Company OSG Sues BP For Violation Of Automatic Stay
Posted on 26 Feb 2013 by Mealeys

WILMINGTON, Del. - A subsidiary of bankrupt shipping company Overseas Shipholding Group Inc. (OSG) on Feb. 25 sued BP Oil Shipping Co. USA Inc. in the U.S. Bankruptcy Court for the District of Delaware, seeking declaratory relief and damages for alleged... Read More

Bankruptcy Judge Stays All Litigation Pending Against City Of Detroit
Posted on 25 Jul 2013 by Mealeys

DETROIT - The federal bankruptcy judge presiding over the Chapter 9 case of the City of Detroit on July 25 granted the city's request and ordered all lawsuits pending against the city stayed (In Re: City of Detroit, No. 13-53846, Chapter 9, E.D. Mich... Read More

5th Circuit: Bankruptcy Court Ruling Stands; Conflict Not A 'Disqualifying' Issue
Posted on 30 Mar 2012 by Mealeys

NEW ORLEANS - A panel of the Fifth Circuit U.S. Court of Appeals on March 29 ruled that a bankruptcy court did not abuse its discretion in ruling that a law firm's conflict of interest was not a "disqualifying adverse interest" and, therefore... Read More

U.S. Trustee: ResCap Fails To Provide Details On $7.8M In Bonus Payments
Posted on 5 Apr 2013 by Mealeys

NEW YORK - The U.S. trustee in the Chapter 11 bankruptcy of Residential Capital (ResCap) LLC on April 3 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to ResCap's plan to pay $7.8 million in bonuses to various... Read More

Detroit Says Automatic Stay Should Cover Operations Of 36th District Court
Posted on 16 Oct 2013 by Mealeys

DETROIT - The bankrupt City of Detroit on Oct. 15 filed a brief in the U.S. Bankruptcy Court for the Eastern District of Michigan arguing that the Bankruptcy Court should extend the automatic stay to cover funding for the operation of the 36th District... Read More