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

Government Seeks Documents Related To Solyndra's Plan Of Liquidation
Posted on 17 Oct 2012 by Mealeys

WILMINGTON, Del. - The U.S. government on Oct. 16 moved in the U.S. Bankruptcy Court for the District of Delaware to compel Solyndra LLC to produce documents related to the decisions the company made in crafting its liquidation plan (In Re: Solyndra LLC... 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

Creditor Of Solar Energy Company: Trustee's Deal With Insurer Should Be Denied
Posted on 23 Jan 2014 by Mealeys

WILMINGTON, Del. - A creditor of bankrupt alternative energy company Abound Solar Manufacturing LLC on Jan. 22 moved in the U.S. Bankruptcy Court for the District of Delaware to oppose the trustee's motion to approve a settlement with the company's... 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

Hawker Beechcraft Trustee Says Some Of $19.31M In Fees Are 'Unreasonable'
Posted on 15 Mar 2013 by Mealeys

NEW YORK - The U.S. trustee in the Chapter 11 bankruptcy of Hawker Beechcraft Inc. on March 14 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to various firms' applications for more than $19.31 million in... 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

IRS Objects To Chapter 11 Reorganization Plan Of Developer American West
Posted on 10 Sep 2012 by Mealeys

LAS VEGAS - The Internal Revenue Service on Sept. 6 filed a brief in the U.S. Bankruptcy Court for the District of Nevada objecting to the Chapter 11 reorganization plan of bankrupt developer American West Development Inc. (In Re: American West Development... 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

  • Blog Post: Bank Tells U.S. Supreme Court Chapter 11 Collateral Sale Must Allow Bidding

    WASHINGTON, D.C. - A creditor bank argues that the Bankruptcy Code precludes confirmation of a hotel chain's Chapter 11 plan that proposes to sell collateral free and clear of liens without allowing the bank to credit bid, according to the bank's brief that the U.S. Supreme Court posted to the...
  • Blog Post: 5th Circuit: Doctors Of Bankrupt Medical Group Have Valid Insurance Claim

    NEW ORLEANS - A panel of the Fifth Circuit U.S. Court of Appeals on March 9 ruled that a lawsuit against an insurance company that was brought by two doctors whose medical practice filed for Chapter 11 bankruptcy was valid despite statute of limitations objections by the insurer (Aetna Life Insurance...
  • Blog Post: AMR, Claimants Agree To Modify Stay To Allow Injury Claims Against Insurer

    NEW YORK - Bankrupt AMR Corp., the parent company of American Airlines, on March 9 entered an agreement with three creditors under which the automatic stay will be modified for a limited purpose to allow for the resolution of injury claims the creditors have against the airline (In Re: AMR Corporation...
  • Blog Post: Creditors Committee Objects To Financing Order In Grubb & Ellis Bankruptcy

    NEW YORK - The Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy of Grubb & Ellis on March 13 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to the debtor-in-possession (DIP) financing plan proposed by the debtor, arguing that post...
  • Blog Post: Group Seeks Committee To Represent All Retirees In Kodak Bankruptcy

    NEW YORK - An advocacy organization representing the interests of retirees from bankrupt Eastman Kodak Co. on March 13 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York, objecting to Kodak's motion seeking authorization to terminate nonvested Medicare enhancement benefits...
  • Blog Post: Bankruptcy Court Approves Ambac Financial Group's Chapter 11 Reorganization Plan

    NEW YORK - The federal bankruptcy judge in the U.S. Bankruptcy Court for the Southern District of New York presiding over the Chapter 11 proceeding of Ambac Financial Group Inc. on March 14 ordered that the reorganization plan satisfied the Bankruptcy Code, clearing the way for Ambac to emerge from bankruptcy...
  • Blog Post: Following Foreclosure On $90M Secured Loan, Granite Dells Files For Chapter 11

    PHOENIX - Real estate company Granite Dells Ranch Holdings LLC filed for Chapter 11 bankruptcy on March 13 in the U.S. Bankruptcy Court for the District of Arizona as one of its creditors foreclosed on a $90 million secured loan and called for the appointment of a receiver (In Re: Granite Dells Ranch...
  • Blog Post: 5th Circuit: Creditor Not Permitted To File Late Proof Of Claim

    NEW ORLEANS - A panel of the Fifth Circuit U.S. Court of Appeals on March 13 ruled that a bankruptcy court properly denied a creditor's motion to file a late proof of claim, concluding that the creditor missed the deadline simply because it failed to monitor the case (Bank of America v. Allen Capital...
  • Blog Post: Creditors Say Lyondell Owes Damages For Breaching Settlement Agreement

    NEW YORK - The couple who filed a $1.5 million proof of claim in the Chapter 11 bankruptcy proceeding of Lyondell Chemical Co. related to an alleged settlement agreement, on March 13 filed an amended claim in the U.S. Bankruptcy Court for the Southern District of New York, contending that Lyondell breached...
  • Blog Post: Bankruptcy Judge Lifts Stay In Tribune Fraudulent Conveyance Actions

    WILMINGTON, Del. - The federal bankruptcy judge presiding over the Chapter 11 proceeding of the Tribune Co. in the U.S. Bankruptcy Court for the District of Delaware on March 15 ordered the partial lifting of the automatic stay relating to fraudulent conveyance actions to allow parties to comply with...
  • Blog Post: U.S. Solicitor General Tells Supreme Court Creditor Must Be Allowed To Bid

    WASHINGTON, D.C. - In an amicus brief made available March 15, the U.S. solicitor general argues that the U.S. Supreme Court should find that in the absence of good cause, a Chapter 11 bankruptcy plan may not sell encumbered property fee and clear of the lien of a nonconsenting secured creditor without...
  • Blog Post: Federal Judge: $40M Rothstein Adversary Case Stays In Bankruptcy Court

    WEST PALM BEACH, Fla. - A federal judge in Florida on March 16 remanded to bankruptcy court a $40 million adversary proceeding brought by the Chapter 11 trustee of bankrupt law firm Rothstein Rosenfeldt & Adler (RRA). The trustee alleges that hedge fund managers capitalized on a Ponzi scheme run...
  • Blog Post: U.S. Trustee: MF Global Trustee Cannot Retain His Own Firm As Accountant

    NEW YORK - The U.S. trustee on March 19 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York, contending that the Chapter 11 trustee of MF Global Holdings Ltd., Louis J. Freeh, cannot retain his own firm as his accountant (In Re: MF Global Holdings Ltd., No. 11-15059, Chapter...
  • Blog Post: Kodak: Bankruptcy Court Needs 2nd Investigation Of Apple's Patent Claims

    NEW YORK - Bankrupt Eastman Kodak Co. on March 19 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York, arguing that Apple's assertion that it owns 10 patents that Kodak claims as its own requires an investigation under the Federal Rules of Bankruptcy Procedure (In Re...
  • Blog Post: 5th Circuit Reverses; Law Was Wrongly Applied To Debtor's Recovery Claim

    NEW ORLEANS - A panel of the Fifth Circuit U.S. Court of Appeals on March 20 reversed and remanded a lawsuit filed by a debtor seeking to recover funds it paid to a lender, ruling that the district court erroneously applied Georgia law when New York law should have been used (MC Asset Recovery LLC v...
  • Blog Post: Nebraska Book Company: Chapter 11 Plan Proposed In Good Faith

    WILMINGTON, Del. - Bankrupt Nebraska Book Co. (NBC) on March 21 filed a brief in the U.S. Bankruptcy Court for the District of Delaware, contending that its Chapter 11 reorganization plan was proposed in good faith and complies with the Bankruptcy Code (In Re: Nebraska Book Company, No. 11-12005, Chapter...
  • Blog Post: AMR, Creditors Modify Automatic Stay; Couple May Pursue Injury Claim

    NEW YORK - Bankrupt AMR Corp., the parent company for American Airlines, on March 20 agreed to modify the automatic stay to allow a creditor couple to pursue a personal injury claim against the company (In Re: AMR Corporation, No. 11-15463, Chapter 11, S.D. N.Y. Bkcy.). Lexis.com subscribers may access...
  • Blog Post: Getty Seeks Authority To Reject Unexpired Leases For Nearly 1,000 Properties

    NEW YORK - Bankrupt Getty Petroleum Marketing Inc. (GPMI) on March 21 filed a motion in the U.S. Bankruptcy Court for the Southern District of New York seeking an order rejecting certain residential property leases to maximize the value of its bankruptcy estate (In Re: Getty Petroleum Marketing Inc....
  • Blog Post: MF Global Creditor Wants To Pursue Claim Funds Transferred Inappropriately

    NEW YORK - A creditor who had invested money with bankrupt MF Global Holdings Ltd. moved March 20 in the U.S. Bankruptcy Court for the Southern District of New York for leave to appeal to prosecute the debtor for inappropriately transferring futures accounts he had with the company before the bankruptcy...
  • Blog Post: Beyond Oblivion's Creditors Object To Sale Of Licensing Agreements

    WILMINGTON, Del. - Creditors of bankrupt digital music company Beyond Oblivion Inc. on March 22 field a brief in the U.S. Bankruptcy Court for the District of Delaware objecting to the sale of the company (In Re: Beyond Oblivion Inc., No. 12-10282, D. Del. Bkcy.).
  • Blog Post: Beacon Power Seeks Mediator For Fee Dispute Related To Bankruptcy Sale

    WILMINGTON, Del. - Bankrupt power company Beacon Power Corp. on March 23 moved in the U.S. Bankruptcy Court for the District of Delaware for the appointment of mediator in its Chapter 11 proceeding (In Re: Beacon Power Corporation, No. 11-13450, Chapter 11, D. Del. Bkcy.).
  • Blog Post: Apple Tells U.S. Trade Agency Kodak Fails To State Claim For Patent Infringement

    NEW YORK - Apple Inc., which contends that bankrupt Eastman Kodak Co. infringed on its patent for digital photography, on March 23 filed a brief with the U.S. International Trade Commission (ITC) denying Kodak's claim that Apple has engaged in unfair competition (In the Matter of Certain Electronic...
  • Blog Post: Major League Baseball: Dodgers' Plan Contains 'Impermissible' Releases

    WILMINGTON, Del. - The Office of the Commissioner of Major League Baseball on March 23 filed a brief in the U.S. Bankruptcy Court for the District of Delaware contending that the bankrupt Los Angeles Dodgers' joint amended plan of reorganization contains releases and an injunction that are "impermissible"...
  • Blog Post: Trustee's Action To Recover Fraudulent Transfers Is Valid, Bankruptcy Judge Affirms

    WILMINGTON, Del. - The bankruptcy judge presiding over the Chapter 11 proceeding of DBSI Inc. in the U.S. Bankruptcy Court for the District of Delaware on March 23 denied a motion to dismiss a Chapter 11 trustee's lawsuit for the recovery of fraudulent transfers, arguing that the defendant did not...
  • Blog Post: Bankruptcy Judge Approves $54.5M Sale Of Grubb & Ellis

    NEW YORK - The bankruptcy judge presiding over the Chapter 11 proceeding of bankrupt realtor Grubb & Ellis Co. in the U.S. Bankruptcy Court for the Southern District of New York on March 27 approved the sale of the company's assets to BGC Partners Inc. for $54.5 million (In Re: Grubb & Ellis...