Most of us have heard cocktail party talk about someone
who had a lot of assets but managed to file bankruptcy and keep all of their
stuff. Usually, the explanation has to do with exemptions and fully encumbered
property. However, every once in a while, someone tries to play fast and loose
By Russell D. Garrett
Chapter 7 Panel Trustee
Western District of Washington
If someone had told me 29 years ago that I would be
practicing law in the bankruptcy area I would have said they were crazy. At
that time, I was living and working in San Francisco, single and considering...
A Madoff bankruptcy trustee secures an approximately $1 billion
judgment against a feeder fund, and, the 5th Circuit affirms a boat
owner took reasonable precautions in preparing for Hurricane Katrina.
Hear these and other stories from LexisNexis® Mealey's™ Publications.
Ponzi schemer Scott Rothstein's former law partner,
Stuart Rosenfeldt has agreed to settle a $10 million lawsuit against him for a
fraction of the complaint, only $1.6 million. The settlement was disclosed
Thursday in a settlement agreement filed in the bankruptcy of Rothstein and
In an interesting ruling that has more to do with trust
law than bankruptcy, the Fifth Circuit has ruled that a bankruptcy court
incorrectly held that a trust was not property of the estate. Roberts v.
McConnell , No. 10-50462 (5th Cir. 6/15/11) . You can find the opinion here [ an enhanced version...
A Montana blogger has learned that First Amendment
freedoms do not extend to saying that a bankruptcy trustee is "guilty of Fraud,
Deceit on the Government, Illegal Activity, Money Laundering, Defamation,
Harassment" among other things. In Obsidian Finance Group, LLC and Kevin D.
by Kathy Bazoian Phelps
The Madoff trustee and Madoff victims hoped to hold the banks liable for alleged wrongdoing. The banks hoped to escape liability on the theory that the Madoff trustee, standing in the shoes of Madoff’s company, was a wrongdoer that should be barred from suing the banks...
The trustee tasked with recovering funds for victims of Bernard Madoff's $65 billion Ponzi scheme announced he had reached a settlement with a Connecticut hedge fund that acted as a "feeder fund" in shoveling millions of dollars into Madoff's scheme. Irving Picard, the court-appointed...
"In this zero sum game where funds are limited, hard choices must be made....The plain language, purpose, framework and distribution scheme of SIPA, as well as (legal) precedent, all support the method chosen by the trustee" - U.S. Bankruptcy Judge Burton Lifland
A federal bankruptcy judge...