December 20, 2008
Auto Bailout Term Sheets
This is some pretty interesting stuff. The Term Sheet - 14 pages and an appendix - for the $13 billion loan to GM and the $4 billion to Chrysler can be accessed here. They have to give up the private airplanes, reduce and limit salaries to the top 25 executives, and a lot of other stuff, i.e. like not sell anything for more than $100 million without prior notice to the government. What I like especially is that they have to provide weekly "status reports" to the "lender," i.e., the US Treasury, and bi-weekly "liquidity status reports," and two monthly "certifications." I assume that the additional cost to do those reports will eat up the saving on the airplanes and salaries. Also we will need a whole new bureaucracy to read all these reports and write memos to each other about what they say. I may be getting a little crusty with age - I know.
December 19, 2008
Polaroid Files Chapter 11 in Minnesota
US Bankruptcy Court District of Minnesota (Minneapolis)
Bankruptcy Petition #: 08-46617
Assigned to: Judge Gregory F Kishel
Date Filed: 12/18/2008
4400 Baker Road
Minnetonka, MN 55343
represented by James A. Lodoen
Lindquist & Vennum P.L.L.P
4200 IDS Center
80 South Eight Street
Minneapolis, MN 55402
Polaroid's Motion for Use of Cash Collateral can be accessed here. It seems Polaroid is owned by one Petters Group Worldwide, owned in turn by one Thomas J. Petters, newly arrested and indicted on "numerous fraud and other charges." The Motion alleges that Petters caused Polaroid to "very recently" pledge its assets "to secure substantial debts and investments for which Polaroid received no or inadequate consideration." It is having difficulty getting financing - duh. According to the motion, Polaroid intends to sell "the Polaroid business and related assets."
Consumer Bankruptcy Attorneys Program on New Local Rules
GENERAL MEMBERSHIP ASSEMBLY & ELECTION OF OFFICERS FOR 2009
January 24, 2009 at 10:00 a.m.
Southwestern Law School
3050 Wilshire Boulevard
Los Angeles, CA 90010
MCLE Program, Co-Sponsored by Southwestern Law School, will follow at 11:00 a.m.
“NEW LOCAL BANKRUPTCY RULES FOR THE CENTRAL DISTRICT”
Hon. Judge Thomas Donovan
David Tilem, Esq.
*CDCBAA certifies that an application is pending for approval for this activity for MCLE credit by the State Bar of California and Legal Specialization Credit in Bankruptcy Law by Board of Legal Specialization of the State Bar of California.
Other Upcoming Events:
February 21, 2009
MCLE: “Annual Case Review” to be presented by the Hon. Judge Meredith Jury and Professor M. onathan Hayes
December 17, 2008
Organizational Meetings Coming Up in Delaware
|December 19, 2008||12:00 p.m.||08-13256 (CSS)||EZ Lube LLC||J. Caleb Boggs Federal Building|
844 King Street, Room 2112
Wilmington, DE 19801
|December 18, 2008||10:00 a.m.||08-13141 (KJC)
||Tribune Company, et al.||The Hotel DuPont|
11th & Market Streets
Wilmington, DE 19801
Supreme Court Accepts New Bankruptcy case
It's actually a pair of cases: Travelers Indemnity Co. v. Bailey and Common Law Settlement Counsel v. Bailey. The cases arise out of the Johns-Manville asbestos cases. The issue is whether new lawsuits being filed by claimants directly against insurers are barred by the Plan of Reorganization and a subsequent settlement between the insurers and claimants. Some claimants did not agree to the settlement but the bankruptcy court and a federal District Court made clear that the lawsuit ban in the 1986 reorganization plan did apply to such lawsuits — present and future — against Travelers. Those rulings were reversed by the circuit court of appeals saying that the bankruptcy court did not have jurisdiction in 1986 to stop the lawsuits directly against the insurers.
A complete summary can be found on Scotusblog.com
December 16, 2008
US Trustee Position Available in Riverside, California
SALARY RANGE: $112,341 to $145,500 USD per year
OPENING DATE: December 12, 2008 CLOSING DATE: December 29, 2008
DUTY LOCATION: U.S. Trustee Program, Riverside, California, 92501
DUTIES: The incumbent is responsible for the administrative and legal management of the
Region 16's Riverside Field Office of the United States Trustee's Office, including the supervision of personnel assigned to the office; the implementation of civil enforcement strategies to combat fraud and abuse in the bankruptcy system; the enforcement of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005; the administration of cases filed under chapters 7, 11, 12, and 13 of the Bankruptcy Code; representing the United States Trustee in court; maintaining and supervising a panel of private trustees; and ensuring that violations of law are referred to the United States Attorneys for possible prosecution.
POINT OF CONTACT: Annette Soule, Administrative Officer
CONTACT PHONE: 213.894.0425
CONTACT E-MAIL: Annette.Soule@usdoj.gov
December 15, 2008
Circuit Court of Appeals Cases for Last Week
5th Circuit Court of Appeals, December 09, 2008
Beitel v. OCA Inc., --- F.3d ---, 2008 WL ----- (5th Cir. 2008)(motion to set aside or to vacate the default judgment requires preponderance-of-the-evidence standard when assessing willfulness)
Thanks to Findlaw.com