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February 20, 2009

Trump Entertainment Critical Vendor Order

The Court has approved Trump's request to pay some $17 million of "critical vendors," i.e., prepetition creditors who the debtor wants to continue doing business with.  The procedure is really elaborate and includes the promise by the vendor to continue to do business with the debtor for one year.  The Order, the "critical vendor procedures," the "Trade Agreement," and related documents can be accessed here

February 20, 2009 in Current Affairs | Permalink | Comments (0) | TrackBack

Nice Treasury Summary of Emergency Economic Stablization Act

The Department of the Treasury has posted the text of the bill, a summary, a fact sheet and examples of how it will work.  You can access those here. 

February 20, 2009 in Current Affairs | Permalink | Comments (0) | TrackBack

February 19, 2009

Judge Positions Open in Riverside California

An email from Judge Sheri Bluebond:

The Circuit Council just approved our request to fill the two vacant bankruptcy judgeships in Riverside.  Stay tuned for official notices and application procedures if you're interested.   

-Sheri Bluebond

February 19, 2009 in Judicial Announcements | Permalink | Comments (0) | TrackBack

February 18, 2009

Trump Entertainment First Day Declaration

Speaking of first day entertainment, this Declaration is pretty interesting. 

February 18, 2009 in Current Affairs | Permalink | Comments (0) | TrackBack

Trump Entertainment Files Chapter 11 in New Jersey

U.S. Bankruptcy Court
District of New Jersey (Camden)
Bankruptcy Petition #: 09-13654-JHW


Assigned to: Chief Judge Judith H. Wizmur
Chapter 11
 
Date Filed: 02/17/2009

Debtor
TCI 2 Holdings, LLC
15 South Pennsylvania Avenue
Atlantic City, NJ 08401
Tax ID / EIN: 20-2920526
fka
Trump Casinos II, Inc.
represented by Charles A. Stanziale, Jr.
McCarter & English, LLP
Four Gateway Center
100 Mulberry Street
Newark, NJ 07102
(973) 622-4444
Fax : (973) 624-7070
Email: cstanziale@mccarter.com

Jeffrey Thomas Testa
McCarter & English
Four Gateway Center
100 Mulberry Street
Newark, NJ 07102
973-639-7939
Fax : 973-624-7070
Email: jtesta@mccarter.com

February 18, 2009 in Current Affairs | Permalink | Comments (0) | TrackBack

February 16, 2009

Texas Supreme Court Approves State Court Malicious Prosection Proceeding after Unsuccessful Bankruptcy Litigation

Graber v. Fuqua,  --- S.W. 3d ---, 2009 WL 51570 (Tex. Jan 2009)

Issue:   May a debtor file a malicious prosecution action in state court against a plaintiff who unsuccessfully prosecuted an action against the debtor in bankruptcy court or does the bankruptcy code preempt such an action?         

Holding:   Yes, the Texas Supreme Court ruled 5-4 that there is no preemption.    

The debtor sued an attorney for malicious prosecution in state court.  The attorney had filed a fraud complaint in bankruptcy court and reported the debtor to the Justice Department.  The Justice Department indicted the debtor but at trial, the debtor was found not guilty on all counts.  The bankruptcy court then dismissed the adversary proceeding.  The malicious prosecution action followed.  The attorney filed a motion to dismiss for lack of jurisdiction arguing that bankruptcy preempted the filed.  The state court granted the motion and dismissed the case. 

The Texas Supreme Court reversed 5-4.  The majority simply thought (in a lengthy opinion) that Congress did not intend that state law malicious prosecution actions were preempted by the bankruptcy code and Rule 11.      

February 16, 2009 in Other Circuit Briefs | Permalink | Comments (0) | TrackBack

City of Vallejo Oral Argument at the BAP This Thursday

Oral argument will take place before the BAP on Thursday, February 19, 2009, at 10:45am at the Court of Appeals in Pasadena, CA.  The panel is composed of Markell, Montali and Jury. 

The issues are 1. Was it error to enter the chapter 9 order for relief?  2. Is the order for relief a final order?  3. Do the "joining" secured creditors have standing to join/appeal?

The proceedings will be broadcast live in the courtroom of Judge McManus in Sacramento I am told.  The issue regarding the rejection of the union contracts is still pending before Judge McManus.    

February 16, 2009 in Current Affairs | Permalink | Comments (0) | TrackBack

February 15, 2009

Circuit Court of Appeals Cases from Last Week

4th Circuit Court of Appeals, February 11, 2009
Nat'l Gas Distributors, LLC v. E.I. du Pont de Nemours and Co. , --- F.3d ---, 2008 WL ------ (4th Cir. 2009)(bankruptcy court erred in finding that the contracts at issue were not swap agreements and construed "commodity forward agreements" too narrowly)

6th Circuit Court of Appeals, February 10, 2009
In re Swegan, --- F.3d ---, 2008 WL ------ (6th Cir. 2009)(Appeal of a BAP decision dismissed for lack of jurisdiction where the BAP decision was not a final order)

9th Circuit Court of Appeals, February 10, 2009
Sofris v. Maple-Whitworth, Inc., --- F.3d ---, 2008 WL ------ (9th Cir. 2009)(award of attorney's fees and costs after an involuntary bankruptcy petition affirmed even though against one petitioner only; reversed

Thanks to Findlaw.com

February 15, 2009 in Other Circuit Briefs | Permalink | Comments (0) | TrackBack