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November 18, 2010

'Real Housewife' Sonja Files for Bankruptcy

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November 18, 2010 in Current Affairs | Permalink | Comments (2) | TrackBack

Federal Bankruptcy Filing Questions Compensation at Crystal Cathedral

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November 17, 2010

BofA Must Return $500 mln Seized Lehman Deposits

"Bank of America Corp (BAC.N) was ordered by a U.S. judge to return $500 million of deposits it seized from Lehman Brothers Holdings Inc (LEHMQ.PK) shortly after Lehman's bankruptcy.

U.S. Bankruptcy Judge James Peck said Bank of America violated federal law when it "brazenly" seized the deposits after having taken advantage of Lehman's weakened condition in the summer of 2008 in obtaining the money."

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November 17, 2010 in Current Affairs | Permalink | Comments (0) | TrackBack

November 16, 2010

Great Article on Attorney's Role in Reaffirmations

Divided Loyalties: The Attorney’s Role in Bankruptcy Reaffirmations
by Gregory M. Duhl
Associate Professor of Law
William Mitchell College of Law


Abstract:     
Section 524 of the Bankruptcy Code divides the consumer bankruptcy attorney’s loyalties between the client and the court. On the one hand, the attorney is the gatekeeper for the court in ensuring that whether a debtor enters into a reaffirmation agreement is balanced against one of the primary objectives of the bankruptcy system—to give the debtor a “fresh start.” On the other hand, the attorney has an obligation under the Model Rules of Professional Conduct to pursue the client’s objectives during the bankruptcy representation.

This Article is about the lawyer-client relationship. Ethics scholars have traditionally adopted either a client-autonomy or paternalistic model to analyze the lawyer-client relationship. This Article rejects both and proposes a collaborative model of lawyer-client decision-making. Congress must free bankruptcy lawyers of their ethical conflict, so that lawyers can work in collaboration with their clients to help debtors improve financially post-bankruptcy. Then, the client might be able to be her own gatekeeper, freeing both the courts and attorneys from that responsibility.

November 16, 2010 in Article Reviews | Permalink | Comments (0) | TrackBack

Owner of NY's Lipstick Building Files bankruptcy

"The owner of the Lipstick Building, the Manhattan office tower where Bernard Madoff ran his Ponzi scheme, filed for bankruptcy protection, becoming the latest victim of a downturn in commercial real estate."

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November 16, 2010 in Current Affairs | Permalink | Comments (0) | TrackBack

Loehmann's Files for Bankruptcy Protection

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November 15, 2010

How the Roof Fell in on Countrywide

Great article in Fortune Magazine. 

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November 14, 2010

Ambac Gives Top Lawyer Pre-Bankruptcy Bonus

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November 14, 2010 in Current Affairs | Permalink | Comments (0) | TrackBack