April 9, 2011
U.S. trustee objects to Borders' bonus plan
"The Office of the U.S. Trustee objected to a proposal by Borders Group Inc (BGPIQ.PK) to pay over $8 million in bonuses to high-level employees this early in its bankruptcy proceeding."
Debtors in Pretension
by Magdalena Reyes Bordeaux
"Identity theft in the bankruptcy courts is a growing crime that often leaves unsuspecting consumers facing devastating consequences. Currently, when someone ﬁles for bankruptcy, there are no identiﬁcation procedures at the time of ﬁling to verify that the name on the petition is in fact the name of the person ﬁling for bankruptcy relief. Accordingly, it is relatively simple for an identity thief to ﬁle a bankruptcy petition using a stolen identity. However, a victim of identity theft in a bankruptcy proceeding can clear up a tarnished record by ﬁling a motion to expunge a fraudulent bankruptcy."
Judge Warns Defense Lawyers in Pitino Extortion Case: Don’t Crib Law Discussion from Wikipedia
"A federal judge has issued a legal writing warning to lawyers who sought a new trial for a woman convicted of trying to extort money from University of Louisville basketball coach Rick Pitino.
The defense should not have copied its discussion of ineffective assistance from Wikipedia, U.S. District Judge Charles Simpson of Louisville wrote in a February opinion (PDF). His concerns are outlined in footnote 4 of his opinion denying a new trial for the defendant, Karen Sypher, Legal Blog Watch reports."
April 6, 2011
Google offers $900 million for Nortel patents
"Global Internet giant Google has bid $900 million for a warchest of patents from bankrupt Nortel Networks, in an initial "stalking horse" bid that's expected to draw in higher competing offers."
Ex-billionaire hit with forced bankruptcy petition
"Taxing authorities from three states have filed an involuntary bankruptcy petition against former billionaire Tim Blixseth.The petition says the real estate baron owes $2.3 million in California, Idaho and Montana."
Ergen-led Dish wins Blockbuster auction for $320 mln
"Dish Network Corp won Blockbuster Inc in a bankruptcy auction for about $320 million, a move that could see the second-largest U.S. satellite TV provider tapping the movie rental chain's online content to strengthen its offerings."
Syracuse Symphony to disband, file for bankruptcy
"The Syracuse Symphony Orchestra's board of trustees has voted to dissolve the organization and enter Chapter 7 bankruptcy in the face of debts topping $5 million.
The board says it could raise only $5 million of the $7 million needed to sustain the 77-member orchestra, which was marking its 50th anniversary when the trustees decided last week to suspend the current season because of the financial problems."
April 5, 2011
FLC's annual review of recent developments in bankruptcy law including discussion of significant judicial opinions from around the country.
Thursday, May 26, 2011
This meeting is jointly sponsored by The Financial Lawyers Conference
and The Los Angeles County Bar Association Commercial Law
and Bankruptcy Section, Bankruptcy Committee
PLEASE NOTE THE CHANGE IN DATE TO ACCOMMODATE
THE INVESTITURE OF OUR NEWEST BANKRUPTCY JUDGES.
Jeffrey H. Davidson, Stutman, Treister & Glatt, P.C.
K. John Shaffer, Stutman, Treister & Glatt, P.C.
The Olympic Collection
11301 Olympic Boulevard
Los Angeles, California
6:00pm - 6:45 pm - Registration and Cocktails
6:45pm - 7:30 pm - Dinner
7:30pm - 8:30 pm - Program
$70.00 FLC Members & LACBA Members
$40.00 Lawyers in Gov’t Svc.
Financial Lawyers Conference
214 Main Street, #336, El Segundo, CA 90245
Federal Tax ID# 23-7448511
For information on FLC’s events and membership, go to
The Beneficent Government: Federal and State Regulators in Bankruptcy Cases
Los Angeles Bankruptcy Forum April 11, 2011
Regulators often have different goals than the usual bankruptcy constituencies --
maximizing returns to creditors is not what they're about. Our panel looks at
various regulators, what their goals are and what they do when they show up in a
bankruptcy case. Regulators discussed will include the FDIC, FTC, SEC, and state
health and insurance regulators.
Rodger M. Landau
Landau, Gottfried & Berger, LLP
FTI Consulting, Inc.
Michael B. Lubic
K&L Gates, LLP
Samuel R. Maizel
Pachulski, Stang, Ziehl & Jones, LLP
$80.00 for LABF members
$80.00 for LABF members
$100 for non-members
$35.00 for government
$10.00 additional at door
Doors Open 6:00
Dinner at 6:45
Program at 7:30 p.m.
2151 Avenue of the Stars
Los Angeles, CA 90067
If you have a question please call Pat Garcia at (818) 972-5343
April 4, 2011
Sbarro, Inc. files Chapter 11
"Sbarro Inc., an operator and franchiser of fast-food Italian restaurants, missed a $7.8 million interest payment on Feb. 1 and filed a prepackaged Chapter 11 petition this morning in New York to convert $34.2 million of second-lien debt and $157.8 million of senior notes to equity.
The plan, if confirmed by the bankruptcy court, would reduce debt by $195 million, a court filing says. The petition listed assets of $471 million and debt totaling $486.6 million."
60 Minutes piece on Foreclosure Fraud
For those of you who did not see this last night it is a must watch. It
shows the tip of the iceberg in the foreclosure fraud problem. I have
included the links to both the 60 minutes piece and the information on
their site. Like I said this is just the tip of the iceberg but at
least the tip is now showing.
The CBS Overtime piece is nice too:
M. Erik Clark
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
Office: (626) 646-2555
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification