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April 14, 2011

U.S. judge to sanction LPS for lying to court

"A federal bankruptcy judge in New Orleans said she will impose sanctions on Lender Processing Services, after concluding that the mortgage servicing company deliberately committed fraud on the court in a foreclosure case, by giving false testimony and submitting a 'sham' affidavit."

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April 14, 2011 in Current Affairs | Permalink | Comments (1) | TrackBack

April 13, 2011

Toni Braxton: On Bankruptcy, Beating Her Illnesses and the Braxton Family Values

"Your first bankruptcy occurred while you were signed to LaFace,but you weren’t able to talk about it. What went wrong?

No I couldn’t [talk about it] because I had a 10-year gag order. After TLC talked publicly about their bankruptcy [the label prohibited] other LaFace artists to talk, but now I can. I sold more than 40 million records, yet my royalties were less than $2000 dollars. People don’t understand that this issue went all the way to Congress about bankruptcy. All contracts are null and void except for a recording artist. Can you believe it? But the industry has changed now."

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April 13, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Madoff judge orders bank employees' names unsealed

"The judge overseeing the liquidation of Bernard Madoff's investment firm on Tuesday rejected requests by banks to keep secret the names of current and former employees mentioned in lawsuits seeking to recover alleged improper profits tied to the imprisoned Ponzi schemer.

The public disclosure of names of workers affiliated with financial institutions including Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and UBS AG (UBSN.VX) was ordered by U.S. Bankruptcy Judge Burton Lifland."

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April 13, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Station Casinos Affiliates Files Bankruptcy to Implement Green Valley Sale

"Station Casinos Inc. affiliates including Fiesta Station Inc. filed for bankruptcy protection to implement an asset sale that is part of the parent company’s reorganization plan.

Fiesta Station listed assets of as much as $500 million and debt of more than $1 billion in a Chapter 11 petition filed yesterday in U.S. Bankruptcy Court in Reno, Nevada. Green Valley Ranch Gaming LLC and 25 other related companies also sought court protection."

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April 13, 2011 in Current Affairs | Permalink | Comments (1) | TrackBack

Claims Against Tribune Chairman Zell ‘Have Merit,' Bankruptcy Judge Says

"Tribune Co.’s bankruptcy judge said potential lawsuits against company Chairman Sam Zell related to the billionaire’s $8.2 billion buyout of the newspaper publisher “have merit.”

U.S. Bankruptcy Judge Kevin Carey didn’t immediately rule on a request by Zell, 69, to either prevent any lawsuits against him from going forward or require that an independent trustee pursue the litigation. In a lawsuit in November, creditors accused Zell of pushing forward with the buyout even though he and others involved knew the transaction would add too much debt on Tribune for the company to survive."

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April 13, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Court Re-Seals Explosive David Bergstein Report After Details Made Public

"The federal bankruptcy court judge overseeing the saga of troubled film executive David Bergstein has re-sealed an explosive report by a court-appointed trustee about Bergstein’s financial dealings that was made public on Monday—but not before the report, obtained by The Hollywood Reporter, revealed what the trustee describes as a mass scheme of corruption, incompetence, perjury and a conscious effort to mislead the court.

Ronald Durkin, a forensic accountant and former FBI agent who for the past year has been serving as a court-appointed trustee in the Bergstein matter, issued a nearly 400-page report on April 5 detailing the affairs of Bergstein and his associate Ronald Tutor in the movie business. The report grew out of a rare involuntary bankruptcy case.
On Monday presiding judge Barry Russell allowed the report to be unsealed. An attorney for Bergstein, his wife and one of his companies then filed an emergency appeal with the court to try and overturn the ruling on the report, which Bergstein’s attorney claims was to remain private. "
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April 13, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

April 10, 2011

Tinker the teen T. rex to be released after lawsuit

"The fossilized remains of Tinker the teenage T. rex soon could be returning to the prospectors who unearthed them, after a recent ruling from a federal bankruptcy court.  

Most of the 65-million-year-old fossils have spent years in storage in Pennsylvania under the jurisdiction of a trustee, after the man hired to restore them filed for bankruptcy protection. The trustee wanted fossil hunters Ron Frithiof of Austin, Texas, and Kim Hollrah of Iowa to pay $75,000 for services from Barry James and his company, Prehistoric Journeys."

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April 10, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Ex-administrator is accused of bankrupting a Santa Monica school by misusing $1 million

"The former director of a private Santa Monica high school is alleged to have misused more than $1 million in school funds, forcing the school into bankruptcy near the beginning of the term and blindsiding many families who had paid a full year's tuition, according to documents and interviews.

Many of the allegations are part of a civil lawsuit filed Friday in U.S. Bankruptcy Court by Concord International High School against former administrator Susan Packer Davis, her husband, Eric Hille, and her son, Alexander Davis."

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April 10, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack