BankruptcyProf Blog

Rhino head, snow leopard sold in US auction

"The mounted head of an endangered white rhinoceros and the stuffed remains of a highly endangered snow leopard, remnants of the fortune amassed and lost by an Alaska real-estate titan, have been auctioned off to pay some of his debts, officials said on Monday.

The wildlife trophies were part of the estate auctioned off in Anchorage to settle the bankruptcy case of Robert Kubick, a once-wealthy businessman and big-game hunter who was imprisoned after being convicted of defrauding his creditors."

Read more here.

 

Maurice, Louisiana Couple Convicted of Perjury Charges Related to Bankruptcy Assets

"Thad Corey Theall, 52, and Theresa Theall, 51, both of Maurice, La., have been convicted by a federal jury in Lafayette, La., of perjury charges relating to bankruptcy assets, United States Attorney Stephanie A. Finley announced.

Thad and Theresa Theall were indicted in July of 2009, in a two-count indictment: count 1, concealment of bankruptcy assets false statement under penalty of perjury; and count 2, concealment of bankruptcy assets false oaths. Testimony during trial revealed that The Theall’s filed for bankruptcy on June 16, 2005, and in relation to that Bankruptcy Petition, failed to disclose information under the bankruptcy filings which were verified under penalty of perjury. This resulted in the concealment of proceeds of approximately $100,000.00 from the sale of property located on Ambassador Caffery Parkway. It was further revealed that while under oath during a meeting of creditors before the U.S. Trustee in August of 2005, The Theall’s provided false information regarding the sale of the Ambassador Caffery Parkway property to conceal the $100,000.00 proceeds. Thad Corey Theall was found guilty on both counts, and Theresa Theall was found guilty on count 1."

Read more here.

May 18, 2011: The Pre-Workout Agreement: What It Is, Why You Want It, What’s in It

Program Information:
Some of the most serious lender liability problems arise in connection with a
lender’s actions and statements that are made in the course of a loan workout
and restructuring negotiation. Lenders may find themselves subject to a breach
of contract based on a borrower’s allegations that the lender orally agreed to
restructure the loan or orally waived a breach, and then reneged on such an
agreement or waiver.

A Pre-Workout Agreement can help mitigate these risks. This program will
discuss when to get the Pre-Workout Agreement and what it should contain.
This program will also cover commercial loan workout strategies and pre-bankruptcy
planning from the perspective of a secured commercial lender.

Speakers:
Robert A. Willner, Buchalter Nemer

Location:
Los Angeles County Bar Association
Wilshire Conference Room
1055 West 7th Street, 27th Floor
Los Angeles, CA 90017

Parking:
LACBA Parking Structure - $10 with validation

Times:
Registration: 11:30 AM
Meal/Reception: 12:00 PM
Program: 12:00-1:30 PM

Prices:
CLE+ Members (meal not included) FREE
CLE+ Plus Members with meal $25.00
Commercial Law and Bankruptcy Section Members with meal $55.00
LACBA Members with meal $65.00
All Others with meal $75.00
AT THE DOOR PAYMENT for All with meal $80.00

If you wish to register by Phone with Visa, MasterCard or American Express please
call our Member Services Department at (213) 896-6560 Mon-Fri, 9 a.m.- 4:30 p.m.
Member Services Department: msd@lacba.org
Registration Code: 011262

1 hr CLE Credit

Ex-developer loses appeal in bankruptcy fraud case

"Former Anchorage developer Robert Kubick, now serving time for bankruptcy and tax fraud in a federal prison in California, may have to pay up to half a million dollars in restitution to his creditors, according to a recent ruling by the federal appeals court in California.

Kubick received a five-year sentence in early 1998 after he pleaded guilty to felony charges in what prosecutors have called the biggest individual bankruptcy fraud case in state history. He was sentenced to five years in prison and ordered to pay $24,000 in restitution, according to federal prosecutors.

Kubick, 59, appealed his sentence. While the 9th U.S. Circuit Court of Appeals rejected all his claims, it overturned District Court Judge John Sedwick's ruling that Kubick had to pay only $24,000 in restitution when 40 creditors were owed more than $15 million, according to Assistant U.S. Attorney James Barkeley."

Read more here.