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January 21, 2011

Cash-Strapped States Seeking A Way To Declare Bankruptcy

Read the article here.

January 21, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Mesa Air wins bankruptcy plan OK, to emerge soon

"Mesa Air Group Inc (MESAQ.PK) won court approval on Thursday for its bankruptcy reorganization plan, clearing the way for the regional carrier to emerge from Chapter 11 protection next month."

Read the article here.

January 21, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Transcript of Anna Nicole Smith Argument at Supreme Court

You can access the transcript here.   This I think will be one of the most important cases in years on the issue of the "core" jurisdiction of the bankruptcy court.  Judge Bufford entered judgment for Anna Nicole Smith in the original trial in bankruptcy court.  At that time, the Texas court had not yet ruled.  His decision was appealed to the district court which entered judgment again for a lower amount.  By that time, the Texas court had ruled for Pierce Marshall.  If the Judge Bufford had core jurisdiction, he could ignore the Texas ruling since it had not happened.  If the issue was not core, the district court would be bound by the Texas ruling.      

The general rule is that bankruptcy judges determine the amount of claims, i.e., debts against the estate.  Pierce Marhsall started the matter in bankruptcy court alleging defamation and alleging that it was non-dischargeable.  Anna Nicole Smith counter-claimed for damages against Pierce Marshall for turning her husband against her before he died.  Determining a counter-claim is typically part of the claim determining process and therefore "core."  Is her claim against Pierce somehow outside the claims determination process?  The 9th Circuit said yes therefore Bufford had no jurisdiction to enter a judgment and Anna's various hopeful heirs are out of luck.    

The 9th Circuit opinion is a pretty fun read for the most part.  It has a little history of Howard Marshall and a great summary of how the bankruptcy court's jurisdiction works.    

January 21, 2011 in Supreme Court | Permalink | Comments (0) | TrackBack

New Judges Seated in the Central District of California

Scott Clarkson and Mark Wallace were sworn in today by Chief Judge Peter Carroll, and will be working Monday.  The announcement is here.   
They will both have chambers in Santa Ana.
Judge Wallace will take 50% Riverside cases (presumably by video) and 50% Santa Ana cases; Judge Clarkson will take 100% Riverside cases, presumably by video.
Their case assignments will start with new filings immediately. Some if not all of the LA judges who had been handling Riverside calendars will turn over their calendars to Judges Wallace and Clarkson. Watch for announcements.
I don't know when Wayne Johnson will be sworn.
Jason
 
JASON WALLACH, ESQ.
Gladstone Michel Weisberg Willner & Sloane, ALC
Marina del Rey CA 90292-7925
Email: jwallach@ gladstonemichel.com

January 21, 2011 in Judicial Announcements | Permalink | Comments (0) | TrackBack

January 20, 2011

Bankrupt Vallejo May Repay Its Creditors as Little as 5 Percent of Claims

"The city of Vallejo, California, proposed paying some creditors as little as 5 percent of what they are owed, making it the first general municipality that would fail to fully repay its debts in bankruptcy."

Read more here.

January 20, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

January 19, 2011

PRESS RELEASE: CAPITAL ONE BANK WILL REFUND MORE THAN $2 MILLION IN MONIES IMPROPERLY COLLECTED FROM CONSUMERS IN BANKRUPTCY

"The U.S. Trustee Program (USTP) announced today that Capital One Bank (USA: 5.07, -0.04, -0.69%) N.A. will refund approximately $2.35 million to consumers in bankruptcy, or their bankruptcy estates, for amounts received by Capital One as a result of erroneous claims it filed in bankruptcy cases for debts that previously had been discharged. Capital One also will reimburse attorneys' fees and costs to consumers and bankruptcy trustees who filed legal objections to Capital One's erroneous claims."

Read the article here.

January 19, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

January 17, 2011

Anna Nicole Smith Case Returns to Supreme Court Tuesday

"Even by the high-brow standards of the Supreme Court, Tuesday's case over the estate claimed by deceased Texas sex symbol Anna Nicole Smith delves so far into the depths of probate and bankruptcy law that even the most attuned legal minds will be challenged to fully understand all of the complexities now before the justices....

In short, Stern's [Howard K. Stern, executor of the Vickie Lynn Marshall (Anna Nicole Smith)  estate] lawyers contend a federal bankruptcy judge is legally empowered to address all of the core claims and counterclaims brought by the parties. 'Lower courts across the country have uniformly held for decades that bankruptcy courts can enter final orders on debtors' compulsory counterclaims to proofs of claim. Until now,' lawyer Kent Richland wrote in his brief to the court."

Read more here.

January 17, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Judge Approves $7.2 Billion Madoff Settlement

"A U.S. judge approved a $7.2 billion settlement on Thursday to pay former customers of the Madoff firm, the largest yet in the worldwide search for money lost in Bernard Madoff's multibillion-dollar Ponzi scheme.

U.S. Bankruptcy Court Judge Burton Lifland in New York made the ruling over the objections of some investors, who contested the deal between the estate of Jeffry Picower, a Madoff friend and investor, and a trustee liquidating the Madoff firm."

Read the article here.

January 17, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Bookseller Borders Hires Restructuring Lawyers

"Citing people familiar with the matter, WSJ said on its website that Borders has chosen law firm Kasowitz, Benson, Torres & Friedman to advise on its current refinancing efforts. Kasowitz's instructions are to keep the company out of bankruptcy court, the report said, citing one of the sources."

Read more here.

January 17, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Fifth Annual Review of 9th Circuit Published Decisions and Other Cases

cdcbaa --Central District Consumer Bankruptcy Attorneys Association Fifth Annual Review of 9th Circuit Published Decisions and Selected Other Cases on Bankruptcy for 2010

January 22, 2011

Speakers:
Hon. Maureen Tighe -- Bankruptcy Judge, Central District of California, San Fernando Valley Division
M. Jonathan Hayes

Southwestern Law School -- 3050 Wilshire Boulevard, Los Angeles, CA 90010

Registration: 10:00 am - 11:00 am
CDCBAA Membership Meeting: 10:00 am - 11:00 am
Program: 11:00 pm - 1:00 pm

2 Hours of MCLE Credit Provided – Limited Space

Cost: Free to cdcbaa Members
Non-Members: $250 (which includes one year membership in cdcbaa,
dmission to the annual Calvin Ashland Awards Dinner, and at least seven
more free MCLE Programs this year)

January 17, 2011 in Programs | Permalink | Comments (0) | TrackBack