September 7, 2011
NewPage, Cerberus-Owned Papermaker, Files for Bankruptcy
"NewPage Corp., the largest North American maker of coated papers, filed for bankruptcy six years after being bought by Cerberus Capital Management LP.
NewPage had $3.4 billion in assets and $4.2 billion in debt as of June 30, according to today’s Chapter 11 filing in Wilmington, Delaware. The Miamisburg, Ohio-based company was bought by New York-based Cerberus for $2.3 billion in January 2005, and issued $900 million in junk bonds to fund the purchase. It has been unprofitable since 2006."
September 6, 2011
Civility in litigation
From: Ayer, John
Sender: Bankruptcy law discussion list
ReplyTo: Ayer, John
Subject: FW: Civility in litigation.
Sent: Sep 6, 2011 1:42 PM
Students of civility in litigation may want to consider a fascinating blog post by Keith Humphreys, up this morning at /Reality-Based Community/. It's not specifically about litigation, but it includes this snippet:
“One diagnostic of class is being comfortable, and making others comfortable, in any company.” Part of that virtue I think is being merciful towards, even unusually kind to, people who are vulnerable because they have made a mistake. But some people take the reverse approach of blasting and humiliating those who err, maybe out of self-importance (as if to imply that they never make errors themselves) and maybe because they have constant free-floating rage that they discharge at any remotely socially acceptable moment.
Also: a favorite boss of mine (sic) liked to say--"Samuel Johnson says the way to judge a man is by how he treats a person who can't do him any good." I'm not sure Johnson said it, though he might well have thought it.
How and to what extent this observation applies to lawyers and judges--is left as an exercise to the student.
Professor of Law Emeritus
September 5, 2011
To Dodgers, Bankruptcy Incurs Cost by the Hour
"On July 6, Bruce Bennett analyzed a letter from a Los Angeles Dodgers fan about the team’s stunning bankruptcy filing. For his time — one-tenth of a legal hour, or six minutes — Bennett earned $97.50, exactly what he billed for a more standard task, such as examining the day’s docket.
That is a fine wage for Bennett, who makes $975 an hour as the Dodgers’ lead bankruptcy lawyer. For 34 days of legal toil that ended July 31, Bennett’s firm, Dewey & LeBoeuf, incurred fees of $1.7 million, it said last week in a court filing. That is a smidgen less than the Dodgers are paying the injured right-handed pitcher Vicente Padilla, who has not appeared in a game since May."
Master P Sued, No Money, Mo' Problems
"A bunch of people who worked for Master P on his 2003 movie "Uncle P" claim the former rap mogul wasn't bout it, bout it when it came to pay day -- and now they want their cash ... more than $240k!!
According to court documents obtained by TMZ, several members of the crew sued P back in 2005 and WON -- but P never forked over the dough.
Now, the class has taken their case to the U.S. Bankruptcy Court in L.A. -- hoping they can finally squeeze some cash out of the man who was once reported to be worth $600 million.
The class wants the court to push P into bankruptcy so that an independent trustee will be appointed to oversee P's assets ... and maybe then, they would be able to collect."