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December 5, 2011

Two more bankruptcy preparers facing possible criminal contempt charges

"Cases against two additional bankruptcy petition preparers are being sent to the U.S. Attorneys Office, bringing to four the number of criminal contempt cases against preparers under review by federal prosecutors.

Cases against Jennifer Valente Abbott, a disbarred attorney, and Gaynor Morrison, who had prepared bankruptcy petitions for the now defunct Credit University, were sent to the prosecutors last week by U.S. District Court Judge J.P. Stadtmueller. Each were cited for contempt by bankruptcy court judges who, in accordance with judicial protocal, sent the case up to district court for possible criminal action."

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December 5, 2011 in Current Affairs | Permalink | Comments (2) | TrackBack

AMR Record $4.1 Billion Bankruptcy Cash Mutes Takeover Risk

"AMR Corp.'s $4.1 billion in cash, the most ever for a U.S. carrier entering bankruptcy, may help the parent of American Airlines preserve its independence.

Filing for Chapter 11 with that much in cash and short-term investments strengthened the third-largest U.S. airline company's control over its fate, unlike peers that restructured in the last decade, said James M. Higgins, an analyst at New York-based Ticonderoga Securities LLC."

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December 5, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack