BankruptcyProf Blog

Denny Hecker sentenced to 10 years

"U.S. District Judge Joan Ericksen Tuesday morning handed the 58-year-old former auto mogul a decade-long prison sentence, the maximum combined penalty for the two crimes — bankruptcy fraud and wire fraud conspiracy — to which he pleaded guilty in a Labor Day weekend deal with prosecutors."

Read the article here.

JPMorgan Chase accuses Madoff trustee of skirting the law

"JP Morgan says trustee Irving Picard, who is suing to recover $6.4 billion for victims of the massive Ponzi scheme, exceeded his authority by filing the case in Bankruptcy Court, where a judge rather than a jury would rule on it."  

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Round Table Pizza files Chapter 11

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Ultimate Electronics chain decides to liquidate

"Ultimate Electronics, a home entertainment and consumer electronics retailer partially owned by Hewlett-Packard Co (HPQ.N), has decided to liquidate after filing for bankruptcy protection last month."

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Harry & David on Life Support

"Harry & David Holdings Inc. may have to put bankruptcy on the menu after months of declining sales."

Read the article here.

Hearing Set in Blockbuster Chap. 7 Motion

"A New York judge will hold a hearing on Feb. 24 to address a request by a Blockbuster Inc. creditor to move the Dallas movie and game rental chain's bankruptcy into Chapter 7 liquidation."

Read the article here.

FINANCIAL LAWYERS CONFERENCE Chapter 11 Cases for Individuals An Uneasy Amalgam of Chapter 11 and Chapter 13

Due to the economic downturn, entrepreneurs have resorted and will continue to resort to chapter 11 to deal with illiquid assets and significant business debts in order to remain in control of their property and avoid wholesale liquidation.  These debtors and their counsel and creditors will find themselves in an oddly different legal world, created by BAPCPA’s introduction of many structures and concepts from chapter 13 into chapter 11 cases for individuals.

This program will help you identify and overcome new challenges to navigating this “brave new world” successfully.  For example:

 If post-petition earnings are now property of the estate, for what purposes can they be used? 
 What is “projected disposable income” and why do I have to know? 
 Does the absolute priority rule protecting general unsecured claims still apply? 
 Can a confirmed plan really be modified by creditors after the effective date?
 What do you mean I don’t get a discharge for 30 years?
 Is this constitutional?        

Speakers: Sally Neely,  Sidley Austin LLP                                
Judge Bruce A. Markell, United States Bankruptcy Judge for the District of Nevada                            

Location:  The Omni Hotel 251 S. Olive Street Los Angeles, California
                  
Time:       6:00pm -  6:45pm -  Registration and Cocktails
                6:45pm - 7:30pm -    Dinner
               7:30pm  - 8:30pm -  Program

Cost:       $70.00 FLC Members   $85.00 Nonmembers  $40.00 Lawyers in Gov’t Svc.

Pre-registration deadline is Tuesday, March 1.  After Tuesday, February, the registration fee increases by $5.00.  Cancellations must be received by the pre-registration deadline of Tuesday, March 1.
Financial Lawyers Conference, 214 Main Street, #336, El Segundo, CA  90245  (310) 322-1350
For information on FLC’s events and membership, go to www.financiallawyers.org

MCLE Credit --This activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1 hour.  The Financial Lawyers Conference certifies that this activity conforms to the standards for approved educational activities prescribed by the rules and regulations of the State Bar of California governing minimum continuing legal education.

United States Bankruptcy Court Orders Sale of JFK Plaza Hotel

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Archdiocese Bankruptcy Case Documents

"The Archdiocese of Milwaukee, which filed for Chapter 11 bankruptcy on Jan. 4, 2011 after failing to settle with several victims of sexual abuse by the Catholic clergy, has listed nearly $41 million in assets and $24 million in liabilities.

A meeting of creditors is scheduled for Feb. 11 at 11 a.m. at the U.S. Bankruptcy Court in Milwaukee, according to court documents."

Read more here.

Trustee finds ex-East Chicago mayor doesn't quality for Chapter 7 bankruptcy

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CityCenter sides with Longoria, Beso against dismissal of bankruptcy case

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Dewey & LeBoeuf Expands Bankruptcy Practice

"Dewey & LeBoeuf LLP has bulked up its municipal bankruptcy practice with the hiring of Hennigan Bennett and Dorman LLP's founding partner and nine other lawyers, the law firm said on Monday."

Read more here.

Interesting Litigation in Involuntary Case

U.S. Bankruptcy Court
District of Nevada (Las Vegas)
Bankruptcy Petition #: 10-32968-bam

Assigned to: BRUCE A. MARKELL
Chapter 11
Involuntary  Date filed:   12/09/2010

Debtor
SOUTH EDGE, LLC
3455 CLIFF SHADOWS PKWY, STE 220,
LAS VEGAS, NV 89129 represented by  DAVID M. STERN
KLEE, TUCHIN, BOGDANOFF AND STERN LLP
1999 AVENUE OF THE STARS, 39TH FLOOR
LOS ANGELES, CA 90067

MARTIN R BARASH
KLEE, TUCHIN, BOGDANOFF & STERN LLP
1999 AVENUE OF THE STARS, 39TH FLR
LOS ANGELES, CA 90067
(310) 407-4005
Fax : (310) 407-9090
Email: mbarash@ktbslaw.com

MATTHEW C. HEYN
1999 AVENUE OF THE STARS, 39TH FLOOR
LOS ANGELES, CA 90067
(310) 407-4000
Email: mheyn@ktbslaw.com

ROBERT M. CHARLES, JR.
LEWIS AND ROCA LLP
3993 HOWARD HUGHES PKWY, STE 600
LAS VEGAS, NV 89169
(702) 949-8320
Fax : (702) 949-8321
Email: rcharles@lrlaw.com

ROBERT J. PFISTER
KLEE, TUCHIN, BOGDANOFF & STERN LLP
1999 AVENUE OF THE STARS, 39TH FLR
LOS ANGELES, CA 90067
(310) 407 4000
Fax : (310) 407-9090
Email: rpfister@ktbslaw.com

WHITMAN L. HOLT
KLEE, TUCHIN, BOGDANOFF AND STERN LLP
1999 AVENUE OF THE STARS, 39TH FLOOR
LOS ANGELES, CA 90067
Petitioning Creditor
JPMORGAN CHASE BANK, N.A.
C/O JOHN P. MCDONAGH
383 MADISON AVE., 23RD FLR
NEW YORK, NY 10179 represented by  BRENT C GARDNER
40 N CENTRAL AVE
PHOENIX, AZ 85004-4429
(602) 262-5747

DAMION K. L. STODOLA
MORRISON AND FOERSTER LLP
1290 AVENUE OF THE AMERICAS
NEW YORK, NY 10104

NORMAN S. ROSENBAUM
MORRISON AND FOERSTER LLP
1290 AVENUE OF THE AMERICAS
NEW YORK, NY 10104

Petitioning Creditor
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
C/O ALAN SIDRANE & RONALD SPITZER
1301 AVENUE OF THE AMERICAS
NEW YORK, NY 10019-6022 represented by  HAYNES AND BOONE LLP
ONE HOUSTON CENTER
1221 MCKINNEY ST, STE 2100
HOUSTON, TX 77010
713-547-2243

JOLLEY URGA WIRTH WOODBURY & STANDISH
3800 HOWARD HUGHES PKWY #1600
LAS VEGAS, NV 89109

Petitioning Creditor
WELLS FARGO BANK, N.A.
301 S. College St., 4th Floor
Charloote,, NC 28202-6000 represented by  BRENT C GARDNER
(See above for address)

U.S. Trustee
U.S. TRUSTEE - LV - 11
300 LAS VEGAS BOULEVARD S.
SUITE 4300
LAS VEGAS, NV 89101   

Great Sample Bankruptcy Petition

Click here.