Posts Tagged ‘says
Nortel trustee says 3rd Circuit’s bankruptcy ruling may harm U.S. abroad
The trustee of the pension plan for employees of Nortel Networks’ British affiliate is asking the U.S. Supreme Court to review a federal appellate panel’s ruling that bankruptcy law bars a United Kingdom regulatory action to get funds from Nortel’s bankrupt U.S. affiliates.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
The Daily Docket: CRO Says AMR Must Cut Labor Costs
American Airlines parent AMR Corp.’s chief restructuring officer on Tuesday said the company won’t be able to successfully restructure without drastically cutting its labor costs. Read the Daily Bankruptcy Review article here.
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According to The Wall Street Journal, British Airways and its parent are ready to act but will remain on the sidelines of a merger at American Airlines, its U.S. partner.
MF Global Holdings Ltd.’s executives who are still unraveling the firm’s records won’t get bonuses, WSJ reports.
Even though AlixPartners agreed to be sold to private equity firm CVC Partners, it still wants to expand abroad, DealBook reports.
According to WSJ, leaders of law firm Greenberg Traurig LLP are looking at a possible deal with the struggling Dewey & LeBoeuf LLP.
The bankruptcy of Elpida Memory Inc. is fueling worries that the company might be a burden to anyone who acquires it, Bloomberg reports.
According to WSJ, 351 small U.S. banks are having trouble paying $ 15 billion in outstanding Troubled Asset Relief Program, or TARP, loans.
According to Reuters, investors in LightSquared are uniting against hedge-fund manager Philip Falcone, whose fund controls the wireless telecom company.
The Toronto Star reports on the beginning of mediation of almost $ 9 billion in Nortel Networks assets.
The Philadelphia Orchestra Association has reached a settlement with the American Federation of Musicians, the Philadelphia Inquirer reports. The pension fund had threatened the orchestra with litigation over its withdrawal from it.
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Short Sales are IN, Foreclosures OUT Says Roy Oppenheim
www.oppenheimlaw.tv This was a historical week. Besides marking the 25th anniversary of the explosion of the Space Shuttle Challenger — an event that itself marked the end of an era; this week’s headlines included Obama’s new rules/new economy State of the Union; Friday marked the first time in history that part of the Internet went dead as Egypt “unplugged itself” in a move to settle political unrest and finally…the Financial Crisis Inquiry Commission delivered the results of its investigation into the causes of the financial and economic crisis. Technology, politics and the economy seem to be unfolding into one. First let’s point out, there is a lot of BLAME going on, starting with the 500-page FCIC document, or should I say docu-drama. The in-depth analysis covers how we got to where we are today as it relates to the financial crisis, foreclosure crisis and housing crisis. As taken from the official FCIC press release: The Commission concluded that the crisis was avoidable and was caused by: • Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; • Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; • An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; • Key policy makers ill prepared for the crisis, lacking a full understanding of the …
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Chapter 7 ‘no abuse’ ruling is immediately appealable, 4th Circuit says
Dec. 19 (Westlaw Journals) – In a case of first impression, the 4th U.S. Circuit Court of Appeals has ruled that a bankruptcy court order denying a motion to dismiss a Chapter 7 case as abusive is a final order that may be appealed immediately.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
‘Flip’ clause in swap violates U.S. bankruptcy law, Lehman says
Bankrupt Lehman Bros. Special Financing Inc. is seeking a court ruling that a “flip” clause in a complex securities transaction does not terminate its right to a priority claim in a dispute with Bank of New York Mellon.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
Priests’ privacy protections trump public’s right to know, 9th Circuit says
Two priests associated with a bankrupt Oregon archdiocese have convinced a federal appeals panel that their names should be redacted from court documents related to alleged sexual abuse of children.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
No ‘absolute priority’ rule after BAPCPA, federal judge says
The “absolute priority” rule no longer applies to individual Chapter 11 debtors since the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a federal judge in Tampa, Fla., has ruled.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
Homestead exemption may apply to personal property, 8th Circuit says
The homestead exemption applies to proceeds from personal property sold with a debtor’s house unless the money was segregated from the sale or was used to pay off creditors, a panel of the 8th U.S. Circuit Court of Appeals has ruled.
Thomson Reuters News & Insight: Bankruptcy Law – Insight