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Upcoming Committee Formation Meeting: Wednesday July 6, 2016, 10:30 AM Case Name:  iON Worldwide, Inc. Case Number:  16-11543 (LSS) Location:  Delaware State Bar, 405 N. King Street, Suite 100, Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. The petition includes the consolidated list of top 20 creditors. More information about this filing can be found here. Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.
3 weeks 3 days ago
Receiving Wide Coverage ... Big day: Banks could use some good news this week, but it remains to be seen whether there's any in sight. On Wednesday, the Federal Reserve will release the second part of its annual stress tests, which could prove a bright spot for some banks. The exams will determine how much capital they can return to shareholders through buybacks or dividends. ...

Read More from: BankThink

3 weeks 3 days ago
F. Lee Bailey filed for Chapter 7 bankruptcy relief on June 24, 2016. The bankruptcy primarily stems from a huge tax debt that Bailey has been fighting for 22 years. While the facts surrounding the tax debt are fairly complex, stemming from his representation in the 1990’s of convicted drug felon, Claude Duboc, it is likely the tax debt was largely the result of poor record keeping.  Bailey was denied the benefit of claimed tax deductions for several tax years when he was unable to produce actual receipts or substantiated documentation of claimed expenses. Lee Bailey’s Legal Background

Read More from: Bonds & Botes, P.C.

3 weeks 3 days ago
Supreme Court Will Review Jevic to Rule on Structured Dismissals and Gift Plans The Supreme Court granted certiorari in Czyzewski v. Jevic Holding Corp. to decide whether bankruptcy courts are allowed to dismiss chapter 11 cases when property is distributed in a settlement that violates the priorities contained in Section 507 of the Bankruptcy Code. Although Jevic deals with structured dismissals, the high court’s decision might also have the effect of allowing or barring so-called gift plans where a secured creditor or buyer makes a payment, supposedly from its own property, that enables a distribution in a chapter 11 plan not in accord with priorities. Jevic creates two circuit splits, one explicit, the other implicit. The explicit split reflects disagreement between the Fifth and Third Circuits over the role that priority in right of payment should play in final distributions in bankruptcy. The implicit circuit split reflects a disagreement between the Seventh and Third Circuits regarding a Bankruptcy Issue The case is about “structured dismissals.” A “structured dismissal” is “a hybrid dismissal and confirmation order in that it typically dismisses the case while, among other things, approving certain distributions to creditors, granting certain third party releases, [and] enjoining certain conduct by creditors . . .

Read More from: Richard G. Grant, P.C.

3 weeks 3 days ago
Consulting giant McKinsey & Co. was ordered to turn over its client roster in a win for turnaround guru Jay Alix, who accused the firm on not following bankruptcy rules. Read the Daily Bankruptcy Review article via The Wall Street Journal. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) Atlantic City, N.J., is still threatened by a possible casino strike, DBR reports in WSJ. DBR reports in WSJ on the Supreme Court agreeing to look at a bankruptcy deal involving trucking company Jevic Holdings Corp. that left truck drivers unpaid. Read DBR’s report in WSJ on Sam Wyly’s $1.1 billion tax bill.

Read More from: WSJ.com: Bankruptcy Beat

3 weeks 3 days ago
By Donald L. Swanson Here are two recent news articles on similar subjects and similar circumstances . . . but with dramatically different approaches and results.
  1.   The first is from Yahoo Sports, dated June 20, 2016, titled, Attorney: Art Briles was a no-show at mediation meeting with [rape] victim.
  1.   The second is from The Washington Post, dated three days later (June 23, 2016), titled, I hated this man more than my rapists”: Woman confronts football coach 18 years after alleged rape.
Each article describes the actions of a college football coach in dealing with rape allegations against his former players. These two articles show two different approaches for dealing with human tragedy. Let’s start with the article on accountability / forgiveness / reconciliation.

Read More from: Mediatbankry

3 weeks 3 days ago
U.S. Bank N.A. v The Village at Lakeridge, LLC (In re The Village at Lakeridge, LLC), 814 F.3d 993 (9th Cir. 2016) – A secured creditor filed a motion to designate an unsecured creditor’s claim and disallow the creditor’s vote … Continue reading →
3 weeks 3 days ago
Action Item. Issues relating to settlement impediments, parties, information and discovery, use of joint sessions, and tax implications need to be discussed in advance by the mediator with parties and their attorneys to prepare for multiparty mediation sessions.  

Read More from: Mediatbankry

3 weeks 3 days ago
A ruling by the Supreme Court in Spain says Spanish banks that held deposits for property that was never built are to be held to account. Around 100,000 people in the UK are thought to have paid big sums towards such properties in Spain but these were lost when several developers went bust in the wake of 2008’s financial crisis. Estimates for how much British buyers could claim are around £4bn. Prior to the economic crisis that hit Europe, many people in Spain purchased properties off-plan where the developments were not yet built and handed the developer advanced payments on the purchase price, which were paid into accounts set up in banks. When the property bubble burst, many of these projects never materialised and millions of euros have been trapped in the accounts since, in order to minimise the cost of the developments, it was common practice for banks to grant loans without requiring guarantees or insurance. Traditionally, it was considered that only the insolvent developers that had failed to complete the developments were liable to refund the deposits to the homebuyers with no liability for the bank in which the deposits advances were paid. Spanish law applicable at the time forced banks to supervise the funds advanced by homebuyers to the developers, it being their responsibility to ensure that the deposits were paid into special accounts at the bank in question, and separated from the developer’s other accounts.

Read More from: eSQUIRE Global Crossings

3 weeks 3 days ago
A cautionary tale for those who want to file their own bankruptcy case. I always say, you can do your own plumbing, you can be your own electrician, you have that right. Folks want to save money.  Especially, if you are bankruptcy, you do not have money laying around for attorney fees. One Do It [...] The post Bankruptcy: Do It Yourself? appeared first on Detroit Bankruptcy Lawyer Kurt O'Keefe.

Read More from: Stop Creditor

3 weeks 3 days ago
An involuntary petition under chapter 7 of the Bankruptcy Code filed against a Mississippi casino developer was dismissed for bad faith, even though the petitioning creditors met the statutory requirements for filing the involuntary case.  In In re Diamondhead Casino Corporation, the U.S. Bankruptcy Court for the District of Delaware found the petitioning creditors’ primary concern was a change in management that could be pursued under Delaware state law, and was not a proper purpose for filing an involuntary petition.  Background We’ve previously written about this case in our post Delaware Bankruptcy Court Denies Request to Appoint an Interim Trustee During the “Gap Period” in an Involuntary Case, in connection with a failed attempt to appoint an interim trustee during the “gap period” in the involuntary case.
3 weeks 3 days ago
The legislation to reform the Dodd-Frank Act promotes the idea that the best defense against another crisis is simpler, higher capital requirements, not prescriptive regulations.

Read More from: BankThink

3 weeks 3 days ago
    At John Rogers, Kentucky Bankruptcy Attorney, we serve the following Kentucky Counties.  If you live in any of these counties, you are located in the Bowling Green Division of the United States Bankruptcy Court for the Western District of Kentucky and would go to court in Bowling Green, Kentucky if you file bankruptcy. Let us know if we can help, and we can walk you through the process. Folks who file Chapter 13 Bankruptcy would go to court at the Warren County Justice Center in Bowling Green, KY and if you file Chapter 7 Bankruptcy you would go to court at the Federal Courthouse in Bowling Green, KY. If you file bankruptcy, you DO NOT go to court at your local county courthouse (unless, of course, you live in Warren County and file Chapter 13 Bankruptcy) You can click on this map to show you the counties we serve in the Bowling Green Division. Adair County – Allen County – Barren County – Butler County – Casey County – Clinton County – Cumberland County – Edmonson County – Green County – Hart County – Logan County – Metcalfe County – Russell County – Simpson County – Todd County – Warren County
3 weeks 3 days ago
The purpose of filing for Chapter 7 bankruptcy is to discharge debts. But even after obtaining a discharge, a debtor is not totally in the clear. A recent case in the United States Bankruptcy Court for the Western District of Michigan involves an adversary proceeding in which the United States Trustee sought to revoke a Chapter 7 debtor’s (the “Debtor”) discharge.[i] Read More › Tags: Chapter 7, Fraud & Abuse

Read More from: Michigan Bankruptcy Blog

3 weeks 3 days ago
Gawker Media Files For Chapter 11 Bankruptcy Protection| June 12, 2016 Gawker Media and certain affiliates filed for protection under Chapter11 of the United States Bankruptcy Code on June 12, 2016 in the United States Bankruptcy Court for the Southern District of New York under Case No. 16-11700 (SMB). The Debtors in these cases, along with last four digits of the taxpayer identification number are: Gawker Media LLC (0492); Gawker Media Group, Inc. (3231); and Kinja Kft. (5056). The offices of Gawker Media LLC and Gawker Media Group, Inc. are located at 114 Fifth Avenue, 2d Floor, New York, NY 10011. Kinja Kft.’s offices are located at Andrassy ut 66. 1062 Budapest, Hungary. William D. Holden is a Managing Director in the restructuring practice of Opportune LLP and serving as the Chief Restructuring Officer for Gawker Media Group, Inc. (“GMGI”) and discusses the filing: Overview of the Debtors’ Businesses The Debtors’ Business Operations “The Debtors in these Chapter 11 Cases include GMGI and its wholly-owned subsidiaries, Gawker Media and Kinja. “Gawker is a privately-held, online media company whereby Gawker Media operates seven distinct media brands with corresponding websites under the names Gawker, Deadspin, Lifehacker, Gizmodo, Kotaku, Jalopnik, and Jezebel (the “Websites”), all pursuant to intellectual property owned by and licensed from Kinja.

Read More from: Richard G. Grant, P.C.

3 weeks 3 days ago
In contrast to the cacophony created by Brexit, EU authorities have been working for several years on a project to move toward greater harmony among the discordant insolvency laws of the Member States. Though the project is focused on business rescue and restructuring, the Commission Recommendation "on a new approach to business failure and insolvency" makes specific reference to non-business cases, as well, as "Member States are invited to explore the possibility of applying these recommendations also to consumers" (para. 15).

Read More from: Credit Slips

3 weeks 3 days ago
Federal regulations Â-- including the FFIEC's recent mobile security guidelines Â-- have not kept pace with mobile innovation and the security risks users face from smartphone banking platforms.

Read More from: BankThink

3 weeks 4 days ago
Receiving Wide Coverage ... Application Denied: Monday's verdict from the high court? Thanks, but no thanks. The Supreme Court declined to review an appeals court decision over whether debt collectors must follow state usury laws, making way for a class-action suit to proceed back in district court. For now, the industry remains in limbo. ...

Read More from: BankThink

3 weeks 4 days ago
You may recall my blog post from a few weeks ago about how Kentucky attorney Eric Conn, Administrative Law Judge (ALJ) David Daugherty and Dr. Alfred Adkins among others allegedly conspired together to defraud the U.S. Government out of millions of dollars by way of rigging Social Security Administration (SSA) Disability claims. Time for an Update! One of the “others” I alluded to was former Chief ALJ Charlie Andrus, a 28-year veteran of the SSA, who this month pleaded guilty to his involvement in the elaborate scheme, according to a U.S. Department of Justice (DOJ) release.  What is interesting is that he was charged with “conspiracy to retaliate against an informant” — in other words witness tampering of all things.  Having discovered a possible whistle blower in their midst, Conn (allegedly) and Andrus set about trying to get the person fired.

Read More from: Bonds & Botes, P.C.

3 weeks 4 days ago
Wearable camera maker iON Worldwide Inc., a competitor of GoPro, filed for bankruptcy. Read the Daily Bankruptcy Review article via The Wall Street Journal. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) EZ Worldwide Express, a bankrupt shipping firm that had a delivery contract with Forever 21 Inc., abandoned the contract after business slowed too much to make it profitable, DBR reports in WSJ. A bankruptcy judge said ex-billionaire Sam Wyly and his deceased brother’s estate owe more than $1 billion for hiding assets form the Internal Revenue Service, Bloomberg reports.

Read More from: WSJ.com: Bankruptcy Beat

3 weeks 4 days ago

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