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    Bankruptcies: promoting legislatures to protect municipal bondholders
    2012-07-24

    In the aftermath of the economic recession, US cities, towns and other municipalities facing the threat of budgetary and financial catastrophe are turning to Chapter 9 of the US Bankruptcy Code for protection.

    Filed under:
    USA, Insolvency & Restructuring, Public, Porzio Bromberg & Newman PC
    Location:
    USA
    Firm:
    Porzio Bromberg & Newman PC
    Government must provide actual notice of forfeiture proceedings
    2012-07-16

    The Government must provide actual notice of forfeiture proceedings to those the Government knows have claimed an interest in property to be forfeited.  In a fact pattern the Sixth Circuit characterized as "befitting a John Grisham novel," the Government dug up (literally) a fraudster’s $250,000 on a golf course.  The Government found the money in October 2009 and instituted forfeiture proceedings.  In November and December 2009, the Government posted a generalized notice of forfeiture on the internet.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Public, Duane Morris LLP, Asset forfeiture, Sixth Circuit
    Authors:
    Robert H. Dietrick
    Location:
    USA
    Firm:
    Duane Morris LLP
    Chapter 9 - California and federal bankruptcy law/relative bargaining positions
    2012-06-29

    On June 28, 2012, Stockton, California became the most recent municipality to file for bankruptcy under chapter 9, after having concluded a mandatory mediation process with its creditors. See, In re City of Stockton, California, Case No. 12-32118 (Bankr. E.D. Cal.). Many parties affected by a potential filing by other similarly situated California public entities are seeking to understand the process that precedes a Chapter 9 filing and how to plan for a possible filing.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Public, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Debtor, Title 11 of the US Code
    Authors:
    Alan H. Martin , Matthew B. Holbrook
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Stockton, California chapter 9 filing - another outlier, or harbinger?
    2012-06-29

    Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way. The wave, however, has yet to materialize, and the bankruptcy filing of Stockton, California will likely not change th

    Filed under:
    USA, California, Insolvency & Restructuring, Public, Kelley Drye & Warren LLP
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Municipal bankruptcies may force municipal bondholders to accept haircuts
    2012-06-29

    Most people are familiar with the two most common forms of bankruptcy protection under the Bankruptcy Code – Chapter 7 liquidations and Chapter 11 reorganizations. But like individuals and companies, municipalities can also file for bankruptcy protection under Chapter 9 of the Bankruptcy Code. Now the city of Stockton, California has become the largest city to file for municipal bankruptcy protection following major municipal bankruptcy filings in Jackson County, Alabama and Harrisburg, Pennsylvania.

    Filed under:
    USA, Insolvency & Restructuring, Public, Larkin Hoffman Daly & Lindgren Ltd, Bond (finance), Bankruptcy, Unsecured creditor, Title 11 of the US Code
    Authors:
    Richard (Jay) J Reding
    Location:
    USA
    Firm:
    Larkin Hoffman Daly & Lindgren Ltd
    Weathering the storm: vitro’s concurso plan is manifestly contrary to public policy . . . at least for now
    2012-06-20

    On June 13, 2012, the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”) published an opinion ruling on whether the Mexican Plan of Reorganization (the “Concurso Plan”) of the Mexican glass-manufacturing company, Vitro, S.A.B.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Public, Haynes and Boone LLP, Debtor, Comity, Title 11 of the US Code, United States bankruptcy court, US District Court for Northern District of Texas
    Authors:
    Robin E. Phelan , Scott Everett , Autumn D. Highsmith , Jordan Bailey
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Court dismisses public pension fund's bankruptcy case
    2012-06-13

    In our May 24 entry on this topic, the Northern Mariana Islands Retirement Fund (the “Fund”) was battling numerous challenges to its Chapter 11 eligibility. The dispute revolved around whether the Fund, which provides benefits to government workers and retirees, was a “governmental unit” as defined by the Bankruptcy Code. In a decision from the bench on June 1st, U.S. Bankruptcy Court Judge Robert Faris affirmed his May 29th tentative ruling that the Fund is a “governmental unit” and, as such, is ineligible for Chapter 11.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Public, Mintz, Memorandum opinion
    Authors:
    William W. Kannel , Eric R. Blythe
    Location:
    USA
    Firm:
    Mintz
    State legislature to Alabama's Jefferson County: drop dead?
    2012-04-16

    Opposing lawyers for Jefferson County, the debtor in the largest Chapter 9 municipal bankruptcy case ever filed, and the holders of its sewer warrants squared off last week in the ongoing fight over control of the County’s sewer system and the right to its revenues. (Expert witness

    Filed under:
    USA, New York, Insolvency & Restructuring, Public, Tax, Kelley Drye & Warren LLP
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Throwing money (literally) down the sewer - Jefferson County and warrant holders square off on sewer system operating expenses
    2012-04-05

    U.S.

    Filed under:
    USA, Alabama, Insolvency & Restructuring, Litigation, Public, Kelley Drye & Warren LLP, Debtor, United States bankruptcy court
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Michigan’s emergency financial manager law and its impact on creditors of municipalities and school districts
    2012-03-08
    1. Introduction

    On Feb. 29, 2012, a Michigan citizens’ group opposed to the State of Michigan’s emergency financial manager law (officially entitled “Local Government and School District Fiscal Accountability Act,” MCL §§ 141.1501 et seq. and referred to herein as the “Act”), filed petitions to place the issue of the Act’s rejection on the state ballot in November.

    Filed under:
    USA, Michigan, Insolvency & Restructuring, Public, Barnes & Thornburg LLP
    Authors:
    John T. Gregg , Patrick E. Mears
    Location:
    USA
    Firm:
    Barnes & Thornburg LLP

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