Swiss Investigating Magistrate Entitled to U.S. Documents
Providing proper notice to existing and potential creditors is an important consideration for debtors’ counsel. A seminal Supreme Court decision established that due process for “unknown” claimants is generally satisfied by publication notice, so long as it is reasonably calculated to reach such creditors under the circumstances.
In a fascinating case of brinksmanship, Trump Entertainment, which owns Atlantic City’s Trump Taj Mahal casino, filed for Chapter 11 bankruptcy protection in September citing, among other reasons, the decline in Atlantic City’s gambling market, debt, and significant tax increases. The Bankruptcy Court agreed to allow the Company to break its contract with the union representing its employees because wages and benefits were a significant contributor to the Company’s debt.
The Fifth Circuit recently dealt with the interplay of bankruptcy and oil and gas liens in the case of In Re: T.S.C. Seiber Services, L.C., decided November 3, 2014.
Rogan v. U.S. Bank, N.A. (In re Partin), 517 B.R. 770 (Bankr. E.D. Ky. 2014) –
A chapter 7 trustee sought to avoid mortgages on three properties using his “strong arm” powers, arguing that they were improperly recorded and thus did not provide constructive notice to a purchaser or lien creditor.
Mortgage lenders should be aware of the New Jersey statute of limitations on mortgage foreclosure complaints. In In re Washington, 2014 Bankr. LEXIS 4649 (Bankr. D.N.J. Nov.
As a company turns in the widening gyre of financial distress, its directors and officers are often confronted with situations that require them to make difficult decisions. Should things fall apart, those decisions may give rise to claims that directors or officers breached their fiduciary duties to the company. A
More than seven years is a long time to wait for a loaned painting to be returned. But after such a long wait, Sandro Botticelli’s Madonna and Child (1485) is being returned to its owner, Kraken Investments Limited (Kraken). Kraken had consigned the painting to a gallery for sale, but the gallery’s bankruptcy intervened.
The Supreme Court granted cert last Friday in the case of Bullard v.