Singer Lauryn Hill was sentenced to three months in prison in May. She told a judge she intended to pay taxes, but it was just a question of when.' style='float:left;padding:5px' /> While O.J. Simpson has known bigger legal problems, delinquent taxes are on the list. The former football star, who's serving a long prison sentence in Nevada, owed the IRS and the state of California hundreds of thousands of dollars, according to court documents. Comedian Sinbad racked up a large unpaid tax bill, owing $8 million to the IRS for income from 1998 to 2006, according to an IRS court filing in 2012. California officials also reported that he owed the state $2 million. After filing for bankruptcy and selling his home, Sinbad used the tax troubles as material for a reality show. Actor Nicolas Cage revealed in 2010 that he owed $14 million in back taxes, which he has been working to pay off since. A federal tax lien filed last year said he owed $6.2 million from income in 2007. Wesley Snipes walked out of a federal prison in April after serving a tax evasion sentence that began in December 2010.
For the original version including any supplementary images or video, visit http://www.cnn.com/2013/11/21/showbiz/aaron-carter-bankruptcy/index.html
Judge: Jefferson County bankruptcy plan feasible, but county may face eventual struggle to upgrade sewer system
"Those funds were raised abroad to be used in Brazil. The judge didn't take that into consideration." OGX has two foreign subsidiaries, OGX Internacional and OGX Austria. The judge denied the request for those units on the grounds that bankruptcy protection should be decided in the countries where they are based, according to a copy of the judge's decision. For the Brazilian operations, the judge's decision gives OGX 60 days to come up with a restructuring plan. OGX creditors including California-based bond fund Pacific Investment Management Co (PIMCO) and New York-based investment fund BlackRock Inc (BLK.N) will then have 30 days to endorse or reject the plan. OGX's sister company shipbuilder OSX Brasil SA (OSXB3.SA) filed for bankruptcy protection on Nov 11. The company is expected to get court protection from creditors. Batista, 56, a dealmaker who once boasted he would become the world's richest man, has seen his personal fortune plunge by more than $30 billion in the last 18 months as investors punished the share price of his listed companies.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/11/21/us-brazil-batista-ogx-idUSBRE9AK1CF20131121
US Justice Dept objects to LightSquared bankruptcy exit plans
Most of the county's current $3.14 billion in sewer debt is due to the public corruption of former county officials - some of whom are still in prison - so creditors should agree to lessen the debt owed even more than they already have, residents said. One attorney for residents said they will appeal the judge's order confirming the plan. Attorneys for another group of residents were considering the option. Under Jefferson County's bankruptcy exit plan approved by Bennett, sewer creditors agree to shave off more than $1.4 billion in sewer debt and the county will refinance the nearly $1.8 billion in remaining debt over the next 40 years. The county's plan calls for rate hikes of 7.41 percent for each of the first four years and then no more than 3.49 percent a year for the foreseeable future in order http://chapter-7bankruptcysite.com to repay the debt. Jefferson County is to finalize the sale of the new sewer warrants on Dec. 3, the date most officials say will officially take the county out of bankruptcy. Based on testimony he heard this week, Bennett said the county will be able to fully fund the operation of the sewer system and make expensive system upgrades to meet new environmental regulations in the first 10 years of the new finance plan. For a period of about 18 years - from about 2024 to 2042 - following that first decade the county will still be able to pay for operation of the system and repay the debt, but may struggle to make any significant upgrades, Bennett said.
For the original version including any supplementary images or video, visit http://blog.al.com/spotnews/2013/11/judge_jefferson_county_bankrup.html
Judge denies bankruptcy protection for OGX foreign units
Department of Justice's bankruptcy watchdog on Friday questioned the feasibility of four competing restructuring plans for bankrupt LightSquared put forth by the company and its creditors. In a court filing in U.S. Bankruptcy Court in Manhattan, the DOJ's U.S. Trustee Program said the plans would provide third parties with overly broad releases from potential legal claims. LightSquared, in bankruptcy since 2012, is fighting to keep control of its valuable spectrum amid a takeover push by Dish Network Corp. Three creditor groups have proposed plans that contemplate an auction for the assets, and Dish has already made a baseline bid of $2.2 billion. A fourth plan, proposed by LightSquared's majority owner, Phil Falcone's Harbinger Capital Partners, would restructure the company without an auction, with Harbinger maintaining control. LightSquared, which had planned a massive wireless network, filed for Chapter 11 protection after the Federal Communications Commission blocked it from using its spectrum amid interference concerns from the GPS industry. The Trustee's office said the restructuring plans could be read to protect third parties from claims related to criminal conduct and professional malpractice, even though they exclude fraud and gross negligence claims from the releases.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/11/22/lightsquared-bankruptcy-idUSL2N0J720T20131122?feedType=RSS
Alydian Aims to Sell Bitcoin Mining Platform in Bankruptcy
Even though Alydian officials have spent roughly $4 million on their bitcoin mining rigs, designed to solve complex mathematical algorithms in order to mine the virtual currency, the companys system isnt fully deployed yet, according to papers filed with the U.S. Bankruptcy Court in Seattle. Alydian officials who put the company into Chapter 11 bankruptcy on Nov. 1 have said that some of its manufacturing parts are still en route from Taiwan. So far, Alydian has only mined about 3,041 bitcoins, according to a recent tally filed in the New York lawsuit. The concept for Alydian was developed about a year ago as the market for bitcoinsa virtual, unregulated currency thats now accepted as payment by some merchantsgained credibility.
For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2013/11/20/alydian-aims-to-sell-bitcoin-mining-platform-in-bankruptcy/
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