10 revealing exchanges: How Judge Rhodes is conducting Detroit's bankruptcy
With the closing, the active part of the case will end, leaving only minor legal issues to be addressed, Patrick Darby, an attorney for the county, said in an interview. Within minutes of Bennetts decision, protesters opposed to the sewer rate increases were outside the courtroom heckling County Commission President David Carrington, who led the voting bloc that backed the bankruptcy. Youre a crook, Charles Hicks, a Birmingham resident, said to Carrington during a brief shouting match. The case can be traced to http://cortrightlaw.com/bankruptcy an aging sewage system that federal regulators ordered fixed in the 1990s. To pay for the repairs, Jefferson County began borrowing money and refinancing old debt, issuing more than $3 billion in warrants and interest-rate swaps by 2003. Corruption Charges Local elected officials accepted bribes from construction contractors and financial advisers seeking business with the county.
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Your Legal Corner: Equitable distribution and bankruptcy
Today's article will emphasize the importance of discussing with an attorney the possibility of bankruptcy prior or duriEquitable ng a divorce, so as not to overshadow or harm your overall divorce result. There are a certain considerations to discuss with your attorney. These are issues in your divorce proceeding and issues in bankruptcy that may have the ability to alter the outcome of your divorce agreement. First, and this one is easy, make sure any attorney you retain to represent you in a divorce matter has a working relationship with a bankruptcy attorney well-versed in bankruptcy as it relates to divorce matters. You would want to discuss at a minimum how or if a bankruptcy proceeding by one or both spouses either before, during or after will affect the divorce and what remedies will be available to you.
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Courts Tack Fee to Bankruptcy Sale Motions
There is no more room for austerity in the city of Detroit. Her searing testimony stuck with Rhodes, who has alluded to her story in unrelated hearings. He repeatedly has said residents deserve a better city and shouldnt have to wait any longer. The fact that theyve been living with it for a long time is not justification for imposing it upon them for another day, he said Nov. 14. 6. Lectures Jones Day attorneys to use "plain English" instead of legal jargon When a Jones Day attorney presented a draft of a letter that was to be sent to creditors notifying them of their rights to file a claim in Detroits bankruptcy, Rhodes pleaded for him to convert it into plain English so that people without law degrees could understand it. I wish you had an eighth-grade teacher on staff to edit this for you, Rhodes said. 7. Questions the motives of a global bank In a hearing where London-based bank Barclays asked Rhodes to shroud in secrecy the fees it is charging Detroit for a debt-relief deal, Barclays municipal credit executive James Saakvitne testified that its very important to us to be there to help the city. Rhodes stopped him in his tracks.
For the original version including any supplementary images or video, visit http://www.freep.com/article/20131124/NEWS01/311240064/judge-steven-rhodes-detroit-bankrupt
Its clear that bankruptcy pays, generating about 79% of those fees, according to a recent report from the Judicial Conference of the United States . The conferences bankruptcy committee recommended the sale motion fee, weighing the amount tied to the value of the sale before deciding on a flat fee, according to a committee report from September that Bankruptcy Beat viewed. The fee will specifically apply to motions to sell assets free and clear of liens, encumbrances and interestsa lawyerly way of saying that the buyer will be able to leave behind anything tying up the assets in bankruptcy. Put even more simply, such sales essentially cleanse the assets, and its rare for companies to seek to sell assets without such a cleansing. Thats really one of the big benefits of a bankruptcy sale, Mr. Eisenbach told Bankruptcy Beat. Adding the fee comes on top of other administrative fees companies already pay in bankruptcy, from a $1,167 filing fee and $46 administrative fee charged to file a Chapter 11 petition to a new $25 claim-transfer fee .
For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2013/11/22/courts-tack-fee-to-bankruptcy-sale-motions/
Fisker Automotive files for bankruptcy
Although Fisker still owed some US$168 million ($183 million) to the Department of Energy , Hybrid Tech Holdings was able to come to an agreement with the US government, purchasing Fiskers loan for just US$25 million ($27 million). In 2010, the US Department of Energy awarded Fisker a US$529 million ($577 million) green-energy loan, as part of the Obama administrations efforts to stimulate advanced vehicle development. Fisker collected more than US$190 million ($207 million) until February 2012, when the US government froze the loan because Fisker had failed to meet the performance targets set out for the company under the loan agreement. A subsidiary of Hybrid Technology, Hybrid Tech Holdings LLC has also purchased Fiskers assets for US$8 million ($8.7 million), saying the sale is the first step towards eventually restarting production of Fiskers Karma plug-in hybrid . Fiskers chief restructuring officer, Marc Beilinson, released a statement on its bankruptcy and subsequent sale. After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximising Fisker Automotives value. Fisker produced the rear-wheel-drive Karma from 2011 to 2012, rivalling the likes of the Mercedes CLS , Porsche Panamera , and Tesla Model S .
For the original version including any supplementary images or video, visit http://www.caradvice.com.au/261610/fisker-automotive-files-bankruptcy/
Judge denies bankruptcy protection for OGX foreign units
Rio de Janeiro Judge Gilberto Matos did, however, accept bankruptcy protection for company's Brazil-based units OGX Petroleo e Gas SA and OGX Petroleo e Gas Participacoes SA. OGX sought court protection from creditors on October 30 after it failed to convince them to refinance more than $5.1 billion in obligations, in Latin America's largest-ever corporate bankruptcy filing. Marcio Costa, a lawyer for OGX, told Reuters that the judge's decision would complicate the recovery process, adding that the company plans to appeal the ruling. "This decision disrupts the judicial recovery process, allowing some lenders to seek debt payments in Brazil and Austria," Costa said. "Those funds were raised abroad to be used in Brazil.
For the original version including any supplementary images or video, visit http://news.yahoo.com/judge-partially-accepts-ogx-bankruptcy-protection-filing-lawyer-205527321--finance.html
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