Kodak Bankruptcy Advisers Likely To See $240 Million Payday

ABA Sticks Up for Bankruptcy Judges

While the lion's share are paid to firms as the case goes on, they nonetheless remain subject to court approval at the end. In large cases like Kodak's, judges often tap examiners to pore over the bills and offer recommendations as to whether they are reasonable. Examiners flag expenses that seem inappropriate or inflated and try to get firms to reduce them. If sides can't reach a compromise, the dispute goes to the judge. In his report, Stern said Kodak fees were reduced by about $8.2 million through consensual deals.
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Stockton, Calif. creditors to vote on bankruptcy exit in February

Trustee Will Oversee Bankruptcy Court in N.Y. By Tiffany Kary - 2013-11-18T22:53:38Z William K. Harrington will serve as the new U.S. Trustee overseeing Manhattans bankruptcy court, in an appointment that includes New York, Connecticut and Vermont . Harrington will replace former trustee Tracy Hope Davis, according to a statement today from the U.S.
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10, 2014. It will be followed by a trial and confirmation hearing over the Stockton's plan to exit bankruptcy beginning on March 5, 2014. Stockton will begin circulating the plan among its creditors next month. Klein said Stockton should include in its disclosure of the deals with creditors and other moves it has made while in bankruptcy the risk that a tax increase approved by city voters earlier this month may not be renewed after 10 years. The sales-tax increase is a key part of Stockton's plan to return to solvency. The plan includes savings from scrapping subsidies for health insurance for some 1,100 retirees, various concessions from employees and settlements with its bond insurers to help reduce debt payments.
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New U.S. Trustee Will Oversee Bankruptcy Court in N.Y.

That figure is down from a peak of more than 1.5 million in 2010. Filing for bankruptcy comes with consequences, though, including difficulty securing loans. The fallout can, in some cases, affect college financing. "Parents are ineligible to borrow from the PLUS loan program for five years after their discharge of debts in bankruptcy," says Shane McClelland, an attorney based in Columbus, Ohio. [Learn more about federal student loans .] In addition to Parent Direct PLUS Loans , private loans may also be out of the question for as long as seven to 10 years, depending on the lender. That may sound discouraging, but in reality the effect on students is minimal, as those considering bankruptcy already have bad credit, McClelland says.
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Bankruptcy or bust

The extent of those powers is at issue in a new case before the Supreme Court, prompting the ABAs brief. In addition to arguing for the legality of bankruptcy judges final judgments, the ABA also raises a more practical concern: the already very crowded dockets of U.S. district courts, which already face funding and personnel shortages. Limiting bankruptcy judges powers would have stark consequences for district courts workload, the ABA argues, pointing out that nearly 1.11 million bankruptcy cases were filed in the year ending Sept. 30.
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How Bankruptcy Affects College, Grad School Financing

It is likely to result in cuts to pensions and health-care benefits, and the sale of city assets ( possibly even its fine art ). Cuts to retiree benefits have the public-employees unions up in arms. The unions and retirees claim the bankruptcy is an attempt to get around a ban on pension cuts in the state constitution. During the trial their representatives argued that the state did not negotiate in good faith prior to declaring bankruptcy, as is required by law. The city disagrees.
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