LightSquared bankruptcy exit plan puts Ergen in uncertain position
Next, offer your items though internet sites such as craigslist and facebook. Start by asking for about ten percent over the appraised value of the item. This will give you plenty of room to negotiate with the buyer, yet still get the actual value of the item. In the ad, make sure to list any special features, and really highlight the fact that the item is in good condition. Depending on how comfortable you are with the idea, state that the item is being sold as the result of a court-ordered liquidation. Many people will believe they are getting a good deal just because of this phrase. Set up viewing for each item separately so that you have enough time to negotiate with each buyer. If there is a lot of interest in a particular item, do not sell it below its market value. Someone will be willing to pay for the item if you can be patient. Finally, consider commissioning an auction house to sell the item for you.
For the original version including any supplementary images or video, visit http://ift.tt/1f6HVbN
Morris Stern, New Jersey bankruptcy judge, dies at 72
Archdiocese: Bankruptcy Has Cost $12M So Far MILWAUKEE February 13, 2014 (AP) By M.L. JOHNSON Associated Press Bankruptcy has cost the Archdiocese of Milwaukee more than $12 million in legal fees and other expenses so far, and rejection of its recovery plan could force it to pay out $13 million more, its attorneys said in newly filed court documents. The financial details were revealed in the archdiocese’s reorganization plan, filed late Wednesday night in federal bankruptcy court. The plan proposes providing $4 million to compensate an estimated 125 victims of clergy sex abuse less than a fourth of those who filed claims while other victims would receive therapy but no cash payment. That’s the smallest per-victim payment yet offered by the 11 dioceses that have filed for bankruptcy in the past decade. The Milwaukee archdiocese filed for bankruptcy in 2011, saying it wouldn’t have enough money if courts ruled in favor of victims who filed lawsuits. The seemingly stingy sum offered in its reorganization plan can be partly explained by a long, bitter court fight that has drained the archdiocese’s finances and its relatively unique organizational structure, which puts much church money out of reach. In all, the archdiocese said it has spent $6.9 million on its own attorneys during bankruptcy. It estimated its creditors’ attorney costs, which bankruptcy rules require the archdiocese to pay, at nearly $5.6 million. The creditors include hundreds of sexual abuse victims along with others who are owed money.
For the original version including any supplementary images or video, visit http://ift.tt/1cL386Q
Bankruptcy Court for the District of New Jersey.Amanda Brown/The Star Ledger As a New Jersey bankruptcy judge, Morris Stern developed a reputation for dispensing justice and comedy in the same breath. He had a unique combination of supreme intellect and humor, said attorney Michael Sirota, who appeared before him multiple times, and chairs the restructuring group at law firm Cole Schotz. Sirota said Stern would often say, ‘Thanks you for your argument, which was very well done,’ and http://ift.tt/1fvevBG then he would rule against you. Stern died Wednesday at his Millburn home after battling cancer. He was 72. Born in Newark on March 31, 1941, to Regina and Irving Stern, he attended Weequahic High School. In 1962, Stern earned a bachelors degree in Industrial Engineering from Lafayette College. In 1965 he graduated with honors from Rutgers University School of Law in Newark, where he was an editor of the Law Review. After law school Stern clerked for the Hon.
For the original version including any supplementary images or video, visit http://ift.tt/1dRyHvm
Wis. Archdiocese: Bankruptcy Has Cost $12M So Far
Fisher Island Investments was thrown into bankruptcy court by an involuntary Chapter 11 filing by several alleged creditors in 2011. The case has been delayed by ownership desputes but those issues have apparently been resolved and the court declared tha the officers and directors of Fisher Island Investments are Roberto Sosa , Mark Hauf and Yves Baumann . They will seek to line up development of the residential project on the north side of the island off Miami Beach and to refinance the $139.7 million mortgage that fell into foreclosure. The foreclosure sale date is still scheduled for March 12 but it could be moved or canceled if development talks progress. Fisher Island Investments is the managing member of Fisher Island Holdings, which owns 18 acres of mostly undeveloped land on the island. It also controls Par 7 LLC, which owns another 6.5 acres of vacant land on Fisher Island. The island is only accessible by boat. Brian Bandell covers banking, finance, health care and education.
For the original version including any supplementary images or video, visit http://ift.tt/1jBxFvA
Mediator in Detroit Bankruptcy Walks Fine Line Between City, Creditors
Marys Hospital in Passaic. He also handled the bankruptcy of Real Housewives star Teresa Giudice in 2010. Fellow Bankruptcy Judge Michael Kaplan said that his colleague was a practical judge who was thorough with his decisions. Judge Kaplan recalled a time when Judge Stern wrote nearly 100 pages in an opinion on whether motor vehicle surcharges were dischargeable in bankruptcy. There never was an issue hed look at superficially, Judge Kaplan told The Wall Street Journal, adding that Judge Sterns detailed and analytical opinions put a lot of us to shame. Bankruptcy industry professionals echoed that. When you went in front of Mickey Stern, you knew that he read everything, said Kenneth A. Rosen , a partner in Lowenstein Sandler LLPs bankruptcy practice, who added that he was passionate about pro bono work. Prior to taking the bench, Judge Stern focused on commercial litigation and transactions as a partner in the law firm of Stern, Dubrow, and Marcus for thirty years, first in South Orange and then in Maplewood. The judge graduated from Weequahic High School in Newark in 1958 and earned an industrial engineering degree from Lafayette College in 1962.
For the original version including any supplementary images or video, visit http://ift.tt/1cL38nd
Brandi Glanville Clarifies Lisa Vanderpump Bankruptcy Claims, Says Former Bestie “Has a Place in My Heart”
In a separate and still pending lawsuit, LightSquared has sued Ergen, claiming he surreptitiously bought up huge chunks of the company’s debt in an effort to set the stage for a takeover by Dish. Ergen has maintained that the purchases were personal, and not on Dish’s behalf. LightSquared declared bankruptcy in 2012, after the Federal Communications Commission revoked its license to build a massive wireless network over concerns that it could interfere with GPS systems. Falcone has said he believes the company can regain FCC approval sometime this year. COERCING ERGEN While the restructuring plan contemplates paying most secured lenders in cash, the company would treat Ergen’s investment vehicle differently. In exchange for his claims, Ergen would get a $1.1 billion note. If Ergen votes in favor of the plan, the note would be secured by collateral, and the company would provide Ergen with releases from certain legal claims. If he turns down the offer, the size of Ergen’s note would be reduced and could be unsecured, and the legal releases would vanish. The plan and its terms, however, are subject to court approval, with a hearing set for March 17 in U.S.
For the original version including any supplementary images or video, visit http://ift.tt/1f6HWME
Bakery’s bankruptcy has Miss Hulling’s cakes in limbo
Theodoro Baking Co., a commercial bakery in Hazelwood founded in 1917, filed for bankruptcy in August. Apted-Hulling Inc., the owner of Miss Hullings recipes and other intellectual property, has a licensing agreement with Theodoro for the bakery to produce the cakes and other goods for sale at retailers, including Straubs Markets. Based on that oral agreement made with Theodoro more than a decade ago, the bakery pays Apted-Hulling a royalty fee for the exclusive use of between 30 and 40 recipes and other trade secrets, according to Dan Kazanas, Apted-Hullings attorney. Theodoro is the only company that has a licensing agreement to make Miss Hullings baked goods, which are marketed under the Miss Hullings brand name, Kazanas said. With Theodoros bankruptcy, the licensing agreement for Miss Hullings goods is in question. Natures Bakery, a Reno, Nev.-based maker of fig bars, has made a $4.1 million stalking horse bid to buy Theodoro s assets. The bid sets the minimum price in an auction for Theodoros assets, which is set for Tuesday.
For the original version including any supplementary images or video, visit http://ift.tt/1cL36ff
U.S. Bankruptcy Judge Morris Stern Dies
Lisa subsequently took to Twitter to slam the allegations, which ran as a story on Radar Online. “Thank you for all your Tweets, although I never normally respond to negative stories, @radaronline needs to retract this last one. My husband and I have NEVER filed bankruptcy,” the restauranteur tweeted. “That is slander and damaging. Also, Calabassas ‘deep in the Valley as you say’ Never Lived. There also I have no need to fabricate the extraordinary journey my husband and I have taken…It’s an attack on my character,what my castmates say about me I have no control over,however @radar_online needs to be responsible.#slander.” MORE: Lisa Vanderpump talks about her relationship with Brandi Brandi is unsure as to whether or not she and Lisa will be able to mend their friendship, but stays hopeful. “I think they’re really upset about the bankruptcy thing, but I was just repeating something Kyle had told me. Even if they did file, is that a bad thing? Who cares? A lot of people do it. I hope they never did, but if they did, who cares? I love Lisa, but we have our issues. And you will see them on the reunion,” she tells us.
For the original version including any supplementary images or video, visit http://ift.tt/1hfl9BN
Bankruptcy judge approves Fisher Island development plan
14, 2014 7:32 p.m. ET DETROITRacing to hammer out the first major settlement between the bankrupt city of Detroit and its creditors by Christmas, Gerald Rosen, the chief mediator in the case, was convinced he had gotten the best possible dealand just in time. On Christmas Eve, Mr. Rosen, who is a federal judge, called the parties together to put the deal on the record before a court hearing on the issue scheduled for after the holiday week, a person…
For the original version including any supplementary images or video, visit http://ift.tt/1jjqJQz
from WordPress http://ift.tt/1f6HVbR
via IFTTT
No comments:
Post a Comment