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Bankruptcy Law Community Blogs Visit the Bankruptcy Law Community at lexisnexis.com for bankruptcy legal news, resources and information you can't find elsewhere. Read bankruptcy law blogs and articles, get insights and analysis from respected legal professionals and more.

  • Detroit Creditors Asked to Take Haircut (at Sweeney Todd's Barbershop)

    Posted by Kelley.Drye@placeholder.com (Kelley Drye & Warren LLP) on June 25, 2013 at 1:59 pm

    Everyone gathered last week at the meeting convened by
    Detroit Emergency Manager Kevyn Orr knew that the news would be
    dire. Nonetheless, Orr's
    report on Detroit's financial condition and his proposal for the treatment of
    the city's creditors - an offer of approximately ten cents on the dollar
    for the city's unsecured bonds - still managed to drop jaws. Therein lies what
    is perhaps the city's best ho […]

  • Pfizer Faces Asbestos Actions after Supreme Court Declines to Hear Case

    Posted by emerson.heffner@lexisnexis.com (Emerson Heffner) on June 25, 2013 at 1:16 pm

    WASHINGTON, D.C. - (Mealey's) The U.S.
    Supreme Court on June 24 denied a bid for certiorari by Pfizer Inc. of a
    ruling removing the protection for Pfizer of a bankruptcy injunction barring
    asbestos personal injury claims entered in the case of a defunct Pfizer
    subsidiary (Pfizer Inc. v. Law Offices of Peter G. Angelos, No. 12-300,
    U.S. Sup.; See January 2013, Page 13) (lexis.com
    subscribers may access Supreme Court briefs for this case). […]

  • U.S. Supreme Court to Rule on Bankruptcy Judges’ Power in ‘Core’ Proceedings

    Posted by james.cordrey@lexisnexis.com (James Cordrey) on June 24, 2013 at 8:23 pm

    WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on
    June 24 granted certiorari in a case dealing with the questions of
    whether Article III of the U.S. Constitution permits the exercise of the
    judicial power of the United States by bankruptcy courts on the basis of
    litigant consent and whether a bankruptcy court may submit proposed findings of
    fact and conclusions of law for de novo review by a district court in a
    "core" proceeding under 28 U.S. Code Section 157(b) (Executive Benefits
    Insurance Agency v. Arkinson, No. 12-1200, U.S. Sup.) (lexis.com
    subscribers may […]

  • Fourth Circuit Makes New Fraudulent Transfer Law

    Posted by kphelps@diamondmccarthy.com (Kathy Bazoian Phelps) on June 19, 2013 at 8:22 pm

    Determined not to hold a securities brokerage firm liable
    for fraudulent transfers in a Ponzi scheme case, the Fourth Circuit recently
    pushed the boundaries of fraudulent transfer law to affirm the lower court's
    dismissal of the trustee's claims against it. Grayson Consulting, Inc. v. Wachovia Securities, LLC (In re Derivium Capital LLC), 2013 U.S.
    App. LEXIS 10529 (4th Cir. May 24, 2013) [an enhanced version of this opinion is available to lexis.com
    subscribers].
    Although several aspects of the decision […]

  • Six Years Later, Boy Band Founder's Ponzi Scheme Victims Set For 4% Payout

    Posted by jordan.maglich@gmail.com (Jordan D. Maglich) on June 18, 2013 at 8:02 pm

    More than six years after his $300 million Ponzi scheme
    collapsed, victims of former boy band mogul Lou Pearlman's scheme are
    set to receive an initial payout of just four cents on the dollar. In a
    distribution plan (the "Plan") filed by the bankruptcy trustee
    appointed to recover funds for Pearlman's victims, an investor with an allowed
    claim of $100,000 would be entitled to $4,000, with the chance that future
    distributions could eventually add to this total. Pearlman, who was […]