Bankruptcy – Loro Dinapoli http://lorodinapoli.org/ Thu, 21 Oct 2021 03:14:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://lorodinapoli.org/wp-content/uploads/2021/07/icon-2021-07-06T154208.998-150x150.png Bankruptcy – Loro Dinapoli http://lorodinapoli.org/ 32 32 The lawyer must wait his turn to prosecute Erika Jayne Girardi, according to the trustee http://lorodinapoli.org/the-lawyer-must-wait-his-turn-to-prosecute-erika-jayne-girardi-according-to-the-trustee/ http://lorodinapoli.org/the-lawyer-must-wait-his-turn-to-prosecute-erika-jayne-girardi-according-to-the-trustee/#respond Wed, 20 Oct 2021 23:30:00 +0000 http://lorodinapoli.org/the-lawyer-must-wait-his-turn-to-prosecute-erika-jayne-girardi-according-to-the-trustee/ Singer and actress Erika Jayne at the 2017 American Music Awards. REUTERS / Danny Molochok Summary Law firms Related documents Edelson PC sued Tom and Erika Girardi in December Trustee says letting case continue would disrupt Girardi Keese bankruptcy The names of companies and law firms shown above are generated automatically based on the text […]]]>

Singer and actress Erika Jayne at the 2017 American Music Awards. REUTERS / Danny Molochok

  • Edelson PC sued Tom and Erika Girardi in December
  • Trustee says letting case continue would disrupt Girardi Keese bankruptcy

The names of companies and law firms shown above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page.

(Reuters) – A bankruptcy trustee overseeing the estate of Tom Girardi’s late law firm is asking a judge to delay legal action against “Real Housewives of Beverly Hills” star Girardi’s ex-wife, Erika Jayne Girardi.

Chicago law firm Edelson sued the Girardi in federal court in December, alleging they had embezzled settlement funds to finance their “glitz-and-glam” lifestyle. The lawsuit sparked a flood of claims led by Girardi’s former partners that forced Girardi Keese out of business.

Edelson earlier this month asked a Los Angeles bankruptcy judge to allow him to continue his actions against Erika Girardi despite an automatic pause in the case sparked by the bankruptcy of the Girardi company.

But Chapter 7 administrator Elissa Miller said in a filing Tuesday that the stay was necessary for her to investigate whether the law firm’s assets had been fraudulently transferred to the reality TV star.

“Edelson’s motion will disrupt the administration of the GK estate by the GK trustee,” Miller wrote.

U.S. bankruptcy judge Barry Russell has scheduled a Nov. 2 hearing on the matter.

Miller declined to comment. Jay Edelson, founder and CEO of Edelson, said his company was working on a response to Miller’s case.

“One thing the trustee misunderstood is our company’s financial interest in this scandal,” Edelson said in an email. “We are not trying, as the administrator suggested, to ‘cut the line’. On the contrary, our point of view is that customers should first be paid. “

Erika Girardi, represented in the bankruptcy by Evan Borges of Greenberg Gross, opposed Edelson PC’s motion in a filing on Wednesday. Borges did not respond to a request for comment.

Lawyers for Tom Girardi and Girardi Keese have admitted in federal court that the settlement funds at issue in the Edelson lawsuit had not been distributed. Erika Girardi did not respond in this case, and lawyers did not appear in her favor.

Jason Rund, the Chapter 7 administrator overseeing Tom Girardi’s personal property, said in his own Tuesday filing that he had no objection to the Edelson Company suing Erika Girardi as long as Russell retains a “exclusive jurisdiction” to determine whether the assets of Erika Girardi actually belong. to her ex-husband.

The case is In re Thomas Vincent Girardi, US Bankruptcy Court for the Central District of California, 2: 20-bk-21020.

For Elissa Miller: Philip Strok, Kyra Andrassy and Timothy Evanston, by Smiley Wang-Ekvall

For Jason Rund: Timothy Yoo and Carmela Pagay by Levene Neale Bender Yoo & Brill

For Edelson: Rafey Balabanian from Edelson

For Erika Jayne Girardi: Evan Borges from Greenberg Gross

Read more:

Erika Jayne Girardi changes lawyer as Dinsmore leaves case again

Judge authorizes lawyer to investigate alleged transfers to Tom Girardi’s wife

Girardi, company forced to liquidate Chapter 7 while the judge weighs on the appointment of the guardian

Tom Girardi and reality TV star’s wife sued for alleged theft of Lion Air settlement funds

David thomas

David Thomas reports on legal affairs including law firm strategy, hiring, mergers and litigation. He is based in Chicago. He can be reached at d.thomas@thomsonreuters.com and on Twitter @ DaveThomas5150.

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Albany NY Bankruptcy Attorney – Chapter 7/11 Financial Legal Advice Service Launched http://lorodinapoli.org/albany-ny-bankruptcy-attorney-chapter-7-11-financial-legal-advice-service-launched/ http://lorodinapoli.org/albany-ny-bankruptcy-attorney-chapter-7-11-financial-legal-advice-service-launched/#respond Tue, 19 Oct 2021 19:19:53 +0000 http://lorodinapoli.org/albany-ny-bankruptcy-attorney-chapter-7-11-financial-legal-advice-service-launched/ Jafri Law Firm (+ 1-800-593-7491) announced a new service extension to better serve businesses in Albany, New York. Experienced bankruptcy lawyers give clients the advice they need to get a fresh start. Armonk, USA – October 19, 2021 – When a business is overwhelmed with debt, it can be difficult for staff to know what […]]]>

Jafri Law Firm (+ 1-800-593-7491) announced a new service extension to better serve businesses in Albany, New York. Experienced bankruptcy lawyers give clients the advice they need to get a fresh start.

When a business is overwhelmed with debt, it can be difficult for staff to know what to do. Jafri Law Firm’s latest service extension covers both Chapter 7, 11 and 13 bankruptcies, helping clients plan the right solution for their needs.

More information can be found at: https://www.jafrilawfirm.com/practices/bankruptcy

Industry research shows there have been over 21,000 cases of US companies filing for bankruptcy in 2020. This has been fueled by the ongoing pandemic, which has made it more difficult for businesses to operate. effectively. Jafri Law Firm’s extensive service aims to streamline the legal process for clients in this situation.

Business customers face a number of challenges when facing a bankruptcy situation. In many cases, creditors can call or threaten daily. Meanwhile, the company faces day-to-day administrative issues, such as how to meet employee salary demands and generate more sales.

While it is likely that a company going bankrupt will do so for the first time, the law firm Jafri has extensive knowledge of the legal process. The team covers all aspects of administration and paperwork to ensure clients don’t miss any important documents or processes.

Another key advantage is that they deal with creditors on behalf of the client. Combined with financial advice that can save money over time, the Jafri law firm gives clients peace of mind and alleviates their anxiety.

The firm’s intimate knowledge of bankruptcy law guarantees clients a greater chance of success in their case. Interested parties who are struggling to see a way forward are encouraged to get in touch to discuss their situation and goals.

A spokesperson for the law firm said: “Serious and trustworthy help is what you will find at Jafri Law Firm. Our firm has focused its practice exclusively on helping businesses cope with and overcome what appears to be insurmountable debt. Our goal is that you and your business can get a fresh start, reorganize your assets or even liquidate.

Potential customers can find out more at: https://www.jafrilawfirm.com/practices/bankruptcy

Contact information:
Name: Farva Jafri
Email: send an email
Organization: Jafri Law Firm
Address: 50 Evergreen Row, Armonk, NY 10504, USA
Phone: + 1-800-593-7491
Website: https://www.jafrilawfirm.com/

Version number: 89049686

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Victims Express Frustration at Pace of Archdiocese of Santa Fe Bankruptcy Case | Local News http://lorodinapoli.org/victims-express-frustration-at-pace-of-archdiocese-of-santa-fe-bankruptcy-case-local-news/ http://lorodinapoli.org/victims-express-frustration-at-pace-of-archdiocese-of-santa-fe-bankruptcy-case-local-news/#respond Sun, 17 Oct 2021 01:37:23 +0000 http://lorodinapoli.org/victims-express-frustration-at-pace-of-archdiocese-of-santa-fe-bankruptcy-case-local-news/ Letters sent to a federal bankruptcy judge for the Archdiocese of Santa Fe reflect impatience at the slowness of the case, which has dragged on for nearly three years. At least 16 letters have been addressed to US bankruptcy judge David Thuma since the Archdiocese filed for Chapter 11 bankruptcy in December 2018. Most of […]]]>

Letters sent to a federal bankruptcy judge for the Archdiocese of Santa Fe reflect impatience at the slowness of the case, which has dragged on for nearly three years.

At least 16 letters have been addressed to US bankruptcy judge David Thuma since the Archdiocese filed for Chapter 11 bankruptcy in December 2018. Most of them have been sent by the same two or three people, who have them. signed “Jane Doe” or “John Doe” or not signed at all. Nonetheless, the letters to Thuma seem to give voice to the victims or the victims’ relatives as the case drags on.

One of them urges Thuma to “deal with the bankruptcy case as soon as possible, so that all the victims can finally conclude and move on with their lives”. This letter was written in November 2019.

Around 385 victims, most of whom suffered child sexual abuse at the hands of priests, deacons and other members of the Catholic hierarchy, are represented by numerous lawyers. Nine of the applicants form a committee which also speaks on behalf of the victims.

Another letter to Thuma, written three months ago in a long scribble, says, “Nothing’s happening! The victims are frustrated by the stalled case. Help me please !!!!”

Reverend Glennon Jones, Vicar General of the Archdiocese of Santa Fe, wrote on the institution’s website in late September that he is raising money to pay the victims.

But Jones added: “Right now we are negotiating with the insurance companies that have covered the Archdiocese for those years named in the (many) claims; unfortunately it may take a while, but there is no way to speed it up. Sigh.”

The case went to its second mediator. Documents filed with Thuma and comments from lawyers this summer and fall indicate that several insurance companies in the Archdiocese are lacking in enthusiasm for large payments.

The Archdiocese raises funds through donations and property sales. An auction in August generated around $ 1.6 million, and a second auction of “non-essential” properties, such as vacant land donated by families, is expected to take place next month.

Ford Elsaesser, an Idaho-based bankruptcy attorney representing the archdiocese, said Thursday that “efforts to resolve this issue as quickly as possible are continuing.” He said the ongoing work with the insurance companies is confidential but essential to the case.

“And certainly the frustration of the survivors is understandable,” Elsaesser said. He said he has represented around 10 parishes, dioceses and archdioceses in bankruptcy cases.

Across the country, at least 29 Catholic dioceses and orders, including the Diocese of Gallup, have filed for bankruptcy in the sex abuse scandal. BishopAccountability.org recently reported that the Church has paid more than $ 3.2 billion in cases dating back many years. The nonprofit group behind the site said it had not been able to collect information on all of the settlements.

It is not uncommon for such cases to recur. For example, the Archdiocese of Milwaukee bankruptcy case lasted more than four years before being settled for $ 21 million for 330 victims, the Reuters news service reported.

In the Santa Fe case, victims’ lawyers accused the Archdiocese of attempting to withdraw money from its parishes and trust funds so that the money was inaccessible to victims. This complaint is pending.

“We continue to work in cooperation with the survivors committee,” Elsaesser said. “There haven’t been any contentious court hearings recently.”

It is not known how much money and insurance the Archdiocese is trying to collect. The participants in the case refused to disclose this. Thuma wrote in February that more than $ 150 million could be involved, and that was only a portion of the assets that victims could potentially receive.

In another letter to Thuma, a person who last year only signed with a drawing of a sad face said she was a victim who wanted to thank the judge “for having met all the lawyers. … Without the meetings, nothing would happen to end the bankruptcy.

Another woman wrote to Thuma in February to tell him she did not want to be part of the case. While she “was involved in an incident … I received numerous letters from lawyers regarding lawsuits against the Archdiocese,” she wrote.

The woman has called herself a “proud member” of a Catholic church in New Mexico for more than 70 years. She said she had no desire to participate in a lawsuit against the church.

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Resistance to J & J’s bankruptcy bet may be futile http://lorodinapoli.org/resistance-to-j-js-bankruptcy-bet-may-be-futile/ http://lorodinapoli.org/resistance-to-j-js-bankruptcy-bet-may-be-futile/#respond Fri, 15 Oct 2021 22:10:00 +0000 http://lorodinapoli.org/resistance-to-j-js-bankruptcy-bet-may-be-futile/ By Vince Sullivan (October 15, 2021, 6:10 p.m. EDT) – Lawyers for talc plaintiffs with claims against Johnson & Johnson are determined to challenge the company’s legally gray strategy of bankrupting a subsidiary with its billions of dollars. responsibility in talc, but experts say the battle will likely be difficult. Johnson & Johnson executed the […]]]>
By Vince Sullivan (October 15, 2021, 6:10 p.m. EDT) – Lawyers for talc plaintiffs with claims against Johnson & Johnson are determined to challenge the company’s legally gray strategy of bankrupting a subsidiary with its billions of dollars. responsibility in talc, but experts say the battle will likely be difficult.

Johnson & Johnson executed the deals needed to bankrupt a newly formed subsidiary Thursday night after months of strategy discussions, and plaintiffs’ lawyers say their clients are prepared to pursue numerous legal avenues to oppose the maneuvers of the company.

“They are pissed off,” Beasley Allen Crow’s Methvin Portis & Miles PC talc claimant lawyer Ted Meadows said of his …

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Document struggle complicates Kossoff law firm bankruptcy http://lorodinapoli.org/document-struggle-complicates-kossoff-law-firm-bankruptcy/ http://lorodinapoli.org/document-struggle-complicates-kossoff-law-firm-bankruptcy/#respond Thu, 14 Oct 2021 22:36:00 +0000 http://lorodinapoli.org/document-struggle-complicates-kossoff-law-firm-bankruptcy/ Signage is seen in the United States Bankruptcy Court for the Southern District of New York in Manhattan, New York, United States, August 24, 2020. REUTERS / Andrew Kelly Judge weighing sanctions against the insurance company Kossoff would be the subject of a criminal investigation (Reuters) – The Chapter 7 administrator overseeing Kossoff PLLC’s disbandment […]]]>

Signage is seen in the United States Bankruptcy Court for the Southern District of New York in Manhattan, New York, United States, August 24, 2020. REUTERS / Andrew Kelly

  • Judge weighing sanctions against the insurance company
  • Kossoff would be the subject of a criminal investigation

(Reuters) – The Chapter 7 administrator overseeing Kossoff PLLC’s disbandment is stepping up fight to gain access to the files of the defunct New York real estate law firm, demanding sanctions against an insurance company and lobbying one of the world’s largest banks cooperate.

U.S. bankruptcy judge David Jones ordered New York’s American National Life Insurance Co to appear Tuesday after ignoring a subpoena from Togut, Segal & Segal’s Chapter 7 administrator Al Togut. The insurer must justify why it should not be penalized, according to Jones’ order.

Jones will also hear Togut’s request on Tuesday to compel Kossoff’s former accountant Julia McNally to comply with her subpoena. And he will get an update from Togut and JPMorgan Chase Bank NA on Togut’s request to access Kossoff’s bank accounts.

The Kossoff company was forced into bankruptcy in May after creditors claimed it embezzled more than $ 8 million from its escrow accounts. Walter Mack, lawyer for founder Mitchell Kossoff, said Kossoff was under investigation by the Manhattan district attorney.

Togut said in an email that the lack of cooperation in the case had forced him to take a strict approach to collecting cases. “It’s time consuming but it has become necessary,” he said.

JPMorgan argued that Togut’s contravention petition was filed incorrectly. The bank said it has already handed over thousands of pages of documents, but the trustee wants online access to the Kossoff company’s bank accounts so they can determine “which transfers the debtor made were outside the ordinary course of business. business, ”wrote Neil Berger. , Togut’s partner.

Jones on Wednesday ordered the trustee and the bank to meet and discuss their issues ahead of Tuesday’s appearance.

Togut and Mitchell Kossoff, once fixtures in the legal New York real estate market, have argued over the company’s records, with Kossoff arguing that he would waive his right to avoid self-incrimination if he did. delivered. Jones rejected that argument in July, and a federal judge in Manhattan dismissed Kossoff’s appeal on September 30.

Mack declined to comment on their next course of action. “All under study,” he said.

A spokesperson for JPMorgan declined to comment. Representatives for American National did not respond to a request for comment.

The case is In re Kossoff PLLC, U.S. Bankruptcy Court for the Southern District of New York, No. 21-10699.

For Togut: Neil Berger, Brian Shaughnessy and Minta Nester of Togut, Segal & Segal

For Kossoff: Walter Mack de Doar Rieck Kaley & Mack

For JPMorgan Chase: Alan Brody and Paul Ferak of Greenberg Traurig

Read more:

Distressed real estate lawyer Kossoff can’t protect bankrupt doctors

Dewey & LeBoeuf bankruptcy veterinarian solicited for Kossoff case

David thomas

David Thomas reports on legal affairs including law firm strategy, hiring, mergers and litigation. He is based in Chicago. He can be reached at d.thomas@thomsonreuters.com and on Twitter @ DaveThomas5150.

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Gary LeClair wants bankruptcy trustee’s lawsuit against him dismissed http://lorodinapoli.org/gary-leclair-wants-bankruptcy-trustees-lawsuit-against-him-dismissed/ http://lorodinapoli.org/gary-leclair-wants-bankruptcy-trustees-lawsuit-against-him-dismissed/#respond Tue, 12 Oct 2021 08:32:07 +0000 http://lorodinapoli.org/gary-leclair-wants-bankruptcy-trustees-lawsuit-against-him-dismissed/ The old Richmond office padlocked by LeClairRyan. (BizSense File Photo) Gary LeClair pushes back allegations that he conspired to profit from it and is to blame for the collapse of his namesake law firm. The co-founder and longtime executive of the late Richmond legal giant, LeClairRyan, last month called for a blanket dismissal of more […]]]>

The old Richmond office padlocked by LeClairRyan. (BizSense File Photo)

Gary LeClair pushes back allegations that he conspired to profit from it and is to blame for the collapse of his namesake law firm.

The co-founder and longtime executive of the late Richmond legal giant, LeClairRyan, last month called for a blanket dismissal of more than a dozen charges brought against him by the trustee overseeing the bankruptcy liquidation of the firm of ‘lawyers.

The trustee, Lynn Tavenner, seeks to reject responsibility for the disappearance of the company and to recover the damages to be returned to the pool of creditors.

In an amended complaint filed in August, she described LeClair and legal services firm UnitedLex, respectively, as “a deceptive law firm” entrepreneur “conspiring with an opportunistic” global corporate legal services provider “… to manipulate a law firm for their own benefit and benefit. “

Gary Le Clair

But LeClair, in his Sept. 27 motion for dismissal, said the allegations “defy human nature and logic and are simply false.”

“Over 94 pages and 558 paragraphs of allegations, the amended complaint contains dozens of false and misleading statements attempting to fabricate a conspiracy involving (LeClair), the purpose of which was to destroy LeClairRyan PLLC – the (LeClair) firm founded, argued his name to and invested in personally, professionally and financially for over 30 years, ”states LeClair’s record.

His call for dismissal includes counts of conspiracy, breach of fiduciary duty, unjust enrichment and restitution of certain funds the company paid him before his bankruptcy in the summer of 2019.

LeClair’s arguments for the dismissal rest primarily on his claim that Tavenner’s claims lack legal basis.

He also argues that certain claims are excluded by a receipt he received from the company before his departure, as well as by the limitation period.

While the Tavenner case tells a story of LeClair pulling strings with UnitedLex behind the scenes, LeClair claims he didn’t have such power in the company’s later years – and, therefore, had no such power. fiduciary duty to the company as it collapsed.

LeClair founded LeClairRyan with Dennis Ryan in Richmond in 1988. LeClair was CEO of the company from its inception until June 2011, proclaiming that his tenure was marked by “disciplined financial management …”

After resigning as CEO in 2011, he relinquished other responsibilities by stepping down as chairman of the board in 2015. He also claims that he had no signing authority or staff in as chairman and was not an officer or board member after leaving the board completely. in January 2016.

“Although (LeClair) remained a shareholder, he had no management authority or leadership role. “

Tavenner claims LeClairRyan was insolvent as of 2014 and has only been profitable for a year since 2011. The trustee’s lawsuit refers to emails purported to show LeClair’s involvement in the business of the company until in some of his last days, despite alleged efforts to cover up such activity. He eventually left the company just before it collapsed, joining downtown rival Williams Mullen.

LeClair remains a partner at Williams Mullen and is represented in bankruptcy cases by attorneys Scott Sexton and Andrew Bowman of Gentry Locke, as well as Bill Broscious of Kepley Broscious & Biggs. LeClair and his legal team declined to comment beyond what is stated in court documents.

Tavenner is seeking to recover more than $ 3 million in so-called fraudulent transfers LeClair received from the company in the five years leading up to its collapse.

LeClair maintains that much of this money was owed to him through various compensation plans. He also filed a claim as a creditor with the bankruptcy estate for $ 2.44 million.

The trustee’s claims may also seek to trigger insurance payments from policies LeClairRyan allegedly had in place to cover officers and directors.

Tavenner’s claims relate to an ill-fated joint venture between LeClairRyan and UnitedLex called ULX partners, which was carried out in the law firm’s last few months. This partnership, designed to reduce costs by outsourcing LeClairRyan’s administrative tasks to ULX, is believed to have contributed to the loss of the law firm.

Tavenner first sued UnitedLex in 2020, claiming $ 128 million in damages alleging the ULX plan was a conspiracy to hijack millions from the 30-year-old law firm as it faltered toward the collapse.

She added LeClair to the case in August, arguing that he had conspired with both UnitedLex and that company’s CEO, Daniel Reed, to keep LeClairRyan alive longer than necessary for their own benefit.

Tavenner is also continuing his legal fight with dozens of former LeClairRyan shareholder partners.

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County May Seek Help From Bankruptcy Lawyer To Help With DAB And EMS Nature Coast Local News http://lorodinapoli.org/county-may-seek-help-from-bankruptcy-lawyer-to-help-with-dab-and-ems-nature-coast-local-news/ http://lorodinapoli.org/county-may-seek-help-from-bankruptcy-lawyer-to-help-with-dab-and-ems-nature-coast-local-news/#respond Sat, 09 Oct 2021 19:00:00 +0000 http://lorodinapoli.org/county-may-seek-help-from-bankruptcy-lawyer-to-help-with-dab-and-ems-nature-coast-local-news/ DAB Constructors filed for bankruptcy early last month. Nature Coast EMS filed for bankruptcy on October 2, the same day the county resumed ambulance services. County Attorney Denise Dymond Lyn In the aftermath of these two high-profile bankruptcies, County Attorney Denise Dymond Lyn, in a note attached to the committee’s Oct. 12 agenda, recommends that […]]]>

DAB Constructors filed for bankruptcy early last month. Nature Coast EMS filed for bankruptcy on October 2, the same day the county resumed ambulance services.






County Attorney Denise Dymond Lyn


In the aftermath of these two high-profile bankruptcies, County Attorney Denise Dymond Lyn, in a note attached to the committee’s Oct. 12 agenda, recommends that the board retain Largo’s bankruptcy consultant Jake Blanchard , as an assistant.

Get more from the Citrus County Chronicle

Blanchard, in a note to Lyn, said his hourly billing rate is $ 300 for government work. His fees should not exceed $ 8,000, according to Lyn.

It’s been a month for Citrus County when it comes to these two top companies.

DAB Constructors announced last month that it was filing for Chapter 7 bankruptcy and that the the unexpected closure has left a huge dent in county road projects.

DAB had already fallen behind in completing the still incomplete expansion segments of US 19 at Homosassa and Crystal River. The sureties are scrambling to find a replacement company.

DAB also had a $ 3.4 million contract to re-surf the roads in the Citrus County neighborhood.

Then came the county’s sudden decision last month to end its contract with Nature Coast EMS and resume service after the private nonprofit continued to return for additional financial assistance to continue operating and increase staff.

The committee meeting will begin at 1 p.m. on Tuesday, October 12 at the Inverness courthouse.

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Three Starcity Entities File Chapter 7 Bankruptcy http://lorodinapoli.org/three-starcity-entities-file-chapter-7-bankruptcy/ http://lorodinapoli.org/three-starcity-entities-file-chapter-7-bankruptcy/#respond Fri, 08 Oct 2021 16:33:01 +0000 http://lorodinapoli.org/three-starcity-entities-file-chapter-7-bankruptcy/ After coliving company Common bought out San Francisco-based startup Starcity, three legal entities associated with Starcity filed for Chapter 7 bankruptcy. Starcity Properties Inc, the largest of the three entities, had assets worth $ 3.2 million and liabilities of $ 9.9 million, of which $ 5.6 million was secured by claims related to goods. “The […]]]>

After coliving company Common bought out San Francisco-based startup Starcity, three legal entities associated with Starcity filed for Chapter 7 bankruptcy.

Starcity Properties Inc, the largest of the three entities, had assets worth $ 3.2 million and liabilities of $ 9.9 million, of which $ 5.6 million was secured by claims related to goods.

“The purpose of filing the Starcity entities was to allow for their orderly liquidation by a single trustee,” said Wendy W. Smith, partner at Binder & Malter LLP, which represents Starcity subsidiaries. “This trustee will consider whether, under the rules of the bankruptcy code, there is sufficient asset value in light of creditors to justify the sale of the various interests in the developments and properties.”

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The deposits arrived just after it was reported that Starcity’s coliving project in downtown San Jose, which would have become the largest coliving building in the world, would not be among the assets sold and became past due on a 2019 $ 14.7 million loan.

Last June, Starcity transferred property management agreements for 7,500 units to Common. After that Common hired new employees, including co-founder and former Starcity CEO Jon Dishotsky, but as of this week Dishotsky said he was no longer employed at Common.

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Executives’ pre-bankruptcy bonuses spark outrage, little action in Congress http://lorodinapoli.org/executives-pre-bankruptcy-bonuses-spark-outrage-little-action-in-congress/ http://lorodinapoli.org/executives-pre-bankruptcy-bonuses-spark-outrage-little-action-in-congress/#respond Thu, 07 Oct 2021 11:05:30 +0000 http://lorodinapoli.org/executives-pre-bankruptcy-bonuses-spark-outrage-little-action-in-congress/ CEOs who receive bonuses while their companies are on the verge of bankruptcy have drawn the ire of members of Congress who say the payments are unfair to shareholders who can be left with nothing when a company becomes insolvent. The Government Accountability Office recommends that Congress consider amending the bankruptcy code to clearly define […]]]>

CEOs who receive bonuses while their companies are on the verge of bankruptcy have drawn the ire of members of Congress who say the payments are unfair to shareholders who can be left with nothing when a company becomes insolvent.

The Government Accountability Office recommends that Congress consider amending the bankruptcy code to clearly define the extent to which companies can provide bonuses before declaring bankruptcy. In a September 30 report, GAO found that of some 7,300 companies that filed for bankruptcy in 2020, 42 awarded executive bonuses shortly before filing. The bonuses, totaling some $ 165 million, ranged from five months to two days before filing for bankruptcy.

While pre-bankruptcy bonuses were a minority among 2020 Chapter 11 bankruptcy cases, the GAO report raises questions about the number of additional business executives who may be looking to take advantage of the so-called plans. key employee incentive, or KEIP, if there is a deeper economic recession.

“Congress should consider amending the U.S. Bankruptcy Code to clearly subject the bonuses debtors pay executives shortly before a bankruptcy filing to bankruptcy court oversight and to specify the factors the courts should consider. account to approve these bonuses, ”GAO wrote.

Senator Elizabeth Warren, D-Mass., Earlier this year targeted former Genesis Healthcare Inc. CEO George Hager Jr., who allegedly received a $ 5.2 million “retention” bonus before leaving the office. nursing service provider in January, even after more than 2,800 of its residents died from COVID-19 and despite leaving Genesis in dire financial straits, she said.

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Bankruptcies continue their downward trend since the peak in March http://lorodinapoli.org/bankruptcies-continue-their-downward-trend-since-the-peak-in-march/ http://lorodinapoli.org/bankruptcies-continue-their-downward-trend-since-the-peak-in-march/#respond Tue, 05 Oct 2021 19:52:53 +0000 http://lorodinapoli.org/bankruptcies-continue-their-downward-trend-since-the-peak-in-march/ The number of new bankruptcies was mixed in September with 30,907 new filings, down 4% from 32,263 filings in August. According to a Press release of Epiq, a technology intelligence provider for the legal services industry and businesses, the data comes from the September 2021 bankruptcy statistics of its AACER Bankruptcy Information Services Business. According […]]]>

The number of new bankruptcies was mixed in September with 30,907 new filings, down 4% from 32,263 filings in August.

According to a Press release of Epiq, a technology intelligence provider for the legal services industry and businesses, the data comes from the September 2021 bankruptcy statistics of its AACER Bankruptcy Information Services Business.

According to the statement, the total of individual Chapter 13 filings increased 6% from August with a total of 9,930 new cases. On the other hand, individual Chapter 7 filings were down 9% from August with a total of 19,230 cases, while Chapter 11 commercial filings were also down 6% with 247 cases.

New individual Chapter 7 filings have declined in recent months from its recent peak in March 2021. Individual Chapter 13 filings have declined month over month since May.

Overall, the total number of open bankruptcy cases, which includes closed cases, continues to decline: September ended the month with 773,652 cases, down 11% year-to-date.

Although the numbers tend to go down, this trend could be reversed by the end of the moratorium on evictions.

“The volume of new bankruptcy filings and chapter composition trends will likely change over the next few months with federal and state programs like the moratorium on evictions expiring September 30, 2021,” said Todd Madsen, senior director of Epiq Bankruptcy Analytics. “However, many states like California have rental repayment programs, with funds in place that will continue to prevent new bankruptcy filings after the moratoriums expire.”

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