Posted on October 24th, 2011
Southern Montana Electric Generation and Transmission filed for bankruptcy Friday afternoon citing that they had a serious cash flow issue.
A board meeting took place on Friday when multiple board members allegedly walked out because the board protested to seat a new representative. The members that were protested at the meeting said that they did not know that the company was planning to file for bankruptcy.
The company has five co-ops in southeastern and central Montana and they work to supply power to all of its members. The bankruptcy filing will put a hold on two lawsuits that have been filed by two of its members.
The filing has raised questions about how the company was able to borrow $300 million in order to increase one of their plants to 120 megawatts. The company has said that they are seeking to reorganize under Chapter 11 bankruptcy.
If you or a loved one has been considering bankruptcy, you need experienced representation on your side. Contact the New Orleans Bankruptcy lawyers of the Law Office of David D. Kervin Young Jr. by calling 504-599-5906 today.
Posted on June 29th, 2011
Lehman Brothers Holdings Inc. filed a new $65 billion bankruptcy liquidation plan Wednesday.
According to court documents, Lehman said it believed it had an “agreement in principle” with major creditor groups on the revised plan. The plan, if approved, would enable what remains the fourth-largest U.S. investment bank to emerge from Chapter 11 bankruptcy protection. Chief Executive Bryan Marsal said he hopes to begin payments next year.
Under the new plan, many unsecured creditors would still recover only about one-fifth of the money they are owed. The company said the plan is different than its previous plan, filed in January, in that some sums will go to unsecured creditors of the parent rather than creditors of subsidiaries.
If your business is considering filing for bankruptcy, please contact the New Orleans Small Bankruptcy Liquidation Lawyers of the Law Office of David D. Kervin, Jr. by calling 504-599-5906.
Posted on March 23rd, 2011
Washington Mutual Inc., will hold a vote to gain support for a new plan to help the bank exit Chapter 11 bankruptcy.
According to a new report, the bank was approved by U.S. bankruptcy court judge Mary Walrath, who allowed the company to contact creditors with a revised plan. The report said that Washington Mutual was told by the judge that insider trading may still be found in the bank’s records. The company is required to give creditors a detailed analysis of its consequences, along with a reorganization plan.
An estimated $700 million additional funds could be dispersed among creditors if proof of insider trading is found. The hedge funds accused of these actions are Appalossa Management LP, Centerbridge Patners LP, Aurelius Capital Management LP, and Owl Creek Asset Management LP.
Attorney for Washington Mutual, Brian Rosen, told the court that he is un aware if any hedge funds acted in an illegal manner.
Washington Mutual has been in bankruptcy since 2008, and was seized by bank regulators.
If your company is considering bankruptcy, please contact the New Orleans Chapter 11 Bankruptcy Lawyers of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.a
Posted on January 6th, 2011
The Milwaukee Catholic Archdiocese filed for Chapter 11 bankruptcy on Tuesday. The filing comes in response to dozens of pending sexual abuse lawsuits, which the church says it does not have the assets to pay.
Archbishop Listecki said that by restructuring, the church would be able to pay victims who had been subject to “the horrific actions of a few” priests while still preserving programs. He also said that local schools and parishes would not feel any effects of the bankruptcy because they are legally separate organizations. However, some plaintiffs in the abuse cases argue that the filing is simply an act to stall further litigation.
If you or your organization needs assistance filing for Chapter 11 bankruptcy, the New Orleans chapter 11 bankruptcy attorneys at the Law Office of David D. Kervin, Jr. can help. To speak with a lawyer, contact us at 504-599-5906.
Posted on October 24th, 2010
A court petition was filed on Friday seeking to force The Washington Times into involuntary bankruptcy.
The Summons to Debtor in Involuntary Case was filed by Richard Steinbronn, a lawyer who was recently fired from the office of a Washington Times affiliate.
In the petition, Steinbronn alleges that his firing was wrongful and that the newspaper owes the Washington Times Aviation and another company over around $2 million.
The newspaper has 21 days to respond.
If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
Posted on September 17th, 2010
Blockbuster executives announced last month that they plan to file for Chapter 11 bankruptcy sometime this month. Under Chapter 11 bankruptcy, businesses are able to restructure the company while paying off debts and continuing operations. The pre-planned bankruptcy will help Blockbuster pay back $1.1 billion of debt.
In accordance with the bankruptcy, Blockbuster plans to close between 500 and 800 stores across the country. Last year alone, almost 1,000 stores were closed. In addition, they hope to be able to expand into kiosk and online rentals in order to compete with companies like RedBox and Netflix.
If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
Posted on August 13th, 2010
The Texas Rangers officially exited Chapter 11 bankruptcy last Thursday after former Ranger and Hall of Fame pitcher Nolan Ryan won the auction to purchase the team.
The team’s auction lasted for eight hours between Ryan and Dallas Mavericks owner Mark Cuban. The winning bid was $590 million. U.S. Bankruptcy Judge Stacey Jernigan approved the sale and exit from bankruptcy later in the day Thursday. The MLB also approved Ryan and sports attorney Chuck Greenburg as owners this week.
In reference to the new owners, former owner Tom Hicks stated, “You have to admire their endurance, dedication and commitment over the last 15 months to get this transaction complete”.
If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
Posted on August 6th, 2010
A discount food organization, Food Share America, has distributed its last set of groceries, leaving people in 10 states in a bind.
The food ministry service has filed for Chapter 11 bankruptcy after seeing no other choice because they could no longer survive by floating on credit. The president of the organization said that the company had more than $100,000 in bounced checks.
The organization serves people in Louisiana, Missouri, Nebraska, Oklahoma, Texas, Wyoming, South Dakota, and more. FSA took over the discount ministries from Catholic church nearly two years.
If your business is going through a troubling time and you have any questions on the issue, contact the New Orleans chapter 11 bankruptcy lawyers of the law office of the Law Office of David D. Kervin, Jr. LLC by calling 504-599-5906 today.
Posted on July 23rd, 2010
Michael Vick is not a stranger to the courtroom. From dogfighting to the shooting after his birthday party, trouble seems to follow this star athlete. He will once again be appearing in a courtroom, this time for violating the terms of bankruptcy.
According to ESPN, “In the new proceeding filed against Vick in Newport News, Va., his bankruptcy trustee asserts that instead of paying what he owed to numerous creditors as he faced the dogfighting charges and likely bankruptcy, Vick made payments to his mother, the mothers of his three children, his sister and his brother.”
Bankruptcy law does not allow for one to give away gifts before paying back creditors. These gifts are called “voidable preferences.” If the trustees do determine that these monetary gifts were viable money to give to creditors to settle his estate, then they can try to regain the funds.
If you or someone you know is facing bankruptcy, contact a New Orleans Bankruptcy Attorney at The Law Offices of Kervin and Young, LLC, by dialing 504-599-5906.
Posted on July 6th, 2010
According to the Tribune News Services, “Three-time Pro Bowl quarterback Mark Brunell, who was paid nearly $52 million during his past 10 years in the NFL, plans to file for Chapter 11 bankruptcy protection Friday.”
Brunell was part of the Super-Bowl winning team last year, serving as the backup quarterback. He is facing multiple lawsuits over his failed real estate and business loans. His partnership, Champion LLC, had bad timing on its investments, writes Brunell in a response to the Florida Times-Union.
One of Brunell’s former partners, ex-Jaguar Joel Smeenge, has already filed for bankruptcy.
The Tribune News Services reports that Brunell has made almost $52 million in his 10 years of playing in the NFL.
If you or anyone you know faces bankruptcy, call the New Orleans Chapter 11 bankruptcy lawyers at the Law Office of David D. Kervin, Jr., LLC, by dialing 504-599-5906.
