A note from Judge Kwan:
Jon,
I did not know if you were aware of the news that Retired Bankruptcy Judge Arthur Greenwald passed away on June 4. I just learned this from Chief Judge Carroll. The memorial service is Monday morning June 9 at Mt. Sinai Memorial Park, Hollywood Hills (see link below). I’m not sure if the word has gotten out to the bar, but I thought you would want to know.
-Bob Kwan
http://www.mountsinaiparks.
Apparently some creditors have filed an involuntary chapter 7 petition against Jacoby & Meyers in New York. The creditors allege that the firm has been defunct since last December and has transferred assets which should be recovered. The Bloomberg article can be accessed here. The case is In re Jacoby & Meyers Bankruptcy LLP, 14-bk-10641, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
The debtor here has filed a Petition for Writ of Certiorari on the issue of whether or not denial of confirmation of a plan is a final, appealable Order. The case is Gordon v. Bank of Amer., S. Ct. No. ____ (filed May 22, 2014). An article by the National Consumer Bankruptcy Rights Center can be found here.
Chapter 11 debtors are required to close their bank accounts and open new ones once the case is filed. The new accounts must be only with banks “approved” by the UST. Attached is the most current list of approved banks, as of May 15, 2014. Having this “list” actually makes sense because the banks, in order to get on the list, must put up some sort of additional collateral or securities so that there is no risk to the estate if the bank fails. Unfortunately many banks appear to limit the debtors they will allow to open new accounts to those who will be class A customers, something most debtors are not, at least prior to the filing. The list can be accessed here.
Orange County Bar Association
Commerical Law & Bankruptcy Section
May Meeting
Thursday, May 22, 2014
12:00 pm to 1:30 pm
LOCATION CHANGE:
Original Mike’s
100 S. Main St.
Santa Ana, CA 92701
Free Parking
Speakers:
Honorable Theodor C. Albert
United States Bankruptcy Court
D. Esward Hays, Esq.,
Founding Member, Marchack Hays LLP
William N. Lobel, Esq.
Managing Partner
The Lobel Firm
Todd C. Ringstad, Esq.
Partner
Ringstad & Sanders
Topic:
Recent Developments in Chapter 11 – Part 1
FINANCIAL LAWYERS CONFERENCE
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| On June 6, 2014, The Financial Lawyers Conference and The Lowell Milken Institute for Business Law and Policy at UCLA School of Law are jointly sponsoring a full-day program on the fundamental issues involved in business bankruptcies.
This program is designed for professionals who deal with business bankruptcies but who are not yet expert in this field, either because they are relatively new to it or because they do not deal with it routinely. Professionals who are lawyers, financial advisors, bankers, analysts and managers at hedge, private equity and other types of funds, and others who deal with distressed companies, will benefit from this program. In addition to providing a foundation of knowledge, the program will allow attendees to establish and cultivate contacts with others involved in this arena. We encourage senior members of the institutions who receive this invitation to send their more junior colleagues to the program. As reflected in the following agenda, the faculty for this program on the fundamentals of business bankruptcies consists of an array of leading practitioners and academics. |
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Click here for campus directions. » Click here for parking directions. » ** Due to space limitations, registration is limited to 90 attendees. Registrations will be accepted on a first come first served basis. Seats fill up quickly so register ASAP! |
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LOS ANGELES COUNTY BAR ASSOCIATION
Commercial Law and Bankruptcy Section
Presents
Laying Down The Law: The Bankruptcy Court’s Equitable Powers And Strategic Considerations After Law V. Siegel
Judge Ahart and a panel of expert lawyers analyze the Supreme Court’s 2014 bankruptcy decision in Law v. Siegel; section 105(a) and the court’s non-statutory powers; and strategic considerations for lawyers.
Panelists:
Hon. Alan M. Ahart, US Bankruptcy Court
John N. Tedford IV, Danning, Gill Diamond & Kollitz, LLP
Jason Wallach, Gladstone Michel Weisberg Willner & Sloane ALC
David R. Weinstein, Weinstein Law Firm, a Professional Corporation
LABF members can attend at the LACBA member price
In In re Brown, a state court found that one Diana Williams committed fraud and that the debtor “collaborated in a civil conspiracy and joint venture from which [the debtor] benefited at Plaintiff’s expense.” Judge Barry Russell ruled that the state court judgment established non-dischargeable fraud against the debtor and the BAP, in an unpublished opinion, agreed.
The BAP said,
“[G]iven the findings in the State Court Judgment, an exception to discharge is appropriate based upon the imputation of Williams’ fraud to [the debtor] under the test announced in In re Huh. In concluding that [the debtor] participated in a civil conspiracy under California law, the state court necessarily concluded that [the debtor] collaborated with Williams to defraud the Appellees and, thus, that [the debtor] ‘knew or should have known’ of Williams’ wrongdoings.”
An important side note is that Judge Russell told the debtor at the status conference that he was”bound” by the state court decision and essentially had no choice. The BAP notes that collateral estoppel is not mandatory but says that Judge Russell’s comments did not really suggest that he believed he actually had no choice.
From the Court Clerk’s Office:
Due to popular request, the U.S. Bankruptcy Court would like to announce our new Pre-Hearing Dispositions Archive page. The purpose of this page is to allow users the ability to search for past pre-hearing dispositions.
To access this new page, click the Pre-Hearing Dispositions link from the court’s homepage. Once there, click the Pre-Hearing Disposition Archive tab and enter the year and Judge for the pre-hearing disposition you are interested in. You will be able to search as far back as July 2013.
Questions concerning this feature can be directed to the eFiling Help Desk at 855-542-0992.
We don’t see that many of these. Here is a fun article from Professor Pamela Foohey from the Univ of Illinois about the notice she received saying that the lender had recently lowered its standards so she now qualified for a loan of up to $1,500. The article is here.
