Bankruptcy

11th Circuit - In A Case Of First Impression, Court Rules On Proportionate Liability In Private Securities Litigation Reform Act Of 1995

Posted on April 30, 2008
Not a Bankruptcy case, but relevant to corporate and shareholder litigation:KITTIE LAPERRIERE, Class certification, to consist of all persons who acquired the publicly traded equity securities of Vesta Insurance Group, Inc., between June 2, 1995, and June 28, 1998, inclusive (the “Class Period”)...

New Bankruptcy Rule 6003; Judge Massey Order Cited In New Article

Posted on April 30, 2008
By: Scott B. Riddle, Esq.In a prior post, I discussed Judge Massey's opinion concerning Amended Bankruptcy Rule 6003.  In re Smith, Ch. 11 Case No. 08-63990 (click here for Order).  Catherine Vance, Vice President of Research & Policy and Associate General Counsel of Development Specialists, Inc...

Recent Chapter 11 Filings: Verso Technologies, Inc. And Related Companies File Chapter 11 In Northern District

Posted on April 27, 2008
After a slow three weeks for Chapter 11 filings, Atlanta-based technology company Verso Technologies, Inc. (yahoo! Finance, Google Finance), and four related entities, filed Chapter 11 petitions in the Northern District of Georgia on April 25, 2008...

If You Live In Clayton County, Georgia, Watch Your Home Values Plummet

Posted on April 24, 2008
The disaster that is the Clayton County School Board has struck again.  On the verge of being the third school district in the United States to lose accreditation in the last 20 years (see the report here), they struck again last night...

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11th Circuit Holds Requirements Of Section 303(b) (Involuntary Bankruptcy) Are Jurisdictional -- But It Doesn't Like It.

Posted on April 23, 2008
 By: Scott B. Riddle, Esq.Trusted Net Media Holdings, LLC v. The Morrison Agency, Inc. (In re Trusted Net Media Holdings, LLC), No. 07-13429 (11th Cir. April 29, 2008) (click here for pdf of opinion).  The basic facts are the following - On April 20, 2002, Morrison, as a creditor, filed an involuntary bankruptcy petition against its debtor Trusted Net, requesting liquidation of Trusted Net’s assets pursuant to Chapter 7 of the Bankruptcy Code...

When Visiting Russia, Check Your Luggage For High Powered Ammunition

Posted on April 21, 2008
I can't really turn this into a Bankruptcy or litigation issue, so it will be a rare stray for this news story - Wall Street Journal: U.S. Pastor's Hunting Ammunition Gets Him 3 Years in Russian Prison.  Phillip Miles, from South Carolina, has been in custody since his arrest on Feb...

LinkedIn Georgia Bankruptcy Group

Posted on April 20, 2008

LinkedIn: New Group For Bankruptcy Lawyers In Georgia

Posted on April 20, 2008
Like a few million other people, I created a profile on LinkedIn.  I am not quite sure what that means in the long run (see below), but after joining the legal bloggers group, it occurred to me that it might be useful for creating an online directory for Bankruptcy lawyers in Georgia...

Tithing And Paying Off Debt

Posted on April 20, 2008
I ran across a post about the issue of tithing and paying off debt on the Free Money Finance Blog entitled Tithe or Pay Off Debt: Which Should You Do?  There is a follow-up post on the subject here.   These posts, and the blog, may be of interest to some readers...

Gretchen Morgenson On Lender Misconduct

Posted on April 19, 2008
Gretchen Morgenson of the New York Times has an article in tomorrow's Sunday edition about the improper conduct of mortgage lenders.  See Piling On; Borrowers Buried By Fees.  Morgenson discusses several cases in which Bankruptcy Judges have found misconduct on the part of lenders...

Bankruptcy Trustee Sues Law Firm For $1.2 Billion For Client Taking Too Long To Go Into, Then Out Of, Bankruptcy

Posted on April 17, 2008
From Law.com - The 75-page complaint, filed Monday in Manhattan Supreme Court by trustee Richard Gray, alleges McDermott Will put off a much-needed Chapter 11 filing to facilitate self-dealing by two other members of the hospital group's restructuring team...

Foreclosures Hit Record High In Metro Atlanta

Posted on April 16, 2008
From the Atlanta Journal Constitution - A record number of metro Atlanta properties are scheduled to be auctioned on the courthouse steps next month, according to numbers released Tuesday by Equity Depot, an Alpharetta company that tallies foreclosures...

Bankruptcy Judge Slams Firm For Conflict Of Interest

Posted on April 15, 2008
A warning for firms that have unpaid pre-petition fees  when they represent a Chapter 11 debtor.  From Law.com -  In a stinging 38-page decision, Southern District of New York Bankruptcy Judge Arthur J. Gonzalez denied Windels Marx Lane & Mittendorf any compensation for its work on the bankruptcy of hip-hop media company Source Enterprises Inc...

Georgia Court Of Appeals Upholds Expansive Scope Of Personal Jurisdiction

Posted on April 15, 2008
By: Scott B. Riddle, Esq.Vibratech, Inc. v. Frost, et al., 2008 WL 1704091 (Ga. App. March 27, 2008). Although this Georgia Court of Appeals opinion involves a bankruptcy issue, it is more important for the discussion and holding on personal jurisdiction...

Delaware Bankruptcy Court Imposes Caremark Duty Of Care On Corporate Officers

Posted on April 14, 2008
Francis Pileggi, in this post, discusses the Delaware Bankruptcy Court's opinion in the case of Miller v. McDonald (In re World Health Alternatives, Inc.),  2008 WL 1002035  ( Bankr., Del. April 9, 2008) (pdf opinion here)...

The Rumor Mill: Jefferson County, Alabama, Which Includes Birmingham, Might Be Largest U.S. Municipal Bankruptcy

Posted on April 14, 2008
From Bloomberg -April 11 (Bloomberg) -- They're talking more about Chapter 9 municipal bankruptcy in Jefferson County, Alabama, the home of the largest city in the state, Birmingham. Who can blame them? The county is now being whipsawed by an ill-thought-out debt policy and the collapse of the bond insurers...

11th Cir: Trustee's Abdndonment Of Cause Of Action Already Ruled Upon By Bankruptcy Court Did Not "Re-Vest" Plaintiffs With Ability To Re-Litigate Claims

Posted on April 14, 2008
By:Scott B. Riddle, Esq. Matthews, Wilson & Matthews, Inc. v. Capital City Bank, 2008 WL 901919, 07-15615 (April 4, 2008). MWM [Debtor] had trouble making loan payments, and ultimately filed for Chapter 7 bankruptcy. The bankruptcy trustee sought approval from the bankruptcy court to sell the Conyers property [owned by Debtor] and use the sale proceeds to satisfy the [Capital City Bank's] lien...

"Lessons Learned in the Nifong Case"

Posted on April 14, 2008
A plug for my law school and a CLE event in Atlanta-- UNC School of Law is pleased to present - "Lessons Learned in the Nifong Case" A two-hour CLE program presented by Richard E. Myers II,Assistant Professor of Law at UNC School of LawTuesday, April 22, 20083:00 - 5:00 p...

Retailer Linens 'N Things Expected To File Chapter 11 Within A Week

Posted on April 11, 2008
From the Wall Street Journal - Linens 'n Things Inc., a home-furnishings retailer caught by an increasing debt load and shrinking housing market, is expected to file for Chapter 11 bankruptcy-court protection by Tuesday, several people familiar with the matter said...

10th Circuit Rules On Pay Advice Issue, Reverses Bankruptcy Court

Posted on April 10, 2008
From the Bankruptcy Prof Blog -Miller v. Cameron (In re Miller)  ---- B.R. ----, 2008 WL 754809 (10th Cir. Mar. 2008) (click here for opinion).  Issue: Is a debtor's pay stub containing year-to-date income totals “other evidence of payment” sufficient to meet the filing requirements of payment advices for the previous 60 days? Holding: Yes  Under the bankruptcy court's interpretation, a debtor would not only need to provide a separate piece of documentary evidence for each pay period during the sixty days prepetition, he would also have to ensure that each piece of evidence was created by his employer...

Get E-mail Updates From U.S. Trustee

Posted on April 09, 2008
From the Bankruptcy Prof Blog, you can now get email updates from the U.S. Trustee.  Go to their website, click on Email Updates in the top right corner, and sign up.

Recent Chapter 11 Filings In Northern District of Georgia

Posted on April 09, 2008
Recent cases filed in the Northern District over last two weeks -- 08-40915-mgd Northstar Vinyl Products, LLC Filed: 03/28/2008 Entered: 03/28/2008 08-65697-jb Heritage Point Apartments Inc...

Should You File Chapter 7 For Your Small Business?

Posted on March 28, 2008
Many of the calls I receive are from individuals who own small or mid-size businesses that are experiencing financial difficulties are need to shot down.  They often assume that they should file a bankruptcy petition on behalf of the business if it is a corporation, partnership or limited liability company...

Would Bankruptcy Be A Better Option For Bear Stearns?

Posted on March 21, 2008
At least one investor believes Bankruptcy is a better option for Bear Stearns than the $2 per share offer by JP Morgan.From CNN Money - Here's what Nye Lavalle, a private investor, investor and consumer advocate, in Atlanta, writes: My recommendation and our vote of our shares will be to turn down the proposal and force a bankruptcy liquidation...

Blog Rankings For The Month

Posted on March 20, 2008
I was prompted by this blog post to check the monthly Justia Blog Rankings.  I was surprised to see this Blog as the No. 22 most popular legal Blog.  I am not sure what it means, but it has to be a good thing.  Other good Blogs on the list, that may be of interest to readers interested in bankruptcy, business litigation or Georgia law, are: Above the Law Delaware Corporate and Commercial Litigation Blog Wall Street Journal legal Blog Mortgage Fraud Blog Bankruptcy Law Network Atlanta Injury Law & Civil Litigation Blog Credit Slips Real Lawyers :: Have Blogs theBKblog Georgia Family Law Blog  

Bankruptcy Law and Litigation Seminar, May 19, 2008.

Posted on March 18, 2008
On May 19, 2008, I will be speaking at a seminar on Bankruptcy Law and Litigation, presented by National Business Institute. The description of the course is the following:Your clients rely on you to unravel the complexities of the bankruptcy process and guide them to the most favorable outcome possible...

Amended Bankruptcy Rule 6003 And Chapter 11 Applications For Employment

Posted on March 18, 2008
On December 1, 2007, amended Federal Rule of Bankruptcy Procedure 6003 became effective. It states the following:Except to the extent that relief is necessary to avoid immediate and irreparable harm, the  court shall not, within 20 days after the filing of the petition, grant relief regarding the following: (a) an application under Rule 2014; (b) a motion to use, sell, lease, or otherwise incur an obligation regarding property of the estate, including a motion to pay all or part of a claim that arose before the filing of the petition, but not a motion under Rule 4001; and (c) a motion to assume or assign an executory contract or unexpired lease in accordance with § 365...

Assignments For The Benefit Of Creditors In California

Posted on March 17, 2008
In this post, I summarized Assignment for the Benefit Creditors in Georgia.  Bob Eisenbach just posted an article in the Business Bankruptcy Blog entitled Assignment for the Benefit of Creditors; Simple as ABC?

Emory Bankruptcy Developments Journal 2008 Banquet Honoring Douglas Baird

Posted on March 11, 2008
Emory Bankruptcy Developments Journal 2008 Banquet Honoring Douglas BairdHere is the flyer.When:  March 27, 2008 Maggiano’s -Buckhead Where:  3368 Peachtree Road, Atlanta GA Time:  6:30-9:00 PMSeats are $80 each and limited tables of ten are  available for $1000...

Eve Marie Carson

Posted on March 11, 2008
Most of us in the Atlanta area have heard the story of Eve Marie Carson, the Student Body President of my alma matar, The University of North Carolina.  Eve grew up in nearby Athens, Georgia, where she was the student body president of Clark Central High School...

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