US Trustee Questions Need For Stream TV s Ch 11 Filing law360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from law360.com Daily Mail and Mail on Sunday newspapers.
To embed, copy and paste the code into your website or blog:
It has been just over a year since the first known COVID-19 cases and related shutdowns occurred in the US. In early 2020, everything from grocery shopping to global politics was deemed “unprecedented” and “unpredictable.” However, as the pandemic continues into 2021, precedents have begun to be established, even as unpredictability remains. In the field of bankruptcy, as elsewhere, we are seeing new trends and establishing new ways of practicing, some of which look likely to survive the pandemic, even if many businesses do not.
The Virtual Pivot
Government restrictions and public health concerns abruptly forced restructuring practitioners to a virtual platform in March 2020. Court offices were closed, physical document deliveries were prohibited, physical client meetings became a public health risk, and courts mandated that hearings be held telephonically or by video conference. While some of these restrictions
The urgency comes from a looming March 27 deadline to utilize enhanced bankruptcy protections that became available to many small businesses in the spring of 2020, explains attorney Adam Fletcher from BakerHostetler.
GREED: Marble Ridge Capital Founder Pleads Guilty To Bankruptcy Fraud In Connection With Neiman Marcus Bankruptcy
Posted on 02/03/2021
Daniel Kamensky, age 48, of Roslyn, New York, pled guilty to one count of bankruptcy fraud, which carries a maximum sentence of five years in prison. Sentencing has been scheduled for May 7, 2021. Daniel Kamensky is the founder of New York-based hedge fund Marble Ridge Capital. The fraud was in connection with his scheme to pressure a rival bidder to abandon its higher bid for assets in connection with Neiman Marcus’s bankruptcy proceedings so that Marble Ridge could obtain those assets for a lower price.
To embed, copy and paste the code into your website or blog:
On December 27, 2020, the Consolidated Appropriation Act (“CAA”) was signed into law. The CAA amends the Bankruptcy Code in several significant respects. Most of the amendments expire in either one or two years unless they are later extended. Ten changes to the Bankruptcy Code are summarized below. Any financially distressed company and its creditor constituents – including borrowers, lenders, landlords, tenants, trade vendors, utility companies, and customs brokers – will be interested in one or more of these changes.
Potentially Making PPP Loans Available to Debtors
The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) created the Paycheck Protection Program (the “PPP”), administered by the Small Business Administration (“SBA”), and created a controversy about the availability of such loans to companies in bankruptcy. The SBA consistently opposed PPP loans for debtors, and the ca