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Watchdog Questions Imerys Talc s Ch. 11 Asset Buy Plans
Law360 (June 15, 2021, 6:18 PM EDT) The Office of the United States Trustee has objected to a proposal from bankrupt talc miner Imerys Talc America to acquire small businesses in its Chapter 11 to serve as investment vehicles for its funds, saying the debtor must show the investments are a proper use of estate resources.
In the objection filed late Monday, the U.S. trustee argues that Imerys must comply with Section 345 of the federal bankruptcy code, which requires an accounting of the costs and risks associated with a debtor s acquisition of assets.
Wednesday, May 12, 2021
The disruption to the global economy that has ensued since the World Health Organization declared COVID-19 a pandemic has resulted in a sharp increase in the number of companies filing for bankruptcy. Notably, the number of U.S. bankruptcy filings by companies with over $100 million in assets increased by 84 percent during the first three quarters of 2020 compared to the same period in 2019.
[1] In the second quarter of 2020, such filings reached the second-highest total for any quarter in the last fifteen years just below the all-time high in the first quarter of 2009 during the aftermath of the 2008–2009 financial crisis (the Financial Crisis).
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Hedge fund founder Dan Kamensky gets prison sentence for fraud during Neiman Marcus bankruptcy
Kamensky had previously fought the retailer in Dallas courts over the transfer of its former Germany-based Mytheresa unit to the retailer’s private equity owners.
An exterior view of the Neiman Marcus store at NorthPark Center in Dallas.(Tom Fox / Staff Photographer)
10:14 AM on May 10, 2021 CDT
The New York hedge fund founder who was charged with committing fraud during Neiman Marcus’ bankruptcy last year has been sentenced to six months in prison.
Marble Ridge Capital founder Dan Kamensky, 48, pleaded guilty to bankruptcy fraud and extortion committed while he was on a committee of unsecured creditors in the Neiman Marcus bankruptcy.