The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.
The judge who presided over the bankruptcy of Lehman Brothers Holdings Inc., the largest in U.S. history, will join law firm Morrison Foerster LLP next month to help lead its restructuring and insolvency group.
Bank of America NA was on the losing end of an opinion in which the bankruptcy judge ruled Lehman Brothers Holdings Inc. is entitled to the return of $500 million that the bank improperly set off in violation of the so-called automatic stay.
Discount retailer Loehmann’s Inc. , unable to complete an exchange offer in October, filed a Chapter 11 petition today in New York with agreement on a plan to swap $110 million in secured notes for the new equity.
The hopes of Quebecor World (USA) Inc. creditors for a major payday were dashed again when a district judge upheld dismissal of a lawsuit to recover $376 million for bonds repurchased within three months of the company’s bankruptcy in January 2008.
Claims for so-called soft dollar accounts against the brokerage unit of Lehman Brothers Holdings Inc. don’t qualify as customer claims and thus aren’t eligible for payments of as much as $500,000 each from the fund maintained by the Securities Investor Protection Corp., a bankruptcy judge ruled.
Marco Polo Seatrade BV reached an agreement with creditors Credit Agricole SA and Royal Bank of Scotland Group Plc to use its cash collateral amid criticism from the banks that it wrongly filed for bankruptcy in New York.
Lehman Brothers Holdings Inc. , whose $11 billion suit against Barclays Plc is drawing to a close, is going after JPMorgan Chase & Co. as the next deep pocket to pay creditors in the biggest U.S. bankruptcy.