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Author Archives: Bill Rochelle

Possible ruling on fees could impact bankruptcy lawyers

The successful reorganization of Asarco LLC, whose creditors were paid in full, presents the U.S. Supreme Court with an opportunity to rule on an issue dear to all bankruptcy lawyers: Can a bankruptcy court award compensation for successfully defending fee requests?

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Supreme Court sets conference on Ponzi trusteess

The U.S. Supreme Court will probably say June 30 whether liquidators of the Bernard Madoff and R. Allen Stanford Ponzi schemes will be allowed a final appeal on their quests to hold financial institutions to account for their roles in allegedly helping perpetuate fraud.

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Madoff trustee blasts U.S. Solicitor General

The trustee for Bernard L. Madoff Investment Securities Inc. came out fighting Tuesday after the U.S. Solicitor General recommended in May that the U.S. Supreme Court declined to hear an appeal of rulings that barred the trustee’s $10.6 billion in lawsuits

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American Airlines loses to retirees on benefits

American Airlines Group Inc., which emerged from Chapter 11 reorganization last year, lost the first battle with retirees when a bankruptcy judge ruled that the company doesn’t have the unilateral right to terminate their health and life-insurance benefits.

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Madoff trustee gets tough questions on appeal

Irving Picard, the trustee unwinding Madoff’s investment firm in bankruptcy, is seeking court permission to sue “net winners” — customers who withdrew more than they invested with Madoff — as far back as six years before the Ponzi scheme collapsed.

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Supreme Court limits federal court equity powers

The U.S. Supreme Court dealt a blow to the notion that a bankruptcy court is a court of equity, ruling that someone who attempts to defraud creditors can’t lose the exempt status of his home to compensate the trustee for uncovering the fraud.

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Attorney general fights for magistrate judges

Attorney General Eric Holder is participating in a bankruptcy case before the U.S. Supreme Court to avoid having some powers of federal magistrate judges found in violation of the Constitution.

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State court to decide bankrupt law firm issues

When a law firm goes bust, is it entitled to profit from the hourly fees in unresolved client matters that departing lawyers have taken with them to new firms?

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Patriot comes to terms with unions

Patriot Coal Corp. improved its chances of emerging from a 13-month-old bankruptcy reorganization by coming to terms with the United Mine Workers union on modified wages and benefits.

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Madoff trustee to distribute another $505 million

The trustee for Bernard L. Madoff Investment Securities Inc. said he will make an additional distribution of $505 million to customers, bring the total to more than $5.4 billion, or almost 43 percent of approved claims.

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