The firm could have claims against partners who received hefty salary guarantees, as well as those perceived to have taken value when their clients followed them out the door.
Crane v. Porayko (N.D. Ill.)
OPINION – A creditor obtained a judgment against Porayko, and served Porayko and his bank with citations to discover assets. Later Porayko filed for bankruptcy protection, and the creditor was granted leave from the automatic stay to pursue the funds in Porayko’s bank account. The trustee objected, but the service of citation had created a lien on Porayko’s bank account.
Maale v. Kirchgesser (S.D. Fla.)
OPINION – Defendant seeks to have her “plain vanilla” award of attorney’s fees converted into a Rule 11 sanction that will not be dischargeable in bankruptcy. The fees should have been initially sought as a Rule 11 sanction to avoid this situation. The court will not now retroactively convert the judgment nor award a second judgment.
In re W. End Fin. Advisors LLC (Bankr. S.D.N.Y.)
OPINION – In this Chapter 11 case, attorney fees that were applied for with the activity label of “review and revise” [documents] are reduced 20 percent across the board, because the court cannot determine what was reviewed nor why. Fees requested for “attention to” a matter are reduced 50 percent, because it is impossible for the court to determine the nature of the service described.
The coal producer and marketer has struggled as customers have switched to cheaper natural gas, and plans on a comprehensive financial restructuring.
Jefferson County wants Judge Thomas Bennett's ruling from last month clarified. The ruling did not forbid using county revenues for paying lawyers for completed work.
The bankruptcy filing comes as part of Dynegy's settlement agreement with creditors.
The California city may not immediately disclose details of the city's prior talks with creditors during the opening rounds of its Chapter 9 case, a judge said.
The town filed for Chapter 9 municipal protection from its creditors due to a nearly $43 million legal judgment against it.
The decline has been attributed to low interest rates, which have been kept at rock-bottom levels since the financial crisis.
Other U.S. cities have also experienced boom and bust. But analysts and investors see the California city as an extreme case of fiscal mismanagement over the past two decades.
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