Monthly Archives: October 2011
Madoff Trustee Says Defendants ‘Eviscerate’ Court, ‘Pervert’ Law
The liquidator of Bernard Madoff’s firm said people and companies he has sued in 247 actions are “eviscerating” the bankruptcy court and “perverting” the law by rushing to find new judges for their cases. Defendants in lawsuits by trustee Irving Picard including JPMorgan Chase & Co. (JPM) and the New York Mets owners have asked district judges to decide whether Picard has a right to sue them, and for how much. They seek an “escape hatch” from bankruptcy court, which Congress intended to handle such cases as clawbacks of money withdrawn from a Ponzi scheme, the trustee said yesterday. Picard […]
Miscellaneous Bankruptcy Fees Increasing as of November 1, 2011
Miscellaneous Fees to Increase November 1, 2011 Effective November 1, certain miscellaneous fees for the bankruptcy court will increase. The newly approved court fee schedule, the first inflationary increase in eight years, is expected to result in an estimated $10.5 million in additional fee revenue for fiscal year 2012. Fees in appeals, district, and bankruptcy courts are affected. The income the Judiciary receives through miscellaneous fees allows it to reduce its annual appropriations request to Congress. Bankruptcy Court Miscellaneous Fee Schedule (28 U.S.C. § 1930) Current Fee Proposed New Fee Certification $9.00 $11.00 Exemplification $18.00 $21.00 Audio Recording $26.00 $30.00 […]
MLB Commissioner Should Be Able to Sell Dodgers, Sinatra Heirs Tell Judge – Bloomberg
Major League Baseball Commissioner Bud Selig should be allowed to sell the bankrupt Los Angeles Dodgers, said season-ticket holders including the heirs of singer Frank Sinatra. The request was among dueling court papers filed yesterday in which Selig, News Corp. (NWSA)’s Fox Sports and ticket holders lined up against team owner Frank McCourt, who is battling to retain control of the club. The Dodgers claim that since McCourt bought the team in 2003 for about $325 million the club has seen record success financially and on the field. The team wants court permission to auction future television rights to raise […]
Madoff Trustee $267 Million Suit Taken Over by Judge at ABN Amro’s Request
ABN Amro Bank NV, the bank run by a Dutch government agency, persuaded a U.S. district judge to take over a $267 million lawsuit brought by the liquidator of Bernard Madoff’s firm. The trustee, Irving Picard, sued ABN Amro’s Irish affiliates in bankruptcy court, demanding the return of funds they allegedly got from swap transactions with Rye Select Broad Market XL Portfolio Ltd. Picard, who wants $400 million from Rye, said it made leveraged investments with Madoff. U.S. District Judge Jed Rakoff said the case resembled others he’s now considering, according to a court filing today. More than 60 related […]
Feds Fine Mortgage Foreclosure Firm Steve Baum $2 Million
The U.S. Attorney for the Southern District of New York announced that it entered into an agreement with the law firm of Steve Baum, P.C., one of the largest mortgage foreclosure firms in the state, to pay $2 million to the federal government and revamp its policies and procedures. The arrangement is the result of an investigation into “filings of misleading pleadings, affidavits and mortgage assignments in state and federal courts” according to the Oct. 6 announcement. “In mortgage foreclosure proceedings, there are no excuses for sloppy practices that could lead to someone mistakenly losing their home,” said Manhattan U.S. […]
