Category Archives: Bankruptcy

Making Sense of the Settlement Between the Owners of the Mets and Picard in the Madoff Case

On March 19, 2012, the day the trial of the lawsuit by Irving Picard, the bankruptcy trustee in the Madoff case, against the owners of the Mets was to begin, the parties reached a settlement of Picard’s claims.  The material terms of the settlement were placed on the record before District Court Judge Jed Rakoff.  A transcript of the proceeding can be found here. Under the settlement, which is subject to Court approval on motion under Rule 9019 of the Federal Rules of Bankruptcy Procedure, Picard is to be paid $162 million in satisfaction his claims against Saul Katz and […]

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District Court Partially Overturns Bankruptcy Court Decision Concerning MERS Authority

On March 28, 2012, U.S. District Court Judge Joanna Seybert vacated part of the decision made by Bankruptcy Court Judge Robert E. Grossman in In re Ferrel L. Agard, 444 B.R. 231 (Bankr.E.D.N.Y. 2011), wherein he concluded that MERS’s “nominee” status did not confirm upon it authority to assign mortgages.  A copy of the decision may be found here. In Agard, Judge Grossman granted a motion for relief from stay because the movant mortgagor had been determined to be secured to the residence by the state court that issued judgment of foreclosure in its favor.  In addition to granting relief […]

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Sbarro Fast-Food Pizza Chain Wins Court Approval for Bankruptcy-Exit Plan – Bloomberg

Sbarro Inc., the fast-food pizza restaurant chain, won approval of its plan to restructure and exit bankruptcy protection. Sbarro will give ownership of the reorganized company to senior lenders owed about $176 million under the proposal approved today by U.S. Bankruptcy Judge Shelley C. Chapman in Manhattan. The company, based in Melville, New York, started as an Italian restaurant in Brooklyn, New York, in 1956 and has more than 1,000 company-owned and franchised restaurants, according to its court filings.Sbarro, acquired in 2007 by the private-equity firm MidOcean Partners, filed for bankruptcy in April, blaming reduced consumer traffic at shopping malls […]

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Fox Wants Dodgers’ Bankruptcy Case Dismissed, Slams McCourt, MLB

In a sharply worded court filing late Wednesday, Fox Sports said it would ask a U.S. Bankruptcy Court to dismiss the Dodgers from bankruptcy. In the process, Fox slammed Major League Baseball as “Prime Ticket’s former ally” and claimed the only reason Dodgers owner Frank McCourt wants to sell the team’s television rights now is to put “value rightfully belonging to Prime Ticket in his own pocket.” On Nov. 1, McCourt and MLB reached an agreement under which he would sell the Dodgers and the league would not oppose an effort by McCourt to market the team’s television rights.The Dodgers […]

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Goldman Sachs Sued by Capmark to Recover $147 Million Insider Preference

Units of Goldman Sachs Group Inc. GS were sued by Capmark Financial Group Inc., which accused them of wrongly collecting $147 million five months before Capmark went bankrupt. While they were co-owners of Capmark in May 2009, a group of Goldman units used their influence to help convince Capmark to refinance $1.5 billion in unsecured debt owed to Goldman, according to the lawsuit filed today in Manhattan federal court. The refinancing allowed Goldman to collect $147 million, including $7 million in cash, based on the new secured loan, according to the lawsuit.“Despite these conflicts and close connections — indeed, as […]

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