Category Archives: Bankruptcy
Mets Ruling Used Within Days as Weapon in Fighting Madoff Trustee Suits
A judge’s ruling that slashed a billion-dollar claim against the owners of the New York Mets three days ago is already being used as a weapon by other defendants in lawsuits brought by the liquidator of Bernard Madoff’s firm. Safra National Bank of New York yesterday asked a bankruptcy judge to dismiss a suit by trustee Irving Picard, citing U.S. District Judge Jed Rakoff’s Sept. 27 ruling. Rye Select Broad Market XL Portfolio Ltd., based in the Cayman Islands, separately asked a federal district judge to take its Madoff suit out of U.S. bankruptcy court, citing Rakoff’s decision in the […]
Judge Narrows Madoff Trustee’s Suit vs. Mets Owners
In a ruling that could have a far-reaching impact on lawsuits seeking money for Bernard Madoff‘s victims, a federal judge threw out the bulk of claims by a court-appointed trustee who sought to recover about $1 billion from the owners of the New York Mets baseball team. The decision by U.S. District Judge Jed Rakoff limited—though didn’t eliminate—possible financial ramifications from the epic Ponzi scheme for one of Major League Baseball’s most valuable franchises.Beyond making it harder for trustee Irving Picard to recover the owners’ principal investment in the Ponzi scheme, the ruling indicated that he would only be able […]
Attorneys for MLB ask Delaware Bankruptcy Judge to Clear Way for Sale of Dodgers
DOVER, Del. — Attorneys for Major League Baseball asked a Delaware bankruptcy judge on Friday to clear the way for a sale of the Los Angeles Dodgers, saying team owner Frank McCourt is driving the team to destruction. Attorneys for the league argued in a court filing that McCourt is using the team’s Chapter 11 case to try to resolve his own personal financial problems. They said he has methodically stripped the team of its revenue sources and is now seeking to auction off the team’s television rights without league approval, which could lead to its expulsion from the league […]
JPMorgan Seeks to Move Lehman’s $8.6 Billion Lawsuit Out of Bankruptcy Court
JPMorgan Chase & Co (JPM.N) is asking to move to federal court a lawsuit from Lehman Brothers Holdings Inc LEHMQ.PK accusing it of siphoning $8.6 billion from Lehman’s estate in the days leading up to its record bankruptcy. In court papers filed late Monday, JPMorgan said the case, filed in U.S. Bankruptcy Court, should be moved to federal court in light of the U.S. Supreme Court’s contentious June ruling in former Playboy model Anna Nicole Smith’s inheritance battle. The case, Stern v. Marshall, pitted the late Smith against the estate of her deceased former husband J. Howard Marshall. The court […]
Number of College Grads Who End Up Filing For Bankruptcy Jumps 20% Over Past Five Years
The number of bankruptcy filers who have college degrees has swelled more than 20% over the past five years as the impact of the economic downturn broadens, a new study showed.Those with just a high school diploma still account for the biggest proportion of bankruptcy filers, making up more than a third of them, according to a report by the Institute for Financial Literacy.But bankruptcy filers with college diplomas climbed to 13.6% in 2010 from 11.2% in 2006. Those with an associate’s or graduate degree also climbed, while those with just a high school diploma slipped. See the complete articles […]
