Tag Archives: Illinois Bankruptcy Lawyers
Indiana Rejects Peabody Bankruptcy Plan
Concerns over future mine cleanup costs have put the energy giant’s Chapter 11 bankruptcy on hold, at least for now. The state of Indiana, along with some environmental groups, were among the only parties that objected to an $8 billion reorganization plan. Peabody said it would use a controversial though federally-approved plan to clean… Read More »
Should Financially Distressed Illinois Cities File Bankruptcy?
The nonprofit Manhattan Institute says that an “intervention bankruptcy” is a good option for cities experiencing pressing financial problems, as long as politicians are kept out of the loop. Such a course of action is highly preferable to continuing operations on the brink of insolvency, because eventually they get to a point “where they… Read More »
Federal Court Closes Multiple Filing Loophole
The 2005 Bankruptcy Code reforms substantially changed the procedure regarding the automatic stay and eviction proceedings, and the law on this point is still rather uncertain. A New York bankruptcy court recently tried to make sense of the new rules, and since the judge interpreted federal law, the decision could impact bankruptcies in other… Read More »
‘Neither A Borrower Nor A Lender Be’
Five former students want a federal judge to classify them as creditors in the ongoing ITT Tech bankruptcy. The government began scrutinizing the Indiana-based for-profit school, which had 137 sites in 39 states, in 2014, as the Education Department looked into allegations of fraud regarding program offerings and students’ future job prospects. The hammer… Read More »
Asset Valuation Issues In Bankruptcy
Social media is the new frontier for bankruptcy trustees in Illinois and elsewhere. Curtis James Jackson III (a/k/a rapper 50-cent) raised some eyebrows in the trustee’s office after he posted an Instagram photo that appeared to show him posing with mounds of undeclared cash; he later explained that the money was all fake. Roughly… Read More »
Your Bankruptcy And Your Security Clearance
Federal law clearly states that it is illegal to discriminate against people who file bankruptcy, yet the myth persists among some people that a voluntary petition adversely affects security clearances. One of the most important provisions in Department of Defense Directive 5220.6, which controls security clearance issuance, is in the preamble: “each [area] is… Read More »
Under Armour Tries To Recover From Sports Authority Bankruptcy
Share prices for the country’s second-largest sports apparel retailer have plummeted 20 percent in the last year as Under Armour struggles to find new customers to replace the bankrupt Sports Authority chain. Carter Harrison analysts had already predicted that the company might have to endure “a tougher period” after the firm lost one of… Read More »
Obstacles To Bankruptcy: Security Clearance
Many people who need to file bankruptcy hesitate to do so because they are afraid that a voluntary petition will mean the revocation of their security clearances. That fear is only partially true. Although the word “bankruptcy” does not appear in Department of Defense Directive 5220.6, which controls security clearance revocation, there is a… Read More »
Court-Ordered Liquidation Begins At ITT Tech
Two New York-based companies will oversee the sale of the college’s thirty owned properties and 111 leases in Indiana and thirty-eight other states. A&G Realty Partners LLC expects a “high level of interest in the properties” since they “are well-built buildings in excellent condition, with good ceiling height and above-average parking, which can be… Read More »
Does Bankruptcy Mean School’s Out?
Although a threatened teacher strike never occurred, Governor Bruce Rauner is pressuring the Chicago School District to declare bankruptcy and start over. Many parents were concerned, not only because of the issues, but also because they feared major disruptions. During the last teachers’ strike in 2012, most of the district’s 652 campuses closed, and… Read More »
