Bankruptcy Law News. Crime Stories, Law on News and Legal Publications in December, 2011

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US could pay pension bill for AMR as it restructures: report
ReutersDecember 1, 2011

Tom Horton, the new chief executive of American Airlines and its parent company AMR said the fact the company had filed for Chapter 11 bankruptcy protection did not mean its pension plans would definitely move to the PBGC, but he signaled it was a real ...more »

Report: US Agency Erred On United Pension Values
SalonDecember 1, 2011

The agency took over the pension plans in 2004 and 2005 after United filed for bankruptcy court protection in December 2002. When the PBGC takes over plans, it pays promised benefits to retirees up to certain limits. ...more »

Bankruptcy Law News and Stories

Bad Credit History
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Developer Garnaas lists liabilities of $458 million in bankruptcy filing
DesMoinesRegister.comDecember 1, 2011

Under federal bankruptcy law, all litigation seeking collection of debts is delayed until a final determination of the petition. Three banks — First American Bank, Northwest Bank and Ames Community Bank — recently filed lawsuits claiming that ...more »

Collections
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Red Bull, Samsung, Pfizer, Amazon, Google: Intellectual Property
BloombergDecember 1, 2011

“This kind of blatant copying is wrong and, as we've said many times before, we need to protect Apple's intellectual property when companies steal our ideas,” the company said in an e-mail after yesterday's ruling. Samsung is the second-largest ...more »

Chapter 11, Chapter 13 Bankruptcy
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Regulators Pledge New Rules After MF Global's Demise
New York TimesDecember 1, 2011

The rules were unnecessary, he argued, because federal laws already prevented brokerage firms from mixing client funds with company money. But in MF Global's final days, the firm broke that sacrosanct rule. Investigators now fear that MF Global tapped ...more »

Disputes With Irs
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Billionaire Donor Wins IRS Fight Over Penalties on Foundation Gift
Chronicle of Philanthropy (subscription) (blog)December 7, 2011

The dispute arose from Mr. Cooperman's contribution of fees from a hedge fund he helped start to the Leon and Toby Cooperman Family Foundation, for which he claimed a deduction on his 2005 and '06 taxes. Federal law prohibits a tax break on giving such ...more »

Garnishment
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Pitfalls of Credit Card Debt Consolidation in Chicago
Exec Digital (press release)December 4, 2011

Debt Consolidation The most common offer people see is a debt relief agency who promises to negotiate a debt settlement for a fraction of what is owed with a minimal impact on their credit scores. It sounds appealing, right? ...more »

Chapter 7 Bankruptcy
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Harrisburg Proposed Receiver Says Bond Debt 'Disturbing'
BusinessWeekDecember 1, 2011

City of Harrisburg, 569MD 2011, Pennsylvania Commonwealth Court (Harrisburg). --With assistance from Romy Varghese in Philadelphia. Editors: Stephen Farr, John Pickering To contact the reporter on this story: Steven Church in US Bankruptcy Court in ...more »

Personal Bankruptcy
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EPA Proposes Stricter Rules For Ship Ballast Water
SalonDecember 1, 2011

The agency took over the pension plans in 2004 and 2005 after United filed for bankruptcy court protection in December 2002. When the PBGC takes over plans, it pays promised benefits to retirees up to certain limits. ...more »

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