Chapter 7 Bankruptcy. Legal news and articles for November 30 - 30, 2011

MF Global Brokerage Trustee to Sell 330 Securities AccountsPennsylvania Lawyer Convicted on Bankruptcy Fraud ChargesMF Global bankruptcy hits farmers, ranchersJudge rejects effort by Fox Sports for Selig, McCourt to testify at Dodgers ...Ex-FBI chief pledges independence in MF Global caseBankruptcy – MortgagesWitness list limited in Dodgers bankruptcy caseSelig, McCourt won't testify in Dodgers bankruptcyAbracadabra! Bankrupt Cities are Suddenly Un-Bankrupt! (Or Not)At MF Global Hearing, Tough Questions Await CFTC's GenslerFox can't put Bud Selig on witness stand, judge rulesAttorney convicted in federal court of defrauding clients of more than $50000American Won't Be the Last Airline BankruptcyKline reaches settlement in civil arson lawsuitBankruptcy – Sanctions – Divorce – Frivolous appeal

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MF Global clients facing uncertainty
ABC OnlineNovember 1, 2011

DAVID TAYLOR: Last night the company prepared to file for bankruptcy protection. With gross assets of about $40 billion, it's raised questions about whether other US firms could be affected by the failure of the company. MICHAEL DE LA MERCED: Well it's ...more »

CME Group: MF Global violated customer cash rules
Wall Street JournalNovember 1, 2011

MF Global filed for bankruptcy protection on Monday, after a big bet on European debt threatened to topple it. Regulators said they have discovered shortfalls in some of the firm's customer accounts. Companies regulated by the CFTC must account for ...more »

Chapter 7 Bankruptcy. News and Stories

MF Global Brokerage Trustee to Sell 330 Securities Accounts
BusinessWeekNovember 30, 2011

Most of MF Global's smaller securities customers should have access to all of their funds, trustee James Giddens said in a filing today in US Bankruptcy Court in Manhattan, citing indemnity from the Securities Investor Protection Corp. ...more »

Pennsylvania Lawyer Convicted on Bankruptcy Fraud Charges
LoanSafeNovember 30, 2011

(Source FBI ) – ALLENTOWN, PA—Kenneth G. Reidenbach, 61, an attorney practicing in Lancaster, PA, was convicted today of all charges in connection with fraud stemming from three bankruptcy proceedings in ...more »

MF Global bankruptcy hits farmers, ranchers
Insurance News Net (press release)November 30, 2011

First, we want to the trustee to agree – and get the bankruptcy court to agree – that commodity customers have a super priority lien over all the assets of MF Global . If our money wasn't in our accounts, if it was moved somewhere else, that's a crime. ...more »

Judge rejects effort by Fox Sports for Selig, McCourt to testify at Dodgers ...
Washington PostNovember 30, 2011

“This is all about Mr. McCourt, and this is all about Mr. McCourt addressing his personal liabilities,” Werkheiser said. “That is not a valid bankruptcy purpose.” After hearing several hours of arguments, US Bankruptcy Judge Kevin Gross noted the ...more »

Ex-FBI chief pledges independence in MF Global case
ReutersNovember 30, 2011

The cash, technically property of MF, was pledged as collateral to JPMorgan, but the bank allowed MF to use it in bankruptcy in exchange for a lien on certain assets. The deal has met with criticism from at least one lawyer representing customers of ...more »

Bankruptcy – Mortgages
Massachusetts Lawyers WeeklyNovember 30, 2011

By Tom Egan Where Chapter 11 debtors sought to avoid three prepetition mortgages, a US Bankruptcy Court judge acted correctly under 11 USC §362(b)(3) in rejecting that request. “As a familiar bedrock of bankruptcy law, the automatic stay creates ...more »

Witness list limited in Dodgers bankruptcy case
MLB.comNovember 30, 2011

Witnesses will be limited to experts in broadcasting matters when hearings in the Dodgers case resume next week, a federal judge in a Delaware bankruptcy court ruled on Wednesday. ...more »

Selig, McCourt won't testify in Dodgers bankruptcy
The Associated PressNovember 30, 2011

But the league said any plan to sell television rights without its approval was "dead on arrival" and would spell the end of the club. League attorneys argued, among other things, that such a sale would breach the Dodgers' existing contract with Fox, ...more »

Abracadabra! Bankrupt Cities are Suddenly Un-Bankrupt! (Or Not)
DailyFinanceNovember 30, 2011

Knowing they would get paid only what the county could afford if a bankruptcy case went to court, and also facing questions as to the validity of the debts (political corruption was alleged), lenders worked aggressively to cut Jefferson County's debt ...more »

At MF Global Hearing, Tough Questions Await CFTC's Gensler
AdvisorOneNovember 30, 2011

... chairman of the Commodities Futures Trading Commission, to answer a bevy of tough questions about the CFTC's oversight of the failed firm by Dec. 7. In a Nov. 28 letter to Gensler, Neugebauer points to MF Global's filing for bankruptcy on Oct. 31, ...more »

Fox can't put Bud Selig on witness stand, judge rules
Los Angeles TimesNovember 30, 2011

For the second time in the Dodgers' bankruptcy proceedings, Bud Selig has avoided taking the witness stand. Selig would have testified this week had the Dodgers and Major League Baseball not reached an agreement for Dodgers owner Frank McCourt to sell ...more »

Attorney convicted in federal court of defrauding clients of more than $50000
Lancaster NewspapersNovember 30, 2011

A local attorney was convicted in federal court this morning of bilking two bankruptcy clients of more than $50000. Kenneth G. Reidenbach, of Lititz, was convicted of nine counts, including bankruptcy fraud and conspiracy to commit ...more »

American Won't Be the Last Airline Bankruptcy
New York TimesNovember 30, 2011

... “big law” type like myself could ever have (five years, two uncontested motions). He will be missed. And, of course, I was flying back on American Airlines. Upon landing, my in-box was filled with requests for comments on the bankruptcy case. ...more »

Kline reaches settlement in civil arson lawsuit
DesMoinesRegister.comNovember 30, 2011

9, 2009. The blaze is still under investigation. Documents filed by Kline in US Bankruptcy Court set the value of the home at $1.1 million. In addition, documents set the value of the Klines' homeowner's insurance policy at $4 million. ...more »

Bankruptcy – Sanctions – Divorce – Frivolous appeal
Massachusetts Lawyers WeeklyNovember 30, 2011

By Tom Egan Where (1) a US Bankruptcy Court judge denied a divorced woman's motion for sanctions against her ex-husband's attorney and (2) that attorney now seeks sanctions against the ex-wife for prosecuting a frivolous appeal, the judge committed no ...more »

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