Washington Post reports that Enron’s clean up process that could take two more years and over a billion dollars.
Read the full story: http://www.washingtonpost.com/wp-dyn/content/article/2005/12/26/AR2005122600681.html?referrer=emailarticle

Calpine Corp., one of the top power producers in the country filed for Chapter 11 protection in the Bankruptcy Court for the Southern District of New York in Manhattan on December 20, 2005. Calpine is based in San Jose, California.
Calpine expanded in the 1990s, but the energy crisis in California and Enron’s collapse damaged [...]

On February 28, 2006, the Supreme Court will hear argument on Ms. Smith’s case involving when federal courts may hear claims that involve state probate proceedings. She is attempting to collect millions of dollars from the estate of J. Howard Marshall II, the oil tycoon she married in 1994.
A bankruptcy judge awarded Ms. Smith [...]

U.S. Bankruptcy Judge Harlin D. Hale of Dallas, Texas recently decided not to recognize the theory of “deepening insolvency” as an independent tort in Texas, but left open the possibility that it may still be used as a theory of recovery for breach of a separate duty owed to the debtor. Typically, such “other” [...]

The Senate is currently considering S.1932, subtitled, “An original bill to provide for reconciliation pursuant to section 202(a) of the concurrent resolution on the budget for fiscal year 2006.” The legislation has been approved by the House of Representatives. If passed and signed by President Bush, the bill would increase the number of bankruptcy judges [...]

“The bankruptcy bill had nothing to do with “personal responsibility” or any of the other shibboleths of modern conservatism. It’s just a pure corporate payoff. Credit card companies know full well the risks of issuing cards to different kinds of people, and they know almost to the penny the risk/reward ratio of issuing cards to [...]

On December 9, the Bankruptcy Court for the Southern District of Texas issued an opinion (99 pages plus a 3-page appendix) holding that several of Enron’s former employees who received large bonuses on the eve of the company’s bankruptcy must repay those bonuses to Enron’s bankruptcy estate as preferential and/or fraudulent transfers.
The opinion is remarkable [...]

On November 10, 2005, Rep. Michael E. Sodrel (R-In) introduced H.R. 4296 (named the Innocent Supplier Fairness Act) in the House of Representatives. This bill would amend the Bankruptcy Code with respect to avoidable preferences.
If passed, the bill would benefit creditors in defending against trustees or debtors seeking to avoid preferential transfers. The [...]

There was an interesting article in yesterday’s Wall Street Journal about Kathleen Sullivan, a Constitutional lawyer and former Dean at Stanford Law School, failing the California bar exam. More than half of those who took the June California bar exam with Ms. Sullivan failed. California has the highest failure rate on the bar [...]

In Lockhart v. U.S., 546 U.S. ______ (2005), the Supreme Court was presented with an issue of whether Social Security benefits could be withheld to collect on student loan debt that has been outstanding for over 10 years.
Petitioner James Lockhart failed to repay federally reinsured student loans incurred between 1984 and 1989 under the Guaranteed [...]