Here is an interesting story– a guy so desperate to sell his house (he has another already) that he is giving his Ferrari to the new owner, for free. Here is the story:
http://www.houseandferrari.co.uk/
Anyone want to move to Durham?
Mike

On Friday, January 27, the U.S. Trustee filed a request with the Bankruptcy Court for the Southern District of New York seeking the appointment of a bankruptcy examiner. The purpose of the examiner would be to investigate alleged fraud or other misconduct.
Earlier in the month, Judge Robert Drain denied a government request to appoint [...]

Marshall Creek, a tiny Denton County town of 431 residents, filed for municipal bankruptcy on January 23rd. The town owes debts of approximately $400,000 to four creditors, including the IRS and the Trinity River Authority.
The town’s only sources of income are property taxes, traffic tickets and water bills and most of the town’s residents [...]

On January 23, the U.S. Supreme Court decided by a 5-4 margin that states are subject to suits seeking recovery of preferential transfers in bankruptcy proceedings. In other words, the sovereign immunity that typically shields states from lawsuits does not apply to suits brought under 11 U.S.C. ?? 547(b) and 550(a). The bare-bones rationale was [...]

An update on Delta’s bankruptcy and the reassigning of the Judges in the case. The Judge’s quote is noteworthy. You can read the full article at
http://www.signonsandiego.com/news/business/20060112-1345-delta-judge.html (full article)
………In November, a lawyer representing Delta’s pilots union asked Beatty to remove herself from deciding on Delta’s request to reject the union contract [...]

On January 10, the United States Bankruptcy Appellate Panel of the Tenth Circuit decided that a trustee could not recover payments to satisfy a debt onto which an unperfected lien had attached. Because the creditor could have perfected the lien, which would then have been nondischargeable in bankruptcy, the creditor did not receive more than [...]

The Third Circuit Court of Appeals just issued an opinion upholding a settlement of a suit arising out of the death of a student who took an ephedra product. The student’s family sued his school, Northwestern University, which, in turn, sued the maker of the product as well as the store which sold it [...]

On December 22, Judge Frank Monroe of the Bankruptcy Court for the Western District of Texas issued an opinion dismissing a Chapter 13 bankruptcy case filed by a married couple because the wife had not received the credit counseling required under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
What makes the opinion interesting [...]

In a recently decided case, Clanton, et. al. v. Inter.Net Global, L.L.C., the Court of Appeals for the 11th Circuit held that a successor company was not liable for debts of the parent which were not specifically assumed.
In 1999, PSINet bought ZebraNet, Inc., a company founded by the Appellees in Clanton. The Appellees received [...]

We have previously reported on the excellent work, books and papers, authored by Professor Elizabeth Warren. Here is a link to her blog:
http://houseoflabor.tpmcafe.com/story/2006/1/17/18646/3980
Today’s article points out that the authors of the reforms of bankruptcy law had based their push for changes in the law on rich filers who were cheating the system; however, based [...]