A U. S. Bankruptcy Judge ruled that two separate law firms could continue representing five USA Capital subsidiaries for 90 days. The issue rose because of potential conflicts of interest, the firms represent multiple parties in the case.
“There will be conflicts in the future,” the judge said, acknowledging Assistant U.S. Trustee Augie Landis’ concerns [...]

Here is a link to some comments on the jury verdict in the Lay/Skilling trial. There are some great comments and insights form folks who have, unlike yours truly, been watching the case on a daily basis. I especially liked the praise heaped upon the federal investigators in the whole Enron matter by [...]

Recently, the Bankruptcy Appellate Panel (”B.A.P.”) for the 9th Circuit addressed a number of issues in the case of Wall Street Plaza, LLC v. JSJF Corp.
One of the issues that was addressed was the “landlord’s cap” under Section 502(b)(6) of the Bankruptcy Code.
In the matter before the court, landlord Wall Street Plaza (”Wall [...]

Former Enron executives Kenneth Lay and Jeffrey Skilling were found guilty of conspiracy and fraud in the Enron case. The jury reached the verdicts on the sixth day of deliberations.
Skilling was found guilty on 19 counts of conspiracy, fraud, false statements and insider trading and not guilty on 8 other counts of insider trading. [...]

Credit Suisse to Pay $90M, Drop Bankruptcy Claims in Enron Settlement
Switzerland’s Credit Suisse group has agreed to settle its part in a lawsuit in the Enron debacle. The group will pay $90M and also withdraw millions in bankruptcy claims. The lawsuit names nine other banks and 100 other financial institutions and trusts. [...]

Under the new bankruptcy law a person in financial distress is required to obtain counseling before filing for bankruptcy. With this new requirement the most vulnerable are finding themselves dealing with agencies that give the consumer improper advice, use deceptive acts, and charge exorbitant fees.
IRS Commissioner Mark Everson gave an impassioned account of the [...]

Briefly, a fresh check of the statistical counters on the blog reveal that April was an all time high for visits, at 1,592 and similarly, the number of hits was also at a high point at 11,139 for the month. These numbers are in line with the increasing trend for the last several months. [...]

On May 17, President Bush signed into law the Tax Increase Prevention and Reconciliation Act of 2005 (a/k/a Public Law 109-222) which, among other things, affects how the IRS deals with offers in compromise.
Section 509 of the law changes the requirements for submitting an application for a lump sum offer in compromise with the IRS. [...]

A wool-storage company based in Ozona, Texas filed for Chapter 11 Bankruptcy protection coinciding with a criminal investigation by the Texas Rangers that the company cheated hundreds of clients out of money they owe for wool sales.
“An internal investigation, as well as the criminal probe, is still in the early stages, said Greg Gossett, an [...]

Judge Duncan Keir of the U.S. Bankruptcy Court for the District of Maryland has taken a differing approach to the issue of how the automatic stay affects the ability of a creditor to foreclose when a debtor is ineligible to file for bankruptcy.
We have previously discussed an opinion from the Bankruptcy Court for the Southern [...]