Barclays Bank Plc. has agreed to pay $10.9 million to settle charges of illegal insider trading in bond securities using information gleaned from bankruptcy creditor committees.
The SEC filed suit against Barclays in New York, alleging that Barclays and Steven Landzberg, the former head proprietary trader for Barclays U.S. distressed debt desk, illegally traded millions of [...]

The bankruptcy section head at Chicago-based McDermott Will & Emery found himself at the center of a major dispute after he told the U.S. Bankruptcy Judge in Miami that she was “a few french fries short of a Happy Meal.” Since making the comment, he has lost his sizable client and has been [...]

This issue was recently addressed by the 5th Circuit Court of Appeals in SEC v. Res. Dev. Int’l LLC, 2007 U.S. App. LEXIS 11603 (5th Cir. 2007).
The 5th Circuit Court of Appeals found that the district court did not err in holding that several members of a Ponzi scheme, after having its assets [...]

Carrington Capital Management received approval from U.S. Bankruptcy Judge Kevin J. Carey to buy New Century Financial for $184 million. This price is $50 million more than Carrington originally offered. New Century Financial is a subprime lender who at its peak employed about 6400. The sale of the company will allow [...]

This issue was recently addressed by the 10th Circuit Court of Appeals in Gillman v. Ford (In re Ford), 2007 U.S. App. LEXIS 11559 (10th Cir. 2007).
The Bankruptcy Appellate Panel of the 10th Circuit Court of Appeals affirmed the bankruptcy court’s denial of Ford’s (“Debtor”) exemption. This 10th Circuit Panel concluded that, under the [...]

This issue was recently addressed by the 9th Circuit Court of Appeals in the case of Nichols v. Birdsell, 2007 U.S. App. LEXIS 10919 (9th Cir. 2007).
The Court ruled that pre-petition tax refunds are property of the estate and may not be applied to pay the Ch 7 Debtor’s post-petition taxes..
In [...]

Perhaps you read about the woman who failed to list a $600,000 plus Swiss bank account on her schedules. She is now serving her sentence of 6 months house arrest, having forfeited her money to the federal government.
Here is a link to the article:
http://www.nctimes.com/articles/2007/05/16/news/sandiego/18_15_275_15_07.txt
Mike

Cereberus derives its name from Greek mythology. By definition Cereberus was the three-headed canine guardian of the gates of Hades. Perhaps this is a part of the inspiration of the company’s “sharp-toothed ways.” Cereberus recently announced that they would be adding Chrysler to their list of acquisitions. Cereberus has made acquisitions [...]

It appears to be a done deal: Chrysler is going private, through a private equity fund, Cerberus. One article which touches on the subject is from www.Slate.com which states: Chrysler’s labor unions have frequently denounced the prospect of private ownership, calling it the “worst-case” scenario for the company http://www.washingtonpost.com/wp-dyn/content/article/2007/05/13/AR2007051300856_pf.html. They probably have reason [...]

Ford’s sale of Aston Martin looks like it may end up being a good thing for the business, at least given the level of dedication of the new owners. Here is a link to an interview with a representative of the new owner (an investment firm based in Kuwait) and the company’s chief, who [...]