Entourage star Gary Busey has filed for
bankruptcy.
The 67-year-old actor submitted documents in
California yesterday, according to celebrity website TMZ.
Despite starring in more than 70 movies over
his career, the actor has less than $50,000 to his name and owes more than
$500,000 in various debts, the court papers show.
The actor has filed for Chapter [...]

In what is something of a pattern, the most wealthy have been known to “lose it all” and file for bankruptcy protection.  This is happening now in Ireland.  This can happen if that person’s “wealth” is mainly on a balance sheet, made up of illiquid assets or stock in a volatile company or is based [...]

In a rare display, an attorney filed papers with the US Bankruptcy Court which were filled with slurs against the Roman Catholic Church. 

“A fed-up bankruptcy judge Wednesday ordered a Hastings attorney and her client to show cause why each shouldn’t be fined up to $10,000 for calling the jurist a ‘Catholic Knight Witch Hunter’ - [...]

Here is a story involving: a bankruptcy attorney and his disgruntled client who also happens to be a blogger.  A recent opinion from a Federal District Court on involving these characters holds that a blogger is not afforded the protections of a journalist.  Thus the disgruntled client may be more apt to be held liable in her ex [...]

WASHINGTON (AP) — The court-appointed trustee overseeing MF Global’s bankruptcy says up to $1.2 billion is missing from customer accounts, double what the firm had reported to regulators last month.

The trustee, James Giddens, also said in a statement Monday that his plans to release about $520 million from accounts that have been frozen will mean [...]

“For the roughly 660,000 residents of Jefferson County, which includes Birmingham, the state’s largest city, bankruptcy means a threat to essential jobs and services. More immediately, it means sewer system rate hikes, an added burden on poor people already saddled with some of the highest rates in the country.

‘It’s terrible for the sewer rate payer,’ [...]

“In another sign of America’s fiscal mess, Jefferson County, Alabama filed the largest municipal bankruptcy in U.S. history on Wednesday. The most-populous county - home of Birmingham - defaulted on more than $3 billion of debt related to a sewer system project after negotiations with creditors broke down.

The biggest loser - besides the locals - [...]

“Hundreds of millions of dollars of customer’s money has gone missing from the brokerage firm run by former New Jersey governor Jon Corzine, sources told The New York Times.

The New York-based company, MF Global, filed for bankruptcy Monday following bad bets on euro zone debt.

The discovery of the missing millions stopped a last-minute deal to [...]

A new case out of the Fifth Circuit Court of Appeals, Spencer ad hoc Equity Comm. v. Idearc, Inc. (In re Idearc, Inc.), 2011 U.S. App. LEXIS 20965 (5th Cir. 2011), discusses the issue of “equitable mootness” in a Chapter 11 bankruptcy. Equitable mootness “is a recognition by the appellate courts that there is a [...]

A large solar panel manufacturer has filed bankruptcy.  It was the beneficiary of a large amount of governmental support.  “The epitaph for Solyndra is significant because of what was not a factor in their demise.  It was certainly not for a lack of trying. But more importantly, it was not because of Chinese competition or [...]