Texas District Court Affirms Fees in Stellar Case

In an appeal in ASARCO LLC’s chapter 11 bankruptcy case, pending in the Southern District of Texas, the U.S. District Court recently affirmed the Bankruptcy Court’s award of a fee enhancement, a.k.a. a fee bump, to ASARCO‘s bankruptcy counsel, which had obtained “extremely favorable” results for the Debtor and its creditors.  See ASARCO LLC v. Baker Botts, L.L.P., Case No. 2:11-CV-290 (S.D.T.X. […]

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Bankruptcy Judge Denies AMR’s Request to Reject Pilot Contracts

(Reuters) – A U.S. judge on Wednesday, August 15, denied a request by American Airlines’ parent AMR Corp. to abandon collective bargaining agreements with its pilots’ union, despite AMR’s goal to save more than $1 billion a year in labor costs. Judge Sean Lane, who is overseeing AMR’s bankruptcy restructuring, turned down AMR’s motion in part because it would give […]

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City of Los Angeles Bankruptcy May be Coming

City of Los Angeles Bankruptcy May be Coming.  As reported: A City of Los Angeles bankruptcy could be nearing, with the city a victim of the same unfunded public pension liabilities that are crippling municipalities like Stockton and San Bernardino across California, and elsewhere as well. A Stanford study sums up the dismal figures. The percentage growth for […]

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Filings plummet but US firms reap big bankruptcy profits – The Global Legal Post

Filings plummet but US firms reap big bankruptcy profits – The Global Legal Post.  As reported: “US law firms continue to rack up significant fees in bankruptcy work despite a 14 per cent drop in business filings, recently published research has revealed. A report on the AmLaw Daily web site maintains that although corporate bankruptcy filings have […]

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Bankruptcy Filings Are Down

Total bankruptcy filings nationwide for July 2012, decreased 12 percent compared to the previous year, according to data provided by Epiq Systems, Inc.  July bankruptcy filings totaled 97,073, down from the 110,173 filings registered in July 2011. Total commercial filings for July 2012 were 4,513, representing a 22 percent decrease from the 5,800 filings during the […]

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Third California City Files for Bankruptcy

On August 1, 2012, San Bernardino, California filed for bankruptcy protection.  This California City, consisting of 210,000 residents, is the third in the State to recently file, following Stockton and Mammoth Lakes.  More details regarding Stockton’s filing as well as municipal bankruptcies in general can be seen in earlier submissions to this site.  See California City Declares Bankruptcy; Would Filing Bankruptcy Help Detroit; Chapter 9 – […]

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