All items from WSJ.com: Bankruptcy Beat

Joost Geginat has joined AlixPartners as a managing director and will help build the consulting firm’s turnaround and restructuring presence in Switzerland. Mr. Geginat, who will be based in Zurich, most recently worked as a managing partner of the Southeast Asia office of Roland Berger Strategy Consultants. He focuses on reorganizations, portfolio optimizations and corporate strategies.
Michael S. Haynes has rejoined Gardere Wynne Sewell as a partner in the law firm’s bankruptcy and business reorganization practice. Mr. Haynes, who left Gardere for Akin Gump Strauss Hauer & Feld in 2011, focuses on oil and gas matters in financial workouts and restructuring. He has represented bankruptcy trustees, debtors, creditors and other parties in bankruptcy cases.



Posted 21 hours 26 min ago

In this May 6 file photo, Texas entrepreneur Sam Wyly arrives to U.S. District Court in New York.
Associated Press

Unaware that ex-billionaire Samuel Wyly had filed for bankruptcy, auctioneers at Christie’s Inc. sold three paintings he owned earlier this week without first getting permission from his bankruptcy judge, Daily Bankruptcy Review reports in The Wall Street Journal.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)



Posted 1 day 1 hour ago

Chelsea Heath, Girls Gone Wild’s 2010 Hottest Girl in America.
Chris Lambeth

The woman crowned Girls Gone Wild’s Hottest Girl in America in 2010 is finally going to get paid for winning the contest.
Earlier this week, a California bankruptcy judge approved a settlement between Chelsea Heath, 25, and lawyers who are settling old legal disputes involving Girls Gone Wild. Under the deal, Ms. Heath is expected to get at least $12,500 for the prize money she never got, according to court papers.
Ms. Heath, a Louisiana native, was picked from thousands of contestants with help from voting fans. She was put on the cover of Girls Gone Wild’s magazine, collected $5,000 and was supposed to get $1,000 for the next 12 months. But after the company made several payments, Girls Gone Wild founder Joe Francis fired her, her lawyers said in a copy of a complaint that was filed to the U.S. Bankruptcy Court in Los Angeles.



Posted 1 day 2 hours ago

The U.S. Bankruptcy Code isn’t just for companies in the U.S.
A new report from scholars Oscar Couwenberg of University of Groningen Faculty of Law in the Netherlands and Stephen J. Lubben of Seton Hall University School of Law in New Jersey identified 49 corporate bankruptcy filings between 2005 and 2012 that included foreign debtors. Of those, 15 had no U.S. parent company.
The U.S. Bankruptcy Code has been interpreted to qualify companies with as little as a U.S. bank account and will reorganize assets anywhere in the world. So with the explosion of high-yield debt in Europe, European companies burdened with bond debt are expected to come to the U.S. to reorganize with increasing frequency, according to the report.
The only European country with a bankruptcy law to rival the U.S.—the United Kingdom with its “scheme of arrangement”—isn’t good at dealing with bond debt, Mr. Lubben told Bankruptcy Beat Wednesday. Plus, the U.K. is trying to discourage forum shopping to its country, which will almost certainly send distressed European companies to U.S. courts, Mr. Lubben added.
Read the full report here.



Posted 1 day 20 hours ago

A bankruptcy judge cleared the operator of the Indiana Toll Road to exit Chapter 11 and continue its hunt for a buyer who can help the company pay off about $6 billion in debt. The Wall Street Journal has the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
GT Advanced Technologies Inc . said it needs to settle disputes with Apple Inc. because “protracted litigation against one of the largest corporations in the world with over $100 billion of cash would be challenging and expensive,” DBR reports in WSJ.
A new lawsuit accuses pension consultant Gabriel Roeder Smith & Co. of covering up a shortfall in Detroit’s pension plan, DealBook reports.



Posted 2 days 1 hour ago

Peter Dinklage in “Game of Thrones.” Todd-Soundelux used to do postproduction work on the TV series.
HBO/Courtesy Everett Collection

Looking to get some bang for your buck? Then you might be interested in an upcoming auction at which sound effects are up for grabs.
Hollywood’s Todd-Soundelux LLC, which until its shutdown provided postproduction sound effects for movies and television shows, is selling a collection of sound effects to the highest bidder at a Nov. 13 auction.



Posted 2 days 19 hours ago

Unsecured creditors are campaigning to stop, or at least slow, Energy Future Holdings Corp.’s plan to auction its stake in the Texas transmission business Oncor, a sale the company says is crucial to resolving one of the biggest bankruptcies on record. Read the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
Detroit’s bankruptcy case could end up as one of the fastest compared with other struggling big communities, with a judge set to rule on Nov. 7, The Wall Street Journal reports.
According to Bloomberg, fertilizer phosphate maker Mississippi Phosphates Corp. filed for Chapter 11 protection with more than $100 million in debt.



Posted 3 days 2 hours ago

Marussia’s British driver Max Chilton takes part in the first practice session of the inaugural Russian Grand Prix at the F1 Autodrome in Sochi on Oct. 10, 2014
Agence France-Presse/Getty Images

The U.K.-based Formula One team Marussia filed for the equivalent of Chapter 11 bankruptcy Monday, joining Caterham as the circuit’s second team to seek protection from creditors in less than a week.
Administrators from London-based restructuring firm FRP Advisory said the Marussia Formula One team was placed in administration, a process similar to Chapter 11 in the U.S., on Monday. In a statement, FRP Advisory partner Geoff Rowley said the team would skip the United States Grand Prix, scheduled for this weekend in Austin, Texas.



Posted 3 days 22 hours ago

An attendee demonstrates the Apple Watch after a product announcement at Flint Center in Cupertino, Calif., on Sept. 9.
Bloomberg

Some of the army of bankruptcy advisers guiding GT Advanced Technologies Inc. through bankruptcy by way of a fast settlement with Apple Inc. have counted Apple as a client, or still do, and those connections call for a close look, legal experts say. Read the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)



Posted 4 days 1 hour ago

This week on The Broke and the Beautiful, Teresa Giudice will serve time in the prison that was the setting for “Orange Is the New Black,” and the Backstreet Boys settled with former boy-band mogul Lou Pearlman. Also, Girls Gone Wild made a settlement with the Hottest Girl in America 2010.



Posted 6 days 19 hours ago