A new legal settlement will bring in nearly $500 million for Bernard Madoff ’s cheated investors, putting their total recovery to date above $10 billion. Read Jacqueline Palank’s Daily Bankruptcy Review story 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.”)
Dynamic Oil Trading Singapore Pte. Ltd. filed for liquidation on Tuesday, making it the second Singapore subsidiary of bankrupt Danish fuel supplier OW Bunker A/S to go bust, WSJ reports.
The country’s top court Monday agreed to hear arguments on whether homeowners can cancel their second mortgages in bankruptcy when their properties aren’t even worth the value of the first mortgage, DBR’s Katy Stech reports in the Journal

WSJ.com: Bankruptcy Beat
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Receiving Wide Coverage ... Housing Rebound?: The Wall Street Journal and Washington Post both have articles noting the significance of the Federal Housing Administration returning to the black for the first time since 2011. The FHA served as a backstop for the housing market during the financial crisis, when other lending sources dried up. But that resulted in a sharp increase in the FHA's default rate. Now the agency has recovered, at least in one sense.Â...

BankThink
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The crisis experts this week were tasked with parsing the statements made by Apple Inc. related to its court fight with GT Advanced Technologies Inc.

WSJ.com: Bankruptcy Beat
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Kellner v First Ohio Banc & Lending, Inc. (In re Geraci), 507 B.R. 224 (Bankr. S.D. Ohio 2014) – A Chapter 13 trustee and the debtor sought to use the strong arm powers of a hypothetical bona fide purchaser of real … Continue reading →

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Weil partners, Debra Dandeneau and Jeffrey Osterman will be participating in the upcoming PLI program, IP Issues in Business Transactions 2015, scheduled for January 12th and 13th at the New York Conference Center.
Where: PLI New York Center, 1177 Avenue of the Americas, (2nd floor), entrance on 45th Street, New York, New York 10036.
For more information about the program and to register, please visit PLI’s website.
 

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The amount you are required to pay back to your general unsecured creditors in a Chapter 13 Bankruptcy Case depends on various factors.  It can range from only a few pennies on the dollar to a 100% of the debt.

Miami Bankruptcy Law Blog
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The amount you are required to pay back to your general unsecured creditors in a Chapter 13 Bankruptcy Case depends on various factors.  It can range from only a few pennies on the dollar to a 100% of the debt.

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Unitek Global Services, Inc. (“Unitek” or the “Debtor”) filed for bankruptcy under Chapter 11 of the Bankruptcy Code on November 3, 2014 in the United States District Court for the District of Delaware.
According to the Declaration of Andrew J. Herning, Chief Financial Officer and Treasurer of the Debtor, in Support of the Debtors’ Chapter 11 Petitions and First Day Motions (the “Herning Declaration”), the Debtors are a “full service provider of technical services to customers in the wireless telecommunications, public safety, satellite television and broadband cable industries in the United States and Canada.”  While Unitek may not be a common household name, their customers are.  They include, among others, DIRECTV, AT&T, Comcast, Sprint, T-Mobile, and Time Warner Cable.
Events Leading to Bankruptcy
The Debtor is a in an extremely competitive market in which there are a small number of large customers.  This means that Unitek and its competitors are engaged in intense competition for the business.  While Unitek was operating successfully, it discovered in April, 2013, that certain employees had engaged in fraudulent activities, which impacted its revenue recognition.  Not only did this cost Unitek roughly $9 million to resolve, but it necessitated restating several years of financial statements and constituted events of default with some of Unitek’s creditors.  Unitek has suffered continual losses since that time.
Objectives in Bankruptcy

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One of the things Time Magazine recently chose to use its First-Amendment-protected freedom to accomplish was to find out from its readers "Which Word Should be Banned in 2015".   Promoting a speech ban seems like an incongruous agenda for an institution that is protected by the First Amendment, yet the article does not appear to have been conceived in a spirit of irony  -- although the exercise wound up as a kind of self-inflicted parody.

Time gave its readers a list of 14 candidates that included "kale", "disrupt", "influencer", "said no one ever" and ... "feminist".  I try to imagine the meeting at which the list was being drawn up and someone was proposing "feminist" and all I can think of is Ricky Gervais.  But it went on the list and a writer (named Katy Steinmetz -- imagine how this story goes if a man writes the article) generated the article summarizing the arguments to ban each offending word.   (To throw another log on the irony fire, Steinmetz wrote this article earlier in the year, snarking at other persons' efforts to ban words.)  Her campaign speech to ban "feminist" was:

Necessary and Proper
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