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  Bankruptcy - Legal News


A federal judge overseeing the New Orleans Roman Catholic bankruptcy recused himself in a late-night reversal that came a week after an Associated Press report showed he donated tens of thousands of dollars to the archdiocese and consistently ruled in favor of the church in the case involving nearly 500 clergy sex abuse victims.

U.S. District Judge Greg Guidry initially announced hours after the AP report that he would stay on the case, citing the opinion of fellow federal judges that no “reasonable person” could question his impartiality. But amid mounting pressure and persistent questions, he changed course late Friday in a terse, one-page filing.

“I have decided to recuse myself from this matter in order to avoid any possible appearance of personal bias or prejudice,” Guidry wrote. The 62-year-old jurist has overseen the 3-year-old bankruptcy in an appellate role, and his recusal is likely to throw the case into disarray and trigger new hearings and appeals of every consequential ruling he’s made.

But legal experts say it was the only action to take under the circumstances, citing federal law that calls on judges to step aside in any proceeding in which their “impartiality might reasonably be questioned.”

“This was a clear and blatant conflict that existed for some time,” said Joel Friedman, a longtime legal analyst in New Orleans who is now a law professor at Arizona State University. “It creates the exact problem the rules are designed to avoid, the impression to the public that he’s not an impartial decisionmaker.”

Guidry’s recusal underscores how tightly woven the church is in the city’s power structure, a coziness perhaps best exemplified when executives of the NFL’s New Orleans Saints secretly advised the archdiocese on public relations messaging at the height of its clergy abuse crisis.


Attorneys for the U.S. bankruptcy trustee in Delaware and several major media outlets are challenging an effort by cryptocurrency exchange FTX to withhold names of the company’s customers and creditors from the public.

At a brief hearing Friday, the judge presiding over the FTX bankruptcy granted a motion by media outlets to intervene for the purpose of objecting to the sealing of creditor information.

A separate objection by the U.S. trustee, the government watchdog that oversees Chapter 11 reorganizations, also was on the agenda for Friday’s hearing but was postponed by Judge John Dorsey until Jan. 11, when he likely will also hear arguments from the media.

In a court filing earlier this week, an attorney for Delaware’s acting U.S. trustee noted that “disclosure is a basic premise of bankruptcy law.”

“The debtors simply cannot seek bankruptcy protection and then do business behind a shield of secrecy” Juliet Sarkessian wrote. Sarkessian warned that allowing FTX to shield creditor lists and financial schedules would be a “slippery slope” and create an unfavorable precedent for bankruptcies in which creditors are also customers.

Last month, Dorsey temporarily granted a request by FTX to redact the names and addresses of clients and creditors from court filings, even though such information is typically public. The judge did direct FTX to file an unredacted creditor matrix under seal with the court, but the company has yet to do so.

Lawyers for FTX have argued that its customer list is both a valuable asset and confidential commercial information. They contend that secrecy is needed to protect FTX accounts from potential theft and to ensure that potential competitors do not “poach” FTX customers.

FTX also has sought to withhold the names and addresses of non-customer individual creditors who are citizens of the United Kingdom or European Union nations, citing a consumer protection program known as the General Data Protection Regulation, or GDPR.


Objections to a historic settlement with Purdue Pharma are mounting in the form of appeals, with Rhode Island’s attorney general saying Wednesday the plan doesn’t hold the OxyContin maker or its owners accountable for its role in sparking the opioid crisis.

Rhode Island appealed Tuesday in U.S. Bankruptcy Court in New York. Separate appeals have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland and Washington state, plus some Canadian local governments and other Canadian entities.

Any successful appeal could undo the deal, not just that state’s piece of it.

Rhode Island Attorney General Peter Neronha, a Democrat, said he doesn’t accept that the resolution between Purdue Pharma and thousands of state and local governments is sufficient. The Sackler family has not been transparent about its wealth, he said, so it’s difficult to calculate how much punishment any resolution will inflict.

Estimates have put the collective wealth of family members who own the company at over $10 billion.

Neronha also said he dislikes that the settlement protects the Sacklers from lawsuits over opioids.

The state would be entitled to an estimated $21.6 million over nine years, or about $2.4 million annually, he said.

A federal bankruptcy judge approved a plan this month to turn Purdue, based in Stamford, Connecticut, into a new company no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic.

The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company’s marketing of prescription opioids helped spark and continue an overdose epidemic.


Many of us will be getting the third “stimulus” check from the US Treasury as a part of the American Rescue Plan Act signed by the President on March 10th. People who qualify (those who earn less than $75,000.00 for singles and $150,000 for married people who filed their taxes jointly), will get $1400.00 per person. That can add up to a lot of money for families!!

But, if you owe money to creditors, some of those that you owe may be able to garnish (seize) it right away. Which ones can get it and which cannot?

Who cannot get the money? Someone you owe for child support, and tax debts owed to the IRS.

Who can get the money and seize your bank account once the money comes in? Anyone else you owe, called “private debts”. So if there’s a lawsuit against you for unpaid credit card, medical debt, or damages from a car accident, these creditors can freeze your bank account and take the money.

The COVID-19 pandemic has damaged the economy, leaving many families and business owners worried about how they will pay for even the most basic expenses. In the midst of this crisis, you might be considering filing for bankruptcy or wondering how COVID-19 will affect an existing bankruptcy filing.

Chicago Bankruptcy Law Firm of Daniel J. Winter



Bankruptcy Law Chicago - Bankruptcy Lawyer | Daniel J. Winter

Being a practicing attorney for 30 years, I have been honing my skills every day. In these 30 years, I’ve met with hundreds of clients, and learned how to listen, then how to develop a specific financial plan based on my experience in the Bankruptcy Court.

Not just hear, but actually listen to the clients and hear what they want, their goals, and needs.

These listening skills help me have real-world conversations with my clients. I have detailed discussions about a topic that most people won’t talk about with their own family or friends, money. I let people bare their souls about what has happened to them, and how they have handled their struggles. I listen and learn from them about their businesses, their jobs and their life. I then make sense of it all, and untangle the web of loans, credit cards, mortgages, car loans, medical debt, and personal loans. We talk about all of the options available, both in Bankruptcy Court and out of it.

Using my legal knowledge of the Bankruptcy Court system, and real-world experience, I can then counsel clients on how to prepare for Bankruptcy, the requirements, and best timing for filing for Bankruptcy Relief. This is where my legal experience comes into play. I also can offer my own everyday life experience and offer practical suggestions!

Navigating Bankruptcy Court is different than other Courts in that every case is assigned a Trustee, who conducts a hearing to review their Bankruptcy Petition. The Trustee is the person who reviews each case to determine whether there are issues to bring to the Court’s attention.

I have strong working relationships with each Trustee in the Northern District of Illinois. These relationships are based on decades of dealings with each Trustee. In each interaction, my integrity, my work-ethic, and preparedness shows. And the Trustees remember the quality of my work, which benefits each of my clients.


Thailand’s Central Bankruptcy Court on Monday gave the go-ahead to financially ailing Thai Airways International to submit a business reorganization plan and appointed seven planners to oversee it.

A press release from the airline said the plan should be submitted to the court by the end of the year. Then, the company’s receiver will consult creditors for their input before the court approve’s the plan and appoints its administrator in early 2021. The plan will then be implemented.

Thai Airways International in May was carrying an estimated debt burden of almost 300 billion baht ($9.6 billion). Most recently, it ran up 12 billion baht ($383.3 million) in losses in 2019, 11.6 billion baht ($370.5 million) in 2018 and 2.11 billion baht ($67.4 million) in 2017.

Thailand’s Cabinet in May approved a reduction in the government’s stake in the airline to below 50% as part of the reorganization plan. That move was quickly implemented.

With the reduction in the 51% share held by the Finance Ministry, the airline lost its status as a state enterprise. The action also meant that the airline's state enterprise union was automatically dissolved.

The airline initially sought a 54 billion baht ($1.7 billion) bailout loan from Thailand’s government after virtually ceasing operations due to the coronavirus crisis. Some domestic flights have resumed, but all regularly scheduled international flights are still banned.

The airline’s auditors, Deloitte Touche Tohmatsu Jaiyos, last month declined to sign off on Thai Airways' financial statements for the first half of this year, saying a lack of liquidity and debt defaults prevented it from assessing its assets and liabilities.

The airline went a partial restructuring in 2015, when Prime Minister Prayuth Chan-ocha was serving a first term as prime minister in a military government established after a coup. The airline was already deeply in debt and needed to cut loss-making routes, reconfigure its fleet and get rid of staff through attrition.

It is almost certain to cut staff, fleet and flights under any new reorganization plan.

The airline was founded in 1960 as a joint venture between Thailand’s domestic carrier, Thai Airways Company, and SAS, Scandinavian Airlines System, which sold its stake in 1977. The airline’s shares were listed on the Stock Exchange of Thailand in 1991.



Democratic Gov. Tom Wolf asked the Pennsylvania Supreme Court on Friday to intervene in his dispute with legislative Republicans who have voted to end pandemic restrictions he imposed in March to slow the spread of the new coronavirus.

Republican majorities in the House and Senate, with a few Democrats in support, voted this week to end the state’s emergency disaster declaration that Wolf has used to shut down “non-life-sustaining” businesses, ban large gatherings and order people to stay at home.

Wolf asked the state’s high court to uphold the shutdown. He said that his gradual reopening plan is working, pointing to a downward trend in the number of new virus infections in Pennsylvania even as cases rise in nearly half the states.

“Pennsylvania’s measured, phased process to reopen is successful because of its cautious approach that includes factors relying on science, the advice of health experts and that asks everyone to do something as simple as wearing a mask when inside or around others outside the home,” Wolf said in a news release. “We will continue to move forward cautiously.”

Wolf has been easing restrictions in vast swaths of the state, including on Friday when he announced that another eight counties would be moving to the least restrictive “green” phase of his reopening plan. But gyms, barber shops, theaters and similar businesses in the state’s highly populated southeast corner remain closed, and many types of businesses statewide must abide by occupancy limits.

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