By Tom Hals WILMINGTON, Del. (Reuters) – The U.S. Supreme Court on Tuesday trimmed a key legal defence that has frustrated creditors who try to claw back potentially dubious payments made before a corporate bankruptcy in a ruling that will reignite litigation over the 2007 buyout of Tribune Co. At issue is a federal bankruptcy provision, called the safe harbour, that prevents certain securities transactions, including payments to shareholders, from being unwound by representatives of a bankrupt company’s estate. Creditor attorneys have increasingly complained that bankrupt companies structure payments to take advantage of the safe harbour, which U.S. Bankruptcy Judge Christopher Sontchi called a “too good to be true” defence in 2014 testimony to Congress. In a unanimous decision, the high court ruled that safe harbour did not protect payments if financial institutions were merely conduits, reversing the law in the key bankruptcy courts in Delaware and New York. … [Read more...] about U.S. Supreme Court bankruptcy ruling reignites $8 billon Tribune case
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By Tom Hals WILMINGTON, Del (Reuters) – A lawyer for Takata Corp’s U.S. business, bankrupted by a recall of faulty air bags, indicated on Friday that the company is on the verge of receiving court approval for its reorganization and $1.6 billion (1.14 billion pounds) sale of its non-air bag businesses. At the start of a hearing in U.S. Bankruptcy Court in Wilmington, Delaware, lawyer Marcia Goldstein told the court that Takata’s U.S. unit had resolved nearly all objections to the reorganization. “I would call it a largely consensual plan,” Goldstein, a Weil, Gotshal & Manges lawyer for Takata’s U.S. unit, said. The judge will hear from some objectors before reaching any decision. Takata and its U.S. unit, TK Holdings Inc, filed for bankruptcy last year in the wake of the largest automotive recall in history. The company’s air bags inflate with too much force and spray metal fragments. They have been linked to hundreds of injuries and at … [Read more...] about Takata has resolved most objections to its U.S. bankruptcy
Jerry Maguire star Cuba Gooding Jr will make his British stage debut as smooth-talking lawyer Billy Flynn when Chicago returns to London. The actor, who recently starred in The People vs OJ Simpson, will be taking on his first role in a musical. The show about fame, fortune and jazz set inside a women’s prison will begin at the Phoenix Theatre on March 26 2018 after more than five years away from the West End. The musical first opened in New York in 1996 and ran in London for 15 years from 1997. It opened at the Adelphi Theatre where it won the 1998 Laurence Olivier Award for Outstanding Musical Production as well as the 1998 Critics Circle Drama Award for Best Musical. The show transferred to the Cambridge Theatre in April 2006, where it ran for five years until August 2011. It opened at the Garrick Theatre in November of that year, where it ran until September 1 2012. … [Read more...] about Cuba Gooding Jr to star in West End return of musical Chicago
THE US President’s eldest son faced a media storm after it emerged he “met with a Russian government attorney” claiming to have “damaging information about Hilary Clinton”.Here’s everything you need to know about Donald Trump Jr, the heir to the Trump business empire, who is as outspoken as his father on social media.Donald Trump Jr is the eldest child of President of the United States Donald Trump and his first wife Ivana, who is from the Czech Republic.The fluent Czech speaker was very close to his maternal grandfather growing up.The 39-year-old was born in New York and gained a degree in economics from the Wharton School of the University of Pennsylvania before going to work for his father’s businesses.He is the executive vice president of The Trump Organisation.He was introduced to the family business aged 13 when he was paid minimum wage plus tips as a dock attendant at Trump castle.In 2001, having gained his … [Read more...] about What is Donald Trump Jr’s net worth, who’s his wife Vanessa, what are the Russian lawyer emails about and is he on Twitter?
THE solicitor struck off for hounding British war heroes has declared himself bankrupt — in a suspected bid to dodge handing back £4million to taxpayers.Shamed tank-chaser Phil Shiner, 60, raked in millions in legal aid cash to bankroll his pursuit of troops.A source said: “The unwritten understanding is he’s going bankrupt to avoid paying back huge sums he’s facing.”His most recent accounts show his business worth more than £1million, sparking a riddle over where it’s gone.The details, filed in December 2015, also showed his legal outfit, Public Interest Lawyers, had £190,000 in the bank.Shiner, 60, applied to the Insolvency Service to be officially declared bankrupt on Tuesday.Critics claimed the move was a bid to “wriggle” out of paying £4million back to taxpayers.Land Registry documents show Shiner once owned two properties in Birmingham.One is now worth £400,000 and the other £625,000.Two months … [Read more...] about Tank-chasing lawyer Phil Shiner declares bankruptcy despite £1million business value in suspected bid to dodge £4million payout to taxpayers
ANDREW Warren is an Oxford University employee who has been charged with murdering a 26-year-old hair stylist in Chicago.Warren and US professor Wyndham Lathem are both accused of knifing Trenton Cornell-Duranleau in Lathem's flat. Here's what we know...Andrew Warren, known as Andy, is a 56-year-old accounts worker at Oxford University's Somerville College.The college said he is a senior treasury assistant in charge of the payroll and pensions.He went missing from the home he shared with his sister in Faringdon, Oxon, on July 24 and was reported missing to cops the next day.It is believed he flew to the US without telling anyone where he was going.On July 27 he was seen on CCTV leaving a Chicago apartment building with Northwestern University academic Wyndham Lathem, 42.It is not known how they knew each other. Police said it was the first time Warren had been to the US.Warren claimed he had a passion for bondage and torture on his online dating profile.He said he had "no limits" and … [Read more...] about Who is Andrew Warren? Oxford University’s Somerville College bursar charged with grisly Chicago murder alongside Wyndham Lathem
THE US President’s eldest son faced a media storm after it emerged he “met with a Russian government attorney” claiming to have “damaging information about Hilary Clinton”.Here’s everything you need to know about Donald Trump Jr, the heir to the Trump business empire, who is as outspoken as his father on social media.Donald Trump Jr is the eldest child of President of the United States Donald Trump and his first wife Ivana, who is from the Czech Republic.The fluent Czech speaker was very close to his maternal grandfather growing up.The 39-year-old was born in New York and gained a degree in economics from the Wharton School of the University of Pennsylvania before going to work for his father’s businesses.He is the executive vice president of The Trump Organisation.He was introduced to the family business aged 13 when he was paid minimum wage plus tips as a dock attendant at Trump castle.In 2001, having gained his … [Read more...] about What is Donald Trump Jr’s net worth, who is his wife Vanessa, what are the Russian lawyer emails about and is he on Twitter?
LINDSAY Lohan is facing new problems, as it’s been revealed she is facing bankruptcy after “not paying her rent”.It’s being reported that the troubled actress hasn’t paid her bill on a £3.5 million London flat she was staying in.The Mail Online says lawyers for the landlord of the property, which is in the exclusive Knightsbridge area, have issued LiLo with papers demanding payment of £77,600, and will petition at court for her bankruptcy on November 8 if she fails to pay up.Solicitors Child & Child have reportedly hand-delivered a letter to the 30-year-old star seeking the unpaid rent for the six months to August.The news comes as a source close to her ex-fiancé Russian property tycoon Egor Tarabasov claims she took up to £24,000 worth of his belongings – including a Rolex Oyster watch, designer clothing and a small gold crucifix.A friend has told the Mail Online that Egor has now spoken to police, demanding her arrest for … [Read more...] about Lindsay Lohan has fresh problems as she faces bankruptcy after ‘not paying her rent’
BORIS Becker’s bankruptcy lawyers have ordered TV bosses to pay his wages to them as the Wimbledon legend struggles to settle a £54million debt, it has been reported.Insolvency administrators Smith & Williamson are said to have written to all the TV channels which employ Becker as a commentator – including giant Eurosport.Simon Seddon of Smith & Williamson told Germany’s Bild newspaper: “We try to satisfy the creditors, of course. But we cannot say whom we are approaching in detail.”Eurosport refused to comment on “contractual details.”Another German newspaper, the Frankfirter Allgemeine, said anyone who pays Boris for his services is now allowed to do so only through the insolvency administrator – otherwise they run risk of paying twice; once to him and once to the lawyers.“Boris Becker is insolvent in the whole of Europe,” ran the newspaper’s headline.Becker is now reported to owe an astonishing 54 million … [Read more...] about Boris Becker’s bankruptcy lawyers ‘order TV bosses to pay his wages to them as he settles £54m debt’
KIM Jong-un and North Korea’s aggressive pursuit of nuclear weapons continues to heighten global tensions and escalate the risk of military conflict with the US and Donald Trump.But very little is known about the man behind the missiles – who was schooled in Switzerland and has reportedly fathered three children with his wife. Here is what we do know about the elusive dictator and his family.Not much is known about Kim Jong-un’s early life which he mostly spent in the secretive land of North Korea.Most of what is known about the war-hungry despot has been learned from defectors and former NBA basketball star Dennis Rodman – who has struck up an unlikely friendship with Kim.He is the second child of his predecessor as Supreme Leader, Kim Jong-il and his wife Kim Yong-hui.North Korean authorities have stated that his birth date is January 8, 1982, but South Korean intelligence officials believe the actual date is a year later. Chicago Bulls legend Rodman said he … [Read more...] about How old is Kim Jong-un, who is his wife and when did he succeed his father Kim Jong-il as North Korea’s supreme leader?