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Bankruptcy judge approves Visteon disclosure plan
Law Firm Press Release |
2010/06/28 08:59
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pA Delaware bankruptcy court judge on Friday cleared the way for auto parts supplier Visteon Corp. to begin soliciting votes on its proposed reorganization plan, which would leave unsecured bond holders in control of the company./ppOverruling objections from certain shareholders and holders of unsecured trade claims, Judge Christopher Sontchi approved documents describing Visteon's proposed reorganization plan and the process for creditors to vote on it./ppCreditors will have until July 30 to vote on the plan, and Sontchi scheduled a plan confirmation trial to begin Sept. 28./ppThe shareholders could receive nothing under Visteon's plan, and the trade creditors would get no more than 50 cents on the dollar for their claims, which total about $48 million. Their attorneys argued that the disclosure statement outlining Visteon's plan did not contain enough information on the company's valuation, and that the plan itself was unconfirmable because of how it treats various creditor groups./ppAttorneys for Visteon argued that the objections to the disclosure statement were without merit, or that they should be addressed at what promises to be a contentious plan confirmation trial stretching over two weeks.
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Securities Fraud Liability May Hit More Defendants
Law Firm News |
2010/06/21 09:05
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pPeter J. Henning follows issues involving securities law and white-collar crime for DealBook’s White Collar Watch. As Congress works on the final version of the financial regulatory bill, a major change in liability for corporate law firms, accounting firms and investment banks has been inserted into the measure. House members of the conference committee agreed to add a provision offered by Representative Maxine Waters, Democrat of California, to restore aiding and abetting liability for private securities fraud cases./ppThe impact of the amendment is significant because it expands the potential defendants in securities fraud class actions to include more than just the company accused of making misstatements or omissions, and these are defendants with deep pockets.
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Law firm: BP claims form flawed
Law Firm News |
2010/06/16 10:07
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| pBP said Tuesday it has accelerated its process of approving payments for commercial claims related to the Deepwater Horizon oil spill, but two Miami law firms representing fisherman said the oil company’s claim forms are flawed./ppBP said it approved initial payments toward 90 percent of commercial large-loss claims that have been filed as a result the ongoing oil disaster. The U.K.-based oil giant said it approved payment of 337 checks for a total of $16 million to businesses that have filed claims in excess of $5,000./ppThis week, the two firms, Grossman Roth, P.A. and Bilzin Sumberg Baena Price amp; Axelrod LLP, began representing 600 fishermen from the Florida Keys Commercial Fisherman's Association. They warned that BP’s oil spill claim forms are seriously flawed./pp“The claim form that BP put on its website is inadequate under the federal Oil Pollution Act,” said Andy Yaffa of Grossman Roth./p |
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NY woman sentenced for taking $700K from law firm
Law Firm Press Release |
2010/06/14 10:05
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pA former secretary for a Hudson Valley law firm has been sentenced to up to 13 years in prison for stealing nearly $700,000 from her employer over a seven-year span.
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Mary Merten of New Paltz was sentenced Tuesday in Ulster County Court to 4 1/3 years to 13 years and also ordered to pay more than $600,000 to the Kingston law firm where she was employed as a confidential secretary. /ppThe judge who sentenced the 44-year-old Merten noted that her thefts forced one of the victims out of retirement and looted a child's college savings. /ppShe pleaded guilty earlier this year to embezzling from the law firm of Riseley and Moriello. /ppThe $625,000 she was ordered to repay to her victims was the amount agreed to during a restitution hearing.
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