Blockbuster blockbuster
It all finally ended in the wee morning hours on April 6 in the New York office of Cadwalader, Wickersham & Taft LLP , an auction for bankrupt Blockbuster Inc. that had started the day before. That the auction took so long and was so exhausting epitomized what had been described as a "three-ring circus" of a Chapter 11 case by many of the professionals involved with it. And the fact that not a single attorney or adviser would speak about it on the record indicates just how much power the players involved -- Carl Icahn, Dish Network Corp. 's Charlie Ergen, various hedge funds -- wield.
Ergen's $320 million bid prevailed just after a group of hedge funds owning secured note debt bowed out, enabling Blockbuster to live for another day. Indeed, since filing for Chapter 11 on Sept. 23, Blockbuster has definitely been taking it one day at a time. The Dallas movie rental giant went from a humdrum prenegotiated reorganization to acknowledging it was administratively insolvent to having to go on the auction block to facing the real possibility of liquidation. Creditors were on a similar roller coaster, with unsecureds going from healthy recoveries to battling over scraps, and with movie studios promised full payouts ultimately being left to pray for a spirited auction so they would at least extract enough of the sale proceeds to partially cover their losses.
"To have a bankruptcy case go from a prearranged filing in September to a hearing on a conversion to a Chapter 7 in March, that's just a tremendous turnaround in the wrong direction," says one source familiar with creditors' thinking. "There haven't been many cases that collapsed that spectacularly that I can remember."
The seeds for such an epic collapse had been sown months before Blockbuster submitted its petition to the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. Prepetition talks were strained, as evidenced by the two reorganization plan outlines conferees went through before deciding on one. Then the inimitable Icahn, a former Blockbuster shareholder and board member, edged his way back onto the scene.
But Blockbuster had become a mess years before negotiations had even been broached. The digital format has come to dominate the video rental business, thanks to mail-order DVD rental provider Netflix Inc.
Adversarial Trustees Expenses - News
There's been a lot of give-ups in order to make it possible, and I appreciate that, without in any way indicating how I might come out in an adversarial context if one should come up." But the tumult was far from over. For the Blockbuster auction,
The trustee has a pending motion to pay administrative tax obligations to the Commonwealth of Virginia and the Internal Revenue Service. This has been postponed pending resolution of this adversary proceeding. The trustee is not a party to the
If the trustee thinks the value is too low, he can object to the exemption, and offer the property for sale. If the property brings more than the exempt value claimed by the debtor, the trustee can pay the debtor and/or lenders secured by the property
The complaint also alleges certain Turnberry-associated defendants received payments that “have no apparent legitimate business purpose” and that some expenses for Fontainebleau Resorts LLC — a non-bankrupt Soffer company — were wrongly paid by
In the second matter, Weil represented LBSF in connection with an adversary proceeding brought by LBSF against BNY Corporate Trustee Services Ltd., the trustee and holder of the collateral securing the terms of credit-derivatives contracts between the
Chapter 7 Trustee Starts Probulk Inc. Bankruptcy Preference ...
Lead Bankruptcy Case Name (Case Number): Probulk Inc. (09-14014)
Petition Date: June 24, 2009 as to 57 Debtors; June 25, 2009 as to remaining 16 Debtors; all Debtors filed Chapter 7 petitions
Bankruptcy Court District (Division): Southern District of New York (Manhattan)
Associated Cases: There are 73 Debtors. The Court has ordered joint administration administration and procedural consolidation)
Plaintiff: Salvatore LaMonica
Number of Proceedings: 58
When Filed: June 21, 2011
Adversary Proceeding Judge: Allan L. Gropper
Plaintiff's Counsel: LaMonica Herbst & Maniscalco (Wantagh, New York) through its attorneys Gary F. Herbst, Esq. and Jacqulyn S. Loftin, Esq.
Avoidance Period: The complaint identifies the preference period as the period "within ninety (90) days of the Filing Date".
Adversarial Trustees Expenses - Bookshelf
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"It is a general principle that a trust- estate must bear the expenses of its ... payable out of the fund, whether incurred by the trustee who holds the ...Atlantic reporter
When one brings adversary proceedings to take the possession of trust ... In all these cases the trustees were unsuccessful. The expenses referred to in the ...The Journal of the Kansas Bar Association
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And reports from the field are that the auditors are coming in very aggressive and very adversarial. ... Document trustee approval for all out of town travel expenses. ...
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Kerry: The Final Word ... that it was responsible for the payment of certain trustee fees and administrative expenses, based on the wording of the ...