Bernanke Says Economic Recovery has a Long Way to Go

The U.S. economy is not yet on a certain path to a full recovery, Federal Reserve Chairman Ben Bernanke said in a televised interview with ABC News on Tuesday. “It’s far too early to declare victory,” Bernanke told ABC’s Diane Sawyer. Portions of the transcript of the interview were aired Tuesday night on “World News.” […]

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AMR Preserves Right to Propose Plan of Reorganization

On March 22, 2012, American Airlines, which filed bankruptcy on November 29, 2011, obtained bankruptcy court approval to extend its exclusive right to file a plan of reorganization until September 28, 2012. Under section 1121 of the Bankruptcy Code, a debtor has an exclusive period of time (120 days after the commencement of a case) […]

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History of Bankruptcy Laws in the U.S.

The notion of being insolvent or being bankrupt dates back numerous centuries. In Ancient Greece, where bankruptcy did not exist, if a man owed a debt and he could not pay, he and his wife, children or servants were forced into “debt slavery,” until the creditor recouped losses via their physical labour. In the Old […]

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Fifth Circuit Denies Late-Filed Proof of Claim

In re DLH Master Land Holding, L.L.C., Case No. 11-10781 (5th Cir. March 13, 2012) In In re DLH Master Land Holding, L.L.C., Case No. 10-30561-hdh, the Fifth Circuit Court of Appeals recently rendered an opinion affirming the lower courts’ ruling that Bank of America did not show “excusable neglect” warranting the allowance of its […]

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Fort Worth O&G Independent Files Bankruptcy

On March 7, 2012, Cano Petroleum, a Forth Worth–based, independent oil and gas company filed chapter 11 bankruptcy in Dallas. The Company announced that the cause was its continued losses and loan defaults, rendering it unable to raise capital and thereby creating a liquidity problem. Cano lists assets of $63.3 million and approximately $116.3 million […]

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Leading Baby Stroller Company Liquidating

Connecticut–based Maclaren USA, which produced the Maclaren-line of baby strollers, at one time, saw its fair share of the toddler-toting industry. After a list of babies losing their fingers and related suits had accumulated, however, a mass recall of strollers was launched in 2009. Eventually, the once-trendy company had no choice but to seek bankruptcy […]

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