Online pay – Small Biz 3000 http://smallbiz3000.com/ Mon, 18 Apr 2022 03:17:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://smallbiz3000.com/wp-content/uploads/2021/11/profile.png Online pay – Small Biz 3000 http://smallbiz3000.com/ 32 32 Johnson & Johnson gets green light to use bankruptcy system to resolve multi-billion dollar talc lawsuit https://smallbiz3000.com/johnson-johnson-gets-green-light-to-use-bankruptcy-system-to-resolve-multi-billion-dollar-talc-lawsuit/ Wed, 02 Mar 2022 06:01:51 +0000 https://smallbiz3000.com/johnson-johnson-gets-green-light-to-use-bankruptcy-system-to-resolve-multi-billion-dollar-talc-lawsuit/ THE WHAT? A U.S. judge has approved Johnson & Johnson’s plans to use the bankruptcy system to resolve its multi-billion lawsuit that claims its talc products cause cancer, according to Reuters. THE DETAILS In October 2021, J&J filed the claims in newly created entity LTL Management LLC, which then filed for bankruptcy a few days […]]]>



THE WHAT? A U.S. judge has approved Johnson & Johnson’s plans to use the bankruptcy system to resolve its multi-billion lawsuit that claims its talc products cause cancer, according to Reuters.

THE DETAILS In October 2021, J&J filed the claims in newly created entity LTL Management LLC, which then filed for bankruptcy a few days later.

The strategy is known as Texas Two-Step – it allows companies to separate valuable assets from liabilities through a so-called split merger, according to Reuters.

The Plantiffs argued the move was an abuse of the Chapter 11 system, with attorney Jon Ruckdeschel saying the decision would be appealed.

THE WHY ? The decision to use the bankruptcy strategy will allow J&J to avoid fighting more than 38,000 individual lawsuits.

Ruckdeschel said of the decision: “The bankruptcy code was never intended to be abused in this way by massively profitable corporations as a means of delaying or preventing cancer victims from having their day ahead. courts.”

While some plaintiffs said it could open the floodgates for other companies facing mass litigation, Judge Kaplan said: “There is nothing to be feared in the migration of tort litigation out of the system of the tort liability to the bankruptcy system.”

He went on to say that “perhaps the doors should indeed be open.”



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Burin volunteers worried about fate of revitalized cemetery amid Catholic diocese bankruptcy https://smallbiz3000.com/burin-volunteers-worried-about-fate-of-revitalized-cemetery-amid-catholic-diocese-bankruptcy/ Wed, 02 Mar 2022 01:42:36 +0000 https://smallbiz3000.com/burin-volunteers-worried-about-fate-of-revitalized-cemetery-amid-catholic-diocese-bankruptcy/ ST. JOHN’S, NL — After spending hundreds of thousands of dollars to revitalize St. Patrick’s Parish Cemetery in Burin, local volunteers are worried about what will happen in the bankruptcy proceedings of the Roman Catholic Episcopal Corp. of St. John’s. They say $200,000 of the money they raised has already been taken by the archdiocese […]]]>



ST. JOHN’S, NL — After spending hundreds of thousands of dollars to revitalize St. Patrick’s Parish Cemetery in Burin, local volunteers are worried about what will happen in the bankruptcy proceedings of the Roman Catholic Episcopal Corp. of St. John’s.

They say $200,000 of the money they raised has already been taken by the archdiocese and, as a tender listing reveals cemeteries elsewhere among the assets to be seized, they are unsure of to be able to maintain control.

There is anger at the Catholic Church for not accepting blame from the start for the sexual abuse at the Mount Cashel orphanage in St. John’s and for not using Vatican funds, including the sale of his extensive collection of art and other adornments, to fund the compensation of the victims.

Instead, Burin volunteers say parishes and their property are being unjustly plundered when it is the church hierarchy that should atone.

Following Monday’s development in court in which a tentative agreement was announced to allow St. Kevin’s in Goulds – which had a hugely successful 2017 Chase the Ace fundraiser – to retain its building and church hall, the former St. Patrick’s Cemetery Committee hoped he would get some good news as he insists there has been little clarity from the Archdiocese

He hoped to recover the $200,000 that committee members say was taken by the archdiocese.

They say it was part of what was raised through their own Chase the Ace and subsequent 50/50 draws.

But the Burin Cemetery Committee has been advised through a church attorney that no decision affects Burin Cemetery at this time.

Burin Cemetery Committee member Evelyn Grondin-Bailey said $1.2 million was raised through Chase the Ace in 2015. Nearly $80,000, she said, was used to pay off a church mortgage and $500,000 for the cemetery.

Grondin-Bailey and fellow committee members Terry Lundrigan and Eugene Antle said they made a mistake in not incorporating, but instead turned to the archdiocese for its charitable process and help.

“We don’t know what’s going on,” she said of the cemetery’s future.

“We want our cemetery back. We want to move forward now and complete this project. … We are a group of seniors and we wanted to make sure there was enough money in the account to maintain the cemetery for the next 20 to 30 years after we left.


St. Patrick’s Parish Cemetery in Burin is a heritage destination. – Contributed

Committee members said they stopped their 50-50 fundraiser in 2021 when it became clear the funds would be taken.

They now share another 50/50 with a separate non-church organization, Grondin-Bailey said.

Antle’s son, Colin, died of a heart attack at age 40 in 2017, and he is among the family members in the cemetery’s columbarium.

“Maybe we’ve all been walking blindly for too long,” said Lundrigan, who added he regretted never interviewing the archdiocese earlier.

Antle joined the committee the following year.

“My hope also with the rest of the committee is that we will take over the cemetery, recover our funds and continue as we planned,” he said.

According to the cemetery committee, the first Roman Catholic cemetery in Burin dates back to the early 1800s, when a group of prominent citizens, not all Roman Catholics, successfully applied to the government for a plot of land to erect a church and cemetery. .

The cemetery served the parish until the mid-1950s.

In 2014, a committee of concerned parishioners was formed to deal with the overgrown and trash-strewn state of the cemetery, and the work has revitalized the cemetery and made it a heritage destination.

The non-denominational columbarium – for cremation urns – has an infrastructure set up for expansion, as there have been no in-ground burials for decades.

In addition to confiscating funds, the committee says it has been criticized with stop-work orders to the leadership of the archdiocese. Grondin-Bailey said they put a $10,000 deposit on a wall of memory that would have honored everyone buried in the cemetery – as long as they could find records – because many headstones are faded. or broken.

The committee is concerned that the cemetery may be sold and suspects that the feature of the columbarium makes it attractive to a buyer looking for a for-profit business, despite it operating on a non-profit basis.

“Essentially, the contents of the cemetery and the money in the accounts were now to be under the dictatorship of the archdiocese,” the committee said in a letter setting out its riddle and concerns.

The cemetery has evolved to become like a park and includes storyboards, Grondin-Bailey said. It has an ocean view.

“It’s something really important to us and close to our hearts,” she said.

She described communication with the Archdiocese as a rising stone wall.

And she said that the Catholic Church, being one of the wealthiest organizations in the world, should sell the assets of the Vatican to fund compensation for victims of abuse at the orphanage. (The courts sided with the victims of the 1940s, 1950s and 1960s, holding that the Episcopal Corp. is vicariously liable despite the fact that the orphanage was run by the secular order Christian Brothers.)

Father Emmanuel Qugraine declined to comment.

Archbishop Peter Hundt said by email that there are a number of issues arising from the recent filing for creditor protection by the Roman Catholic Episcopal Corp. of St. John’s.

“We will provide an update to parishes in the coming days. We cannot add anything more until then,” he said.


Tender Sale
The most recent trustee documents include a tender sale record that lists 25 parcels in the metropolitan area.
Plot 1 is the complex of historic St. John’s Basilica, St. Bonaventure College and St. Bon Forum.
Parcel 2 includes the parsonage of St. Patrick’s Church and vacant land at 18 Deanery Ave, St. John’s, and Patrick Street, St. John’s.
Plot 3 is St. Teresa’s Church and other structures adjacent to St. John’s.
Plot 4 is the Corpus Christi Church, Parish Office and Community Center, and vacant land at 231 Waterford Bridge Rd., St. John’s.
Other packages include:
• St. Pius X church and St. Pius X college and St. Pius X presbytery;
• St. Paul’s Church;
• Mary Queen of the World Church and Rectory, plus vacant land on Topsail Road and Pinebud Crescent, Mount Pearl;
• Church and presbytery of Saint-Pierre;
• Sainte-Famille Church and presbytery;
• Church, presbytery and Saint-Thomas de Villanova ball field;
• St. Francis of Assisi Church, Archbishop’s Residence, Rectory and Grounds at 51 and 23-25 ​​Outer Cove Rd. and Nugent’s Road, Logy Bay-Middle Cove-Outer Cove;
• Saint-Rosaire church, presbytery, market hall and cemetery;
• St. Joseph’s Church and vacant land on Cribbies Road, Petty Harbour-Maddox Cove;
• Holy Trinity Church, parish hall and vacant land at 5 Coady’s Lane and prayer garden/cemetery at Torbay;
• Church of Saint-Michel and Grotto of Our Lady of Lourdes;
• Church and presbytery of Sainte-Agnès;
• O’Dwyer apartments and vacant land at 51 Hazelwood Cres., St. John’s;
• Rocher du Nord School and vacant lot on Ricketts Road, St. John’s;
• vacant lots at 391-435, 361-389 and 370-410 Beachy Cove Rd., Portugal Cove-St. that of Philip;
• Vacant land/cemetery at 560-606 Bauline Line, Torbay.
The plots also include vacant land at these addresses:
• 21 Holloway Street, St. John’s;
• 60 Newton Rd., St. John’s (cemetery);
• Octagon Pond, Paradise;
• 1358-1360 Thorburn Road, Portugal Cove-St. that of Philip;
• 456-466 Bauline Line, Torbay;
• 27A Piperstock Square, Torbay;
• Bullock Town Road, Torbay; and
• Route 90, Bras Salmonier.
Sealed bids will be accepted by the trustee until noon June 2.
There are a number of schools that still operate, but were once part of the Roman Catholic school system before the dismantling of denominational education in the 1990s.
According to documents on the site of the Ernst and Young trusteethe provincial government opposes including school properties in the bidding process because title to the Episcopal Corp. on these is subject to legal and factual uncertainty.
“While the company does not agree with the positions put forward by the government, it recognizes that its interests in the school properties are subject to levels of factual uncertainty,” the document states.
“The company requested information from the school board to clarify these matters, but was advised that this information was not available. The company intended to offer its interest in the school properties, with full disclosure of any issues and/or informational uncertainties and to allow the market to respond to the opportunity as it saw fit. appropriate.
In addition, four presbytery properties have been put up for sale:
• 8 The Boulevard, St. John’s, $399,900;
• Coady’s Lane, Torbay, $389,900;
• 20 Boland Street, St. John’s, $299,900; and
• Burling Cres., St. John’s, $319,900.
Several offers have been received for the Boulevard, Boland Street and Burling Crescent properties. Offers have been accepted for the Boland Boulevard and Boland Street properties, but are subject to court approval.



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Chinese exile’s legal enemy calls bankruptcy filing ‘astonishing’ https://smallbiz3000.com/chinese-exiles-legal-enemy-calls-bankruptcy-filing-astonishing/ Wed, 02 Mar 2022 01:25:49 +0000 https://smallbiz3000.com/chinese-exiles-legal-enemy-calls-bankruptcy-filing-astonishing/ (Bloomberg) – The insolvency case of Guo Wengui, the exiled Chinese businessman, kicked off on Tuesday when a longtime creditor called the move “astonishing” and signaled it would lead an aggressive fight in bankruptcy court. Guo, a former partner of Trump political strategist Steve Bannon, filed for bankruptcy last month after moving a yacht from […]]]>



(Bloomberg) – The insolvency case of Guo Wengui, the exiled Chinese businessman, kicked off on Tuesday when a longtime creditor called the move “astonishing” and signaled it would lead an aggressive fight in bankruptcy court.

Guo, a former partner of Trump political strategist Steve Bannon, filed for bankruptcy last month after moving a yacht from New York waters, a move that would keep it out of the hands of creditors and then face a $134 fine. million dollars for taking this step. . Guo’s main creditor is Pacific Alliance Asia Opportunity Fund, which provided the businessman with a $30 million loan in 2008.

That loan has since grown to more than $116 million with accrued interest. In documents accompanying his bankruptcy filing, Guo said he had almost no assets and little income. But the businessman was often seen aboard the yacht in question, a vessel bought for around $30 million known as Lady May. A New York judge found last month that Guo owned or controlled the yacht, an asset that was not disclosed in his bankruptcy filing.

“The lack of candor of this court is already what leads us to believe that no quarter should be given,” said Peter Friedman, attorney for the Pacific Alliance Asia Opportunity Fund, during Guo’s first bankruptcy hearing in the Connecticut. Friedman said Guo had “a maze of trusted entities, family members and confidants to move assets” for him and said he could not be trusted.

A lawyer for Guo, Bennett Silverberg of the law firm Brown Rudnick, said his legal team had very little time to put together the bankruptcy filing documents. Guo does not read or write English, Silverberg said, and the attorney requested up to 60 additional days to translate the documents and disclose Guo’s assets and liabilities.

Silverberg also said that Pacific Alliance Asia Opportunity Fund could ultimately benefit from bankruptcy as creditors will have the opportunity to investigate Guo’s finances.

“If the allegations are true, and we’re saying they’re not, then filing for bankruptcy may be the best thing that can happen to them,” Silverberg said.

U.S. Bankruptcy Judge Julie Manning gave Guo until March 9 to complete his financial disclosures, far less than the 60 days requested.

The bankruptcy case is Ho Wan Kwok, 22-50073, US Bankruptcy Court for the District of Connecticut (Bridgeport).

©2022 Bloomberg LP



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Latter-day Saints and Methodists back Scouting’s latest bankruptcy plan to fund survivors’ claims https://smallbiz3000.com/latter-day-saints-and-methodists-back-scoutings-latest-bankruptcy-plan-to-fund-survivors-claims/ Wed, 02 Mar 2022 00:28:32 +0000 https://smallbiz3000.com/latter-day-saints-and-methodists-back-scoutings-latest-bankruptcy-plan-to-fund-survivors-claims/ Two faith groups that have long supported the Boy Scouts of America have pledged to play a key role in the latest revamp of the Scouting organization’s bankruptcy, the fallout from tens of thousands of sexual abuse complaints within its ranks. The Church of Jesus Christ of Latter-day Saints and The United Methodist Church appear […]]]>



Two faith groups that have long supported the Boy Scouts of America have pledged to play a key role in the latest revamp of the Scouting organization’s bankruptcy, the fallout from tens of thousands of sexual abuse complaints within its ranks.

The Church of Jesus Christ of Latter-day Saints and The United Methodist Church appear as “contributing chartered organizations” listed in the massive plan released in mid-February that is expected to be considered by a U.S. bankruptcy court on 14 March. two denominations plan to contribute $280 million to a proposed settlement that could top $2.7 billion.

“The Church of Jesus Christ has reached agreement on a Chapter 11 plan that is supported by the vast majority of survivors and their councils, including the official committee representing survivors of abuse and the representative of future survivors of abuse. abuse, Boy Scouts of America, and a number of participating insurers,” Eric Hawkins, a spokesman for the Utah-based faith, said in a statement to the Religion News Service.

The church ended its affiliation with the BSA in 2019, opting to create its own global youth leadership and development program, ahead of bankruptcy proceedings.

The $250 million the church committed to the settlement “will be used entirely to compensate those who may have been harmed while participating in Scouting units sponsored by The Church of Jesus Christ of Latter-day Saints.” , Hawkins said. “The church agreement and large sum payment covers all Boy Scouts and Scout units that were part of the BSA and The Church of Jesus Christ of Latter-day Saints.”

The United Methodist Church announced in December that it and the BSA had reached an agreement related to the settlement.

The official committee representing survivors of childhood sexual abuse in the BSA announced its support for the revised plan, released on February 10, saying it believed it would improve protection for children and increase compensation for survivors . He suggested that survivors who had voted against the previous version of the plan change their vote to accept the revised version.

Steven Scheid, director of the United Methodist Scouting Ministries Center, said Methodist leaders also support the new restructuring plan.

“Together with BSA management, we are developing a new set of documents to guide the relationship,” he said in a statement to RNS. He said United Methodist church charters, or official ties, with the troops that were in effect until March 31 have been extended until June 30.

United Methodists announced in December that they would raise and contribute $30 million over three years to help fund compensation for victims of abuse.

“If the plan is approved in the trial set to begin March 14, claims against United Methodist congregations and entities will be directed to the Trust Fund for Survivors,” United Methodist Bishop John Schol said. to RNS in a statement.

Schol led the United Methodist Church leadership team that supported founding organizations within the denomination as bankruptcy proceedings continued.

The links of religious groups with Scouts have, in some cases – including Methodists and Latter-day Saints – existed for more than a century.

“Religious organizations have been an important part of the backbone of the Boy Scouts of America,” said Los Angeles attorney Paul Mones, who was co-counsel in the case that delivered the biggest verdict in punitive damages against the BSA when a jury awarded a 38-year-old former Scout $19.9 million in 2010.

The BSA said its reorganization plan “provides broad releases and protection for chartered organizations. Specifically, chartered organizations that do not oppose the plan will be released from all claims that arose after 1976 and also from certain claims that arose before 1976 when those claims are covered by insurance with an insurer that has settled .

But the Scout organization added that in the year after the plan takes effect, “we expect the Settlement Trustee to work with chartered organizations to identify any claims that have not not been released under the plan and to allow chartered organizations to decide whether they wish to contribute to the settlement trust in order to obtain a release for these claims.

Other religious institutions “may have a liability and they will have a year after the plan takes effect to see if they want to reach some kind of settlement with the trust in order to get protection,” Mones said. “I’m sure the Boy Scouts bankruptcy came as a complete shock to most of them and they were caught off guard.”

Some religious groups, including the United Church of Christ, have not taken a position on the plan.

“It is UCC congregational policy that the chartering of BSA units is at the discretion of each local church,” Reverend Michael Schuenemeyer, a UCC leader whose office includes the UCC Scouting Task Force. While the national UCC has a memorandum of understanding with the BSA for its support of Scouting, “there is no centralized governance or administration with our local churches regarding the chartering of BSA units”.

UCC General Counsel Heather Kimmel told RNS that congregations should seek advice from their lawyers and insurers on how to respond to the BSA’s new plan.

“How the plan will affect a local church will depend on the facts and circumstances surrounding any Scouting abuse claims against local churches and the elections the local church has made under the plan,” she said in an e-mail to the RNS.

Brotherhood Mutual Insurance Co., an insurer of Christian ministries, said it received dozens of inquiries from ministries regarding the BSA bankruptcy filing and posted answers to frequently asked questions on its website.

The head of a Roman Catholic ad hoc committee, which includes several dioceses and archdioceses and was formed to support the interests of the Catholic Church during the BSA bankruptcy process, declined to comment on Monday and returned questions to his lawyer, who did not immediately respond.

The BSA did not directly respond to an inquiry into the status of those negotiations, but told RNS in a statement in late February that it “has focused on ensuring that approved partners are fairly represented and that they can continue to support Scouting”.

Schol said the Methodist committee hopes other groups will support the plan.

“If these organizations are prosecuted, they will have to defend themselves in court,” he told RNS. “United Methodists have supported and continue to support the release of all chartered organizations, and we encourage them to join in the healing of survivors.”



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Shambhala Mountain Center Files for Chapter 11 Bankruptcy Protection https://smallbiz3000.com/shambhala-mountain-center-files-for-chapter-11-bankruptcy-protection/ Wed, 02 Mar 2022 00:16:30 +0000 https://smallbiz3000.com/shambhala-mountain-center-files-for-chapter-11-bankruptcy-protection/ the Shambhala Mountain Center in Larimer County filed for Chapter 11 bankruptcy this week as it restructures debt following pandemic-induced financial difficulties, the Shambhala Buddhism sexual misconduct scandal and the Cameron Peak fire. The bankruptcy filing, filed Monday in federal court in Denver, follows the Buddhist retreat’s announcement last month that he is change its […]]]>


the Shambhala Mountain Center in Larimer County filed for Chapter 11 bankruptcy this week as it restructures debt following pandemic-induced financial difficulties, the Shambhala Buddhism sexual misconduct scandal and the Cameron Peak fire.

The bankruptcy filing, filed Monday in federal court in Denver, follows the Buddhist retreat’s announcement last month that he is change its name to Drala Mountain Center after becoming an independent non-profit organization.

The center near Red Feather Lakes encountered financial difficulties in early 2019, in part due to shortfalls in program revenue caused by cancellations due to COVID-19 closures and the “crisis in the greater community of Shambhala,” according to a press release. Release.

The 2020 Cameron Peak Fire, the largest wildfire in Colorado’s recorded history, further hampered the center’s ability to generate revenue after a number of buildings and other infrastructure were destroyed.

According to its Chapter 11 filing, Shambhala Mountain Center and Wells Fargo Bank entered into a restructuring agreement on July 29, 2015, which consolidated all of the center’s outstanding debt into one secured loan of 4, $15 million. Wells Fargo commissioned an appraisal of the core real estate in the center and valued the property at $7.7 million, according to a document dated Dec. 10, 2020.

In May 2021, Wells Fargo sold the Shambhala Mountain Center secured loan to RH Fund XXII LLC, a manager of “distressed debt funds,” according to the Louisiana Bankruptcy filing.

The new debt holder did not agree to a request from the Shambhala Mountain Center to restructure the debt, leading to the filing of a protected bankruptcy reorganization case, according to the organization’s press release.

As part of the Chapter 11 filing, the Shambhala Mountain Center has a matching donation commitment of $500,000 from the Pema Chödrön Foundation, according to the press release. Other major donors have committed over $250,000 to the reorganization. The center is represented on a pro bono basis by Ropes & Gray, a global law firm.

The renamed Drala Mountain Center, or DMC, plans to continue operating at its Red Feather Lakes campus during the reorganization and expects the Chapter 11 process to be completed in about six months.

“We recognize the important role DMC plays in the lives of so many people, especially during these trying times when people are seeking restoration, refuge and inspiration,” executive director Michael Gayner said in a statement. “We look forward to fulfilling our mission of bringing people together to experience wisdom in the weeks and months to come, and for years to come.”

Shambhala, the Boulder-born Buddhist community now headquartered in Canada, was embroiled in scandal in 2018 following the publication of a report by a group called Buddhist Project Sunshine which brought sexual abuse allegations against Shambhala leader Sakyong Mipham Rinpoche, who eventually resigned from his post. Third-party investigations commissioned by Shambhala have corroborated some of these claims.

A suite Denver Post survey found that Shambhala and its leaders had a decades-long history of suppressing allegations of abuse, including child molestation and cleric abuse, through the organization’s own internal processes.

Some of these accusations directly implicated the Shambhala Mountain Center, including allegations that center officials ignored calls for help. In 2018, the Larimer County Sheriff’s Office opened a criminal investigation in allegations of sexual misconduct by people connected to the center, although this case was closed in 2020 free of charge.

Following the publication of the Post’s investigation, leaders of the Shambhala Mountain Center issued a statement apologizing for their failure to appropriately address sexual misconduct and abuse at the meditation center.

In June 2020, Michael Smith, former member of the Boulder Shambhala Center, pleaded guilty to first-degree assault and attempted sexual assault of a child and was sentenced to 20 years in prison. Prosecutors alleged Smith sexually abused a girl – whom he met in the Shambhala community – on multiple occasions beginning in 1997.

Separate charges of sexual assault against a former Boulder Shambhala Center teacher have been filed. dismissed in October 2021.

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The European subsidiary of the Russian Sberbank will go bankrupt https://smallbiz3000.com/the-european-subsidiary-of-the-russian-sberbank-will-go-bankrupt/ Tue, 01 Mar 2022 23:22:00 +0000 https://smallbiz3000.com/the-european-subsidiary-of-the-russian-sberbank-will-go-bankrupt/ Published on: 03/02/2022 – 00:22 Frankfurt (AFP) – The European branch of Russia’s Sberbank will be dissolved after coming under pressure from Western sanctions imposed on the bank in response to Moscow’s invasion of Ukraine, European banking regulators said on Tuesday. The Austrian subsidiary of Russia’s biggest lender Sberbank Europe AG would be allowed to […]]]>


Published on:

Frankfurt (AFP) – The European branch of Russia’s Sberbank will be dissolved after coming under pressure from Western sanctions imposed on the bank in response to Moscow’s invasion of Ukraine, European banking regulators said on Tuesday.

The Austrian subsidiary of Russia’s biggest lender Sberbank Europe AG would be allowed to enter ‘normal insolvency proceedings’ while branches in Croatia and Slovenia were sold to local banks, the Single Resolution Board, which is part of of the European Union system to maintain financial stability. A declaration.

Depositors at the Austrian subsidiary would be protected up to 100,000 euros ($111,265), in accordance with EU law, while those in Croatia and Slovenia would be covered “without limit”.

Sberbank AG has experienced funding problems on following the announcement of tough European Union sanctions aimed at stifling Russian banks’ access to capital markets.

The European Central Bank reported on Monday that the European subsidiary was “bankrupt or likely to fail” after “suffering large deposit outflows due to the reputational impact of geopolitical tensions”.

Support for the Austrian subsidiary of its parent company has not been possible since the Russian central bank prohibits financial institutions from sending cash to Louisiana Bankruptcy that have imposed sanctions.

Sberbank Europe AG, 100% owned by the bank’s Russian parent company, also has subsidiaries in Bosnia and Herzegovina, the Czech Republic, Hungary and Serbia, which are not supervised by European regulators.

In the case of the Austrian subsidiary, the SRB determined that allowing the bank to fail “would not have a negative impact on financial stability.” Branches in Croatia and Slovenia would normally reopen on Wednesday.

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How Carmen Transformed Her Financial Life After Bankruptcy https://smallbiz3000.com/how-carmen-transformed-her-financial-life-after-bankruptcy/ Tue, 01 Mar 2022 23:00:29 +0000 https://smallbiz3000.com/how-carmen-transformed-her-financial-life-after-bankruptcy/ In 2007, Carmen Hegarty was in an economic hole. The woman had around $85,000 in credit card, car loans as well as other debts. health issues made her lose her job. “I was carrying credit card debt, I owned the option of a wage sacrifice car at my workplace and I was in arrears on […]]]>

In 2007, Carmen Hegarty was in an economic hole.

The woman had around $85,000 in credit card, car loans as well as other debts. health issues made her lose her job.

“I was carrying credit card debt, I owned the option of a wage sacrifice car at my workplace and I was in arrears on my the rent.” this 52 year old from Cairns told.

“I was at the point at which I was about to be homeless.”

After talking to an expert in financial planning, Carmen declared bankruptcy in May 2016.

Since her return, she has been able to recover pieces by pieces.

She is now an advisor to financial matters with ICAN. Indigenous Consumer Assistance Network (ICAN) in Cairns aiding others who are who are in financial trouble.

To answer the ABC Everyday Money Q&A, we had a chat with Carmen to learn about her life.

What brought you to be in a financial bind?

It is my first time being a mom and worked for the Federal Government over a period of 10 years. I was not feeling well physically and this began to impact my job. I eventually quit in the end, which was an enormous disappointment as I truly enjoyed the work I was doing.

I was required to visit Centrelink to get Centrelink, and that’s when my financial problems began. I was unable to pay my mounting debts , so I had to solicit my friends and family for cash.

I eventually moved back to my mother’s house and a friend suggested that I consult a financial adviser. I was around $85,000 in debt, and he suggested I apply for Bankruptcy like BKHQ.

It was simply an inability to manage money at the beginning. I was not aware of how to save for rainy days. It was just a treadmill, paycheck after payday.

You’d have enough money to cover the cost of the next payday, while all the other bills were paid However, you did not have any flexibility.

How did you make it to the top?

I was trained as the phlebotomist, a health worker who takes blood samples and other specimens to testto determine the quality of blood. I worked as a phlebotomist for around two and two-and-a-half years. I was employed part-time, so it wasn’t too stressful and it was helpful in my recovery.

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NJ Bankruptcy Atty accused of botching marital claim https://smallbiz3000.com/nj-bankruptcy-atty-accused-of-botching-marital-claim/ Tue, 01 Mar 2022 22:55:00 +0000 https://smallbiz3000.com/nj-bankruptcy-atty-accused-of-botching-marital-claim/ By Jeannie O’Sullivan (March 1, 2022, 5:55 PM EST) — New Jersey attorney Adrian J. Johnson has been the subject of a malpractice complaint by an ex-client who claims the The lawyer’s missteps cost her the opportunity to play a domestic violence complaint role in her ex-husband’s bankruptcy. In a state court complaint filed Monday, […]]]>


By Jeannie O’Sullivan (March 1, 2022, 5:55 PM EST) — New Jersey attorney Adrian J. Johnson has been the subject of a malpractice complaint by an ex-client who claims the The lawyer’s missteps cost her the opportunity to play a domestic violence complaint role in her ex-husband’s bankruptcy.

In a state court complaint filed Monday, Asma J. Warsi alleged that Johnson sought relief on her behalf in the form of a petition instead of an adversarial proceeding in Louisiana Bankruptcy court. Warsi had sought to file a spousal tort lawsuit, also known as the “Tevis” claim. The complaint names Johnson and its former companies, Johnson & Associates PC and Claudio & Johnson PC, as defendants….

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Pro Bono Heroes: How big (and small) companies helped win the Sandy Hook settlement https://smallbiz3000.com/pro-bono-heroes-how-big-and-small-companies-helped-win-the-sandy-hook-settlement/ Tue, 01 Mar 2022 21:52:00 +0000 https://smallbiz3000.com/pro-bono-heroes-how-big-and-small-companies-helped-win-the-sandy-hook-settlement/ Law firms Related documents March 1 – In some ways, the lawsuit brought by the families of five children and four adults killed in the 2012 Sandy Hook Elementary School shooting against gunsmith Remington Arms Co resembled a David versus Goliath fight. Represented by the 18 lawyers Koskoff, Koskoff & Bieder, the plaintiffs sued in […]]]>


March 1 – In some ways, the lawsuit brought by the families of five children and four adults killed in the 2012 Sandy Hook Elementary School shooting against gunsmith Remington Arms Co resembled a David versus Goliath fight.

Represented by the 18 lawyers Koskoff, Koskoff & Bieder, the plaintiffs sued in 2014 what was then the largest rifle manufacturer in North America. Moreover, they ran into what was widely seen as an insurmountable hurdle: blanket immunity for gun manufacturers in mass shooting cases under the Lawful Arms Trade Protection Act.

Koskoff’s attorneys didn’t work pro bono — they took on the case off the cuff. But they received pro bono help at critical times from several companies that helped pave the way for a historic $73 million settlement on February 15.

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The plaintiffs may have been David, but they had some Goliath backing themselves.

These pro bono heroes include Paul, Weiss, Rifkind, Wharton & Garrison, litigation partner Christopher Boehning, and attorney Janus Schutte, who led a team of more than 30 associates, attorneys and associates at the firm to work on issues related discovery and Louisiana Bankruptcy over the past two years. years.

At Munger, Tolles & Olson, partner Donald Verrilli Jr, a former United States Solicitor General, rejected Remington’s candidacy for consideration by the United States Supreme Court.

And when Remington declared bankruptcy twice, attorneys including Quinn Emanuel Urquhart & Sullivan partner Susheel Kirpalani and Selendy Gay Elsberg partner Faith Gay stepped in to shield possible lawsuits. Father-son duo Taze and Ty Shepard of three Sparkman Shepard lawyers volunteered as field boots in Alabama, where Remington’s bankruptcy was pending.

“I have nothing but praise for the wider legal community who have stepped up to help in areas our firm does not specialize in, particularly Supreme Court practice, bankruptcy and getting the best from ESI’s discovery,” lead attorney Joshua Koskoff told me. All of these companies should be justly proud of the work they have done on behalf of families’ fight for justice, and we owe them a debt of gratitude.”

Remington attorneys Paul Williams of Day Pitney and James Vogts of Swanson, Martin & Bell did not respond to requests for comment.

Koskoff said that in the early years after the complainants in 2014 Remington sued in Connecticut Superior Court, he and co-lead attorney Alinor Sterling were on their own.

The prevailing attitude among their legal peers was basically “Good luck with that,” he said – and no wonder. No comparable litigation had ever succeeded.

Koskoff took a new approach to the complaint, alleging that Remington violated Connecticut’s unfair trade practices law by aggressively marketing the Bushmaster AR-15 military assault rifle used in the attack to young men prone to abuse. violence. Adam Lanza, 20, shot and killed 26 people on December 14, 2012.

Initially, the suit was going nowhere. Connecticut Superior Court Judge Barbara Bellis dismissed the case in 2016 for lack of standing.

The turning point came in 2019 when the state Supreme Court revived it, allowing the families to pursue their claims. Remington quickly appealed the decision to the United States Supreme Court.

Enter Verilli.

A native of Wilton, Connecticut, just 20 miles south of Newtown where the massacre took place, Verrilli told me in an interview that the case had special resonance for him.

“In fighting for families, I felt a deeply personal commitment,” he said.

Verrilli wrote a powerful, 40 page memory urging the high court to dismiss Remington’s motion for writ of certiorari.

The brief included a strong procedural argument. In other words, Remington was appealing an interlocutory decision of the Connecticut Supreme Court. Because there had been no final judgment on the merits, he argued, the case was not ripe for reconsideration.

But Verrilli told me he also recognizes that the issues raised “go well beyond procedural issues.” It was a matter of fundamental justice. »

His memoir reflected that too. The weapon used by Lanza “was designed for military combat, specifically to inflict maximum lethal damage on the enemy,” he wrote. Remington’s “marketing emphasized precisely these characteristics of the firearm”.

On November 12, 2019, the Supreme Court dismissed the certificate without comment.

The case, which at that time had not progressed beyond the motion to dismiss stage, was remanded for discovery and further processing.

That’s when the Giffords Law Center to Prevent Gun Violence connected Koskoff with Paul Weiss (who in 2016 helped start the Gun Liability Task Force) for help in uncovering and gathering evidence for trial.

In a blister request to compelBoehning sued Remington for failing to meet its discovery obligations.

“Remington treated discovery like a game,” he wrote on July 2, 2021. “Remington sought delay and obfuscation at every turn.”

On the front page of the motion, Boehning also included cartoon images of ice cream, Santa Claus, and a weightlifter—examples taken from material that Remington (inexplicably) returned in its document production.

His message? Sandy Hook was “a terrible tragedy, and that’s how you (Remington) treat it,” Boehning told me. “Images have power.”

To complicate matters further, Remington filed for bankruptcy twice, first in 2018 and then in 2020.

Kirpalani, who chairs Quinn Emanuel’s bankruptcy and restructuring firm, pro bono worked with Koskoff when Remington first filed Chapter 11. His goal, he told me, “was simple, ensure that federal bankruptcy law would not negatively impact the rights of victims.” families to pursue their remedies outside of bankruptcy.

Likewise, Gay said she “appreciated the opportunity to play a modest role in the bankruptcy case.”

Local bankruptcy attorney Ty Shepard said working on the Sandy Hook case “has been one of the highlights of my legal career”.

Remington’s assets were sold to multiple buyers in 2020 for $159 million.

In the second bankruptcy proceeding, Paul Weiss partners Kyle Kimpler, Elizabeth Sacksteder and William Clareman helped lead efforts to protect Sandy Hook’s claims.

In total, more than 30 lawyers at the firm have spent at least 10 hours on litigation or bankruptcy, 16 of whom have each spent more than 100 hours on the file.

Under the terms of the settlement, Remington’s four insurers agreed to pay the families the full amount of available coverage, totaling $73 million.

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Our standards: The Thomson Reuters Trust Principles.

The opinions expressed are those of the author. They do not reflect the views of Reuters News, which is committed to integrity, independence and freedom from bias by principles of trust.

Jenna Greene writes about legal business and culture, taking a broad look at trends in the profession, the faces behind the cases, and the quirky courtroom dramas. A longtime columnist of the legal industry and high-profile litigation, she lives in Northern California. Contact Greene at jenna.greene@thomsonreuters.com

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The Heavy Burden of Supporting an Administrative Claim Just Got Easier in Delaware Bankruptcy Court | Obermayer Rebmann Maxwell & Hippel LLP https://smallbiz3000.com/the-heavy-burden-of-supporting-an-administrative-claim-just-got-easier-in-delaware-bankruptcy-court-obermayer-rebmann-maxwell-hippel-llp/ Tue, 01 Mar 2022 20:35:50 +0000 https://smallbiz3000.com/the-heavy-burden-of-supporting-an-administrative-claim-just-got-easier-in-delaware-bankruptcy-court-obermayer-rebmann-maxwell-hippel-llp/ Recently appointed Delaware Bankruptcy Judge Craig T. Goldblatt in the case of oil and gas driller MTE Holdings LLC ruled that to establish an administrative claim for priority payment, a creditor need not to demonstrate that the goods or services have resulted in a real increase in the debtor’s profits or value; rather, it suffices […]]]>



Recently appointed Delaware Bankruptcy Judge Craig T. Goldblatt in the case of oil and gas driller MTE Holdings LLC ruled that to establish an administrative claim for priority payment, a creditor need not to demonstrate that the goods or services have resulted in a real increase in the debtor’s profits or value; rather, it suffices that the debtor reasonably believed that it would increase the revenue or overall value of the business¹.

The underlying facts.

The debtor’s business included oil and gas drilling which generates, as a by-product, significant quantities of toxic wastewater which must be disposed of in accordance with applicable environmental regulations. Prior to its bankruptcy, the debtor had initiated a pipeline project to bring sewage from its various field wells to a central disposal facility. The capacity of this pipeline exceeded the debtor’s wastewater production and the debtor planned to generate additional revenue by billing other oil and gas exploration and production companies for the disposal of the wastewater. The debtor has retained the services of Gray Surface to provide consultation and advisory services on rights of way, easements and service use agreements for the pipeline project.

Following the bankruptcy filing, the debtor’s pre-petition secured lenders announced that they did not support the proposed sewage disposal expansion and would not allow their cash collateral be used there ². Notwithstanding the lenders’ decision, the debtor wanted to proceed with the project and assured Gray Surface that its invoices would be paid through a non-debtor affiliate controlled by the debtor’s principal. However, when the Affiliate failed to pay as promised, Gray Surface filed a claim seeking indemnity and immediate payment of an administrative expense for the unpaid invoices.

Allocation of claims for administrative costs in the event of bankruptcy.

Requests for reimbursement of administrative costs, which benefit from a priority of payment, are authorized for “the costs and expenses real and necessary for the preservation of the estate”. ³ Authorized administrative expense claims must be paid in full before payment is made to lower classifications such as general unsecured claims. In addition, a Chapter 11 debtor cannot emerge from bankruptcy without paying authorized administrative debt holders in full as of the effective date of the plan or obtaining their consent to different treatment.

In the Third Circuit, a successful administrative plaintiff must demonstrate that “(1) there was a post-petition transaction between the plaintiff and the estate and (2) those expenses provided a benefit to the estate.” .4

In the MTE Holdings case, there was no dispute regarding the amounts of the invoices or whether Gray Surface performed the services related to its administrative claim. Rather, the main dispute before the Court was whether the “benefit to the estate” of the services provided under the sewage disposal project was too speculative to warrant administrative expense status.

How is the estate benefit measured?

The Delaware Bankruptcy Court observed that Third Circuit case law dealing with the requirement of a “mass benefit” for the award of an administrative expense claim reflects two competing themes. On the one hand, a creditor must “bear the heavy burden” of proving that the claim is entitled to priority treatment of administrative costs. On the other hand, however, courts also recognize the need to extend administrative debt status to post-petition creditors to encourage them to continue doing business with the debtor. Absent such priority, it would be unlikely that the debtor would be able to retain its workforce or procure goods and services essential to the continuation of its business or an orderly winding-up and winding-up.

In opposing Gray Surface’s motion for an administrative claim, the debtor argued that in order to “bear its heavy burden” in order to be eligible for treatment of the administrative costs, Gray Surface had to prove that the bankruptcy estate had obtained “demonstrable increases in profits, revenue or competitive position” as a result. of the services provided.

Notwithstanding the language of a “heavy burden” to demonstrate a “benefit to the estate”, the bankruptcy court rejected this argument, concluding that the applicable case law does not impose a requirement on an uninitiated third party who provides goods or services to a debtor in possession on normal trade terms to prove that the receipt of such goods or services directly resulted in an increase in profits or valuation. The court filing established that the debtor retained Gray Surface to provide services related to the sewage disposal project because he “believed the project would generate additional revenue or increase the value of his business.” and that, the Court found, is all that is required.

An ordinary commercial seller who provides goods or services after the petition at standard commercial rates and terms “does not become a guarantor of business success”. If it were otherwise, ordinary commercial sellers would be forced to charge debtors in possession higher rates to offset the risk of their goods or services being used in businesses that ultimately failed, thereby hindering rather than advancing legislative purpose of facilitating reorganization. companies in difficulty.

This notice provides an arm’s length vendor dealing post-petition with a debtor on standard commercial terms with a strong argument that the “benefit to the estate” requirement establishing an administrative priority claim is satisfied simply by showing that the debtor reasonably believed that the goods or services provided would increase revenue or increase the value of the business rather than the more onerous standard that the transaction actually increased profits or value.


[1] In re MTE Holdings LLC, et al. Case No. 19-12269 (CTG) (Bankr. D.Del.)

[2] Secured lenders are entitled to adequate protection against the decrease in value of their collateral, including their cash collateral, and lenders often enter into a series of court-approved stipulations that allow debtors to use that cash collateral in accordance with agreed budgets.

[3] 11 USC § 503(b)(1)(A).

[4] In re Energy Future Holdings Corp., 990 F.3d 728, 741 (3d Cir. 2021)

[View source.]



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