Stockton, California, will become the largest U.S. city to seek protection from its creditors after its leaders approved a budget based on the city filing for bankruptcy.
In re Mountain Country Partners LLC (Bankr. S.D. W.Va.)
OPINION – The petitioners are investors in Mountain Country Partners (MCP), and filed an involuntary petition on MCP’s behalf. MCP argued that the investors are not creditors, but the court disagreed, and found that the investors (who bought into MCP at a real estate course) could advance an involuntary petition because MCP is unable to pay its debts to the investors.
In re Rubin (Bankr. D. N.M.)
MEMORANDUM OPINION - Extravagant lifestyle and debtors’ apparent unwillingness to curb it convinced bankruptcy court to convert Chapter 11 case to Chapter 7.
Capitol Records Inc. v. MP3tunes LLC (S.D.N.Y.)
ORDER – Co-defendant CEO of MP3tunes seeks a stay of this copyright infringement action due to the Chapter 7 bankruptcy petition of MP3tunes. The bankruptcy stay can apply to a non-debtor-defendant in cases where a claim against them could have an adverse effect on the bankruptcy estate. Here, there is no such showing and the stay will not apply.
Lenny Dykstra entered a plea agreement with federal prosecutors who accused him of defrauding creditors by declaring bankruptcy and then looting his $18 million mansion.
Vitro SAB is heading to an American appeals court to save its restructuring at home in a case that could transport U.S. bankruptcy code beyond that nation's borders.
There have been only six Chapter 9 municipal bankruptcies so far this year, compared to 13 in all of 2011. Stockton's filing would be the biggest for a city in U.S. history.
The city is poised to take a major step toward becoming the largest in U.S. history to file for Chapter 9 municipal protection.
The City Council in Pennsylvania's debt-laden capital sued the state in a bid to halt work overseeing the city's fiscal recovery plan.
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