As part of the Chapter 11 exit, the company closed on a new $1.1 bln senior secured term loan and a new $300 mln asset-based revolving credit facility.
In re Youngwoo Moon (Bankr. S.D. Ga.)
OPINION AND ORDER - Chapter 13 debtor continued to make impermissible payments to insider family members after filing. To prevent diminution of estate, case would be converted to Chapter 7.
Childress v. Trans Union LLC (S.D. Ind.)
OPINION – Childress brought a putative class action for credit reports that showed voluntarily withdrawn bankruptcies as “dismissed.” However, one of her attorneys previously represented Trans Union and was disqualified.
In re Wash. Mut. Inc. (Bankr. D. Del.)
OPINION – Oregon made a claim in WaMu’s bankruptcy for excise taxes. The successor trust argued that WaMu was just a parent holding company for Oregon businesses, and thus the tax violated the Due Process Clause and the Commerce Clause. The court agreed, finding that, barring a corporate veil-piercing, there was no precedent for taxing parents for subsidiaries’ income.
Now that it has formally emerged from a four-year bankruptcy, the company is expected to concentrate on its WGN America cable network and a 23-station TV group.
The settlement resolves litigation that began in 2010 when Lehman sued the bank to recover more than $3 bln it said it had been deprived of due to its Chapter 11 filing two years earlier.
New England Compounding Center shut down in October 2012 after shipping tainted vials of a steroid. Court documents show between $1 mln to $10 mln in assets.
A proposed agreement with its British affiliate could see between $500 mln and $600 mln returned to the failed brokerage's estate, according to James Giddens.
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