Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case
Sept. 12 (Bloomberg) — The possibility that the most significant decisions affecting Detroit will not be made in bankruptcy court elevates the motor city to the “Case of the Week” status on the bankruptcy video with Bloomberg Law’s Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle.
After a drought of large-company bankruptcies throughout August, the maker of Broyhill, Lane, Thomasville, Drexel Heritage and Henredon furniture took the plunge, intending to sell the business. Two more Catholic dioceses are on the cusp of filing bankruptcy to deal with clergy sexual abuse claims. They will be the 9th and 10th dioceses to require bankruptcy protection.
The video ends with discussion of a decision by Bankruptcy Judge Burton R. Lifland in the liquidation of Bernard L. Madoff Investment Securities LLC. Lifland’s decision is the first step toward enabling the Madoff trustee to distribute an additional $1.4 billion. Appeals from Lifland’s ruling could delay the distribution into next year.