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Bankruptcy Court of the Southern District of New York

Is "Refusing to Rule" a New Form of Judicial Activism?

Judicial Activism?  No Decision IS a DecisionIt seems a trend of judicial activism is growing in our federal courts. Judges have apparently learned they can advance their own agenda through what appears to be a new form of judicial activism - doing nothing! Judge Robert Gerber in the Southern District of New York Bankruptcy Courts has been doing this for years by not ruling on motions before him in the LyondellBasell bankruptcy case. Now it seems Washington, DC Federal District Judge Amy Berman Jackson has learned this trick in relation to the Contempt of Congress charges filed against U.S. Attorney General Eric Holder.   Read more »

at Aug 15, 2013 1:39 PM
       

Congress Putting the Light of Truth on the Delphi Bankruptcy Scandal of Judge Robert Drain

Chairman John Mica and Congressman Mike TurnerJudge Robert Drain allowed the Treasury Department under then Secretary and infamous tax-cheat Timothy Geithner to steal the pensions of over 20,000 salaried pensioners of Delphi during its bankruptcy case. The pension deal, which topped up the pensions of United Auto Workers and United Steel Workers Unions was political payback for union support during the 44 day bankruptcy case of General Motors in Judge Robert Gerber's court. An article in Bankruptcy Law Review by Judge Lana Shadwick highlights the incredible story of this pension theft brokered in the Southern District of New York Bankruptcy courts.   Read more »

at Jun 20, 2013 12:16 PM
       

SDNY Bankruptcy Courts Sing the Blues on Fox Business - Maybe they should file Chapter 11?

The Bankruptcy Brothers: Judges Robert Drain and Robert Gerber Singing the Bankruptcy Blues at the SDNY CourthouseIs the Southern District of New York (SDNY) becoming the laughing stock of our nation's bankruptcy courts? After Chief Judge Cecelia Morris' appearance on Fox Business a couple of weeks ago, that just might be the case. I found this story while researching the SDNY on Bankruptcy Law Review. It seems Judge Morris wants to now blame all of the failings of her district's courts on the fiscal sequestration that is really just now starting to affect government entities. Sounds like more excuses from a court district already plagued with problems.   Read more »

at Jun 13, 2013 10:45 AM
       

Can YOU be sued simply for owning stock in a company? Apparently so, if the company went bankrupt!

Imagine you have been working for a company for many years as a faithful employee. You have diligently put away money into the company's 401k program and invested in company stock. The company goes through a merger and you are issued new stock in the new company. Now that company goes bankrupt through no fault of yours and you find yourself being sued for the value of your stock at the time of the merger.  Does that make you feel secure in your investment portfolio?

This is exactly what is happening to many of the shareholders of the Chicago Tribune and LyondellBasell.

at May 2, 2013 1:20 PM
       

Bankruptcy Courts Part 7 - General Motors Revisited by Judge Robert Gerber... Oops

Stormy Skies for Judge Robert Gerber and GM BankruptcyIs 44 days too fast to move a bankruptcy the size of General Motors (GM) through the courts system without missing something major?  Apparently so, as Judge Robert Gerber, in the Southern District of New York (SDNY) Bankruptcy Court, is now having to revisit this case because of some potentially damaging issues involving the Canadian subsidiary of GM and alleged improper transfer of assets to hedge funds. I have previously reported on the GM bankruptcy and spoke with Judge Gerber about the Canadian lock-up funds in San Diego last year.   Read more »

at Feb 14, 2013 2:00 PM
       

Congress Goes on Offense to Stop Delphi Pensions from Being "Drained"

Bankruptcy Judge Robert DrainDuring the peak of the Auto Bailout, salaried pensioners from Delphi were, as many believe, unlawfully stripped of their pensions. U.S. Bankruptcy Court Judge Robert Drain (Southern District of New York) allowed the Treasurary Department, under the leadership of Secretary Timothy Geithner, to unfairly represent various sides of the case leaving the salaried pensioners virtually unrepresented by counsel.     Read more »

at Feb 7, 2013 1:16 PM
       

Bankruptcy Courts Part 4 - Fairness and Consistency Go Down the Drain

Bankruptcy Judge Robert DrainDuring my investigation series, "A Lawless Presidency", I interviewed Ohio Congressman Mike Turner (R) about the Delphi bankruptcy case. Turner said the "entire process was a miscarriage of justice." After investigating this case further, it is clear why he said that. As you will see below, what happened to the Delphi Salaried Retirees during this bankruptcy process was unfair is unquestionable. But was it a consistent application of the law?

at Nov 28, 2012 12:50 PM
       

Bankruptcy Courts Part 2 – The Fox is Guarding the Henhouse While the Farmer Sleeps

My investigation into the Delphi Salaried Pension Scandal, one of the “not optimal” results of the bankruptcies of General Motors and auto parts manufacturer Delphi, turned out to be the tip of an iceberg of a system that is abusing American citizens while it serves a President bent on redistributing wealth.  After my investigation in Washington, D.C. and my visit to the Southern District of New York Bankruptcy Courts in New York City, I learned there would be a conference of our nation’s bankruptcy judges in San Diego. What I learned there was very eye opening.

The conference was the National Conference of Bankruptcy Judges.  The conference also included a hearing of the American Bankruptcy Institute’s Bankruptcy Reform Commission.

at Nov 14, 2012 2:02 PM
       

Chapter 11 Bankruptcy - A License to Steal? Or Redistribute Wealth?

SDNY Judges Gerber, Drain and GonzalezWhile investigating the bankruptcy scandal which, under Obama-appointee Timothy Geithner's influence, stole hard-earned and well-funded pensions from 20,000 auto workers, I stumbled into an underworld of law and questionable processes within our nation's bankruptcy court system.  At the recent National Council of Bankruptcy Judges Conference in San Diego last month, I heard phrases like “melting ice cubes,” “rotting fish,” and “fox guarding the hen house” frequently used among 150 federal judges to rationalize certain bankruptcy court proceedings.  Is this a practice of law?  I was shocked to learn that many bankruptcy judges think that it is fine to go after ordinary shareholders of companies that enter bankruptcy in order to disgorge the value of their investments.  They even had a conference session

at Nov 5, 2012 2:29 PM
       

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