Sunday, November 7, 2010

Metro-Goldwyn-Mayer - ACORN.. Come on Proskauer Rose .. the Gig is UP..

All this "Media" and even more Out of Boca.. Proskauer Rose LLP sure is in DEEP.. Can't Wait to See what MORE Corruption Turns up out of the Proskauer Rose Train Wreck..

Attention Proskauer Rose THUGS and Thieves - I Will EXPOSE Every Dirty Dollar, Every Death, Every Cover Up, Every Set Up that was ever Whispered at Proskauer Rose if it Takes Me 30 Years to Do So.. So Stay Tuned - I know you LOVE to Hang on my Every Word..

Proskauer Rose in the NEWS..

"The Bankruptcy Files: ACORN, Airlines, and the Media

After a few months of slim pickings for corporate bankruptcy lawyers, some larger filings are looming on the horizon.

Movie studio Metro-Goldwyn-Mayer filed for bankruptcy on November 3 and ailing bond insurer Ambac Financial Group is edging closer to a Chapter 11 filing of its own.

Boca Raton-based American Media, owner of publications like the National Enquirer and Men's Health, announced on November 1 that it would file for Chapter 11 and restructure itself through a prepackaged bankruptcy plan.

The filing, which is expected within the next two weeks, comes after American Media was unable to negotiate a debt-for-equity exchange with lenders. (Don't worry supermarket shoppers, those saucy titles will remain within arm's length of the checkout counter.)

Loehmann's, the discount retailer owned by Dubai World, also is in talks with creditors and mulling a possible bankruptcy filing, Reuters reports. The Bronx-based company is a unit of Dubai World's investment group Istithmar, which has been caught up in its parent's mammoth restructuring.

Bankruptcy Lawyers seem to be enjoying the uptick in work. Bracewell & Giuliani has launched its own bankruptcy blog called Basis Points. One unexpected find on the site: a haiku section.

Here are some recent filings that have caught our attention. Hourly billing rates, when available, are detailed in parentheses.

ACORN

Ailing for months after reeling from the effects of a national controversy that undermined its credibility, the Association of Community Organizations for Reform Now (ACORN) filed for Chapter 7 liquidation in Brooklyn on Election Day.

CEO Bertha Lewis said in a statement that the end of ACORN had been "coming for some time," and blamed the organization's demise on political machinations.

Arthur Schwartz of New York's Schwartz, Lichten & Bright is advising ACORN in its liquidation. (The Am Law Daily reported last month on other firms working to build new community organizations from ACORN's ashes.)

A list of ACORN's unsecured creditors shows that the organization owes money to roughly 20 lawyers and law firms.

The largest creditors are
Proskauer Rose at $114,712.30,

Florida firm GrayRobinson at $85,412.86, McDermott Will & Emery at $83,350.17, and Washington, D.C.'s Harmon, Curran, Spielberg + Eisenberg at $46,096.23, according to court records. Sidley Austin is owed $6,969.67.

Rounding out the creditors' list are Chicago's Allison, Slutsky & Kennedy, Baltimore's Brown Goldstein Levy, Finnegan, Henderson, Farabow, Garrett & Dunner, Austin's Gray & Becker, Mark Fabiani, Martin Weisberg, Palmer, Reifler & Associates, New York's Perlman + Perlman, Forest Hills, N.Y.-based Rappaport, Hertz, Cherson & Rosenthal, Metairie, La.-based Robein, Urann, Spencer, Picard & Cangemi, Albany's Solomon and Solomon, Rockville, Md.-based Zack, P.C., and several solo practitioners.

GAS CITY LTD.

The Frankfort, Ill.-based independent gas retailer filed for bankruptcy in Chicago on October 26, listing assets between $50-$100 million against liabilities ranging from $100-$500 million, Bloomberg reports. Gas City owns and operates fueling stations and convenience stores in Illinois, Indiana, Florida, and Arizona. The company will attempt to sell off some of those assets in bankruptcy.

Proskauer Bankruptcy and restructuring partners Mark Thomas ($895/hour) and Paul Possinger ($700) are advising Gas City in its bankruptcy case. Court records show that the firm received advance fees totaling $760,172.30.

Perkins Coie business insolvency partner Daniel Zazove is representing the trust for Gas City founder William McEnery. Crain's Chicago Business has an excellent story on the demise of Gas City, which has struggled with falling revenues and rising mortgage debts.

GULFSTREAM INTERNATIONAL

Struggling to restructure its debt and cope with rising fuel costs, the Fort Lauderdale-based airline filed for bankruptcy in Florida on Thursday, Reuters reports. Gulfstream has obtained $5 million in debtor-in-possession financing to continue operations and maintain its regional flight schedule while in bankruptcy.

Berger Singerman bankruptcy partner Brian Gart ($560) and associate Douglas Bates are advising Gulfstream in its Chapter 11 case. Court records show that the firm has received payments of $115,000, $125,000, and $159,131 for its services.

Akerman Senterfitt bankruptcy partner Michael Goldberg, who we last caught up with during a deposition of Paris Hilton, is representing Gulfstream's Chicago-based DIP lender Victory Park Capital Advisors. Gulfstream had found difficulty in trying to find new lenders, according to the Miami Herald.

PETRA FUND REIT

Real estate investor Petra Fund REIT and an offshore parent filed for Chapter 11 protection in Manhattan on October 20 under an agreement with a secured creditor that required it to file for bankruptcy, Bloomberg reports. Petra, which had used collateralized debt obligations to fund its real estate transactions, claims that the steep drop in commercial real estate prices forced it into bankruptcy, according to Reuters.

Dickstein Shapiro financial restructuring partner Arnold Gulkowitz, counsel Brian Goldberg, and associate Shaya Berger are advising Petra in its Chapter 11 case. In the year prior to Petra's bankruptcy filing, the firm received $78,772.22 from the debtor, according to court records.
Five Am Law 100 firms appear on a list of Petra's unsecured creditors.

Fried, Frank, Harris, Shriver & Jacobson and real estate chair Jonathan Mechanic, Proskauer and real estate cochair David Weinberger, Schulte Roth & Zabel and real estate partner Bruce Cybul, Sidley and structured finance partner Renwick Martin, and Winston & Strawn and real estate chair Corey Tessler are all listed as being owed undetermined amount for legal services. "

Source of Post
http://amlawdaily.typepad.com/amlawdaily/2010/11/the-bankruptcy-files.html


Note: As I wrote for 15 months on the Summit 1031 Bankruptcy and the Involvement of Corruption within the Law Firm of Perkins Coie I noticed that over that time Perkins Coie was way more interested in what I was writing on regarding the Corruption within the Law Firm of Proskauer Rose LLP then they were in their Liability in the 40 Million Dollar Summit 1031 Bankruptcy. Perkins Coie knew that the Corrupt District Court in Bend Oregon would protect their Corruption.. so they had no worry .. however for some reason Perkins Coie was interested in the Multi-Trillion Dollar Liability that Proskauer Rose LLP had over the Stolen Iviewit Technology... So what is the Truth behind the Scenes with Perkins Coie and Proskauer Rose LLP ? Tell ME more. You Know I just Gotta KNOW..

.. Crystal@CrystalCox.com