
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: April 7, 2015
Partner
201-896-7095 jglucksman@sh-law.comThis operating unit of Caesars Entertainment Corp. filed for Chapter 11 bankruptcy protection earlier this year, but only after participating in several transactions that drew substantial scrutiny, according to Reuters.
Because of these deals, which involved the operating unit switching over the ownership of casinos and other properties to affiliates of its parent company, U.S. Bankruptcy Judge Benjamin Goldgar ruled March 12 that an independent examiner must conduct further inquiry into the agreements, the media outlet reported.
The need to have such an examiner lies in the disputed nature of the transactions, according to the news source. Creditors have alleged that the operating company transferred ownership of its assets so that they would not be able to make good on their claims to these resources. In addition, creditors have alleged these moves violated the law.
Alternatively, Caesars has maintained that the transactions were set up by independent directors and their advisers, The Wall Street Journal reported. In addition, the company contended that the creditors’ allegations lack merit.
Pursuant to these differing claims, the operating unit of Caesars requested the appointment of an examiner in late February, according to the news source. Because creditors and government officials are usually the ones making these pleas, certain legal experts have perceived the operating unit’s move as atypical.
Under existing bankruptcy code, U.S. trustees with oversight of a particular case can appoint an examiner if there is a possibility of fraud and or misconduct, the media outlet reported. However, bankruptcy lawyers contend that these examiners have contributed to discovering facts in recent years.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!