Writings by Joel R. Glucksman

Joel Glucksman is an experienced civil and bankruptcy litigator specializing in the representation of secured lenders and other creditors in complex suits and bankruptcies.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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American Airlines' $388M Bankruptcy Price Tag Approved

U.S. Bankruptcy Judge Sean Lane signed off on American Airlines’ nearly $400 million bill for bankruptcy on July 1, according to The Wall Street Journal. The figure, which was recommended by a fee examiner, includes $16.3 million in expenses and $371.7 million in fees to 47 different firms. American Airlines filed for protection under Chapter […]

Author: Joel R. Glucksman

July 10, 2014

U.S. Bond Funds Concerned About Puerto Rico Bankruptcy

U.S. mutual funds holding $1.7 billion in Puerto Rican debt have sued the commonwealth in an attempt to reverse a bill modeled after the protections offered under Chapter 11 of the bankruptcy law, according to Reuters. Puerto Rico is one of the largest issuers of debt in the U.S. municipal bond market, in part because […]

Author: Joel R. Glucksman

July 8, 2014

Atlantic City's Revel To File For Bankruptcy Again

Revel Casino Hotel is a massive 57-story, $2.2 billion casino that was supposed to be the future of New Jersey’s ailing Atlantic City. The casino – a monolith of ocean-facing glass – was constructed over the course of six years, amid union protests, construction stops and government help, before opening for business in May 2012, […]

Author: Joel R. Glucksman

July 3, 2014

Energy Future Holdings Rejects Alternative Bankruptcy Plan

An update in one of the largest bankruptcy proceedings seen by the U.S. in recent history came the afternoon of June 24, when it was reported that Energy Future Holdings rejected an alternative restructuring plan. The plan, which was advanced by a group of EFH investors, would have allowed junior creditors to recover more money […]

Author: Joel R. Glucksman

July 1, 2014

Mt. Gox's US bankruptcy approved

U.S. Bankruptcy Judge Stacey Jernigan approved Mt. Gox’s filing for protection under Chapter 15 of the bankruptcy law in Dallas on June 17, according to Bidness Etc. The beleaguered bitcoin exchange closed down earlier this year after losing over $300 million worth of the cryptocurrency. Under its Chapter 15 filing, Mt. Gox will be able to commence […]

Author: Joel R. Glucksman

June 26, 2014

Supreme Court rules on inherited IRAs

The Supreme Court ruled June 12 that inherited individual retirement accounts, also known as inherited IRAs, are not protected from creditors in bankruptcy proceedings, according to Reuters. As baby boomers die and pass on their assets to their children, this ruling is likely to have wide-reaching effects. The case before the Supreme Court began in […]

Author: Joel R. Glucksman

June 24, 2014

Supreme Court Clarifies Bankruptcy Court Powers

The Supreme Court clarified a prior ruling on June 9 that put limits on bankruptcy judges’ powers, according to The Wall Street Journal. The unanimous ruling in the case of Executive Benefits Insurance Agency v. Peter H. Arkison clarifies a 2011 ruling as to on which claims the bankruptcy may give a final ruling and […]

Author: Joel R. Glucksman

June 19, 2014

Bitcoin Mining Manufacturer Files for Bankruptcy

HashFast, a manufacturer of bitcoin mining equipment, has filed for protection under Chapter 11 of the bankruptcy law, according to CoinDesk. A creditor, Liquidbits, had filed an involuntary Chapter 7 bankruptcy against HashFast, forcing it to request a conversion to a voluntary Chapter 11 reorganization proceeding. U.S. Bankruptcy Judge Dennis Montali granted HashFast’s request June […]

Author: Joel R. Glucksman

June 17, 2014

Scarinci Hollenbeck

Two Important Votes in Detroit

Two important votes are scheduled in the Detroit bankruptcy case, the results of which will influence how the city will exit the protection of its case under Chapter 9 of the bankruptcy law. The City Council is set to vote on a resolution that would approve the transfer of Detroit’s assets in the Detroit Institute […]

Author: Joel R. Glucksman

June 12, 2014

Sbarro Successfully Exits Bankruptcy

The popular Sbarro pizza chain is officially out of bankruptcy after filing for protection under Chapter 11 of the bankruptcy law last March, according to NBC News. A judge approved the company’s reorganization plan May 19, to take effect June 2, according to the news source. Sbarro has said that it will move its company […]

Author: Joel R. Glucksman

June 10, 2014

Chapter 11

Judge Rhodes denies art request

One of the most interesting debates in the Detroit bankruptcy case has been the fate of the art collection at the Detroit Institute of Arts (DIA). In an argument supported by many of the city’s creditors on May 15, Marc Kieselstein, an attorney for bond insurer Syncora, suggested that outside experts should be allowed to take […]

Author: Joel R. Glucksman

May 30, 2014

Objections Submitted Over Detroit Bankruptcy Plan

The political disputes over Detroit’s restructuring plans were brought sharply into focus May 12, when 15 objections to the city’s debt adjustment plan were filed in bankruptcy court. Objections were filed by creditors, residents, Oakland and Macomb counties and, most notably, by the United States government, according to MLive. The U.S. Department of Housing and […]

Author: Joel R. Glucksman

May 29, 2014

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