In FTX bankruptcy case, Miami-Dade sees little hope. Will take pennies on the dollar

Miami-Dade County claims the bankrupt FTX crypto exchange owes taxpayers $17 million under its canceled naming-rights agreement for the Miami Heat arena, but that bill will likely remain mostly unpaid.

On Tuesday, county commissioners agreed to sell the claim for 30 cents on the dollar to any investors willing to pursue more money from FTX in federal bankruptcy court.

“I’ve never worked on a bankruptcy case that got better. It always gets worse,” said Commissioner Raquel Regalado, a lawyer who now works as a broadcaster. “The idea of just getting out as early as possible seems like a great idea to me. “

miami–dade/article271170142.html#storylink=cpy” data-ylk=”slk:READ MORE: So much for ‘the Arena.’ Miami-Dade County tries again for Miami Heat’s arena name;elm:context_link;itc:0″ class=”link “READ MORE: So much for ‘the Arena.’ Miami-Dade County tries again for Miami Heat’s arena name

The administration of Mayor Daniella Levine Cava, which negotiated the 2021 deal with FTX before the company collapsed amid criminal allegations of fraud, presented the proposal to sell the county’s bankruptcy claims.

The agreement would give Miami-Dade a minimum of $5 million if a claims speculator agreed to the 70% discount on what Miami-Dade says it’s owed from the

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May 6, 2023 by ATTORNEY

Cineworld gets US court approval to raise $2.26 billion after bankruptcy

May 2 (Reuters) – Bankrupt movie theater chain Cineworld (CINE.L) received U.S. court approval on Tuesday to raise $2.26 billion as part of its exit from bankruptcy, after reaching a settlement with a minority faction of lenders that had opposed parts of the exit financing.

Cineworld is aiming to emerge from Chapter 11 bankruptcy in the first half of 2023, with a proposal to cut $4.53 billion in debt, wipe out existing shareholders and transfer ownership of the company to its lenders.

U.S. Bankruptcy Judge Marvin Isgur at a hearing in Houston approved Cineworld’s plan to fund its post-bankruptcy operations with a new $1.46 billion loan and the sale of $800 million in new equity shares. Cineworld is scheduled to seek final court approval of its bankruptcy restructuring on June 12.

Isgur approved the financing after Cineworld announced a last-minute settlement that resolved objections raised by minority lenders including Jefferies Leveraged Credit, Glendon Capital Management and Greywolf Capital.

“I came out here not knowing whether we were going to have a fight or a deal,” Isgur said.

The settlement resolved a dispute over the amount of new stock that Cineworld’s lenders would receive for backstopping the exit financing.

Under Cineworld’s

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May 5, 2023 by ATTORNEY

Why Hiring an Idaho Bankruptcy Lawyer Could Save You Thousands of Dollars

Why Hiring an Idaho Bankruptcy Lawyer Could Save You Thousands of Dollars

Are you drowning in debt and struggling to make ends meet? Are you considering filing for bankruptcy but don’t know where to start? Hiring an Idaho bankruptcy lawyer may be the best decision you’ll ever make. Not only can they guide you through the complex legal process, but they can also save you thousands of dollars in the long run. In this blog post, we will explore why hiring a bankruptcy lawyer in Idaho is essential and how it can benefit your financial future. So buckle up and get ready to learn why investing in a good attorney could be one of the smartest decisions you ever make!

Introduction to Idaho Bankruptcy Lawyer

When it comes to financial matters, few things are as stressful as being in debt. If you’re struggling to make ends meet, you may be considering filing for bankruptcy. Before you make this decision, it’s important to understand how bankruptcy works and what it could mean for your future.

An Idaho bankruptcy lawyer can help you navigate the bankruptcy process and ensure that you get the best possible outcome. A good lawyer will work with

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May 4, 2023 by ATTORNEY

Bankruptcy Battle Breaks Out Over Greenwich Village Dev Site

UPDATED April 27, 10:50 p.m.: George Filopoulos gave up on a Greenwich Village building, but the troubled loans left behind have triggered a bizarre legal fight over the property, which is now being offered for sale as a condominium development site.

The drama began when the longtime real estate investor’s LLC was notified in August 2020 that it had defaulted its $9.3 million first mortgage at 307-309 Sixth Avenue.

The LLC — in which Filopoulos says he owned a 10 percent interest in separate from his firm, Metrovest Equities — failed to repay the loan at its maturity date and lender Castellan Capital filed to foreclose.

The case laid quiet during the pandemic and in December of 2021 Castellan sold its loan, according to property records. Filopoulos then transferred its interest in the property in May 2022, according to an attorney for his firm. A court filing does not say who took control of the ownership LLC. Paperwork for the entity was signed by a person named William Schneider, who in November filed project plans for a seven-story, 39-unit building with ground-floor retail and community space.

The judge in the foreclosure case ruled in June that the LLC’s debt had

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May 1, 2023 by ATTORNEY

Attorney ‘cautiously optimistic’ settlement can be reached for Latitude Five25 residents

Attorney ‘cautiously optimistic’ settlement can be reached for Latitude Five25 residents

A bankruptcy hearing for the owners of the vacated Latitude Five25 apartments on the Near East Side has been continued until May 23 so the owners can finalize a deal with the tenants who were forced to leave the apartments on Christmas Day.

The continuance, filed by the Columbus City Attorney’s office, gives Paxe Latitude LP of Lakewood, N.J., more time to show that they have money to help residents, said Graham Bowman, a lawyer with the Legal Aid Society of Columbus, The hearing was to have been Wednesday.

“Essentially, we have retained our own pro bono bankruptcy counsel in New Jersey trying to hammer out a settlement with Paxe Latitude to create a fund for the residents,” Bowman said, to compensate them for what they have endured for four months.

“The misery they’ve been through, the property that has been destroyed, the impact that has had on people, their mental and physical health,” Bowman said.

“People are on the verge of really spiraling and struggling. We need the money as soon as possible,” said Bowman who said he was cautiously optimistic a settlement can be reached.

Pete Shipley, spokesman for Columbus City Attorney Zach Klein, said in a

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April 30, 2023 by ATTORNEY
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