bankruptcy

After 8 years, Milford strip club settles lawsuit with dancers

After 8 years, Milford strip club settles lawsuit with dancers
FILE PHOTO: Keepers Gentlemen's Club at 354 Woodmont Road on Tuesday, January 26, 2016. The club was sued by dancers saying they were not being paid the minimum wage.

FILE PHOTO: Keepers Gentlemen’s Club at 354 Woodmont Road on Tuesday, January 26, 2016. The club was sued by dancers saying they were not being paid the minimum wage.

Brian A. Pounds / Hearst Connecticut Media

A hearing in the case had been scheduled for Monday morning on a request from the dancers’ lawyer to have a $200,000 judgment in the case taken from a land use settlement between the town of Stratford and Gus Curcio, a resident convicted of extortion in the 1980s who is also linked to the club.

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Krayeske would not discuss the specifics of the agreement Monday.

“The matter is settled,” he said, declining further comment. 

The settlement comes a month after a bankruptcy trustee in the case of Joseph Regensburger, a Fairfield man who was once president of the club, said he could not find any assets to satisfy the dancers’ claims, even though a Department of Justice lawyer has alleged the bankruptcy was a ruse designed to hide assets. 

The bankruptcy hearing had seemed to have left the former exotic dancers who sued the club in 2015 alleging wage theft years away from seeing a dime of

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June 14, 2023 by ATTORNEY

Bittrex approved to borrow $7 mln bankruptcy loan in bitcoin

May 10 (Reuters) – Bankrupt cryptocurrency exchange Bittrex Inc received court permission Wednesday to borrow $7 million in bitcoin to fund the start of its Chapter 11 case.

Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. The company’s international affiliates will continue to operate crypto exchanges for customers outside of the U.S., but Bittrex said that the U.S. regulatory environment had become untenable after the SEC sued the company for allegedly running an unregistered securities exchange.

Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform.

Bittrex’s U.S. operations made up a minority of its overall users. Affiliated exchanges based in Liechtenstein and Bermuda accounted for about 77% of the company’s 5.4 million users as of March 27, according to court filings.

Bittrex believes that it has enough cryptocurrency to fully repay all remaining customers, and the bankruptcy loan will ensure a smooth wind-down that protects customer assets, attorney Susheel Kirpalani told U.S. Bankruptcy Judge Brendan Shannon at a Wednesday court hearing in Wilmington, Delaware.

Shannon approved the loan on an interim basis, allowing Bittrex

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May 15, 2023 by ATTORNEY

St. Clare’s pensioners want lawsuit against Albany Diocese restarted after bankruptcy filing

The legal team representing the St. Clare’s Hospital pensioners has filed a motion requesting the case be sent back to state court.

In March, the Diocese of Albany announced it was filing for bankruptcy. Bishop Ed Scharfenberger insisted that the diocese didn’t see any other alternative, after settling 50 of over 400 cases brought under the Child Victims Act.

The filing put a hold on the lawsuits involving 1,100 St. Clare’s pensioners who worked at the former hospital in Schenectady. They lost some or all of their retirement savings when, in March 2019, the St. Clare’s Corporation petitioned the state Supreme Court to dissolve, claiming it had run out of money.

Six months later, a group of advocates, including the Legal Aid Society of Northeastern New York and the AARP, filed a lawsuit against the Diocese seeking damages for the pensioners.

In late 2022 a judge ruled the pensioner’s should merge with one filed in May by the Attorney General’s office.

Meryl Grenadier is a Senior Attorney at AARP Foundation.

“Our clients are what is considered, what is called ‘unsecured creditors’ in the bankruptcy proceeding,” said Grenadier. “And in order to obtain any money out of the bankruptcy

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May 13, 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

South Loop Hotel Owners File for Bankruptcy

Owners of the Chicago South Loop Hotel have filed for Chapter 11 bankruptcy protection as their property faces foreclosure, much to the dismay of its loan servicer.

Rialto Capital Advisors initiated foreclosure proceedings in Illinois federal court in September, alleging nonpayment on a $6.8 million commercial mortgage-backed securities loan initially issued in 2013 that is set to mature in 2028. Attorneys for the 231-room hotel’s owners, Louis Dodd and Vickie White, filed a bankruptcy petition on Feb. 27, court records show.

Attorneys for Rialto responded March 8 by asking the court to dismiss the bankruptcy petition, calling it improper and in bad faith. Rialto’s filing claims Dodd and White made the bankruptcy filing just hours after both parties in the foreclosure case had agreed upon a receiver for the property following almost three months of negotiations and thus prevented the order appointing the receiver from being entered in court, according to public records.

Additionally, the motion to dismiss claims that the bankruptcy filing was made without proper corporate authorization and that Dodd and White have no ability to confirm a reorganization plan for Chapter 11 bankruptcy. Rialto did not respond to a request for comment. An attorney for the

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March 29, 2023 by ATTORNEY
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