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Documents on Bankruptcy, Entertainment & Sports
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|Playing Cards: Who is the Judgment Debtor?|
David J. Cook; Cook Collection Attorneys, PLC;
May 9, 2014, previously published by Metropolitan News-EnterprisePlaying Cards: Who is the Judgment Debtor?
|Equityholder's Strategy for Shifting Tax Burdens to Creditors Upheld by Third Circuit|
Eugene D. Kim; Sheppard, Mullin, Richter & Hampton LLP;
August 14, 2013, previously published on August 12, 2013In re Majestic Star Casino, LLC, F.3d 736 (3rd Cir. 2013), the U.S. Court of Appeals for the Third Circuit broke from other courts by holding that S corporation status (or "qualified subchapter S subsidiary" or "QSub" status) is not property of the estate of the S corporation's...
|When Athletes Retire, Is the Next Step Bankruptcy or Paradise?|
Michael A. Gillen, Kenneth L. Shropshire; Duane Morris LLP;
March 27, 2013, previously published on March 21, 2013The "paradise" stories for the post-playing careers of professional athletes are without a doubt under told. The success of Roger Staubach in building a real estate empire, the multiple businesses of NBA all-stars Magic Johnson and Jamal Mashburn, as well as success in politics by the...
|Bankruptcy Court Permits Post-Petition "Lock-Up" Agreement and Confirms Plan|
Morris James LLP;
February 21, 2013, previously published on February 19, 2013Bankruptcy Court declined to designate the votes of the parties of a post-petition Restructuring Support Agreement (the “RSA”) (i.e., a lock-up agreement) and confirmed the Indianapolis Downs, LLC and Indiana Downs Capital Corp. (collectively, the “Debtors”) Modified Second...
|Weathering the Storm: Delaware Bankruptcy Court Declines to Designate Votes of Parties to a Post-Petition Restructuring Support Agreement|
Yonit Caplow, Michael E. Foreman, Lenard M. Parkins; Haynes and Boone, LLP;
February 14, 2013, previously published on February 13, 2013On January 31, 2013, the Bankruptcy Court for the District of Delaware in In re Indianapolis Downs, LLC declined to designate the votes of parties to a post-petition restructuring support agreement (i.e., a lock-up agreement), instead confirming the Debtors’ Modified Second Amended Joint Plan...
|When Tribal Gaming Goes Sour... Rights & Remedies in an Unclear Legal Environment|
Scott J. Greenberg, Jeffrey H. Taub; Cadwalader Wickersham Taft LLP;
April 14, 2011, previously published on April 11, 2011Although the steep downturn in the U.S. gaming industry that began in 2008 appears to be easing for the time being, many mid-market gaming companies are still encountering difficulties servicing their debt as consumer spending slowly creeps back. In 2009, the Restructuring Review ran a two-part...
|It's All in the Packaging|
Jeffrey A. Krieger; Greenberg Glusker Fields Claman & Machtinger LLP;
January 3, 2011, previously published on December 29, 2010On November 3, burdened by approximately $5 billion of debt owed to a group of lenders with interests in its most meaningful asset, its massive library of films, Metro-Goldwyn-Mayer — the venerable studio that brought you such classics as The Wizard of Oz, Ben Hur, and Singing in the Rain...
|Destiny, Karma, and Other Things That Come Back to Haunt|
Kimberly K. Mauer; Frost Brown Todd LLC;
September 23, 2009, previously published on September 7, 2009Destiny USA Holdings, LLC vs. Citigroup Global Markets Realty Corp. is a reminder of the difficult economic times that we have all been in lately. In February of 2007 Destiny entered into a construction loan agreement with Citigroup, pursuant to which Destiny was going to build phase II of a mall...
|Ninth Circuit Court of Appeals Finds That Individual Managers of a Bankrupt Corporation Can Be Held Liable for Employees' Unpaid Wages|
Sheppard, Mullin, Richter & Hampton LLP;
August 5, 2009, previously published on July 29, 2009 The Ninth Circuit Court of Appeals held on July 27, 2009 in Boucher v. Shaw that individual managers of a bankrupt corporation can be held liable to the corporation's former employees for unpaid wages under the federal Fair Labor Standards Act ("FLSA").
|Casino Bankruptcy Law and the Current Economic Crisis|
Bruce T. Beesley, Sean M. McGuinness, Tricia M. Darby; Lewis and Roca LLP;
March 18, 2009, previously published by Casino Enterprise Management Magazine on March 2009The current economic crisis facing the United States (and the world, for that matter) is also impacting the casino gaming industry. The reason for this is that many institutional investors on Wall Street, as well as private equity firms and large national/international banks, either own equity in...