Eye Care Center – Lutra Vision http://lutravision.com/ Tue, 28 Sep 2021 11:09:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://lutravision.com/wp-content/uploads/2021/11/lutra-vision-icon-120x120.jpg Eye Care Center – Lutra Vision http://lutravision.com/ 32 32 Why would a potential employer check your credit report? Ask HR https://lutravision.com/why-would-a-potential-employer-check-your-credit-report-ask-hr/ Tue, 28 Sep 2021 11:01:12 +0000 https://lutravision.com/why-would-a-potential-employer-check-your-credit-report-ask-hr/ Johnny C. Taylor Jr. Johnny C. Taylor Jr. discusses your human resources issues as part of a series for USA TODAY. Taylor is President and CEO of the Society for Human Resource Management, the world’s largest professional human resources society and author of “Reset: A Leader’s Guide to Work in an Age of Upheaval.” “ […]]]>


Johnny C. Taylor Jr.

Johnny C. Taylor Jr. discusses your human resources issues as part of a series for USA TODAY. Taylor is President and CEO of the Society for Human Resource Management, the world’s largest professional human resources society and author of “Reset: A Leader’s Guide to Work in an Age of Upheaval.” “

Questions are submitted by readers, and Taylor’s answers below have been edited for length and clarity.

Have a question? Do you have an HR or professional question that you would like me to answer? Submit it here.

Question: Going through background checks, I saw credits listed in some requests. Do employers review your credit report during the hiring process? How is credit information relevant to employment matters? – Melvin

Johnny C. Taylor Jr.: Employers can find relevant credit information in some cases. Depending on the position or industry you are seeking, an employer may include a credit report as part of your background check for the position.



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Intelsat and shareholders clash over bankruptcy reviewer application https://lutravision.com/intelsat-and-shareholders-clash-over-bankruptcy-reviewer-application/ Mon, 27 Sep 2021 22:29:00 +0000 https://lutravision.com/intelsat-and-shareholders-clash-over-bankruptcy-reviewer-application/ A trader walks past a screen displaying the stock symbols for Bristol-Myers Squibb and Intelsat, Ltd. on the floor of the New York Stock Exchange, April 25, 2013. Global equity markets advanced Thursday as strong corporate earnings and data indicating the United States labor market remains resilient despite signs of a slower growth, which has […]]]>


A trader walks past a screen displaying the stock symbols for Bristol-Myers Squibb and Intelsat, Ltd. on the floor of the New York Stock Exchange, April 25, 2013. Global equity markets advanced Thursday as strong corporate earnings and data indicating the United States labor market remains resilient despite signs of a slower growth, which has fueled optimism about the economy, a prospect that has lowered bond prices. REUTERS / Brendan McDermid (UNITED STATES – Tags: BUSINESS)

The names of companies and law firms shown above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page.

(Reuters) – A group of Intelsat SA shareholders will argue on Wednesday for the appointment of an independent reviewer to investigate potential areas of value it says the bankrupt satellite operator has overlooked.

Intelsat, which is about six weeks away from a hearing on its draft reorganization plan, says the request is a last-ditch attempt to gain leverage from shareholders who should see little or nothing under the plan. The equity group, on the other hand, claims that Intelsat has completely ignored valuable net operating losses and potential causes of action that it believes could provide clawbacks to shareholders.

The satellite operator, represented by Kirkland & Ellis, filed for bankruptcy in Virginia in May 2020, saying it needed to restructure as it prepared to transfer some of its C-band spectrum to the Federal Commission on communications from the United States, which planned to use the spectrum to build a 5G network. In return, Intelsat receives approximately $ 4.9 billion from the FCC.

The stake group, which represents retail holders of around 2% of Intelsat’s capital, says the restructuring was designed to benefit Intelsat’s subsidiaries at the expense of the ultimate parent company whose shares they own. A reviewer is needed to probe the full value of the company’s assets because it has so far been “ignored or devalued without explanation” in the plan, the group said in court papers.

Institutional shareholders, including Cyrus Capital Partners and Appaloosa, are not part of the group seeking a reviewer.

Under the proposed plan, Intelsat’s debt pile would be reduced from $ 15 billion to about $ 7 billion. A hearing on the plan, which has the backing of about 75% of the company’s debt holders, is set for November 8 before U.S. bankruptcy judge Keith Phillips.

The equity group will present its motion for a reviewer Wednesday before Phillips. Represented by Foley & Lardner and Kirby McInerney, he says the plan ignores what it says are billions of dollars in net operating losses that belong directly to Intelsat, rather than to its subsidiaries, and should be preserved for them. interest holders of the company.

Shareholders also argue that there could be significant claims against the management and board of directors of Intelsat under Luxembourg law regarding the loss of billions of dollars in market value just prior to filing for bankruptcy.

Intelsat, meanwhile, says the investment group was given the opportunity to request relevant documents to answer some of its questions but did not make the requests and offered no example of information. that he asked about these assets that he did not receive.

“At this point in the case, the petition is an abuse of process that would serve no more than delay, obstruction and additional expense,” Intelsat said in its objection to the motion.

The group made several unsuccessful attempts to gain recognition as an official bankruptcy committee.

The case is In re Intelsat SA, US Bankruptcy Court, Eastern District of Virginia, No. 20-32299.

For Intelsat: Edward Sassower, Steven Serajeddini and Aparna Yenamandra of Kirkland & Ellis; and Michael Condyles, Peter Barrett, Jeremy Williams and Brian Richardson of Kutak Rock

For the Equity Group: Harold Kaplan, Mark Hebbeln and Susan Poll Klaessy of Foley & Lardner; and David Kovel of Kirby McInerney

Read more:

One year after bankruptcy, Intelsat faces efforts by its creditors to take control of restructuring

Reporting by Maria Chutchian

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COVID Pandemic Triggers Growth in Corporate Bankruptcy Filing https://lutravision.com/covid-pandemic-triggers-growth-in-corporate-bankruptcy-filing/ Mon, 27 Sep 2021 08:24:58 +0000 https://lutravision.com/?p=170 Wednesday, August 25, 2021 Executive Summary To read the full report, please click here: Trends in Large Corporate Bankruptcy and Financial Distress The COVID-19 pandemic triggered a spike in large corporate bankruptcy filings not seen since the global financial crisis. The number of large corporate bankruptcies in 2020 was second only to 2009’s peak, and bankruptcy […]]]>

Executive Summary

To read the full report, please click here: Trends in Large Corporate Bankruptcy and Financial Distress

The COVID-19 pandemic triggered a spike in large corporate bankruptcy filings not seen since the global financial crisis. The number of large corporate bankruptcies in 2020 was second only to 2009’s peak, and bankruptcy filings by companies with more than $1 billion in assets were the highest since 2005.

As the economic recovery began to take hold, however, bankruptcies returned to lower levels in the first half of 2021. This pattern was consistent across most industries.

This report examines trends in Chapter 7 and Chapter 11 Bankruptcy Information filings between January 2005 and June 2021. Unless specified otherwise, the bankruptcies analyzed in this report involve public and private companies with over $100 million in assets.[1]

  • A total of 155 companies filed for bankruptcy information in 2020. This is the second-highest annual number of bankruptcy information filings since 2005, only behind the 161 bankruptcy filings in 2009. (page 2)
  • Of the 155 bankruptcy filings in 2020, 104 occurred in Q2 and Q3 2020. In contrast, there were only 17 such bankruptcies in Q4 2020. (page 3)
  • In 1H 2021, 43 companies filed for bankruptcy, less than half of the number of bankruptcies (89) filed in 1H 2020, but slightly above the 2005–2020 annual average of 79 bankruptcy filings (i.e., 39 per half year). (page 3)
  • Bankruptcy filings by private companies constituted 79% of all bankruptcies in 1H 2021, substantially higher than the annual average of 37% for 2005–2020.
  • There were 60 “mega bankruptcies” (i.e., those filed by companies with over $1 billion in reported assets) in 2020. More than half (31) of the mega bankruptcies in 2020 were filed in Q2 2020. (page 2)
  • Only nine Chapter 11 mega bankruptcies were filed in 1H 2021. This is considerably lower than the 2020 level, although comparable to the 2005–2020 half-year average of 11. Of the mega bankruptcies in 1H 2021, four were filed by companies in the real estate industry. (page 3)
  • The largest bankruptcies in 2020 and 1H 2021 were filed by The Hertz Corporation with $25.84 billion in assets at the time of filing, and Seadrill Limited with $7.29 billion in assets at the time of filing, respectively. (page 6)

​​Figure 1: Key Trends in Bankruptcy Filings

2005–1H 2021

2005–2020
Annual Average

2020

1H 2021

Chapter 11 Bankruptcy Filings

76

153

43

Chapter 11 Mega Bankruptcies

22

60

9

Chapter 11 Bankruptcy Filings by Public Companies

46

79

9

Chapter 11 Bankruptcy Filings by Private Companies

30

74

34

Chapter 7 Bankruptcy Filings

3

2

0

Source: BankruptcyData

Note: Only Chapter 7 and Chapter 11 bankruptcy filings by companies (both public and private) with over $100 million in reported assets are included. For companies where exact asset values are not known, the lower bound of the estimated range is used. Asset values are not adjusted for inflation. Mega bankruptcies are defined as those for companies with over $1 billion in reported assets at the time of their bankruptcy filing.

Bankruptcy Filings

Number of Bankruptcies

  • Bankruptcy filings in 2020 were at historically high levels, comparable to the annual rate of filings observed during the global financial crisis. A total of 155 companies filed for Chapter 7 or Chapter 11 bankruptcy in 2020, compared to 128 and 161 bankruptcy filings in 2008 and 2009, respectively.

155: Number of bankruptcy filings in 2020 by companies with over $100 million in assets.

  • There were 60 mega bankruptcies in 2020, the highest annual number over the 2005–2020 period. The second-highest number of mega bankruptcies (57) was recorded in 2009.

  • There were 14, 12, and 8 mega bankruptcies filed in May, June, and July 2020. The previous monthly record during the 2005–2020 period was eight mega bankruptcies in May 2009.

  • Although severe, the spike in bankruptcy filings driven by the COVID-19 pandemic was shorter lived than during the global financial crisis. Following the onset of the pandemic, the number of monthly bankruptcy filings was higher than the 2005–2020 average (6.5) for six consecutive months as compared to 14 consecutive months after Lehman Brothers filed for bankruptcy.

Figure 2: Monthly Chapter 7 and Chapter 11 Bankruptcy Filings

2005–1H 2021

Source: BankruptcyData

Note: Only Chapter 7 and Chapter 11 bankruptcy filings by companies (both public and private) with over $100 million in assets are included. For companies where exact asset values are not known, the lower bound of the estimated range is used. Asset values are not adjusted for inflation. Lehman Brothers filed for bankruptcy on September 15, 2008. The World Health Organization (WHO) declared COVID-19 a pandemic on March 11, 2020. Years are labeled at January 1.

  • Pandemic-driven bankruptcies peaked in July 2020 when 24 companies filed for bankruptcy. This is the second-highest number of bankruptcy filings in a single month since 2005, behind only the 25 bankruptcy filings in March 2009.

43: Number of bankruptcy filings in 1H 2021 by companies with over $100 million in assets.

  • Starting in October 2020, monthly bankruptcy filings returned to levels more consistent with historical averages.

  • In 1H 2021, 43 companies filed for bankruptcy, compared to 89 in 1H 2020 and 49 in 1H 2019.

  • Nine of the bankruptcies in 1H 2021 were mega bankruptcies, compared to 37 in 1H 2020 and 12 in 1H 2019.

  • All bankruptcies in 1H 2021 were filed under Chapter 11 of the U.S. Bankruptcy Code.

Figure 3: Monthly Chapter 7 and Chapter 11 Bankruptcy Filings (Recent Trends)

2020–1H 2021

Source: BankruptcyData

Note: Only Chapter 7 and Chapter 11 bankruptcy filings by companies (both public and private) with over $100 million in assets are included. For companies where exact asset values are not known, the lower bound of the estimated range is used. Asset values are not adjusted for inflation. The World Health Organization (WHO) declared COVID-19 a pandemic on March 11, 2020.

Bankruptcies by Industry

  • The Mining, Oil, and Gas industry experienced 44 bankruptcies in 2020. Bankruptcies in this industry have remained high since the 2014–2016 collapse in oil prices, but the rate of filings was significantly exacerbated by the further collapse of oil prices in March and April 2020.

  • The Retail Trade industry had 31 bankruptcies in 2020, as the COVID-19 pandemic created a difficult environment for traditional retailers that faced lockdowns and reduced demand for in-store shopping.

  • In 1H 2021, bankruptcy filings across most industries fell dramatically from their mid-2020 pandemic highs.

48%: Percentage of bankruptcies filed in 2020 by Mining, Oil, and Gas as well as Retail Trade companies.

  • Since COVID-19 vaccine roll-outs in the U.S. began in December 2020, there have been signs of economic recovery in 1H 2021.[2] Oil prices rose by over 50%.[3] Consumers spent about $81 trillion, 8.8% and 3.4% higher than in 1H 2020 and 1H 2019, respectively.[4]

  • Consistent with the recoveries in oil prices and consumer spending, bankruptcies in Mining, Oil, and Gas and Retail Trade combined fell from 75 in 2020 to 11 in 1H 2021.

  • Bankruptcies also fell substantially in Transportation, Communications, and Utilities; Services; and Manufacturing—declining from a combined 66 in 2020 to 18 in 1H 2021.

  • A notable exception to the trend of substantially declining bankruptcies was Finance, Insurance, and Real Estate, which had 10 bankruptcies in the full year of 2020 and nine in 1H 2021. Five of the nine bankruptcies were filed by real estate investors,[5] driven by the continued struggles of many traditional shopping centers and hotels in the wake of the pandemic.

Figure 4: Heat Map of Bankruptcies by Industry

2005-1H 2021

Source: BankruptcyData

Note: Only Chapter 7 and Chapter 11 bankruptcy filings by companies (both public and private) with over $100 million in assets are included. The Standard Industrial Classification (SIC) Industry Division “Mining” is labeled as “Mining, Oil, and Gas” to reflect the specific industries under the Industry Division. The SIC Industry Division “Transportation, Communications, Electric, Gas, and Sanitary Services” is labeled as “Transportation, Communications, and Utilities.” There are no bankruptcies in two SIC Industry Divisions—“Public Administration” and “Nonclassifiable.” These two SIC Industry Divisions are therefore not shown. For companies where exact asset values are not known, the lower bound of the estimated range is used. Asset values are not adjusted for inflation.

Largest Bankruptcies by Assets

  • The largest bankruptcy filing by assets in 2020 was The Hertz Corporation. Hertz cited the “sudden and dramatic” impact of the COVID-19 pandemic on travel in its bankruptcy announcement.[6] It emerged from bankruptcy in June 2021.[7]

  • Of the 20 largest bankruptcies by assets in 2020, 10 were filed by companies in the Mining, Oil, and Gas industry, which suffered from a sharp decline in oil prices in March 2020. The largest bankruptcy in this industry was Chesapeake Energy Corporation, which emerged from bankruptcy in February 2021 with a plan to shift its focus toward natural gas and away from crude oil.[8]

  • Three large retailers, Ascena (parent company of Ann Taylor and Lane Bryant), J.C. Penney, and Neiman Marcus, filed for bankruptcy in 2020.

  • In addition, a mall owner, CBL & Associates Properties, filed for bankruptcy in 2020 after many of its retail tenants failed (e.g., J.C. Penney and Ascena accounted for $18.5 million of its annual revenue). CBL had already been facing challenges due to the rise of online shopping, and the pandemic exacerbated this trend.[9]

  • Bankruptcy filings in 1H 2021 were comparatively smaller than in 2020. The largest bankruptcy filing by assets in 1H 2021 was Seadrill Limited, an offshore drilling contractor that had struggled after the plunge in energy prices in 2020.[10] In May 2021, Seadrill Limited’s offshore drill owner and operator affiliate, Seadrill Partners, emerged from bankruptcy. In July 2021, Seadrill Limited filed its plan of reorganization with the bankruptcy court.[11]

  • The second and third largest bankruptcies by assets in 1H 2021 were real estate investment trusts (REITs) Washington Prime Group and Hospitality Investors Trust, respectively. Washington Prime Group invests in shopping centers while Hospitality Investors Trust focuses on hotels.[12] Neither bankruptcy would have made the top 20 list of bankruptcies by assets in 2020.

88%: Decline in total assets of the 20 largest bankruptcies in 1H 2021 versus 2020.

  • Knotel, the fifth-largest bankruptcy in 1H 2021, is a start-up flexible workspace operator that had previously reached “unicorn” status.[13] It raised Series C funding in August 2019 and was reportedly valued at $1.6 billion in March 2020.[14]

  • Traditional retailers continued to face challenges in 1H 2021. Belk Inc., Christopher & Banks, and L’Occitane filed for bankruptcy in 1H 2021.

  • Although there were only six bankruptcies by Mining, Oil, and Gas companies in 1H 2021, four of the six were among the 20 largest bankruptcies by assets in 1H 2021.

  • The average size of the largest 20 bankruptcies in 1H 2021 was 88% smaller than in 2020. The average asset size of the top 20 largest bankruptcies was $10.3 billion and $1.2 billion for 2020 and 1H 2021, respectively.

  • Of companies that filed for bankruptcy in 1H 2021, only Seadrill Limited (largest in 1H 2021) would have been large enough to make the top 20 list in 2020.

Figure 6: Largest 20 Recent Bankruptcies

2020 vs. 1H 2021

2020

1H 2021

Rank

Company

Assets
(In billions)

SIC Industry Division

Company

Assets
(In billions)

SIC Industry Division

1

The Hertz Corporation

$25.84

Services

Seadrill Limited

$7.29

Mining, Oil, and Gas

2

LATAM Airlines
Group S.A.

$21.09

Transportation, Communications, and Utilities

Washington Prime
Group Inc.

$4.03

Finance, Insurance,
and Real Estate

3

Frontier Communications Corporation

$17.43

Transportation, Communications, and Utilities

Hospitality Investors
Trust Inc.

$1.70

Finance, Insurance,
and Real Estate

4

Chesapeake Energy Corporation

$16.19

Mining, Oil, and Gas

Ferrellgas
Partners L.P.

$1.67

Wholesale Trade

5

Ascena Retail
Group Inc.

$13.69

Retail Trade

Knotel Inc.

$1.00

Finance, Insurance,
and Real Estate

6

Valaris plc

$13.04

Mining, Oil, and Gas

Belk Inc.

$1.00

Retail Trade

7

Intelsat S.A.

$11.65

Transportation, Communications, and Utilities

Brazos Electric Power Cooperative Inc.

$1.00

Transportation, Communications, and Utilities

8

Mallinckrodt plc

$9.58

Manufacturing

Le Jeune Villas Development LLC

$1.00

Finance, Insurance,
and Real Estate

9

McDermott International Inc.

$8.75

Mining, Oil, and Gas

Kumtor Gold
Company CSJC

$1.00

Mining, Oil, and Gas

10

J.C. Penney
Company Inc.

$7.99

Retail Trade

HighPoint Resources Corporation

$0.83

Mining, Oil, and Gas

11

Whiting Petroleum Corporation

$7.64

Mining, Oil, and Gas

EHT US1 Inc.

$0.78

Finance, Insurance,
and Real Estate

12

Neiman Marcus Group LTD LLC

$7.55

Retail Trade

Stoneway Capital Ltd.

$0.50

Transportation, Communications, and Utilities

13

Oasis Petroleum Inc.

$7.50

Mining, Oil, and Gas

Automotores
Gildemeister SpA.

$0.50

Wholesale Trade

14

Avianca Holdings S.A.

$7.27

Transportation, Communications, and Utilities

Katerra Inc.

$0.50

Construction

15

Noble Corporation plc

$7.26

Mining, Oil, and Gas

Corp Group
Banking S.A.

$0.50

Finance, Insurance,
and Real Estate

16

Diamond Offshore Drilling Inc.

$5.83

Mining, Oil, and Gas

Sundance Energy Inc.

$0.45

Mining, Oil, and Gas

17

CBL & Associates Properties Inc.

$4.62

Finance, Insurance,
and Real Estate

Amsterdam House Continuing Care Retirement
Community Inc.

$0.21

Services

18

Denbury Resources Inc.

$4.61

Mining, Oil, and Gas

National Rifle Association of America

$0.20

Services

19

Seadrill Partners LLC

$4.58

Mining, Oil, and Gas

Christopher & Banks Corporation

$0.19

Retail Trade

20

California Resources Corporation

$4.07

Mining, Oil, and Gas

L’Occitane Inc.

$0.16

Retail Trade

Source: BankruptcyData

Note: All companies in this table filed for Chapter 11 bankruptcy. The SIC Industry Division “Mining” is labeled as “Mining, Oil, and Gas” to reflect the specific industries under the Industry Division. The SIC Industry Division “Transportation, Communications, Electric, Gas, and Sanitary Services” is labeled as “Transportation, Communications, and Utilities.” For companies where exact asset values are not known, the lower bound of the estimated range is used. Asset values are not adjusted for inflation.

Research Sample

The research sample in this report uses BankruptcyData to identify Chapter 7 and Chapter 11 bankruptcies filed by public and private companies with over $100 million in assets.

The sample contains 1,299 such bankruptcies from January 1, 2005, through June 30, 2021.

BankruptcyData incorrectly records the asset size of Emergent Capital Inc. as $17.5 billion. This number is corrected to $175 million based on Emergent Capital Inc.’s bankruptcy petition form.

Mega bankruptcies are defined as Chapter 7 or Chapter 11 bankruptcies filed by companies with over $1 billion in reported assets. The sample contains 377 mega bankruptcies from
January 1, 2005, through June 30, 2021.

Asset values at the time of bankruptcy filings are used to measure bankruptcy size, due to the higher prevalence of missing information on liabilities in BankruptcyData. For companies with subsidiaries, separate bankruptcy filings by subsidiaries do not count toward the total number of bankruptcies.


Endnotes

  1. This report relies on data obtained from BankruptcyData on July 6, 2021. It focuses on asset values at the time of bankruptcy filings, due to the higher prevalence of missing information on liabilities in BankruptcyData.

  2. Tracking America’s Recovery,” CNN Business, accessed 8/6/21.

  3. U.S. Energy Information Administration, “Crude Oil Prices: West Texas Intermediate (WTI) – Cushing, Oklahoma (DCOILWTICO),”  Federal Reserve Bank of St. Louis, accessed 8/6/21.

  4. Consumer Spending Is Primed to Fuel Summer Growth,” Wall Street Journal, June 25, 2021; U.S. Bureau of Economic Analysis, “Real Personal Consumption Expenditures (PCEC96),” Federal Reserve Bank of St. Louis, accessed 8/6/21.

  5. These five real estate companies are EHT US1 Inc., Knotel Inc., Plamex Investment LLC, Hospitality Investors Trust Inc., and Washington Prime Group Inc.

  6. Hertz Global Holdings Takes Action to Strengthen Capital Structure Following Impact of Global Coronavirus Crisis,” Press Release, May 22, 2020.

  7. Hertz Exits Chapter 11 as a Much Stronger Company,” Press Release, June 30, 2021.

  8. Chesapeake Energy Emerges from Bankruptcy and Shifts Back to Natural Gas,” Reuters, February 9, 2021.

  9. US Mall Owner CBL Files for Bankruptcy,” Financial Times, November 2, 2020.

  10. Restructuring,” Seadrill.com, accessed 8/19/21.

  11. Seadrill Limited (SDRL) – Agreement with Stakeholders to Raise $350 Million and Reduce Liabilities by Approximately $5 Billion,” Press Release, July 24, 2021

  12. Who We Are,” Washington Prime Group, accessed 8/16/21; “Investment Strategy,” Hospitality Investors Trust, accessed 8/16/21.

  13. The term “unicorn” refers to a start-up company that is valued at over $1 billion.

  14. A Look at How Proptech Startup Knotel Went from a $1.6B Valuation to Filing for Bankruptcy,” TechCrunch, February 5, 2021.

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PG&E charged with manslaughter in California wildfire (3) https://lutravision.com/pge-charged-with-manslaughter-in-california-wildfire-3/ Fri, 24 Sep 2021 18:35:35 +0000 https://lutravision.com/pge-charged-with-manslaughter-in-california-wildfire-3/ PG&E Corp., the California utility that went bankrupt after its equipment sparked deadly wildfires, has been charged with several felonies, including manslaughter, in connection with a 2020 fire that killed four people. Shasta County District Attorney Stephanie Bridgett On Friday, 31 charges were laid against the utility related to the Zogg fire in northern California, […]]]>

PG&E Corp., the California utility that went bankrupt after its equipment sparked deadly wildfires, has been charged with several felonies, including manslaughter, in connection with a 2020 fire that killed four people.

Shasta County District Attorney Stephanie Bridgett On Friday, 31 charges were laid against the utility related to the Zogg fire in northern California, about 100 miles from the Oregon border. Eleven were felonies, including four counts of manslaughter. PG&E disputed the allegations.

“PG&E has a habit of causing forest fires repeatedly that don’t get better – it gets worse,” Bridgett said during a news briefing broadcast online. “Those who have lost loved ones need justice. They need those responsible for the murder of their loved ones to be held criminally responsible, especially since this fire was completely preventable.

The Shasta County criminal case is the latest blow to the utility, which came out of bankruptcy information last year after its equipment was accused of starting some of the worst fires in the history of the California. If it turns out that PG&E was negligent in starting a fire, the company will likely have to reimburse the money it takes from a public fund to help utilities pay for the damage caused by the fire. fires caused by their power lines.

PG&E remains on criminal probation related to a fatal natural gas explosion in 2010.

The Zogg fire burned more than 56,000 acres (23,000 hectares) and destroyed 204 buildings.

PG&E accepted California investigators’ conclusion that a tree contacted one of its power lines and started the fire for Zogg, CEO of PG&E Patti Poppe said in a declaration Friday. The utility has resolved numerous claims from victims related to the fire, she said.

Read more: Why California wildfires are putting heat on power companies

“We put everything we have in to prevent forest fires and reduce the risk, ”said Poppe. “While it may seem satisfying for the PG&E company to be accused of a crime, what I do know is that the PG&E company is made up of people, 40,000 people who get up every day to ensure security. safety and end catastrophic forest fires and tragedies like this. Let me be clear, my colleagues are not criminals.

Bridgett also said Shasta County and four others have launched a joint investigation to determine possible criminal liability of PG&E for starting the Dixie Fire, which began in July and became the second largest wildfire in the California history.

“It’s time for them to change,” Bridgett said of PG&E, “and change doesn’t come by doing nothing. We cannot afford to do nothing.

PG&E shares fell 0.3% on Friday.

Evidence suggests the Zogg fire was caused by a tree falling on the utility power line, according to the judge overseeing PG&E criminal probation and federal prosecutors.

Bridgett said PG&E contractors marked the tree for removal as it was deemed unsafe, but it was never cut. Poppe said two skilled arborists independently determined that the tree in question could stay.

The company estimates total responsibility for the blaze at $ 375 million, according to a government filing in July. This figure could increase considerably with the costs of defending another criminal case.

(Updated actions in the 11th paragraph. An earlier version corrected the information on the National Wildlife Fund in the fourth paragraph.)

–With the help of Josh saul.

To contact the reporter on this story:
Marc Chediak in San Francisco at mchediak@bloomberg.net

To contact the editors responsible for this story:
Joe ryan to jryan173@bloomberg.net

Steve stroth

© 2021 Bloomberg LP All rights reserved. Used with permission.

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Lawsuit filed in Tokyo on bankruptcy online map https://lutravision.com/lawsuit-filed-in-tokyo-on-bankruptcy-online-map/ Fri, 24 Sep 2021 11:45:18 +0000 https://lutravision.com/lawsuit-filed-in-tokyo-on-bankruptcy-online-map/ A lawsuit has been filed in a Tokyo district court against a man from Kanagawa Prefecture who ran a website displaying a Google map with the names, addresses and other bankruptcy information of people. In the lawsuit, two people who have been the subject of personal bankruptcy claim that the website violated their privacy, demanding […]]]>

A lawsuit has been filed in a Tokyo district court against a man from Kanagawa Prefecture who ran a website displaying a Google map with the names, addresses and other bankruptcy information of people.

In the lawsuit, two people who have been the subject of personal bankruptcy claim that the website violated their privacy, demanding a total of 220,000 damages.

At the first hearing of the case, the defendant asked the court in writing to dismiss the claim.

Information on bankrupt people is published in the official government gazette, including its online edition.

But the plaintiffs argue that it was much easier to find such information via an online map than in the Official Journal, and therefore the map was capable of causing even greater damage. The plaintiffs also claim that the card was not intended to serve the public interest.

According to the complaint and other sources, the bankruptcy card was launched around December 2018. Before being closed in March 2019, this card contained personal information about people involved in several hundred thousand bankruptcy cases. personal across the country over the previous three. years.

The plaintiffs’ attorney quoted them as saying they were afraid to come out after the map was posted online.

In a time of both disinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us tell the story right.

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Companies can send group votes on Boy Scouts’ Ch. 11 Schedule https://lutravision.com/companies-can-send-group-votes-on-boy-scouts-ch-11-schedule/ Fri, 24 Sep 2021 01:39:00 +0000 https://lutravision.com/companies-can-send-group-votes-on-boy-scouts-ch-11-schedule/ By Rick Archer (September 23, 2021, 9:39 p.m. EDT) – A Delaware bankruptcy judge told law firms representing sexual abuse claimants in Boy Scouts of America’s Chapter 11 Thursday that they could cast collective ballots on behalf of their clients on the organization’s Bankruptcy Information Plan. In a five-hour virtual hearing, U.S. bankruptcy judge Laurie […]]]>
By Rick Archer (September 23, 2021, 9:39 p.m. EDT) – A Delaware bankruptcy judge told law firms representing sexual abuse claimants in Boy Scouts of America’s Chapter 11 Thursday that they could cast collective ballots on behalf of their clients on the organization’s Bankruptcy Information Plan.

In a five-hour virtual hearing, U.S. bankruptcy judge Laurie Selber Silverstein approved the use of the so-called main ballots, rejecting arguments they would be used to include invalid claims in the vote tally on the plan proposed by the BSA in chapter 11 of chapter 11.

“I’m not going to stop the main ballots from coming out. I’m going to see where they end up,” she said …

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Greenberg Traurig Continues to Expand Its Global Restructuring and Bankruptcy Information Practice https://lutravision.com/greenberg-traurig-continues-to-expand-its-global-restructuring-and-bankruptcy-practice-adds-brian-e-greer-to-new-york-new/ Thu, 23 Sep 2021 22:00:00 +0000 https://lutravision.com/greenberg-traurig-continues-to-expand-its-global-restructuring-and-bankruptcy-practice-adds-brian-e-greer-to-new-york-new/ NEW YORK, September 23, 2021 / PRNewswire-PRWeb / – Citing continued growth in business, global law firm Greenberg Traurig, LLP has expanded its Practice of restructuring and bankruptcy with the addition of the former Dentons partner Brian E. Greer as a shareholder of the company new York Office. Greer will find familiar faces at Greenberg […]]]>

NEW YORK, September 23, 2021 / PRNewswire-PRWeb / – Citing continued growth in business, global law firm Greenberg Traurig, LLP has expanded its Practice of restructuring and bankruptcy with the addition of the former Dentons partner Brian E. Greer as a shareholder of the company new York Office.

Greer will find familiar faces at Greenberg Traurig. He previously worked with Oscar N. Pinkas, president of New York Restructuring & Bankruptcy Practice, while they both practiced at Dentons. Greer also recently worked on a case with John Houghton, who joined Greenberg Traurig earlier this month, as chairman of the London Practice of restructuring and bankruptcy information.

Greer has extensive experience representing creditors, debtors, equity investors and administrators in cross-border and national restructurings, both in court and out of court. He supports his clients in complex restructurings, bankruptcies, liquidations and other situations of stress or distress.

“Greenberg Traurig’s restructuring practice is continually active in meeting client needs, including out-of-court restructurings and related matters; many of which are the result of conditions brought on by the pandemic. The addition of Brian and John highlights our best in class. approach to meet the changing needs of clients globally and with the urgency for which the firm is known, ”said Richard A. Rosenbaum, executive chairman of Greenberg Traurig.

“Brian is a significant asset to our practice given his vast experience. He attracts financial investors because he knows how to proactively help them seize opportunities that can arise in complex distress situations,” said Pinkas. “The fact that John, Brian and I have worked together before is just another advantage and shows that we strategically hire high caliber lawyers at the right time and for the right reasons. ”

Greer’s practice spans a multitude of industries including financial services, hospitality, commercial real estate and real estate investment trusts (REITs), healthcare, oil and gas, energy, construction. , manufacturing, pharmaceuticals, information technology (IT) consulting and life sciences.

“The addition of Brian, Oscar and John completes the team and gives us the opportunity to represent a growing range of clients meeting a wide range of needs. Brian’s addition to the new York office is especially important given our strong practice there, ”said Shari Heyen and David Kurzweil, co-chairs of the firm’s Global Restructuring & Bankruptcy Information Practice division.

“The continued growth of my practice as a financial investor is essential to achieving my goals, as is playing an additive role on the global team,” said Greer. “The firm’s unique market position and its enviable national and global platform across all practice areas and sectors were central to my decision to come here. The added benefit was being able to continue working with Oscar and John. ”

Greer, who also regularly helps clients take advantage of opportunities as buyers, sellers and lenders in troubled M&A transactions, has been recognized by IFLR 1000 as a highly regarded lawyer in Restructuring and Insolvency and by the Legal 500 US as a leading restructuring lawyer. He obtained his JD from the Maurice A. Deane School of Law at Hofstra University and a BA of Stony stream University.

About Greenberg Traurig’s Restructuring and Bankruptcy practice: Greenberg Traurig’s internationally recognized Restructuring and Bankruptcy practice provides clients with insight and in-depth knowledge gained from decades of consulting and litigation experience. . The team has a vast and diverse experience in developing creative and effective solutions to the highly complex problems that arise in judicial and extrajudicial reorganizations, restructurings, reorganizations, liquidations and distressed acquisitions and sales. Using a multidisciplinary approach, the firm’s vast resources and its invaluable business network, the team helps companies navigate difficult times and resolve all of the issues that may arise during their career. own restructurings or their transactions with other companies in difficulty.

About Greenberg Traurig: Greenberg Traurig, LLP (GT) has approximately 2,300 lawyers at 40 locations in United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity and innovation, and is consistently listed among the largest firms in the United States on Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral in regarding its energy consumption in the office and Mansfield Rule 4.0-Plus certified. The Web: http://www.gtlaw.com

Media contact

Lourdes Brezo Scholl, Greenberg Traurig, LLP, 212.801.131, BrezoSchollL@gtlaw.com

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Insurers in the Diocese of Rockville can obtain ch. 11 Information on abuse claims https://lutravision.com/insurers-in-the-diocese-of-rockville-can-obtain-ch-11-information-on-abuse-claims/ Thu, 23 Sep 2021 21:14:00 +0000 https://lutravision.com/insurers-in-the-diocese-of-rockville-can-obtain-ch-11-information-on-abuse-claims/ By Vince Sullivan (September 23, 2021, 5:14 p.m. EDT) – A New York bankruptcy judge has said insurers who have provided historic liability coverage to the Roman Catholic Diocese of Rockville Center will be able to access information provided by victims of sexual abuse, concluding that the documents are relevant to future mediation discussions. In […]]]>
By Vince Sullivan (September 23, 2021, 5:14 p.m. EDT) – A New York bankruptcy judge has said insurers who have provided historic liability coverage to the Roman Catholic Diocese of Rockville Center will be able to access information provided by victims of sexual abuse, concluding that the documents are relevant to future mediation discussions.

In a virtual hearing, U.S. bankruptcy information judge Shelley C. Chapman said she was primarily concerned with the mediation process that will begin shortly to facilitate a possible settlement between the diocese, its insurers and the hundreds of claimants alleging have been sexually assaulted by people associated with the church.

“It should be easy for the diocese”, judge …

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Bankruptcy of the Boy Scouts creates a rupture with religious partners | WIVT https://lutravision.com/bankruptcy-of-the-boy-scouts-creates-a-rupture-with-religious-partners-wivt/ Thu, 23 Sep 2021 14:34:05 +0000 https://lutravision.com/bankruptcy-of-the-boy-scouts-creates-a-rupture-with-religious-partners-wivt/ NEW YORK (AP) – Amid the complex Boy Scouts of America bankruptcy information case, friction between the BSA and major religious groups that help it manage thousands of Scout units is escalating. At issue: church fears that a possible settlement – while protecting the BSA from future sexual abuse lawsuits – could leave many churches […]]]>

NEW YORK (AP) – Amid the complex Boy Scouts of America bankruptcy information case, friction between the BSA and major religious groups that help it manage thousands of Scout units is escalating. At issue: church fears that a possible settlement – while protecting the BSA from future sexual abuse lawsuits – could leave many churches unprotected.

The Boy Scouts filed for Bankruptcy Information Protection in February 2020 in a bid to end individual lawsuits and create a huge compensation fund for thousands of men who say they were abused as children by children. Scout leaders or other leaders. At the time, the national organization estimated it could face 5,000 cases; he now faces 82,500.

In July, the BSA proposed an $ 850 million deal that would prevent further lawsuits against it and its local councils. The agreement did not cover the more than 40,000 organizations that have charters with the BSA to sponsor Scout units, including many churches of major faith denominations who are now questioning their future involvement in Scouting.

The United Methodist Church – which says as many as 5,000 of its U.S. congregations could be affected by future lawsuits – recently advised those churches not to extend their charters with the BSA beyond the end of this year . The UMC said these congregations were “disappointed and very concerned” that they were not included in the July deal.

Everett Cygal, an attorney for the Catholic churches following the case, said it was unfair that parishes were now held accountable “solely because of the misconduct of Boy Scout leaders who often had no connection with parish “.

“Scouting can only be done with the help of their chartered organizations,” Cygal told The Associated Press. “It is short-sighted not to protect the people they absolutely need to make Scouting viable in the future.”

Leaders from several other denominations – including the Southern Baptist Convention, the Evangelical Lutheran Church in America, and the Presbyterian Church (US) – have advised their churches to hire their own legal counsel if they fear a possible litigation for sexual abuse.

The Presbyterian Church has stated that its national leaders cannot act on behalf of member churches because they are separate societies. The leadership of the Evangelical Lutheran Church also said its congregations were on their own, legally speaking, and had to decide for themselves whether or not to pursue a relationship with the BSA.

“Due to the bankruptcy, the congregation cannot confidently rely on the BSA, the local council or their insurers to defend it,” the Lutheran church warned. “The congregation must make sure that they have sufficient insurance and that their own insurance will cover them. ”

The Boy Scouts, in a statement provided to the PA, said its partnership with chartered organizations, including churches, “has been essential in bringing the Scout program to millions of young people in our country for generations. “. He said negotiations with these organizations are continuing and that he hopes to conclude bankruptcy proceedings by the end of this year.

Negotiators face a difficult situation.

According to lawyers representing different parties in the bankruptcy case, the Boy Scouts suggested that chartered organizations have some liability protection for abuse cases that occurred after 1975, due to an insurance agreement entered into. in force in 1976. The BSA stated that there was little or no protection, however, for the many cases prior to 1976, and the best way for organizations to obtain protection for that time would be to make a contribution substantial financial to a settlement fund.

The Church of Jesus Christ of Latter-day Saints took such a step last week, agreeing to contribute $ 250 million to a compensation fund in exchange for a liability waiver. The denomination, widely known as the Mormon Church, withdrew its units from the BSA on January 1, 2020, after decades as a primary sponsor.

One key distinction: Latter-day Saints have a centralized governance structure, which makes possible a contribution spanning its vast ancient network of Scout units. The other chartered faith-based organizations are more decentralized, which complicates the question of how contributions to the compensation fund would be mandated and organized.

Jeremy Ryan, an attorney representing United Methodist churches, said his clients believed pre-1976 insurance was available to them under the policies the BSA and its local councils held at the time.

Cygal, the lawyer representing the Catholic churches, made a similar point, but said some chartered organizations may need to make an appropriate financial contribution “to put an end to this dispute once and for all”.

Another complication in the negotiations: divergent views on the responsibility of the churches.

Some churches argue that they simply provided a meeting place for a local Scout unit, while Scout leaders were responsible for hiring decisions that could have led to sexual abuse. Some lawyers for the plaintiffs disagree, saying religious leaders were often actively involved in these decisions.

“The Boy Scouts had a lot of faults because of their negligence, but the local institutions also had a lot of faults,” said Christopher Hurley, whose Chicago law firm says he represents about 4,000 men who have filed claims. bankruptcy applications.

“It’s just not okay to pass the buck on this,” Hurley added. “Everyone has to aspire and make a fair contribution to get justice for these guys. ”

Stephen Crew, whose Oregon-based law firm represents about 400 plaintiffs, said he sympathizes with chartered faith-based organizations that “fear being sidelined.”

“But the survivors also have a lot of anxiety,” Crew said. “And the problem now is the insurance companies balk at everyone.”

A third plaintiffs attorney, California-based Paul Mones, blamed the plight of churches on the BSA, saying its initial bankruptcy strategy did not properly anticipate the impact on chartered organizations.

“For decades, religious organizations have been the backbone of BSA,” Mones said. “They didn’t sign up thinking they would have any responsibility… and all of a sudden they’re like, ‘You’re going to be sued.’ It’s a hot mess.

Some church leaders, such as United Methodist Bishop Ruben Saenz Jr., have been adamant in their dismay at the fallout from the bankruptcy.

“It is a very sad and tragic matter that has taken place within our nation and the Church,” Saenz said in a recent letter to the clergy he oversees in Kansas and Nebraska. He said there could be 110 abuse claims in the bankruptcy case potentially linked to UMC churches in his area.

Saenz said the BSA might find it difficult to move forward after the bankruptcy without the involvement of UMC, the largest active sponsor of Scout units.

But because of the BSA’s positions in the matter that are prejudicial to the UMC, Saenz wrote: “We just cannot currently engage in the relationship with the BSA as we have in the past. ”

___

The Associated Press’s religious coverage receives support from the Lilly Endowment via The Conversation US. The AP is solely responsible for this content.

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Key hearing on the fate of the ongoing Boy Scout bankruptcy plan https://lutravision.com/key-hearing-on-the-fate-of-the-ongoing-boy-scout-bankruptcy-plan/ Thu, 23 Sep 2021 05:05:43 +0000 https://lutravision.com/key-hearing-on-the-fate-of-the-ongoing-boy-scout-bankruptcy-plan/ A Delaware judge on Tuesday began a key hearing that could determine whether the Boy Scouts of America can come out of bankruptcy later this year with a reorganization plan that would compensate thousands of men who say they were sexually abused as children. The Boy Scouts, based in Irving, Texas, filed for bankruptcy protection […]]]>

A Delaware judge on Tuesday began a key hearing that could determine whether the Boy Scouts of America can come out of bankruptcy later this year with a reorganization plan that would compensate thousands of men who say they were sexually abused as children.

The Boy Scouts, based in Irving, Texas, filed for bankruptcy protection in February 2020, seeking to end hundreds of individual lawsuits and create a fund for men who say they were assaulted during their childhood by scout leaders and others. Although the organization faced 275 lawsuits at the time, it now faces some 82,500 sexual abuse claims in the bankruptcy case.

Judge Laura Selber Silverstein has called the hearing to determine whether a disclosure statement outlining the latest reorganization plan contains enough detail to ensure that abuse claimants and other creditors can make informed decisions about whether to accept or rejection.

Silverstein must approve the disclosure statement before the Boy Scouts can send ballots to abuse claimants and other creditors to vote on the plan, which was filed last week.

The hearing is expected to last several days. It started with lawyers discussing many issues, primarily involving the 251 local Boy Scouts councils, which run the day-to-day operations of the organization, and chartered organizations such as churches and civic groups that sponsor local troops.

The plan calls for the BSA and local councils to make contributions totaling up to $ 820 million into a fund for abuse claimants, as well as the assignment of certain insurance rights in the fund. In return, local councils and the national Boy Scout organization would be released from any additional liability for abuse complaints.

Lawyers for victims of abuse made it clear early in bankruptcy information proceedings that they would attack property and assets owned by local councils to contribute to a settlement fund. Councils are not debtors in the bankruptcy and are considered by the Boy Scouts as legally separate entities, even though they share insurance policies and are considered “related parties” in the bankruptcy case.

Critics have argued that the disclosure statement should contain more details about each local council’s restricted and unrestricted assets, and how those values ​​compare to what each council is proposing to contribute to the fund.

“There is going to be… real attention to whether local councils are putting in enough money,” said Jim Stang, an attorney representing the official committee appointed by the US bankruptcy trustee to represent the best interests of all claimants. sexual abuse. “How much do they have and how much do they pay?” ”

The official committee believes that local councils have the financial capacity to contribute “many multiples” of what they offer.

Critics also said the disclosure statement must show the aggregate value of claims against each board, the value of available insurance coverage, and the rights and obligations of local boards and chartered organizations under those policies.

They also want more information on what abuse claimants might recover if the BSA is wound up rather than reorganized, as well as the sponsorship organizations’ proposed treatment of the plan and their potential exposure to future lawsuits.

“We think the disclosure statement has a tremendous amount of work to do globally with all of the changes that happened over the last week to explain to chartered organizations what’s going on, how their rights are being affected,” said Jeremy Ryan, lawyer representing ad hoc committees for the Roman Catholic and United Methodist churches.

Under the plan, an approved sponsoring organization could obtain full liability relief in exchange for the cession of its insurance rights and a large cash contribution to the fund. A post-1975 assignment of insurance rights, without financial contribution, would result in a limited exemption from liability. A sponsoring organization could also refuse to participate and retain its insurance rights, but it would not be protected against future litigation involving claims of abuse.

The new plan includes other significant changes from a previous proposal submitted in July. They include settlement agreements involving one of the Boy Scouts’ major insurers, The Hartford, and its former largest troop sponsor, The Church of Jesus Christ of Latter-day Saints, commonly known as the Mormon Church.

The Hartford has agreed to put $ 787 million into a fund for sexual abuse seekers, and the Mormon Church has agreed to contribute $ 250 million. In return, the two entities would be released from any further responsibility for child sexual abuse complaints filed by men who said they were assaulted decades ago.

The official committee, which estimated the liability exposure of Boy Scouts insurers at over $ 100 billion, called the settlements “grossly unfair.”

Photo: Christopher Millette / Erie Times-News via AP

Copyright 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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