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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Judge Delays Taj Mahal Bankruptcy Filing

A federal bankruptcy judge has just added to the uncertainty surrounding the Trump Taj Mahal, an Atlantic City casino whose owner filed for protection under Chapter 11 of the bankruptcy law. Trump Entertainment Resorts Inc., the current owner of the Trump Taj Mahal, recently filed a revised bankruptcy plan ahead of a Nov. 5 court […]

Author: Joel R. Glucksman

December 2, 2014

Judge Rhodes Endorses Detroit Bankruptcy Plan

Less than a year and a half after filing for protection under Chapter 9 of the bankruptcy law, the city of Detroit is ready to begin implementing its plan of restructuring. Judge Steven Rhodes of the United States Bankruptcy Court for the Eastern District of Michigan approved the Detroit plan to cut $7 billion of […]

Author: Joel R. Glucksman

November 27, 2014

Judge Approves Stockton's Bankruptcy Plan

Shortly after the closing arguments in the Detroit bankruptcy, Stockton’s Bankruptcy plan was approved. U.S. Bankruptcy Judge Christopher Klein issued a ruling on Oct. 30, which approved a restructuring plan proposed by Stockton, California, according to the Associated Press. The city will be allowed to reorganize over $900 million in long-term debt as a part of Stockton’s bankruptcy […]

Author: Joel R. Glucksman

November 25, 2014

Chapter 9

PROSECUTORS CONSIDER CIVIL ACTION AGAINST COUNTRYWIDE FINANCIALS CHIEF EXECUTIVE

The business website DealBook reported on November 17 that the Justice Department is considering filing civil fraud claims against Countrywide Financials former chief executive Angelo Mozillo. Countrywide was one of the prime purveyors of mortgages to people with a questionable credit history, and the federal prosecutors are alleged to be considering a lawsuit against Mozillo […]

Author: Joel R. Glucksman

November 24, 2014

Creditors Angered By Trump Entertainment's Bankruptcy Plan

The unsecured creditors of Trump Entertainment Resorts Inc. are expressing frustration with the company’s plan to restructure itself in bankruptcy. Many creditors have called the restructuring plan a “charade” that will simply allow billionaire investor Carl Icahn to save hundreds of millions of dollars in tax credits, according to The Wall Street Journal. This is because, […]

Author: Joel R. Glucksman

November 20, 2014

Icahn: Trump Taj Mahal "Will Almost Certainly Close"

B64 at English Wikipedia [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0) or GFDL , via Wikimedia Commons from Wikimedia CommonsBillionaire investor Carl Icahn, the so-called ‘father’ of the leveraged buyout, appears to be weary of his investment in the Trump Taj Mahal. The potential buyer for the Taj Mahal told The Associated Press that the casino “will almost […]

Author: Joel R. Glucksman

November 13, 2014

'Foreclosure King' Arrested For Bankruptcy Fraud

A one-time ‘king of foreclosures’ and his adult son were arrested in Pewaukee, Wisconsin, early on Oct. 20. The door to Todd Brunner’s home was broken in by heavily armed federal agents, before he and his 24-year-old son were taken into custody by U.S. marshals assisted by the FBI, Waukesha County Sheriff’s deputies and Pewaukee […]

Author: Joel R. Glucksman

November 6, 2014

Chapter 11

SEC finds Samuel Wyly's bankruptcy budget 'staggering'

Texas tycoon Samuel Wyly, 80, has been accused of attempting to deplete his domestic assets in order to impede the ability of U.S. creditors to collect in his bankruptcy. Wyly filed for protection under Chapter 11 of the bankruptcy law earlier this month, after claiming that he does not have the assets to pay the […]

Author: Joel R. Glucksman

November 4, 2014

Judge Allows Trump Taj Mahal To Void Union Contract

The Trump Taj Mahal may be able to keep its doors open after all. In a surprising move, Judge Kevin Gross granted Trump Entertainment Resorts’ request to terminate its contract with Local 54 of the Unite-HERE union, giving Trump a chance to avoid closing its struggling Atlantic City casino, according to The Associated Press. The […]

Author: Joel R. Glucksman

October 28, 2014

GT Advanced Bankruptcy Takes World By Surprise

A high-tech materials manufacturer that may not be familiar to consumers but is well-known by top members of certain industries shocked the world by filing for protection under Chapter 11 of the bankruptcy law on Oct. 6. In a particularly surprising move, GT Advanced Technologies Inc. argued that it was not able to reveal why it filed […]

Author: Joel R. Glucksman

October 23, 2014

Chapter 11

Detroit Close To A Deal With Final Creditor

The city of Detroit appears to be approaching a deal with its largest and last holdout creditor, Financial Guaranty Insurance Co. City attorneys said that they hope to present a settlement in U.S. Bankruptcy Court on Oct. 16 after negotiations with FGIC, according to The Detroit News. Thomas Cullen, a Jones Day attorney who is […]

Author: Joel R. Glucksman

October 17, 2014

Trump Entertainment Loses Anti-Pensioner Bid

Trump Entertainment, the one-time casino enterprise formerly-owned by the millionaire who begrudgingly shares its name, encountered yet another setback in court Oct. 3. According to The Wall Street Journal, the company lost a bid to immediately stop payments into a pension fund for its 1,135 unionized employees at the Trump Taj Mahal. Trump Entertainment sought […]

Author: Joel R. Glucksman

October 9, 2014

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