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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Trump Entertainment seeks to stop pension payments

The much beleaguered Trump Entertainment – a company formerly associated with celebrity millionaire Donald Trump – will go before a bankruptcy judge Oct. 2 in an attempt to get out of its pension obligations, according to The Wall Street Journal. Trump Entertainment attorney Kris Hansen told Judge Kevin Gross that escaping the pension payments that it is obligated […]

Author: Joel R. Glucksman

October 2, 2014

Syncora Reaches Deal In Detroit Bankruptcy

Bond insurer Syncora – one of Detroit’s holdout creditors since the city filed for protection under Chapter 9 of the bankruptcy law – has agreed to a comprehensive settlement and has issued a formal apology for its intemperate language during the case, according to the Detroit Free Press. While Syncora’s former ally, bond insurer Financial Guaranty Insurance Co., […]

Author: Joel R. Glucksman

September 25, 2014

Syncora Could Face Sanctions in Detroit Bankruptcy

Syncora Holdings, one of the holdout creditors in the Detroit bankruptcy filing, could face sanctions for its conduct in the case. Judge Steven Rhodes must decide this week whether he will sanction the company or allow its objection to the so-called “grand bargain,” which is crucial to the city’s restructuring plan, according to WXYZ. Syncora […]

Author: Joel R. Glucksman

September 18, 2014

Detroit Bankruptcy

Taj Mahal Casino of Atlantic City May File For Bankruptcy

New Jersey’s Atlantic City, once a thriving haven for gamblers and casinos, appears to be continuing its downward trend. The Trump Taj Mahal, a 2,248-room, 24-year-old hotel-casino situated on Atlantic City’s boardwalk, may file for protection under Chapter 11 of the bankruptcy law in the next few days, according to the New York Post. The casino […]

Author: Joel R. Glucksman

September 12, 2014

Oldest U.S. Cutlery Maker Files For Bankruptcy

Lamson & Goodnow Manufacturing Co., the self-described oldest U.S. cutlery maker, has filed for protection under Chapter 11 of the bankruptcy law, according to Reuters. The Shelburne Falls, Massachusetts-based manufacturer announced the move Aug. 15, citing decisions by prior management and the tightening of credit by secured lender Newtek Business Credit, according to the news source. […]

Author: Joel R. Glucksman

September 11, 2014

RadioShack Considers Refinancing, Bankruptcy

Electronics retailing chain RadioShack is considering refinancing or even a bankruptcy filing to clear up its financial troubles, sources told The Street. While the company appears to prefer the refinancing option, this may not be possible, the news source explained. The company’s financial troubles center around a $250 million second-lien term loan held by Salus Capital […]

Author: Joel R. Glucksman

September 4, 2014

Bankruptcy fees cost Wilmington Diocese almost $16M

Bankruptcy fees have reached the spotlight recently, after they claimed almost one-third of the total payout in a recent Catholic diocesan insolvency case. The Wilmington Diocese’s move to file for protection under Chapter 11 of the bankruptcy law in 2009 cost $15.8 million in lawyers’ fees and other expenses, The Associated Press reported. About $77 […]

Author: Joel R. Glucksman

August 28, 2014

Momentive Faces Criticisms As It Heads To Bankruptcy Court

Apollo Global Management-owned silicone and quartz producer Momentive Performance Materials recently began a week of bankruptcy hearings to determine whether its plan to shed $3 billion of debt will be approved. Momentive filed for protection under Chapter 11 of the bankruptcy law in April after failing to turn a profit since its acquisition by Apollo in 2006, […]

Author: Joel R. Glucksman

August 26, 2014

Panel of Federal Judges Halts Appeals In Detroit Bankruptcy Case

A panel of federal U.S. judges halted all appeals in the Detroit Bankruptcy Case on Aug. 1 at the request of a number of interested parties, according to the Detroit Free Press. Lawyers for Detroit, the state of Michigan, as well as state Attorney General Bill Schuette, representation for unions, pensioners and retirees wrote to the court, asking it […]

Author: Joel R. Glucksman

August 21, 2014

Bankruptcy Petition Against Saab Owner Lifted

The company that bought the Swedish car manufacturer Saab out of bankruptcy faced a bankruptcy petition of its own Aug. 12. According to The Associated Press, supplier Labo Test petitioned a Swedish court to declare National Electric Vehicle of Sweden bankrupt. The company said that NEVS had failed to pay a bill of 150,000 kronor ($22,000) since […]

Author: Joel R. Glucksman

August 19, 2014

Big Banks Still 'Too Big To Fail'

U.S. regulators said on Aug. 5 that 11 that big banks in the U.S. still do not have viable plans for filing for protection under the bankruptcy law that would avoid causing widespread economic damage. Both the FDIC and the Federal Reserve have said that the bankruptcy plans submitted by the 11 largest banks rely on “unrealistic or […]

Author: Joel R. Glucksman

August 14, 2014

Scarinci Hollenbeck

Crumbs Cupcakes - Still In The Running

Despite all the negative reports, it appears the popular gourmet cupcakes chain Crumbs Bake Shop may not be permanently closing its doors after all. Several days after shutting down its remaining stores and indicating that it would file for Chapter 7 liquidation, Crumbs instead filed for protection under the reorganization provisions of Chapter 11 of the bankruptcy […]

Author: Joel R. Glucksman

August 12, 2014

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