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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No Pension Cuts For Detroit's Uniformed Retirees

One of the biggest obstacles to the successful resolution of the Detroit bankruptcy filing so far has been opposition from pensioners, who represent a significant portion of the city’s debt. In an unexpected announcement April 15, Gerald Rosen, Detroit’s bankruptcy mediator, revealed that the city has reached a deal with the Retired Detroit Police and Fire […]

Author: Joel R. Glucksman

April 29, 2014

Detroit

Mt. Gox founder won't appear for U.S. bankruptcy hearing

Mark Karpeles, the founder of former Bitcoin exchange Mt. Gox, has announced that he will not be coming to the U.S. to answer questions about his company’s U.S. bankruptcy filing, according to Reuters. In a court filing, Mt. Gox lawyers cited a subpoena from the U.S. Department of Treasury’s Financial Crimes Enforcement Network, or FinCEN, […]

Author: Joel R. Glucksman

April 25, 2014

Glacial Energy Holdings files for protection, seeking sale

Glacial Energy Holdings, an electricity and natural gas provider in 20 U.S. states, filed for protection under Chapter 11 of the bankruptcy law on April 10, according to Reuters. The company intends to sell its assets to pay its debts. It attempted, unsuccessfully, to sell its assets last month, but the deal fell through. Glacial Energy Holdings […]

Author: Joel R. Glucksman

April 24, 2014

Chapter 11

James River Coal Co. files for bankruptcy

James River Coal Co. has filed for protection under Chapter 11 of the bankruptcy law for the second time. The latest filing was on April 7, according to Bloomberg. James River Coal is a mine operator in the U.S. Midwest and Appalachia. Falling coal prices caused the company to idle a dozen mines, resulting in $818.7 million […]

Author: Joel R. Glucksman

April 22, 2014

Chapter 11

Genco filing for bankruptcy

Genco Shipping & Trading Ltd., owned by New York shipping tycoon Peter Georgiopoulos, is planning to file for protection under Chapter 11 of the bankruptcy law in a debt-for-equity deal that the company has already reached with creditors, according to The Wall Street Journal. Genco now has until April 21 to file in order to stay […]

Author: Joel R. Glucksman

April 18, 2014

Chapter 11

Momentive Performance preparing for filing protection under chapter 11

Momentive Performance Materials, Inc. said on April 1 that it is meeting with stakeholders to discuss the restructuring of its debt before it files for protection under Chapter 11 of the bankruptcy law, according to Reuters. The silicon and quartz producer held total liabilities of $4.14 billion as of Sept. 30, the company said in […]

Author: Joel R. Glucksman

April 17, 2014

Chapter 11

Coldwater Creek, Inc. may file for bankruptcy

The women’s clothing retailer Coldwater Creek, Inc. may seek protection under bankruptcy law as early as this week, sources told Bloomberg Businessweek. The company hasn’t been profitable since 2007, and may seek to liquidate its assets in order to repay its creditors. Five months ago, the retailer said that it was exploring “strategic alternatives,” including selling itself, […]

Author: Joel R. Glucksman

April 15, 2014

Detroit decries creditors' request to delay bankruptcy plan

Detroit is expected shortly to file an amended bankruptcy restructuring plan, which is anticipated to add details to emergency manager Kevyn Orr’s first version of the plan, according to Detroit Free Press. The amended plan will allow the city to leave bankruptcy with significantly less debt and to invest $1.5 billion over the next decade in blight […]

Author: Joel R. Glucksman

April 11, 2014

Detroit

Supreme Court to rule on inherited IRAs

The Supreme Court heard oral arguments in a case in which a Wisconsin woman and a bankruptcy trustee are battling over the rights to the $293,000 IRA that the woman inherited from her mother, according to The Wall Street Journal. Heidi Heffron-Clark, 35, and her husband feel that the IRA that Heffron-Clark’s mother passed down to […]

Author: Joel R. Glucksman

April 10, 2014

Energy Future Holdings Corp. closer to bankruptcy deal

Energy Future Holdings Corp. is closing in on a deal that will allow it to speed up its planned bankruptcy restructuring, according to Bloomberg. Six years ago, the company was bought out in a historic $48 billion leveraged buyout, which left it with debt it couldn’t afford to pay. The company’s board of directors met […]

Author: Joel R. Glucksman

April 8, 2014

Bond insurer creates setback for Detroit bankruptcy plan

Detroit is continuing to negotiate with its creditors in order to form a plan to emerge from Chapter 9 bankruptcy. In the latest wrinkle, bond insurer the Financial Guaranty Insurance Company, argued in a lawsuit that Detroit’s plan would illegally discriminate against the city’s third largest group of creditors, according to The New York Times. […]

Author: Joel R. Glucksman

April 4, 2014

Kevyn Orr confident for Detroit

One year after his appointment as Detroit Emergency Manager, Kevyn Orr is confident that Detroit will bounce back. According to Reuters, Orr predicts that the city’s plan to get out from under its $18 billion of debt will win court approval by this fall. There are a number of obstacles still standing in the way, […]

Author: Joel R. Glucksman

April 3, 2014

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