Filing Chapter 11 can be a viable option for many troubled businesses. Thinking about the Chapter 11 process as a three-act play can help shed light on what to expect before making the decision to file. Act 1: “I think we have a problem!” The painful reality of this economy is that good businesses have Continue Reading …
About Douglas M. Neistat
Douglas M. Neistat is Of Counsel to Greenberg & Bass LLP and practices in all aspects of business restructuring, liquidation and reorganization. He can be reached at 818-382-6200.
Mortgage Deficiency Judgments Harder to Obtain
August 3, 2011 By
The Great Recession has generated property foreclosures at rates that could never be imagined. Loan modification is more myth than reality despite Federal efforts to endorse the practice. Many borrowers cannot withstand the underwriting of mortgage loans that should never have been made in the first place.Short sales have emerged as a way to deal Continue Reading …
Dodger Chapter 11 Filing Short-Circuits CA Court
June 29, 2011 By
The team is here. The players are here. The stadium is here. The vendors are here. The fans are mostly all here. The history is here, but the Chapter 11 proceedings are elsewhere. The Dodger bankruptcy case was filed in the State of Delaware, 2,705 miles away. “We was robbed.” Based on a controversial section Continue Reading …
How to Reclaim Goods from a Customer That Won’t Pay
April 5, 2011 By
You open your business mail and are stunned to realize that a good customer has filed a bankruptcy petition. You haven’t been paid for the most recent shipment (which curiously was significantly larger than previous orders). What should you do? The remedy is known as Reclamation. The Uniform Commercial Code, otherwise known as the UCC, Continue Reading …
How To Get Rid of a Court-Appointed Receiver
January 18, 2011 By
Judicially appointed receivers are a bit like crazy glue. Once adhered, they can be awfully difficult to unstick. It is possible, however, based on powers authorized by the U.S. Bankruptcy Code (“the Code”). The powers of a receiver appointed under California law are quite broad. They are almost unlimited based on the court’s ability to Continue Reading …
Finding Assets Sold Through Bankruptcy
August 19, 2010 By
Companies file for relief under Chapter 11 of the Bankruptcy Code for a variety of reasons, but reorganizing can be difficult in this very troubled economy. The level of business failure is at an all time high and if staying in business is not an option, then liquidation ends up as the most viable option. Continue Reading …
Sale of Assets Fetches Top Price for Company
January 5, 2010 By
Situation Avenue TV Cable Service Inc. filed a petition for bankruptcy in August 2003. Because of the company’s subscriber-based demographics and service contracts with approximately 9,000 residents in Ventura County, its assets were substantial. Resolution Working with Greenberg & Bass, the debtor was able to market and sell all of its operating assets in an Continue Reading …
Successful Result for Complex Chapter 11
January 4, 2010 By
Situation The case began with a law suit filed by Fassberg Construction Company against HACLA (Housing Authority City of Los Angeles). HACLA had contracted with Fassberg for the construction of 25 residential buildings containing 156 dwelling units for approximately $13 million. Upon completion of the project, HACLA refused to turn over to Fassberg approximately $1.3 Continue Reading …
