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 …
Bankruptcy and Insolvency
The firm’s extensive involvement with insolvency cases provides a unique perspective on the inner workings of multiple businesses and industries. We maximize this valuable insight by proactively responding to the challenges and issues our clients face in today’s competitive market.
Child Support Claims in Chapter 7 Bankruptcy
November 21, 2010 By
Child support claims in bankruptcy cases are a frequent occurrence. Yet the unique conditions of each bankruptcy can potentially impact the outcome of such claims. Greenberg & Bass was approached by the ex-wife of a Chapter 7 debtor. The woman had a claim for child support of several hundreds of thousands of dollars. Prior to 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 …
Settlement of Landmark Bankruptcy Case
January 3, 2010 By
Situation The Adama Land Development Company (ALDC), a Nevada-based real estate company, was formed for the purpose of developing real property and acquired funding by selling units in Limited Liability Entities. Following continuous financial struggles, the troubled company filed a Chapter 11 Petition, which was subsequently converted to a Chapter 7. Greenberg & Bass represented Continue Reading …
