bankruptcy

WeWork’s bankruptcy caps swift downfall for $47 billion standout

Just two years after it went public, the once high-flying real estate business WeWork filed for bankruptcy without ever having figured out how to make flexible workspaces into a profitable enterprise.

It caps a wild ride for a company that began with the idea of re-imagining staid offices as fun places to hang out and grew to a behemoth worth $47 billion at its peak. A botched 2019 initial public offering and erratic behavior by co-founder Adam Neumann started WeWork’s downfall, but the company was also battered by forces outside its control — COVID-19 lockdowns and a slow return to offices that undermined demand.

The company listed $19 billion of liabilities and $15 billion of assets in its Chapter 11 filing in New Jersey on Monday. The petition allows WeWork to continue operating as it works to shore up finances. The company said it reached a restructuring deal with longtime backer SoftBank Group and existing creditors to slash over $3 billion of debt. Most shareholders will be wiped out. It never turned a profit as a public company, reporting net losses that totaled $3 billion.

Bankruptcy will also, critically, allow WeWork to cancel or renegotiate unprofitable leases at more than

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November 9, 2023 by ATTORNEY

Law firm Foley Hoag sues New York lawyer over bankruptcy fees
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U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights

Oct 30 (Reuters) – A New York lawyer is facing claims that he owes more than $871,000 in unpaid attorney fees to a law firm that represented him for four years after his own firm went bankrupt.

U.S. law firm Foley Hoag sued Jeffrey Liddle on Monday in New York County Supreme Court, alleging that he has not made a payment on his balance since December 2022.

Liddle, who now practices at The Liddle Law Firm, did not immediately respond to a request for comment, nor did a spokesperson for Foley Hoag.

Liddle’s practice is focused on employment and securities law, and typically represents clients who are involved in finance. His past clients have also U.S. law firms Seward & Kissel and Stroock & Stroock & Lavan.

In March 2019, Liddle filed for Chapter 11 bankruptcy in Manhattan, stating he owed more than $10 million to his creditors, which included several law firms, including Kasowitz Benson Torres and Blank

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October 31, 2023 by ATTORNEY

Local Bankruptcy Attorney Weighs in on Student Loan Payments Restarting | News

Options For Student Loan Repayments

UTICA, N.Y. — 40 million.

That’s the number of Americans with student loan debt.

For some, that debt is in the thousands.

For others, it could approach a quarter of a million dollars.

During the pandemic, payments were passed by both the Trump and Biden administrations.

That pause expired in August after congress passed a provision in the debt ceiling bill that said the president could not extend the pause without an act of Congress.

This meant interest restarted on loans last month, and payments this month.

It’s an issue that bankruptcy attorney David Gruenwald sees every day.

Student loan debt is a big problem, and with the push for repayment, that could put extra pressure on households.

For some, the pressure could mean making tough decision to make those payments.

But there are options available for people struggling to make payments.

The Biden Administration recently launched the save program, which reduces payments based on a person’s income.

One lesser-known option, bankruptcy.

“The thing I want people to know is that it’s not entirely true, there’s that rumor, you can’t get rid of student loan debt through bankruptcy. That’s not entirely

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October 13, 2023 by ATTORNEY

Unclaimed Funds Pose Profit Potential For Bittrex’s Bankruptcy

(MENAFN- CoinXposure) Bittrex, which filed for bankruptcy in May, may still be profitable because consumers are not claiming their funds .

The U.S. Secret Service was a significant patron, with millions in the cryptocurrency exchange.

Most crypto bankruptcies are tales of anguish and loss: Anguished ex-customers of FTX or Celssign up and hope to recover a portion of their holdings one day.

Not so for Bittrex’s U.S. subsidiary, which is having trouble convincing over a million creditors to shut up and accept their money, potentially resulting in a profitable Chapter 11 bankruptcy estate.

Since May, and now that the deadline for filing a claim has passed, just under 36,000 customers have withdrawn approximately $143 million worth of cryptocurrency , the company’s attorney told a Delaware court Wednesday.

After the company’s U.S. and Maltese branches filed for bankruptcy in May, emails were sent to a small portion of its 1.6 million customers, imploring them to withdraw.

“One of the questions we wanted to answer was why our participation rates are so low,” Tomasaid, adding that some customers may have been reluctant to provide the additional personal information required for anti-money laundering checks to claim a relatively modest amount.

They are

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September 21, 2023 by ATTORNEY

Utah tour operator files for bankruptcy: What’s next for those owed money for canceled tours?

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SOUTH JORDAN — In April, KSL Investigators told you about a Utah-based travel company that abruptly canceled overseas tours of many viewers without offering refunds. Thousands of dollars were paid, which prompted many calls to Get Gephardt. Now, that company has filed for bankruptcy protection. So, what happens next?

“They won’t email us. They won’t call us back,” Lynette Clark told us about her communications with tour operator Latter Day Travel.

Clark paid about $6,000 for a tour she booked with Latter Day Travel, but six months before departure, she got an email saying they canceled her tour because of inflation and higher travel costs. No refund was offered. There was only the promise of credit if there are “travel opportunities in the future.”

“I hope that we can get our money back,” she said.

“It’s a lot of money for us,” Laurel Bjornberg said, when KSL Investigators spoke to her about a nearly identical cancellation email she received from the sister company, CruiseBuilder.

She said she paid $4,700 for her tour and, like Clark, got no refund.

“We paid for our trip, and then we have nothing,” she said.

KSL Investigators tried by

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September 16, 2023 by ATTORNEY
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