unsecured creditors

St. Clare’s pensioners want lawsuit against Albany Diocese restarted after bankruptcy filing

The legal team representing the St. Clare’s Hospital pensioners has filed a motion requesting the case be sent back to state court.

In March, the Diocese of Albany announced it was filing for bankruptcy. Bishop Ed Scharfenberger insisted that the diocese didn’t see any other alternative, after settling 50 of over 400 cases brought under the Child Victims Act.

The filing put a hold on the lawsuits involving 1,100 St. Clare’s pensioners who worked at the former hospital in Schenectady. They lost some or all of their retirement savings when, in March 2019, the St. Clare’s Corporation petitioned the state Supreme Court to dissolve, claiming it had run out of money.

Six months later, a group of advocates, including the Legal Aid Society of Northeastern New York and the AARP, filed a lawsuit against the Diocese seeking damages for the pensioners.

In late 2022 a judge ruled the pensioner’s should merge with one filed in May by the Attorney General’s office.

Meryl Grenadier is a Senior Attorney at AARP Foundation.

“Our clients are what is considered, what is called ‘unsecured creditors’ in the bankruptcy proceeding,” said Grenadier. “And in order to obtain any money out of the bankruptcy

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May 13, 2023 by ATTORNEY

Miami trucking company files for bankruptcy protection

A Miami-based trucking company and freight brokerage, which also owns a CDL training school, filed for Chapter 11 bankruptcy protection recently.

Soler & Soler Hauling Inc. filed its petition in the U.S. Bankruptcy Court for the Southern District of Florida on March 10.

According to its website, Soler & Soler Hauling was founded in 2011 by two brothers, Edisley Soler Negrin, 37, of Miami, who serves as its president, and Elisbel Soler Negrin, 38, who is the vice president of the company. The company’s broker authority was granted in March 2019, according to the Federal Motor Carrier Safety Administration SAFER website

The company, which has 22 tractors and 42 drivers, hauls mainly refrigerated freight throughout the U.S. and Canada. Its website states it also hauls general freight, building materials and paper products. 

In court filings, Soler & Soler Hauling cited “financial hardship in the past 12 months, with the most recent months being particularly difficult,” as one of the main reasons it was forced to file for bankruptcy protection. The owners listed that “negative cash flow in the past eight months, high fuel prices and a higher than usual cost to keep their fleet active” were also contributing factors. 

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March 31, 2023 by ATTORNEY

FTX Is Allowed to Hide the Identity of Its 50 Biggest Creditors

(Bloomberg) — FTX creditors, including rich investors who don’t want their names made public, can remain anonymous and still participate in the company’s bankruptcy case for now, a judge ruled at the company’s first court hearing Tuesday. 

US Bankruptcy Judge John Dorsey agreed to let the fallen crypto exchange redact the names of the 50 biggest unsecured creditors owed a total of $3.1 billion. The US Bankruptcy Code normally requires the names be filed in documents available to the public. Representatives for FTX argued those creditors are also customers and disclosure would allow rivals to steal their business. 

The sudden fall of Sam Bankman-Fried’s crypto empire into bankruptcy Nov. 11 was so fast, and so disorganized that many standard procedures, including Tuesday’s hearing, have been subject to delays. The hearing began with FTX attorney James Bromley saying a “substantial amount” of the group’s assets “have either been stolen or are missing.” 

At least two groups of crypto creditors sent lawyers to the hearing to support the company’s request to keep their identities secret. One included members that are among FTX’s largest unsecured creditors — likely setting the stage for future fights for assets among various groups.

Dorsey agreed to

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November 24, 2022 by ATTORNEY
April 2024
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