Retiring New Jersey Bankruptcy Judge Donald Steckroth to Join Cole Schotz

Category: Bankruptcy Law
Published: Thursday, 12 February 2015
Written by Admin

As US Bankruptcy Judge Donald Steckroth retires from the New Jersey bench and prepares to join Cole Schotz PC, he has just one concern for the colleagues he's leaving behind: whether the US Supreme Court will continue to limit the power of the bankruptcy court.

The Supreme Court is currently weighing the latest in a series of cases to determine whether bankruptcy judges can offer final judgments on certain issues. The court's decision, eagerly awaited by bankruptcy judges and practitioners alike, should be out by the end of June.

"I don't know how the system would run, frankly, if the jurisdiction was taken away from the court," Judge Steckroth, 67, says.

As of Monday, Judge Steckroth will be watching the case as a private practitioner instead of as one of the nation's roughly 350 bankruptcy-court judges. After serving a 14-year term on the bench in US Bankruptcy Court in New Jersey, he'll be joining the law firm Cole Schotz as a member at the beginning of next month.

"I'm a little nostalgic and melancholy, but excited about going on to something else," Judge Steckroth said Friday during his final day at the court.

In recent years, Judge Steckroth's caseload has included overseeing the Chapter 11 cases of women's retailers Dots and Mandee's, as well as baby and toddler product manufacturer Kid Brands.

In 2013, Judge Steckroth penned a decision in a nursing-home case that created precedent for modifying union contracts in bankruptcy. The decision was cited heavily in an October ruling that allowed Trump Entertainment to cancel healthcare and pension benefits at the beleaguered Trump Taj Mahal casino in Atlantic City, NJ (Taj Mahal's union employees have appealed the ruling and held a protest last week outside the office of billionaire Carl Icahn to reinstate the benefits.)

Judge Steckroth, who spent 28 years as a bankruptcy lawyer at New Jersey-based law firm Gibbons PC before becoming a judge, said he's looking forward to joining Cole Schotz after watching it over the years become one of the "preeminent bankruptcy and reorganization firms in the region."

The New Jersey bankruptcy court that Judge Steckroth is leaving is in the middle of a generational change, New Jersey Law Journal recently reported.

By the middle of this year, six of the court's nine judges will have turned over in a two-year period, due to one death and a number of retirements.

Write to Sara Randazzo at This email address is being protected from spambots. You need JavaScript enabled to view it.. Follow her on Twitter at @sara_randazzo



Attorney Adam M. Weiner Posts a Blog Series on Taxes and Bankruptcy

Category: Bankruptcy Law
Published: Thursday, 12 February 2015
Written by Admin

As tax season is here, the Portland area bankruptcy and debt relief law firm, Law Offices of Adam M. Weiner, works diligently with clients and their tax and financial situations.

Portland, OR (PRWEB) February 05, 2015

Attorney Adam Weiner recently launched a series of blogs to educate consumers on their options when it comes to past due taxes and bankruptcy. In Adam's Chapter 7 bankruptcy blog regarding taxes, he states, "First, a Chapter 7 can discharge (write off permanently) an income tax debt if that debt meets a number of conditions, mostly related to how old the tax is. And second, as for taxes that don't meet those conditions, Chapter 7 can discharge your other debts so that you can afford to enter into a reasonable monthly payment plan with the IRS and/or the ODR. And third, sometimes some taxes can be discharged and some cannot, so that Chapter 7 gets rid of some of your taxes and sets you up so you can make monthly payments on the rest." Adam also explains in his Chapter 13 bankruptcy blog regarding taxes, how a chapter 13 bankruptcy could also help individuals with tax debt in ways that a chapter 7 cannot. Indeed, in his new blog series, Adam states that in some circumstances, a chapter 13 bankruptcy is a better strategy for dealing with past due taxes than a chapter 7 bankruptcy.

As every situation is unique, Adam's blogs are meant to offer a variety of options and knowledge, but it is always recommended that one reaches out to a bankruptcy lawyer, such as Adam Weiner, to discuss their financial situation. Adam is known in the area for his personal approach, compassion, expertise, and interpersonal skills as he regularly guides clients through one of the most vulnerable times of their lives. His approach is simple; he focuses on empowering and helping people move on with their lives by giving them a fresh start financially.

Attorney Adam Weiner has been a lawyer in good standing in Portland, Oregon, since 1998. And The Law Offices of Adam M. Weiner recently celebrated five years since the opening of the law firm, focusing on representing individuals and small businesses in Chapter 7 and Chapter 13 bankruptcies. Licensed in Oregon, Attorney Adam M. Weiner has filed hundreds of successful bankruptcy cases during his career. In 2014 alone, Adam successfully filed over 125 cases, helping people with a fresh, financial start. Before specializing in debt relief and bankruptcy law in 2009, Adam specialized in plaintiff personal injury and employment litigation. And now Adam is excited to announce, in addition to his debt relief and bankruptcy practice, that he will again start taking select plaintiff personal injury and employment cases.

The Law Offices of Adam M. Weiner have three conveniently located offices: Portland Southeast, Portland Northeast and Beaverton. To learn more about how The Law Offices of Adam M. Weiner can help, contact Adam today at 503-719-5123 and/or visit his website: http://www.bankruptcylawportland.com.

About Law Offices of Adam M. Weiner
The Law Offices of Adam M. Weiner provide extensive knowledge of bankruptcy law and debt relief strategy during a free initial consultation, including discussing the actual ramifications of filing a bankruptcy--which are a lot less severe than most people believe, and strategies for a quick financial recovery. Also, the Law Offices of Adam M. Weiner is now taking select personal injury and employment cases.

About NALA(TM)
The NALA is a full-service marketing agency providing custom personalized service for small and medium businesses throughout the United States.

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For the original version on PRWeb visit: http://www.prweb.com/releases/LawOfficesOfAdamWeiner/TaxesAndBankruptcy/prweb12490255.htm

Calpers Gets Schooled

Category: Bankruptcy Law
Published: Tuesday, 10 February 2015
Written by Admin

Federal judges tend to be impatient with bullies. Behold judge Christopher Klein's opinion last week confirming the city of Stockton's bankruptcy exit plan, which is as incisive in its rebuke of the California Public Employees' Retirement System (Calpers) as it is instructive about US bankruptcy law.

Stockton declared Chapter 9 bankruptcy in 2012, and it has since rewritten labor contracts and asked creditors for writedowns. Yet after being browbeaten by Calpers, the giant public-pension fund, the city held pensions...

RadioShack files for bankruptcy, sell up to 2400 stores

Category: Bankruptcy Law
Published: Monday, 09 February 2015
Written by Admin

By Nick Brown

(Reuters) Electronics retailer RadioShack Corp lt;RSHC.PKgt; filed for US bankruptcy protection on Thursday and said it had a deal in place to sell as many as 2,400 stores to an affiliate of hedge fund Standard General, its lender and largest shareholder.

Wireless company Sprint Corp lt;S.Ngt; would operate as many as 1,750 of those stores under an agreement with Standard General, Sprint said separately.

RadioShack’s bankruptcy, which has been expected for months, follows 11 consecutive unprofitable quarters as the company has failed to transform itself into a destination for mobile phone buyers. But its sale agreement with Standard General could spare it the fate most retailers suffer in Chapter 11, liquidation.

RadioShack said in a statement that the Standard General affiliate, called General Wireless, will acquire between 1,500 and 2,400 of its more than 4,000 stores.

Sprint would occupy about one-third of each RadioShack store, selling mobile devices across Sprint`s brand portfolio as well as RadioShack products, services and accessories, Sprint said in its statement.

Other potential buyers will also have the opportunity to bid on RadioShack assets. Any deal will need approval by the US Bankruptcy Court in Delaware, so nothing is etched in stone.

Sprint’s chief executive, Marcelo Claure, in a statement said the deal will allow Sprint to grow branded distribution quickly and cost effectively.

In an interview with Reuters earlier on Thursday, Claure said RadioShack had incredible store locations, and he was keen to acquire some to cut down on long waits at Sprint’s current stores. Customers have to wait one or two hours to get a phone and that's not acceptable, Claure said.

A spokesman for Standard General did not respond to a request for comment.

RadioShack, which listed $1.2 billion (0.78 billion pounds) of assets and $1.39 billion of debts in its Chapter 11 filing, said it also has an agreement with a lender group led by DW Partners for a $285 million loan to operate while in bankruptcy.

OTHER RESTRUCTURING MOVES

The Standard General deal is only a piece of its restructuring efforts. The company has a deal with liquidation firm Hilco to shutter underperforming stores and said it has already begun discussions with other potential buyers to acquire the rest of its assets.

These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders, RadioShack Chief Executive Joe Magnacca said in the statement.

The chain’s more than 1,000 dealer franchise stores, its Mexican subsidiary and its Asian operations are not part of the bankruptcy, it said.

Retailers that enter bankruptcy usually liquidate, in large part because of rules under US bankruptcy law that give them precious little time to decide whether to keep or break leases.

Recent retailers that met their demise in bankruptcy include Loehmann’s Inc and Borders Group, which were sold to liquidation firms, and Coldwater Creek. RadioShack hopes to avoid the same fate. It is being advised by law firm Jones Day, investment bank Lazard, and financial advisers at Maeva and FTI.

The case is In Re: RadioShack Corp, Delaware Court, District of Delaware, Case No: 15-bk-10197.

(Reporting by Ramkumar Iyer and Sruthi Ramakrishnan in Bengaluru; Additional reporting by Malathi Nayak; Editing by Saumyadeb Chakrabarty and Cynthia Osterman)