Bankruptcy News - A Panel Discussion

Category: Bankruptcy Law
Published: Saturday, 24 January 2015
Written by Admin
Jan 13, 2015 - (iNewswire)

The Florida Chapter of Commercial Finance Association ("CFA") is pleased to announce a special South Florida event on Tuesday January 20, 2014 featuring well-respected bankruptcy attorneys Mariaelena Gayo-Guitian and Carlos E. Sardi and distressed company investor Gary Nacht, as they discuss changes to bankruptcy law and impact of these changes . Attendees are encouraged to attend this special education event, in combination with a networking luncheon at the Lauderdale Yacht Club. Join us and bring your colleagues to this CFA educational and networking event.

Bankruptcy News - A Panel Discussion:

Bankruptcy law changes and impact

Bankruptcy trends FL

Bankruptcy trends US

Trends in alternative solutions to corporate restructurings

Tuesday, January 20, 2015, 12:00 noon (registration begins 11:30am)

Reception, Presentation and Luncheon

Fort Lauderdale Yacht Club, 1725 SE 12th St., Fort Lauderdale, FL 33316

$45 for CFA Members (and affiliate group members); $65 Non-Members and day of event. Visit for information and registration. Also register for this event at

Genovese Joblove amp; Battista, PA, one of the largest boutique practices in Florida, provides clients throughout the nation with exceptional services in select areas of law. Each of the firms senior lawyers, as a reflection of his or her knowledge and professionalism, enjoys the highest professional ratings. At GJB, these outstanding attorneys join in a common commitment to represent our clients interests to the best of our ability.

At GJB, its' large depth of resources and experience is able to handle the most complex litigation matters, but small enough to recognize the value of each client. GJB ( practices in all Florida courts and handles federal proceedings nationwide. We are also involved in a number of cross-border insolvency and litigation matters. Its' attorneys handle large and complex litigation in a number of areas including bankruptcy, insolvency, receiverships, franchise litigation, general commercial litigation, white collar, real estate, employment litigation, class actions, and securities litigation. In addition, GJB provides advice and consulting services in government affairs and counsel in municipal law.

Mariaelena Gayo-Guitian, Partner, Fort Lauderdale (Genovese, Joblove amp; Battista, PA)

Mariaelena Gayo-Guitian specializes in all areas of bankruptcy, business reorganization, and creditors' rights.  Ms. Gayo-Guitian has handled numerous Chapter 11 reorganizations and liquidations on behalf of debtors, creditors, committees and trustees.  Ms. Gayo-Guitian also has experience and expertise in handling adversary matters involving objections to discharge, dischargeability of debts, fraudulent transfers, preferences and related bankruptcy litigation. Additionally, Ms. Gayo-Guitian has represented trustees and creditors in bankruptcy cases under Chapters 7 and 11.   She also specializes in the representation of both assignors and assignees in assignment for the benefit of creditors' in State Court proceedings.
Ms. Gayo-Guitian is "AV" rated by Martindale-Hubbell and has been named as a Super Lawyer by Florida Super Lawyers magazine.  Ms. Gayo-Guitian is included in the South Florida Legal Guide "Top Lawyers" and Best Lawyers in America, in the area of bankruptcy, business reorganizations and creditors' rights. Additionally, she was a Daily Business Reviews' 2011 finalist for "Most Effective Lawyers" and 2012 finalist for "Top Dealmakers of the Year." She is also a frequent lecturer and presenter on bankruptcy, restructuring and related issues at conferences and seminars sponsored by the American Bar Association, The Florida Bar and the Southern District of Florida Bankruptcy Bar Association.

Ms. Gayo-Guitian is an active member of the Southern District of Florida Bankruptcy Bar Association and Bankruptcy Judicial Liaison Committee of the Business Law Section of the Florida Bar.    She is a current member and Past President of the Broward County Hispanic Bar Association and is a member of the University of Miami Law Alumni Association Board.  She is also a member of the International Women's Insolvency and Restructuring Confederation (IWIRC), American Bankruptcy Institute and American Bar Association.  Ms. Gayo-Guitian currently serves as a director of the High Road Foundation a non-profit organization founded and managed by South Florida individuals interested in advancing the talents of stand-out youth with financial need. 

Ms. Gayo-Guitian is a member of the Florida Bar and is admitted to practice before the United States Court of Appeals for the Eleventh Circuit, Federal Circuit Court in Washington, DC, and the United States District Courts for the Middle and Southern District of Florida.  She earned her Juris Doctor degree in 1988 from the University of Miami School of Law and her Bachelors in Business Administration and Political Science from the University of Miami graduating cum laude in 1985.  After graduating from law school Ms. Gayo-Guitian served as law clerk to the former Chief Bankruptcy Judge, Sidney M. Weaver, US Bankruptcy Court, Southern District of Florida.

Carlos E. Sardi, Partner, Miami (Genovese, Joblive amp; Battista, PA)

Carlos E. Sardi practices in the areas of bankruptcy, commercial litigation, creditors rights, insolvency, reorganization and restructuring. Mr. Sardi has represented debtors, trustees and creditors in bankruptcies under Chapters 7 and 11 cases. He has also defended alleged debtors in involuntary bankruptcy cases. More recently, Mr. Sardi successfully achieved the dismissal and obtained a multi-million dollar judgment against a major national bank in a jury trial for damages and punitive damages resulting from the "bad faith" filing of such type of case. Mr. Sardi also represents clients in complex commercial litigation matters including legal and accounting malpractice, officer and director liability, contract disputes, fraudulent transfer actions, preference transfer actions, and debt collection matters.  He also specializes in the representation of assignors, assignees, and creditors in assignment for the benefit of creditors' proceedings and receivers in both State and District court receivership proceedings.

Prior to joining the firm, Mr. Sardi interned for Judge J. Gerald B Cope, Jr., Florida Third District Court of Appeals. Prior to law school, he was a Financial Analyst for Xerox Corporation where he was instrumental in negotiating large deals by improving the financial status of the corporation.

Mr. Sardi is active in professional organizations such as the American Bar Association, Dade County Bar Association, Cuban American Bar Association, Venezuelan American Bar Association, Put Something Back Program of Miami-Dade County, and the Bankruptcy Bar Association for the Southern District of Florida. He also serves as a Director At Large for the Bankruptcy Bar Association of South Florida and has also served in the Bankruptcy Committee of the Dade County Bar Association. Mr. Sardi has been recognized as a Rising Star by the Florida Super Lawyers magazine. He currently serves as an adjunct professor at Barry University teaching a course in bankruptcy law and has lectured for the National Business Institute. Further, Mr. Sardi has served in the Mentor Program at the University of Miami School of Business. Mr. Sardi is a member of the Florida Bar and admitted to practice before the United States Court of Appeals for the Eleventh Circuit and the United States District Courts for the Southern, Middle, and Northern District of Florida. He received his Juris Doctor, magna cum laude, from Nova Southeastern University in 2004, where he was selected for the Moot Court Honor Society and the Nova University Law Review. Mr. Sardi earned an MBA. from the University of Miami in 1987 and also earned a Bachelor degree in Business Administration, cum laude, from the University of Miami in 1985.

Gary Nacht

Gary Nacht is Chairman and CEO of Synergy Enterprises, LLC based in Fort Lauderdale, FL.  His specialty for more than 15 years has been the quick and highly discrete acquisition and turnaround of distressed and underperforming companies.  Most of his acquisitions have been subsidiaries or divisions of larger parent companies who no longer had the time or were willing to dedicate the resources necessary to execute a turnaround themselves, or just wanted a quick, painless way to remove an unwanted orphan from their portfolio. Mr. Nacht has also expanded his services to include a "Quick Strike," immersive advisory for business owners in distress but not yet willing to  entertain a possible sale or restructuring, or who can't afford the prohibitive (and counter-intuitive) cost of retaining traditional Tier 1 restructuring firms. Acquisitions and advisory clients have ranged from $50 million in sales to over $1 billion, with especially deep experience in retail, distribution and manufacturing.

Commercial Finance Association - Florida Chapter Newsroom

Original Source:

Free Consultation Available from an Experience Bankruptcy Attorney in ...

Category: Bankruptcy Law
Published: Friday, 23 January 2015
Written by Admin
( Get the help of an experienced professional and book an appointment with a reputable and experienced bankruptcy attorney in Pittsburgh, PA. The Law Office of Janice Q. Russell specializes in consumer bankruptcy.

No one should move through the territory of filing for bankruptcy without the help of a qualified professional with the ability to aid the process. The Law Office of Janice Q. Russell, Esq. offers free consultations to prospective clients. This noted bankruptcy attorney can help determine if filing for bankruptcy is the correct route for a potential client.

May changes to bankruptcy law in Pittsburgh, PA, went into effect in the year 2005 so what was true in the past may not be so now. Janice Q. Russell stays current and educated in the field of bankruptcy law to guarantee her clients get the best financial advantage for the client. The two types of consumer filings are Chapter 13 and Chapter 7 bankruptcy. Overall, the attorney works to protect every client's rights no matter which legal route is the best for a specific situation.

As a leading bankruptcy law firm in Pittsburgh, The Law Office of Janice Q. Russell hopes to relieve clients from the burden of debt. During a free consultation, the two types of consumer bankruptcy will be discussed.

The main differences are:

Chapter 13 lasts up to five years and is a repayment plan that relieves a debt.
Chapter 7 is closed quickly and leaves the debt-holder free of debt but requires an extensive debt test.

A recent review of The Law Office of Janice Q. Russell states, "I was really impressed with the time and attention Janice gave me in my desperate situation. Her knowledge and friendliness were much better than anyone else I had contacted. I will use her again if I need to."

Book a free consultation today with the experienced attorney at The Law Office of Janice Q. Russell. Esq. to determine if bankruptcy is the right option for a specific financial situation.

To learn more visit their website at or call (412) 440-7824.

Company Name: The Law Office of Janice Q. Russell, Esq. Contact Person: Janice Russell Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Phone: (412) 577-4007 Address:301 Grant Street, Suite 4300 City: Pittsburgh State: PA Country: United States Website:

Conneaut Lake Park heads to bankruptcy court today

Category: Bankruptcy Law
Published: Thursday, 22 January 2015
Written by Admin

A status conference and an initial hearing on Trustees' bankruptcy is scheduled for 10 am before Judge Jeffrey Deller of Pittsburgh, the chief judge for US Bankruptcy Court of Western Pennsylvania. The hearing also will be sent via video conference to the Bankruptcy Courtroom, US Courthouse, 17 S. Park Row, Erie.

The hearing is scheduled to include potential action on the appointment of attorney George Snyder and Stonecipher Law Firm as the bankruptcy attorney for Trustees; payment to the park's utility providers during bankruptcy proceedings; and a motion to extend time to Jan. 30 for Trustees to file a list of the park's assets and liabilities, financial statement, equity security holders and related filings.

Under federal bankruptcy law, the bankruptcy filing automatically stopped any creditors from continuing any action against Trustees.

Conneaut Lake Park was set to go to a sheriff's sale Dec. 5, 2014, to pay more than $925,000 in overdue real estate taxes dating back to 1997 that are owed to Conneaut School District, Crawford County and the townships of Sadsbury and Summit.

On Sept. 10, 2014, Conneaut School District, Crawford County and Sadsbury and Summit townships filed a joint motion with Crawford County Court of Common Pleas for a sheriff's sale to force payment of $927,812.95 in property taxes, interest and penalties owed to them, plus $14,029 in attorneys' fees as well as costs associated with the sale to be added.

The park's federal bankruptcy filing gives Trustees protection from its creditors like the four taxing bodies, but the bankruptcy is subject to oversight of a bankruptcy judge.

Any bankruptcy reorganization plan must be approved by the bankruptcy court and the park's creditors also will have input on the plan.

Keith Gushard can be reached at 724-6370 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

China Cities Signal Property Crash By Halting Apartment Sales

Category: Bankruptcy Law
Published: Wednesday, 21 January 2015
Written by Admin

Without explanation, authorities in two Chinese cities have refused to issue approvals for transfers of apartments built by selected developers, including troubled Kaisa Group.

Most analysts believe the extraordinary moves are related to Xi Jinping's so-called anti-corruption campaign, but that explanation fails to explain certain crucial facts. There is reason to think there could be bankruptcy law factors behind the withholding of the approvals, which have unsettled markets in recent weeks. The bankruptcy explanation suggests a market correction is coming soon.

Late last year, Shenzhen began to withhold ordinary approvals and permits to Kaisa. Later, Kaisa in a December 21 filing with the Hong Kong Stock Exchange, disclosed that Shenzhen had blocked pre-sales at four of its projects.

Then last week the Wall Street Journal reported that Hangzhou, in coastal Zhejiang province, blocked the sale of almost all the apartments in Kaisa's 749-unit Xixi Puyuan project. The Journal, in a cryptic passage, raised the possibility that the projects of other developers in Hangzhou had also been affected.

Moreover, Shenzhen has begun blocking the sales of at least five other builders. In the middle of last week, the city's Urban Planning Land and Resources Commission stated that sales of 2,800 units constructed by China Overseas Land amp; Investment were blocked.

Shenzhen has also stopped sales in projects of Rongchao Real Estate, Dong Dao Real Estate, and China Merchants Land.

And Fantasia Holdings Group may now be under a partial sales ban with four units at Hua Xiang Garden listed as "restricted."

There is little known about the blockages. Fantasia's chairman, Pan Jun, maintains that the ban relates only to circumstances peculiar to the four purchasers, not Fantasia itself. Shenzhen, for its part, said the blockage on flats built by China Overseas was normal.

Yet even with the comments involving the Fantasia and China Overseas blockages, extremely little is known about the sales bans. Shenzhen has disclosed almost nothing else on the general matter. Moreover, authorities in Hangzhou did not explain the freeze on Kaisa's flats, and, as the Wall Street Journal noted, it "wasn't clear" whether the authorities in the two cities were coordinating their actions against the now-beleaguered developer.

In the absence of definitive information, analysts have come up with theories. For instance, the withholding of routine approvals to Kaisa suggested to many that the company had somehow run afoul of authorities in that bustling southern Chinese city. As the South China Morning Post told readers, "This raises the possibility that the roots of its woes are at least in part political."

In this regard, Bloomberg Bloomberg on the 15th of this month reported that "two people familiar with the matter" said that Kaisa was being investigated over "links to a senior Shenzhen official" who was "under probe."

Yet the corruption narrative, which is accepted by most observers, fails in one critical respect. It does not explain why the two cities are taking actions that punish innocent parties, the purchasers of units.

Anne Stevenson-Yang of Beijing's J Capital Research calls the anti-corruption narrative "all but irrelevant." In an e-mail message last week, she suggests that Shenzhen stopped apartment sales to ensure that its own banks "are first in line when the cash is distributed." Kaisa is already holding purchaser deposits, but until purchasers take title, their rights can be easily superseded by the developer's bank creditors.

Stevenson-Yang's theory is consistent with reports that Shenzhen banks have asked courts to freeze Kaisa's assets. It appears that, in response to the banks' move, more than $100 million of the developer's assets have been judicially locked down.

This bankruptcy law theory, unlike the one about Xi's corruption campaign, takes into account why that city has been willing to risk social unrest by prejudicing the rights of thousands of prospective homeowners. Hundreds of purchasers flooded a Kaisa office on Tuesday to demand that the Shenzhen government allow the sales to go through.

It is surprising, in light of the massive oversupply of residential units, that so few of China's developers have failed. So far, the central government and localities have managed to keep property markets afloat by various delaying tactics.

Now, however, two localities look like they are switching their approach and trying to put some builders out of business. So the withholding of routine approvals could be a sign that local governments acknowledge that prices will have to adjust soon, and they are at this moment favoring some developers and lenders in what is essentially triage.

Officials undoubtedly realize they can determine which builders go under by simply withholding licenses and permits, thereby constricting the flow of cash to them. After all, Kaisa's growing problems--payment defaults and court-ordered freezes--were triggered by Shenzhen's blockage of sales.

So expect a wave of defaults as Chinese cities, choosing among developers, simply not issue critical approvals to some of them.

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