Working with the members and trustees of the Church and with the cooperation of its mortgage holder, which initially resisted the process, the Orantes Law Firm succeeding in obtaining an order from the Hon. Bankruptcy Judge Peter Carroll confirming the Church’s plan of reorganization. Among other things, the Plan discharges approximately 97% of the Church’s unsecured debt and saved the Church building.
In a surprising study, two university professors have found that giving incentive bonus plans to managers during a Chapter 11 bankruptcy can actually improve the outcome of the bankruptcy, including the amount of money creditors receive in a bankruptcy.
Approximately 18 months after the Federal Deposit Insurance Corp. seized the assets of First Regional Bank in Los Angeles, its holding company, First Regional Bancorp, has filed for Chapter 11 bankruptcy. At the time of the seizure, First Regional Bank had $2.18 billion in assets. The FDIC forced a sale to First Citizens Bancshares, Inc.
The Los Angeles Dodgers are one step closer to emerging from Chapter 11 bankruptcy after a Delaware bankruptcy court scheduled a hearing next week to approve a new reorganization plan that would sell the team to new management on April 30.