AG expresses disappointment in Baha Mar layoffs, and rejects it being linked
As “debtors-in-possession” under the US Bankruptcy Code the Baha Mar companies faced the same cash shortage that now confronts the Joint Provisional Liquidators. On July 10 Baha Mar told the Bankruptcy Court that in the absence of an agreement “in …
Read more on The Eleutheran

Bankruptcy Judge Nixes Fund's Buy Of 0M Madoff Claim
The appeals court in September 2014 held that the transaction fell within the “territorial jurisdiction” of the United States and was therefore reviewable under Section 363 of the U.S. Bankruptcy Code, which governs the sale of assets in bankruptcy …
Read more on Law360 (subscription)

The rules of debt forgiveness
It is now our understanding that the IRS may make us pay tax. Can this be correct? ANSWER: Even though it does … The general rule is when a debt is canceled or forgiven, the tax code treats the wiped out debt as income subject to tax. Unless an …