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Bankrupt Caesars unit gets court's OK to use cash, for now
Attorney News |
2015/03/05 16:09
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A federal judge in Chicago ruled Wednesday that a bankrupt division of Caesars Entertainment Corp. can tap some of the $847 million in cash it has on hand for at least five weeks.
Judge Benjamin Goldgar said Caesars Entertainment Operating Co. could access its cash in the interim despite objections from some of the company's creditors.
A budget the company submitted to the court indicated it plans to spend $334 million through April 3. The documents showed revenue is expected to offset spending and leave the company with $834 million in cash at the end of five weeks.
Goldgar scheduled a hearing to reconsider the motion on March 26.
Several other motions, including requests for an examiner to investigate the company's pre-bankruptcy transactions, were delayed until March 25.
The company was also seeking to get out from under several contracts that would save it $675,000 a month.
Among the contracts is a suite for Kansas City Chiefs football games, a sponsorship with the New York Mets, an advertising agreement with The Forum in Los Angeles, and deals with a tour bus operator to support its Horseshoe Bossier City casino in Louisiana and a nearby Springhill Suites hotel operator where the company regularly reserved a block of rooms.
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Court hearing could speed way for Revel casino sale
Attorney News |
2015/02/09 15:39
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The Florida developer buying Atlantic City's former Revel Casino Hotel could find out by the end of the day Monday how much longer he'll have to wait for it.Glenn Straub agreed late Sunday night to extend the deadline for his $95.4 million purchase to be completed.
The sale was supposed to close on Monday.Instead, U.S. District Court Judge Jerome Simandle will hold a hearing at 3 p.m. to hear from former tenants at Revel, including the popular HQ nightclub and celebrity restaurants, as well as the building's sole utility service provider.
The tenants say their $16 million investment should be considered before the court lets Straub buy Revel free and clear of their leases. And the power plant is seeking assurances its unpaid bills and debt from its construction will be paid.
Though much of the urgency of Monday's hearing has been avoided by Straub's willingness to wait, it still has the potential to resolve the most contentious issues standing in the way of Revel's sale.
ACR Energy Partners is threatening to cut off electricity, heat, air conditioning and water to the building if its debts are not paid.
They intended to pull the plug last Thursday, but agreed to keep the power flowing at least until Wednesday when a bankruptcy court judge will consider the issue.Revel and ACR say they are working toward a resolution that could eliminate the need for Wednesday's hearing. |
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Anxiety over Supreme Court's latest dive into health care
Attorney News |
2015/02/04 10:17
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Nearly five years after President Barack Obama signed his health care overhaul into law, its fate is yet again in the hands of the Supreme Court.
This time it's not just the White House and Democrats who have reason to be anxious. Republican lawmakers and governors won't escape the political fallout if the court invalidates insurance subsidies worth billions of dollars to people in more than 30 states.
Obama's law offers subsidized private insurance to people who don't have access to it on the job. Without financial assistance with their premiums, millions of those consumers would drop coverage.
And disruptions in the affected states don't end there. If droves of healthy people bail out of HealthCare.gov, residents buying individual policies outside the government market would face a jump in premiums. That's because self-pay customers are in the same insurance pool as the subsidized ones.
Health insurers spent millions to defeat the law as it was being debated. But the industry told the court last month that the subsidies are a key to making the insurance overhaul work. Withdrawing them would "make the situation worse than it was before" Congress passed the Affordable Care Act.
The debate over "Obamacare" was messy enough when just politics and ideology were involved. It gets really dicey with the well-being of millions of people in the balance. "It is not simply a function of law or ideology; there are practical impacts on high numbers of people," said Republican Mike Leavitt, a former federal health secretary.
The legal issues involve the leeway accorded to federal agencies in applying complex legislation. Opponents argue that the precise wording of the law only allows subsidies in states that have set up their own insurance markets, or exchanges. That would leave out most beneficiaries, who live in states where the federal government runs the exchanges. The administration and Democratic lawmakers who wrote the law say Congress' clear intent was to provide subsidies to people in every state. |
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Brother of murder victim attacks defendant in court
Attorney News |
2015/02/04 10:17
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The brother of a murder victim has been arrested after authorities say he attacked his sister's killer in Onslow County court.
Authorities say 26-year-old Alfonso Law of Acworth, Georgia, has been charged with contempt of court, assault on a government official, simple assault, and disorderly conduct.
News outlets report that Law charged at 26-year-old Pernell Jones on Monday as Jones pleaded guilty to second-degree murder in the death of 15-year-old Anita Law.
After Jones admitted to killing the teenager, Law rushed at him and both men ended up on the floor before deputies pulled them apart,
Jones was sentenced to between 16 and 20 years in prison.
Alfonso Law goes before Judge Charles Henry on the contempt charge Thursday. It was not immediately known if he had an attorney. |
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Fugitive treasure hunter to appear in Florida federal court
Attorney News |
2015/01/30 10:54
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A treasure hunter locked in a legal battle over one of the greatest undersea hauls in American history was scheduled to appear in federal court Thursday after two years on the run.
The U.S. Marshals Service captured former fugitive Tommy Thompson at a Hilton hotel in West Boca Raton on Tuesday. The capture was announced Wednesday by Brian Babtist, a senior inspector in the agency's office in Columbus, Ohio, where a federal civil arrest warrant was issued for him in 2012 for failing to show up to a key court hearing. A criminal contempt warrant was unsealed Wednesday.
Thompson had been on the lam for two years, accused of cheating investors out of their share of $50 million in gold bars and coins he had recovered from a 19th century shipwreck.
Thompson made history in 1988 when he found the sunken S.S. Central America, also known as the Ship of Gold. In what was a technological feat at the time, Thompson and his crew brought up thousands of gold bars and coins from the shipwreck. Much of that was later sold to a gold marketing group in 2000 for about $50 million. |
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