New Mexico's largest Catholic diocese has spent hundreds of thousands of dollars in recent months on lawyers to fight claims of clergy sex abuse and to prepare for a potentially lengthy battle in U.S. Bankruptcy Court. The Archdiocese of Santa Fe's petition for reorganization provides a rare look into the finances of a religious organization that for decades has been wrestling with the financial and social consequences of a scandal that rocked churches across the country. Archbishop John Wester describes the filing as an equitable thing to do as church reserves dwindle. He says compensating the victims is a top priority. National watchdog groups and attorneys for victims of clergy sex abuse said Tuesday the archdiocese's actions suggest otherwise. They point to the money spent by the archdiocese on lawyers over the last three months and the tens of millions of dollars in real estate that has been transferred to parishes in recent years, effectively reducing the amount of assets held by … [Read more...] about Catholic diocese’s bankruptcy filing sparks criticism about asset shifting
U s bankruptcy court
Last Updated Aug 17, 2018 7:29 AM EDT ANKARA, Turkey -- Turkey and the United States exchanged new threats of sanctions Friday, keeping alive a diplomatic and financial crisis that is threatening the economic stability of the NATO country as a Turkish court rejected the appeal of an American pastor caught in the middle of the row. Turkey's lira fell once again after the trade minister, Ruhsar Pekcan, said Friday that her government would respond to any new trade duties, which U.S. President Trump threatened in an overnight tweet.Mr. Trump is taking issue with the continued detention in Turkey of Andrew Brunson, an American evangelical pastor who faces 35 years in prison on charges of espionage and terrorism. Before leaving the White House on Friday, Mr. Trump warned that "we are not going to take it sitting down." He also called the spying charge against Brunson "phony" and denounced Turkey as a "problem for a long time."He said Turkey has "not acted like a friend" and demanded … [Read more...] about Trump asks jailed pastor to be “patriot hostage” as U.S.-Turkey feud escalates
There are many complex events and stories in Russian history. Instead of (sometimes) boring analysis, we decided to retell a few of these stories as short plays with countries, historical figures, and people as characters. Cast: Russia – an Eastern European empire, powerful, always short of money, and full of corrupt officials.U.S. – a young mighty state, but dealing with inner political problems. An enemy of Great Britain.Great Britain – “ruler of the seas.” Enemy (sometimes ally) of Russia and the U.S. Wants to cut profits for both of them.Russian-American company – a Russian state-funded company established for trade with America.Russian explorers – different Russian explorers, sailors, and merchants.Count Muravyov-Amursky– Governor-general of Eastern Siberia.Officers of the Russian-American company – naval officers, young Russian noblemen, as arrogant as they are … [Read more...] about Playing out Russian history: Russia selling Alaska to the U.S.
New York financier Lynn Tilton and bond insurer MBIA Inc. have formally settled their fight over whether the investment funds Tilton used to buy distressed companies should be thrown out of bankruptcy.Under the settlement, which had been agreed to in principle last week, Tilton will be replaced as the head of the Zohar funds for at least 15 months. If creditors are paid off by then, she will win back her position, according to court papers. She will keep her positions in Zohar’s various portfolio companies and begin the process of selling them.The agreements leaves one potential for further conflict: Tilton will keep running the portfolio companies as she and the creditors try to use them to raise enough money to pay off the Zohar debts, most likely through a sale. Any dispute about how to monetize the assets will be referred to a mediator, according to the court documents.The deal allows Tilton to avoid testifying in another trial in which creditors, including MBIA, could … [Read more...] about Lynn Tilton Stripped of Role Leading Zohar Funds in Bankruptcy Deal
Gibson Brands Inc. filed for bankruptcy with a turnaround plan that will give some of the company’s lenders equity ownership of the iconic American business that’s supplied guitars to B.B. King, Elvis Presley and Pete Townshend.A restructuring support agreement with senior secured noteholders will help it repay bank loans while going through a "change of control" transaction, according to papers filed Tuesday with its Chapter 11 bankruptcy in Delaware. The petition estimated up to $500 million in debt, and the lenders have agreed to an operating, or "debtor in possession," loan of up to $135 million to fund operations.The change in control will give noteholders equity in a new company, replacing current stockholders such as Chief Executive Officer Henry Juszkiewicz. According to court filings, current noteholders include Silver Point Capital, Melody Capital Partners LP, and funds affiliated with KKR Credit Advisors. The restructuring will also allow the instrument business … [Read more...] about Gibson Files for Bankruptcy With Deal to Renew Guitar Business