A shuttered Miami hospital in Chapter 11 stayed on track to be sold in auction in late June when a Florida bankruptcy judge gave her blessing to the sale process Monday after approving a settlement the parties reached to resolve objections from the unsecured creditors committee.
Miami International Medical Center LLC, which ran the recently closed Miami Medical Center, has filed Chapter 11 while listing $31.4 million in assets versus $67.3 million in liabilities.
A company managed by billionaire insurance magnate William R. Berkley and equity fund manager Bruce Berkowitz acquired a collection of properties in Miami’s Coconut Grove at bankruptcy auction for $5.4 million.
The “mystery” buyers who won six sought after West Coconut Grove lots in U.S. bankruptcy court are not so mysterious after all: They are well known Miami financial figures Bruce Berkowitz and Bill Mahone.
A company led by billionaire William Berkley and Bruce Berkowitz of Fairholme Holdings just picked up pieces of an assemblage in west Coconut Grove.
The $5.4 million purchase of six lots along Miami’s Grand Avenue is the latest development for a storied stretch that’s been mired in lawsuits, including a bankruptcy filing, and is home to dilapidated buildings and vacant parcels.
Using the Internal Revenue Service (IRS) as the “triggering creditor” under § 544(b) of the Bankruptcy Code provides a powerful tool for bankruptcy trustees to reach back for periods of 10 or more years in the pursuit of fraudulent conveyances that are otherwise outside the applicable state law statutes of limitation.
A debtor in a bankruptcy case is fighting back against an unusual maneuver that would allow trustees to boost their clawback authority in cases that involve unpaid federal taxes.
Glenn Beck’s media outlet TheBlaze.com told the Delaware Chancery Court on Monday that it should halt proceedings in a suit its former CEO brought against the company — seeking an order that it foot the defense bill for a related Texas suit accusing him of mismanaging Beck’s production company — characterizing it as “forum shopping.”
A Chapter 7 trustee can “step into the shoes” of the Internal Revenue Service and pursue actions that are time-barred under state law, but ones that the IRS could have pursued under its 10-year period allowed for collection activities, a bankruptcy court in Florida held Aug. 31