Philly news lenders appeal auction bid rules
Business Law
Creditors trying to win control of Philadelphia's two major newspapers have asked a U.S. appeals court to reconsider a key ruling involving the upcoming bankruptcy auction.
Secured creditors are owed about $300 million by owners of The Philadelphia Inquirer and Philadelphia Daily News. They want to use that "IOU" to make a so-called "credit bid" for the company.
The auction is scheduled for April 27. A local group that includes current investor Bruce Toll, the housing company founder, and chemical company heir David Haas has made an opening $67 million bid.
A federal appeals panel issued a 2-1 decision this month that lets Philadelphia Newspapers deny creditors the right to bid with the money owed them. The lenders this week asked the full 13-judge court to hear their appeal, charging that the ruling upends decades of precedent and will disrupt the credit industry.
"The panel decision in this case represents a startling break with decades of established bankruptcy practice and a repudiation of basic principles of bankruptcy law," the creditors wrote in the 122-page motion filed Monday.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.