Philly Newspaper Creditors Can't Bid With Credit
Lawyer Blogs
A federal appeals court says Philadelphia's two major daily newspapers can deny creditors the right to use about $300 million owed them to bid at an upcoming bankruptcy auction.
Monday's split 2-1 decision upholds a lower court ruling in a bitter dispute for control of The Philadelphia Inquirer and the Philadelphia Daily News.
The panel says the bankruptcy code "unambiguously permits" a debtor to craft any plan that gives lenders a clear equivalent of their secured interest. The opinion says lenders have no statutory right to bid with the company's IOUs.
An auction is set for next month.
A local ownership group — comprised of two current and one new investor — hopes to win the auction with a bid of $67 million in cash and real estate.
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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.