Monthly Archives: April 2013

Bankruptcy And Kevin Costner?

MV5BMjIwNDMzMjgxMF5BMl5BanBnXkFtZTcwNzc2NzE1OA@@._V1._CR0,0,1503,1503_SS100_  Yeah, that Kevin Costner, the guy who danced with the wolves.

Not in bankruptcy, no, but, being sued in bankruptcy court.

How can you be sued in bankruptcy court?

One way, is to try to get money from a person, or company, that filed bankruptcy.  Or, in this case, sue someone who has a right to be reimbursed by the company that is in bankruptcy.

“Robin Hood”, the Costner version, did not go bankrupt; it was an international hit, over $400 million, all tolled.  Hollywood bookkeeping being what it is, although Mr. Costner did receive his salary and some extra dollars:

“The deal promised Costner “significant” base compensation as well as certain contingent compensation; the lawsuit says he was paid that base amount as well as additional contingent compensation.”

In the law biz, contracts come down to the words.  Costner’s suit in California state court claimed he was entitled to “substantial” compensation.

Hmmm. I think his lawyers think substantial is more than additional.  So, Costner sued in California, state court, not bankruptcy court.

So how does a California state court suit, against the producer, Morgan Creek, get to a New York bankruptcy court?

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One Response to Consumer Bankruptcy Does No Good?

  1. In fact when someone doesn’t be aware of after that its up to other people that they will help, so here it occurs.

Detroit Filing Bankruptcy?

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  I love Detroit.  Always have. And it is on the edge of filing bankruptcy. Cities cannot file Chapter 7 bankruptcy, and go out of existence.  They cannot file Chapter 11 or Chapter 12 or Chapter 13 bankruptcy payment plans. They can file Chapter 9 bankruptcy, and more do every month since Stockton, California filedContinue ReadingContinue Reading

2 Responses to Detroit Filing Bankruptcy?

Bankruptcy and 401(k) Accounts

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401   accounts are exempt in bankruptcy cases.  That is, you can file Chapter 7 bankruptcy, and keep the money in your 401(k) account. Creditors CANNOT GET IT. What could be better than tax free savings?  Why, tax free savings that creditors cannot grab. Yet, one in four American workers with a 401(k) account borrowsContinue ReadingContinue Reading

4 Responses to Bankruptcy and 401(k) Accounts

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