Journal sale – Prospecting Journal http://prospectingjournal.com/ Mon, 11 Apr 2022 12:42:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://prospectingjournal.com/wp-content/uploads/2021/10/icon-120x120.png Journal sale – Prospecting Journal http://prospectingjournal.com/ 32 32 Former Toys R Us executives, board charged with fraud in bankruptcy case https://prospectingjournal.com/former-toys-r-us-executives-board-charged-with-fraud-in-bankruptcy-case/ Thu, 20 Jan 2022 12:00:00 +0000 https://prospectingjournal.com/former-toys-r-us-executives-board-charged-with-fraud-in-bankruptcy-case/ A lawsuit on behalf of Toys R Us creditors accuses TOys R Us executives and board members of acting … [+] fraudulently during the company’s bankruptcy proceedings in 2017. Jane Verdon Toys R Us creditors who were burned in the company’s bankruptcy have presented new evidence that Toys R Us executives and board members pushed […]]]>

Toys R Us creditors who were burned in the company’s bankruptcy have presented new evidence that Toys R Us executives and board members pushed their own financial interests and owners’ interests of private equity before creditors when the toy retailer collapsed.

Lawyers representing the TRU Creditor Liquidation Trust presented a 446-page brief to the court that oversaw the bankruptcy of Toys R Us. It outlines how Toys R Us chose to pursue a costly and ill-fated restructuring, rather than an immediate liquidation that would have generated more cash to pay creditors.

Toys R Us executives and board members opted for restructuring and misrepresented themselves to obtain debtor-in-possession loans needed for a restructuring, even though they knew they would not be in able to meet the terms of the loans, according to the creditor’s complaint.

The last deposit, the first reported by Bloomberg, adds fascinating details, gleaned from the company’s emails and depositions, about the maneuvers that unfolded as Toys R Us prepared to announce its September 18, 2017, bankruptcy filing. relies on a lawsuit the group of creditors filed in March 2017. 2020, which, among other things, alleged that Toys R Us CEO Dave Brandon and other senior executives received timed bonuses to circumvent bankruptcy rules.

The new document notes that the sudden decision to liquidate in the spring of 2018, after first embarking on a restructuring, created an unprecedented $800 million in administrative losses – unpaid claims by employees and suppliers for goods and services provided after bankruptcy – the largest administrative insolvency in US history, according to court filings.

“Such significant administrative losses cannot be explained by an innocent error,” claim the creditors. “They can’t be explained by reasonable decisions that just didn’t work out. So how did it go?

The answer, according to the creditors, is “that these losses were the direct result of the defendants’ actions of bad faith, knowing abdication of office, fraudulent transfers, misrepresentations and fraudulent concealments. The misconduct began before the date of the motion and continued throughout the case.

A lawyer for the creditors, Greg Dovel, said the Trust’s “investigation produced overwhelming evidence of corporate wrongdoing, and we look forward to presenting it at trial.”

Robert Bodian, managing partner at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, which represents Toys R Us executives and board members, responded with a statement calling the Trust’s claims “baseless and irresponsible”.

“They know their case is legally untenable, so they seek to attack the defendants through the media. Defendants will continue to refute these baseless claims in court, and we hope that defendants, who have always acted in the best interests of the company, will be fully vindicated,” Bodian said.

Executive bonuses cited by creditors were a point of contention during the 2017 bankruptcy proceedings, with US trustee Judy A. Robbins harshly criticizing a plan to pay out between $16 million and $32 million to 17 managers to motivate them to stay with the company during the restructuring. “It defies logic and wisdom,” Robbins wrote in an objection.

Those bonuses were reduced to $14 million, but Toys R Us also revealed that five senior executives, including Brandon, received millions in bonuses four days before the bankruptcy filing,

Brandon received a bonus of $2.8 million in addition to a base salary of $3.75 million. CFO Michael Short received a $600,000 bonus on a salary of $700,000.

“Defendants knew that these bonuses would not be permitted in bankruptcy and knew that money paid to executives would otherwise be paid to creditors. Defendants knowingly evaded bankruptcy restrictions and knowingly obstructed and defrauded creditors, engaging thus to a fraudulent transfer. In doing so, they violated the law and their duty of loyalty,” claim the creditors in the latest filing.

One of the damning emails creditors unearthed in their investigation was a July 2017 message from Brandon in which he wrote about the need to be “creative” in designing an executive bonus plan that “works. for us”. Brandon said Toys R Us executive salaries and bonuses were already “over-indexed to the market,” making it difficult to justify additional compensation.

The creditors’ filing also argues that Brandon and other Toys R Us executives misled the bankruptcy court about the company’s sales forecast and ability to survive as a going concern, and that suppliers were misled about the company’s ability to afford the merchandise Toys R Us desperately needed for the holiday season.

Creditors filed notes that the defendants qualified the argument that Toys R Us should have known the restructuring was doomed and immediately moved into liquidation to maximize assets, “Monday quarterback morning”.

“It’s not the Monday morning quarterback,” the creditors replied. “These facts were known months before the match started. An even more apt analogy is that the defenders approved a Hail Mary pass attempt with no time on the clock and no quarterback who could throw the ball.

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BH Cosmetics files for bankruptcy – WWD https://prospectingjournal.com/bh-cosmetics-files-for-bankruptcy-wwd/ Tue, 18 Jan 2022 19:42:04 +0000 https://prospectingjournal.com/bh-cosmetics-files-for-bankruptcy-wwd/ BH Cosmetics, which recently created makeup lines with Doja Cat and Iggy Azalea, has filed for bankruptcy. The cosmetics brand filed for Chapter 11 bankruptcy in Wilmington, Del., on Jan. 14, intending to sell its intellectual property for $4.3 million. BH sold its products online, as well as through Ulta Beauty and other retailers. BH […]]]>

BH Cosmetics, which recently created makeup lines with Doja Cat and Iggy Azalea, has filed for bankruptcy.

The cosmetics brand filed for Chapter 11 bankruptcy in Wilmington, Del., on Jan. 14, intending to sell its intellectual property for $4.3 million.

BH sold its products online, as well as through Ulta Beauty and other retailers.

BH said in court documents that it hired Hilco Streambank and signed a purchase agreement with RBI Acquisition Holdings LLC as the bidder for the assets. An attempted pre-petition sale, where the company hired a banker to sell itself from September, did not work, the company wrote in court documents.

“The decline in debtor income is insufficient to support continued operations,” BH wrote in court documents. BH is majority-owned by MidOcean Partners, which initially invested in 2018. At that time, industry sources told WWD that BH had between $50 million and $60 million in net sales and was highly profitable.

But in court papers, BH said it faced “increased competition” in the beauty category, and attempts to maintain market share were eroding profitability. “The debtors also struggled to secure profitability after pursuing an ultimately unsuccessful launch of various product lines,” BH’s chief restructuring officer, Spencer Ware of Riveron Management, wrote in a statement.

In 2019, the company recruited a new management team who suggested using 2020 as a transition year. But the COVID-19 pandemic has had major consequences for BH, which sells eye shadow palettes and makeup brushes, and sales have fallen from $55.8 million in 2019 to $33.6 million. dollars in 2020.

BH delayed the launch of a planned skincare line, called Itsa, to focus on celebrity collaborations with Doja Cat and Iggy Azalea, the company said in court documents. But the launch of those lines “fell below expectations,” Ware said in court documents, and BH hired Riveron as turnaround counsel.

Many makeup brands struggled during the COVID-19 pandemic as consumers stayed home, wore masks and wore less makeup. At the same time, celebrities and influencers have created their own brands and product companies – a strategy that has moved away from the collaborative style beauty deals that were popular in 2016 and 2017 – although these celebrity brands have experienced varying levels of success.

BH owes $9.6 million on a term loan and $13.9 million on a revolving loan, the company said in court documents. The company also has major creditors based in China, including Dongguan Fay Cosmetic Brushes Co., Beauty Beyond Industry Ltd. and Shenzhen Colorl Cosmetic Products Co., which each owe more than $1 million.

FOR MORE ABOUT WWD.COM, SEE:

Doja Cat launches make-up line with BH Cosmetics

The 2000s revival continues: Iggy Azalea launches “Totally Plastic” makeup line

All the beauty M&A deals of 2022

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“Glenn Youngkin and his administration are already showing the absolute moral bankruptcy of the Republican Party from DAY ONE! Stop “giving them a chance!” https://prospectingjournal.com/glenn-youngkin-and-his-administration-are-already-showing-the-absolute-moral-bankruptcy-of-the-republican-party-from-day-one-stop-giving-them-a-chance/ Sun, 16 Jan 2022 13:05:27 +0000 https://prospectingjournal.com/glenn-youngkin-and-his-administration-are-already-showing-the-absolute-moral-bankruptcy-of-the-republican-party-from-day-one-stop-giving-them-a-chance/ See below some reactions to Glenn Youngkin’s early actions as governor, including extremely ill-advised (not to mention questionable and dishonest) executive orders/directives to rescind mask and vaccine mandates, remove Virginia from the Regional Greenhouse Gas Initiative, dismiss the Parole Board, “investigate wrongdoing in Loudoun County”, “reduce job cut regulations by 25%”, etc. As Joy-Ann Reid […]]]>


See below some reactions to Glenn Youngkin’s early actions as governor, including extremely ill-advised (not to mention questionable and dishonest) executive orders/directives to rescind mask and vaccine mandates, remove Virginia from the Regional Greenhouse Gas Initiative, dismiss the Parole Board, “investigate wrongdoing in Loudoun County”, “reduce job cut regulations by 25%”, etc. As Joy-Ann Reid says:

Mass disease and death, mixed with ignorance. The standard fare of “modern” republicanism… well done, Virginia. Good game.”

And as the Virginia Democratic Party puts it:

“Glenn Youngkin’s day one program is divisive and dangerous and will set us back. At a time when we need a governor to guide us through this pandemic, Youngkin’s top priority is rolling back the protections that will put our children and the Commonwealth at risk.

And Fred Wellman nails it:

“Glenn Youngkin and his administration are already showing the absolute moral bankruptcy of the Republican Party from DAY ONE! Stop giving them a chance! Stop being so damn focused on the Democratic candidates. We are fighting for our democracy. I am so angry today.

See below for more reactions…

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Heading to bankruptcy court? https://prospectingjournal.com/heading-to-bankruptcy-court/ Sat, 15 Jan 2022 11:43:00 +0000 https://prospectingjournal.com/heading-to-bankruptcy-court/ When is good news not necessarily good news? The number of bankruptcy filings has dropped significantly in the United States. This seems like good news. But is it? According to a recent CNBC report, there were 434,540 bankruptcy filings in the United States in 2021, for the year ending 9/30/21. This compares to 776,674 filings […]]]>

When is good news not necessarily good news? The number of bankruptcy filings has dropped significantly in the United States. This seems like good news. But is it?

According to a recent CNBC report, there were 434,540 bankruptcy filings in the United States in 2021, for the year ending 9/30/21. This compares to 776,674 filings in 2019, just before the onset of the COVID pandemic, a decrease of 45%. Total bankruptcy filings in 2021 were actually the lowest since 1985.

Sounds like good news, doesn’t it? Although there was a decrease in corporate filings, the dramatic decrease was recorded in bankruptcy filings by individuals. So your average American must have been wiser and more careful with their finances than in the past. In 2021, they must have been better able to live on their income and avoid unpaid debts that would lead to bankruptcy.

So, despite COVID, bankruptcy filings in the United States have declined by almost fifty percent over the past two years. Instead of, despite COVID, perhaps the dramatic decrease is due to COVID, or, more specifically, the government’s response to the pandemic. CNBC’s report gave three ways the government has helped keep the number of bankruptcies low. These were lender forbearance, low interest rates and, probably most importantly, direct government payments.

Forbearance of the lender. Several government programs have been enacted during the pandemic to delay payments to creditors. There was a moratorium on tenant evictions. Landlords could not evict tenants solely for non-payment of rent, or charge interest or late payment penalties. Rent is still due, but there are also rental assistance programs.

There was also forbearance in the pause in student loan repayments. This includes a suspension of loan repayments, payment of interest at 0% and a halt in the collection of delinquent loans. The average student now owes about $30,000 in student loans when they graduate from college. It does not eliminate the debt, it only suspends it, which has been extended until May 1, 2022.

Low interest rates. Persistently low interest rates orchestrated by the Federal Reserve have limited payments to borrowers. Lower payments kept borrowers from taking on more debt. But with prices soaring, the Fed has signaled that interest rates will rise this year in hopes of curbing inflation.

Direct government payments. The most obvious were the stimulus checks most Americans received in April 2020, January 2021, and March 2021. These checks put thousands more dollars in the pockets of American families. Then there were changes to the child tax credit that increased it by $1,000 per child and issued payments during the year. There was also the Paycheck Protection Program which sent nearly a trillion dollars to businesses during the pandemic.

All the money sent to taxpayers and businesses due to the pandemic has likely helped many people avoid bankruptcy over the past couple of years. But the money provided was money the US government didn’t have, while running a deficit of more than $2 trillion over the two years and a total US debt of nearly $30 trillion. .

But there is also another problem. It seems like a lot of people have gotten used to getting extra money from the government. But what if that extra money no longer comes

in? Interest rates are rising, so the cost of borrowing will go up. Rent will be due, house payments will need to be paid, and these student loans are still outstanding, although many hope these loans will be forgiven.

But, among many in Washington, there is no desire for more COVID financial assistance. Economists know that all the money pumped into the economy has helped cause the inflation we face today, and more will only make it worse. So where will that leave anyone who has grown accustomed to these extra government freebies? Hopefully it’s not on the way to bankruptcy court.

Mac McPhail, raised in Sampson County, lives in Clinton. McPhail’s new book, “Wandering Thoughts from a Wondering Mind,” a collection of his favorite chronicles, is available for purchase at the Sampson Independent office, online at Amazon, or by contacting McPhail at [email protected]

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How will Evergrande’s bankruptcy affect Inter? https://prospectingjournal.com/how-will-evergrandes-bankruptcy-affect-inter/ Thu, 13 Jan 2022 21:13:35 +0000 https://prospectingjournal.com/how-will-evergrandes-bankruptcy-affect-inter/ At the end of 2021, credit rating agency Fitch confirmed what the markets have been indicating for some time now – that Evergrande, one of China’s largest property developers, failed to meet its payment obligations which were due December 6. The real estate giant is currently in a critical situation and its possible bankruptcy should […]]]>

At the end of 2021, credit rating agency Fitch confirmed what the markets have been indicating for some time now – that Evergrande, one of China’s largest property developers, failed to meet its payment obligations which were due December 6.

The real estate giant is currently in a critical situation and its possible bankruptcy should strongly affect the owners of Internazionale, the Suning group.

For Inter, the concern is very real since Suning holds 2.6 billion euros in Evergrande shares. As a result, Suning has serious cash flow problems as China has already revoked Evergreen’s license to build a mega-stadium in the city of Guangzhou.

These long-term financial struggles are believed to be the reason for Suning’s refusal to pump more money into the Nerazzurri and the departure of Antonio Conte, Achraf Hakimi and Romelu Lukaku.

So far, Inter’s performance has hardly been affected as the team are fighting for the title and have qualified for the UEFA Champions League knockout stage.

They are currently priced at 67.0 in the Champions League winner odds to win the contest.

The company, which has delayed several bond payments in recent months and failed to pay interest in September, failed to pay $82.5 million.

According to the rating agency, the group is now in default. To make matters worse, the Bloomberg Billionaires Index, which assesses the fortunes of billionaires, also indicates that Zhang Jindong, owner of Suning and Inter, lost $2 billion in 2021. This represents half of his fortune.

Currently, the company’s total debt is estimated to exceed $300 billion. There are many concerns about the impact of Evergreen’s bankruptcy not only on the real estate or Chinese market, but also on the global market.

What’s next for Inter?

While the Zhang family have repeatedly stated their interest in retaining ownership of Inter, it is now assumed that the the club’s growing financial problems could force them to sell the club. It has been reported that several investment companies have shown interest in acquiring the club.

However, Suning is not willing to settle for anything less than the asking price, which currently stands at 1 billion euros.

Moreover, since October, there has also been speculation that the royal family of Saudi Arabia, in the form of the Public Investment Fund (PIF) group, are planning to buy Inter.

The group, which revolutionized the world of football by acquiring Newcastle United for £300m, would be interested in taking over the historic European club.

The acquisition of the club by Mohammed bin Salman would strengthen the team’s position within the Italian league, but also provide the club with resources to fight with the strongest teams in Europe and regain their place as contenders. to the Champions League.

At this time, whatever agreement is in place, it is imperative that the club gives the players the stability they need to maintain their performance levels, avoiding any late payments or similar situations, and that the board board makes fans feel like they belong. still from the club.


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App attempts to break barriers to bankruptcy for those in medical debt https://prospectingjournal.com/app-attempts-to-break-barriers-to-bankruptcy-for-those-in-medical-debt/ Wed, 12 Jan 2022 08:02:05 +0000 https://prospectingjournal.com/?p=498 An unplanned and difficult pregnancy led to Carlazjion Contant from Smyrna, Tennessee, to the brink of financial ruin BankruptcyHQ. Her health insurance with a high deductible provided almost no coverage for the additional visits to an obstetrician for her at-risk pregnancies. When the bills of $5,000 were due last year, a real estate firm began to […]]]>

An unplanned and difficult pregnancy led to Carlazjion Contant from Smyrna, Tennessee, to the brink of financial ruin BankruptcyHQ.

Her health insurance with a high deductible provided almost no coverage for the additional visits to an obstetrician for her at-risk pregnancies. When the bills of $5,000 were due last year, a real estate firm began to garnish her salary for a broken lease she signed during college , a decade ago.

“I have a kid. It’s like, I’m not able to do this,” said Constant, who is employed as medical assistant in a pediatric clinic. “Something needs to be done. There must be a solution.”

She came across the Brooklyn-based non-profit Upsolve which assists consumers make use of bankruptcy laws to benefit.

Medical expenses are typically the reason people are forced into personal bankruptcy, though it’s not often being considered to be the biggest family debt. They are, however, often unanticipated. One in five U.S. households are on the hook for owing medical bills According to U.S. Census Bureau, with higher percentages of the South in states that aren’t expanding Medicaid to include the poor and working class.

When Constant 31, 31, began researching Chapter 7 bankruptcy, though she was aware that lawyers could be able to charge her up to $1,500.

“To be debt free I’m going back to the debt cycle,” she said. “It was completely bizarre for me.”

The bankruptcy process is a last resort option however, the reset financial button isn’t in reach for many since the process of declaring bankruptcy is costly. The majority of people choose one of the two options available under the bankruptcy laws of the United States to eliminate the burden of debt. Chapter 7 bankruptcy is intended for people who do not have a lot of assets to secure. It basically cancels the majority of debts , but not always student loans. It is the other option that is most frequently used, Chapter 13, often establishes repayment plans.

Constant’s search on the internet for a more affordable solution brought to her finding the Upsolve website which allows users to download a no-cost application that assists them in filing without the cost that comes with employing an attorney. The users still have to pay a $335 court filing cost, but the app allows them to in requesting that the fee be removed.

“Those legal fees are similar to modern-day poll taxes” stated co-founder, CEO and co-founder Rohan Pavuluri. “If you aren’t able to pay the cost then you won’t be able to access the right which is supposed to be protected.”

The app is referred to as”the “TurboTax in bankruptcy.” In answering questions in simple English via the app, users are able to add their financial details to more than two dozen forms needed to file bankruptcy in federal courts.

To provide the service for free The non-profit receives government funds in addition to funds from foundations that are charitable and famous Silicon Valley names, such as the former Google Chief Executive Officer Eric Schmidt.

Since the organization’s inception in the year 2018, according to the organization it has gotten rid of over $440 million in debt.

In addition to simplifying the process, Pavuluri has said he’s working to de-stigmatize bankruptcy. He believes it’s seen as a moral blunder, however, bankruptcy is commonly employed strategically in business to make a fresh beginning.

“We would like to empower every day Americans to have the same tools that most wealthy people and the largest corporations in America are equipped with,” he said.

There are worriesand not just from bankruptcy lawyers concerning making filing for bankruptcy too simple that it is easy to overlook the consequences. The advice given by attorneys is of an actual value, says Tennessee attorney for bankruptcy Cynthia Podis.

“The medical debts you’re facing currently could just be only the only tip of the iceberg” she explained, citing an example of a customer who is under the burden of the payment of $20,000 in medical bills for a first round of chemotherapy. “But you’re aware that in 4 or 5 years you’ll be paying $150,000 of treatment for cancer. It’s possible that you don’t need to start Chapter 7 right now.” Chapter 7 right now.”

Chapter 7 is only available one time every 8 years. If debt continues to grow, Chapter 7 isn’t an option for a long time.

The bankruptcy process also ruins credit for many years which makes it difficult to be eligible for a conventional credit card or a lease.

Erin Akery, who provides free financial counseling through The United Way of Greater Nashville She said bankruptcy isn’t a good option for all. Its cost, although often prohibitive, requires those who are burdened by debt to think about the benefits in Chapter 7.

“That might not be good for those looking for an instant, easy solution, but this isn’t the best option for those people,” she said. “If the people don’t need to conduct a cost-benefit calculation, more people will file bankruptcy, even though they ought not to.”

However, the consequences that financial loans have on the economy are likely to increase in the wake of the covid-19 epidemic, with a particular negative impact for Black Americans. The data from Upsolve shows that almost half of African American users cite the covid-19 virus as the main reason they file. In contrast, less than 40 percent of white users attribute to covid as their primary reason.

Medical debt is now the largest portion of personal debt. Upsolve discovered that the average user was carrying around $7,000 in medical debt prior to the pandemic and a year later, after the pandemic, this number had more than tripled.

Even financial counselors like Akery who see Chapter 7 the “nuclear option” claim it could be an effective tool.

“That stigma stops many from taking the plunge, even though they could profit from it and come out on the different side having a prosperous financial and long-term financial plan,” she said. “But there are those who do it there are those who declare bankruptcy every 8 years.”

Six months after Constant’s Chapter 7 filing, she declared that she had no regrets. The only issue she had after avoiding an attorney was that it was on her to inform all her creditors. However, the app was able to generate the documents on autopilot and also sent her instructions.

“I’m happy to have an opportunity to start over,” she said, saying that she’s determined to “make it count.”

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Thousands of people ask CJI to learn about apps auctioning Muslim women https://prospectingjournal.com/thousands-of-people-ask-cji-to-learn-about-apps-auctioning-muslim-women/ Wed, 12 Jan 2022 06:39:14 +0000 https://prospectingjournal.com/thousands-of-people-ask-cji-to-learn-about-apps-auctioning-muslim-women/ New Delhi: Almost 4,500 people from across the country – including lawyers, women’s rights activists and others – signed an open letter to India’s Chief Justice NV Ramana, asking him to register a petition suo moto on targeting Muslim women via apps like ‘Sulli Deals’ and ‘Bulli Bai’. These apps used photos of Muslim women […]]]>

New Delhi: Almost 4,500 people from across the country – including lawyers, women’s rights activists and others – signed an open letter to India’s Chief Justice NV Ramana, asking him to register a petition suo moto on targeting Muslim women via apps like ‘Sulli Deals’ and ‘Bulli Bai’.

These apps used photos of Muslim women with their permission, some of them were transformed, and put them up for auction.

“While the very act of uploading and posting photos and private details of Muslim women, in both cases, was not only non-consensual and in violation of the right to privacy, it was clearly intended to degrade, dehumanize, vilify and demean Muslim women. . “Auctioning” women in this way is a depraved attempt to commodify them and strip them of any personality or dignity. This is a flagrant violation of the very fundamental right to live with dignity and the right to bodily autonomy protected by article 21 of our Constitution, ”the letter said.

“The public auction of Muslim women is an extreme form of defamation of Muslim women, reducing them to non-citizens and subhumans. This only underscores the total moral bankruptcy of our society where community elements openly target, intimidate and perpetuate sexual violence against women with alarming impunity. From reading the public calls for genocide in the streets of Delhi early last year, and at Dharam Sansad in Haridwar more recently, it is evident that such cases are carefully crafted hate crimes pushing our country into a dark abyss. to which he can no longer close his eyes, ”he continues.

Given the violation of the rights and constitutional principles involved, argues the letter, the Supreme Court should step in to oversee police investigations, ensure victims are compensated and prevent such community hate crimes in the future.

The full list of signatories is available online, as uploaded by one of the co-signers.

Read the full text of the letter below.

§

AT,
Honorable Judge Shri NV Ramana,
Chief Justice of India
Supreme Court
New Delhi – 110001

Dear Sir,

Subject: Request to register a Suo motu petition regarding the unconstitutional, illegal and misogynistic targeting of Muslim women via the SulliDeals and BulliBai apps.

On January 1, 2022, as the world sent celebratory messages to mark the New Year, hundreds of Muslim women woke up to a deeply reprehensible, heinous and misogynistic attack via the “Bulli Bai App”. Photos of hundreds of Muslim women, including leading journalists, activists and thinkers, have been secured and uploaded without their permission to this app and then “auctioned off”.

The Bulli application has been hosted at the URL bullibai.github.io. GitHub is a platform that hosts websites, with an open source code repository. After much fury, the platform was finally taken down on the morning of 01.01.2022 and Bulli Bai’s Twitter account was suspended. Like ‘Sulli Deals’, the ‘Bulli Bai’ app was also created and used on GitHub. The GitHub platform allows users to build and share apps. While the portal is no longer functional, offenders continue to walk around without scot, leaving survivors to grapple with their personal identities revealed to millions of social media users who wish to buy and sell their bodies. This has made them vulnerable both in social media spaces and in the real world. The creators of these apps can be almost impossible to trace given the availability of sophisticated tools to ensure their anonymity. This creates obstacles for the victims of such attacks to report such incidents and also to ensure accountability for such incidents of targeted online harassment.

This is not the first time that such an outrageous public sale of Muslim female bodies has been held openly. As of July 2021, a similar app called Sulli Deals offered photos of Muslim women as “deals.” for virtual auctions. The perpetrators weren’t even afraid of legal consequences as they publicly declared their intention to launch an app that facilitates the sale of Muslim women. While the very act of uploading and posting photos and private details of Muslim women, in both cases, was not only non-consensual and in violation of the right to privacy, it was clearly aimed at degrading, dehumanizing , vilify and demean Muslim women. “Auctioning” women in this way is a depraved attempt to commodify them and strip them of any personality or dignity. This is a flagrant violation of the very fundamental right to live with dignity and the right to bodily autonomy protected by article 21 of our Constitution.

However, it is imperative that we also recognize these repeated attacks on the dignity of Muslim women as a well-thought-out political strategy of the majority forces to systematically isolate Muslims for public harassment and humiliation, and intimidate them to silence. Terms such as “Sulli” and “Bulli” are offensive and derogatory slurs used to specifically insult and denigrate women belonging to the Muslim community and thus constitute hate speech. The public auction of Muslim women is an extreme form of defamation of Muslim women, reducing them to non-citizens and sub-humans. This only underscores the total moral bankruptcy of our society where community elements openly target, intimidate and perpetuate sexual violence against women with alarming impunity. From reading the public calls for genocide in the streets of Delhi early last year, and at Dharam Sansad in Haridwar more recently, it is evident that such cases are carefully crafted hate crimes pushing our country into a dark abyss. to which he can no longer close his eyes.

Apps such as “Sulli deals” and “Bulli Bai” similarly perpetuate violence against Muslim women. These apps use images and social media accounts of women based on “visible indicators” that establish that they are Muslim, such as their names, usernames, posts, etc. It is a direct manifestation of the widespread objectification of Muslim women. These actions, in addition to leading to a serious attack on the dignity of Muslim women, also affected their public participation. Many Muslim women were forced to take actions such as deleting their photos and many even had to delete their social media profiles. This severely limited the participation of Muslim women in online public spaces. The state’s inaction which allowed this constitutes a violation of the preamble’s promise to equal opportunities. Muslims are systematically denied the opportunity to participate fully and freely in public life.

Following the attacks on Muslim women on the Sulli Deals app in July 2021, two FIRs were dropped by police in Delhi and Uttar Pradesh. The Delhi Commission for Women (DCW) and the National Commission for Women (NCW) have taken note of the matter and have taken action. Disturbingly, nearly six months after the incident was first reported, little progress has been made with investigations and investigative agencies have not even been able to identify the perpetrators of the crime. The insensitive attitude of the state apparatus to the issue has completely ridiculed the suffering and trauma of the women targeted. As a follow-up, the deafening silence of law enforcement agencies in the fight against repeated community attacks on Muslim women can only be seen as an implicit endorsement of such depravity.

The Constitution of India promises every citizen equality and a life of dignity. Nonetheless, common communal and misogynistic attacks like these deprive Muslim women of most basic rights. They force marginalized women to live in fear and terror in their own country. No civilized society should obediently allow the targeted harassment, objectification and public auctioning of its women. Given the colossal failure of the state apparatus to respond adequately to such cases of hate crimes in the country, it is now incumbent on the Supreme Court to intervene urgently to protect the constitutional rights of minority communities and restore public confidence in constitutional systems.

Such vile attacks on the dignity of Muslim women are also calculated attacks on the very idea of ​​India as envisioned by the Indian Constitution. They are carried out with the specific intention of “altering” all marginalized communities and breaking our dear secular fabric. These actions, based solely on religious hatred, militate against constitutional notions of brotherhood and violate the right to equality, the right against discrimination, the right to personal liberty, the right to religious liberty and the right to freedom. life. While our constitution strives to create a safe environment for people, regardless of gender and religion, such acts of violence continue to promote discrimination and public discord.

Therefore, we ask the Supreme Court to register a Suo motu petition and ensure that:

  1. The police register the FIR Suo moto and, based on the complaints, promptly investigate the offense and take appropriate action against the perpetrators.
  2. Monitor the investigation and prosecution of these offenses.
  3. Investigation and prosecution of FIRs registered in July 2021 will also be overseen by the Supreme Court and necessary action will be taken if it is found that the police have not performed their duties.
  4. Ask the relevant authorities to ensure that the GitHub and Twitter platforms are not used for clearly illegal activities such as Sulli transactions and Bulli Bai applications.
  5. Direct payment of appropriate compensation to victims of these community hate crimes.
  6. Order that appropriate measures be taken to ensure the prevention of the recurrence of such a community hate crime.
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Government stake in Voda-Idea to avoid immediate risk of company bankruptcy, experts say https://prospectingjournal.com/government-stake-in-voda-idea-to-avoid-immediate-risk-of-company-bankruptcy-experts-say/ Wed, 12 Jan 2022 05:06:03 +0000 https://prospectingjournal.com/government-stake-in-voda-idea-to-avoid-immediate-risk-of-company-bankruptcy-experts-say/ The government is expected to become the major shareholder of Vodafone Idea Ltd (VIL) with a 35.8% stake after the telecommunications company chooses to convert the amount of interest on AGR contributions into government equity. The company is under the weight of a debt of around Rs 1.95 lakh crore. The Vodafone group will see […]]]>

The government is expected to become the major shareholder of Vodafone Idea Ltd (VIL) with a 35.8% stake after the telecommunications company chooses to convert the amount of interest on AGR contributions into government equity. The company is under the weight of a debt of around Rs 1.95 lakh crore.

The Vodafone group will see its stake increase from 44% to 28.5%, while the Aditya Birla group will see its stake increase from 27.7% to 17.8%, according to India time.

Vodafone Idea has decided to opt for the conversion of approximately Rs 16,000 crore of interest payable to the government into equity, which will represent approximately 35.8% of the company’s capital.

After Vodafone Idea, Tata Teleservices (Maharashtra) announced on Tuesday that it will opt for converting the amount of interest on AGR contributions into equity and after the conversion, the government stake in the company is expected to be around 9.5 %.

Ms. Vipula Sharma, Director – Ratings and Manager – Infrastructure ratings [Brickwork Ratings ], said: “Who will be in charge, who owns this business is key. While this ensures survival, a clear promoter is essential in this industry which is still recovering and yet to achieve viable ARPUs.”

Tony Verghese, Partner, J Sagar Associates (JSA), said: “The movement of Vodafone Idea to convert its debt relating to interest owed on the spectrum into shares in favor of the government is indeed very surprising and unexpected. will certainly keep the business afloat for some time, however, in terms of overall business sustainability and expansion, with current shareholders, developer Vodafone plc. to see how it will improve.

“The business is unlikely to last for long unless the government presents a definitive plan to relaunch Vodafone Idea in consultation with existing shareholders. Can the government consider consolidating Vodafone’s business? Idea with BSNL, such as a merger and subsequently finding a buyer, is something that remains to be seen, as the BSNL auctions have encountered several obstacles in recent years, ”added Verghese.

The government could end up owning 34% of Vodafone Idea if the company exercises the option, IIFL Securities said. “The DoT has set the relevant date for the pricing of the shares as August 14, 2021. The VWAP calculation gives a number below the par value of Rs 10; therefore, the issue price would be Rs 10 if Vodafone Idea were to exercise the option.With the outlook for Vodfaone Idea improving over the past few months and the possibility that Vodafone PLC will sell its stake in Indus and inject capital into Vodafone Idea, the chances of the company using the conversion option. Government contributions to stocks are low, in our opinion. in Vi could also pave the way for a 2-player market, which Vi (and the government itself) may want to avoid. ‘

The government converting its spectrum and Adjusted Gross Income (AGR) into equity would not strategically change anything in the management of Vodafone’s business prospects at any time. “This can be read simply as a bailout to keep Vodafone in survival mode when it would avoid the risk of immediate danger of bankruptcy,” said Prashant Tapse, vice president (research) at Mehta Equities Ltd.

Will government ownership hamper capital mobilization and slow growth? Tapse said: “After this conversion and dilution of the shares, I don’t expect the government to take an active role in any of the investment plans that are due on the books. Once the business begins to perform well in terms of operations and profitability, the company may seek to raise funds through QIP or Right Issue in which the government may or may not participate. Telecommunications as a sector, growth is intact with the increase in ARPU between actors. Now with the clarity to come, the government becoming co-owner does not have a negative impact on the company. We advise risk-takers to continue to hold while investors conservatives can avoid that, ”he added.

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Posted: Wednesday January 12, 2022 10:36 am IST

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Supreme Court to determine constitutionality of increase in bankruptcy fees – Business Daily News https://prospectingjournal.com/supreme-court-to-determine-constitutionality-of-increase-in-bankruptcy-fees-business-daily-news/ Wed, 12 Jan 2022 05:05:04 +0000 https://prospectingjournal.com/supreme-court-to-determine-constitutionality-of-increase-in-bankruptcy-fees-business-daily-news/ Georges mesires The Supreme Court said on Monday it would consider a case regarding the constitutionality of Chapter 11 bankruptcy fees. The case, which stems from a 2017 law that increased government fees that most large bankrupt companies must pay, has met with mixed rulings from appellate courts. Last week, the US trustee, the Department […]]]>
Georges mesires

The Supreme Court said on Monday it would consider a case regarding the constitutionality of Chapter 11 bankruptcy fees.

The case, which stems from a 2017 law that increased government fees that most large bankrupt companies must pay, has met with mixed rulings from appellate courts. Last week, the US trustee, the Department of Justice’s bankruptcy watchdog, asked the court to fix the issue.

“What this case highlights for me is that regardless of the court ruling, bankruptcy cases for senior housing operators are costly,” said George Mesires, co-head of the team. Senior Living & Care by Faegre Drinker. McKnight’s daily business. “Quarterly trustee payments are just the tip of the iceberg, so that these fees be capped at $ 30,000 as they were before the Bankruptcy Judgeship Act of 2017, or $ 250,000 as it is now. formulated, the burden of administrative expenditure is heavy. “

The statutory imposition of higher fees in most, but not all, U.S. bankruptcy courts has raised uncertainty about the legal status of approximately $ 324 million in fees imposed under the 2017 law, a. writes the US administrator in court records.

The underlying lawsuit was brought by Alfred Siegel, the administrator who oversaw Circuit City’s liquidation process. “He argued that the 2017 law violated the bankruptcy clause of the U.S. Constitution, which requires uniform bankruptcy laws because it increased fees for Chapter 11 debtors in most states, but failed does the same for Alabama and North Carolina ”, Reuters reported.

North Carolina and Alabama elected in 1986 to use a different government entity, known as the bankruptcy administrator program, to perform similar functions as the US trustee in large corporate bankruptcies.

The US Trustee and Siegel want the Supreme Court to make a final decision after the 4th and 5th Circuit courts of appeal upheld the law, while the 2nd and 10th Circuit courts of appeal ruled it unconstitutional.

“As an industry, operating expenses for senior housing are high, so these quarterly charges, which are cash-out-based, will also be high,” Mesires said. “It’s not hard to see why bankruptcy should be an option of last resort for senior housing operators when there are effective out-of-court tools available to sometimes achieve the same goal. “

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Article 363 Sales – Is Article 363 (m) of the Bankruptcy Code jurisdictional? | Nelson Mullins Riley & Scarborough LLP https://prospectingjournal.com/article-363-sales-is-article-363-m-of-the-bankruptcy-code-jurisdictional-nelson-mullins-riley-scarborough-llp/ Tue, 11 Jan 2022 17:51:29 +0000 https://prospectingjournal.com/article-363-sales-is-article-363-m-of-the-bankruptcy-code-jurisdictional-nelson-mullins-riley-scarborough-llp/ Many bankruptcy practitioners are familiar with the ubiquitous section 363 (m) conclusion found in almost all bankruptcy court orders involving the sale or lease of property of a bankrupt debtor under section 363. Article 363 (m) provides that the cancellation or modification of an authorization under paragraph (b) or (c) of this article of a […]]]>

Many bankruptcy practitioners are familiar with the ubiquitous section 363 (m) conclusion found in almost all bankruptcy court orders involving the sale or lease of property of a bankrupt debtor under section 363. Article 363 (m) provides that the cancellation or modification of an authorization under paragraph (b) or (c) of this article of a sale or lease of property does not affect not the validity of a sale or lease under such authorization to an entity that bought or leased that good in good faith, whether or not that entity was aware of the pending appeal, to unless this authorization and this sale or rental have been suspended pending the appeal. The significance of this conclusion most often arises in the dismissal of an appeal of a sale order by the debtor or the unsuccessful bidder under the concept of equitable non-compliance. The concept of theoretical fairness precludes the prosecution of an appeal where an overall change of circumstances has occurred such that it would be unfair for the reviewing court to consider the merits of the appeal. In bankruptcy cases, respondents use the concept of fair non-compliance to seek dismissal appeals involving orders approving the sale or lease of property under section 363 or the confirmation of a Chapter 11 plan. However, another line of defense involving appealing an order approving a sale or lease under Section 363 is looming.

For the second time in several months, the Second Circuit has ruled that failure to obtain a stay of an order approving a sale is a ban on appeal under section 363 (m).

The question was raised by the district court of MOAC Mall Holdings LLC v. Transform Holdco LLC (In re Sears Holdings Corp.), 616 BR 615 (SDNY 2020). In the underlying bankruptcy case, a landlord objected to the assignment of a lease, but the landlord’s objection was dismissed by the bankruptcy court. On appeal, the district court initially overturned the bankruptcy court, ruling that a provision in a lease cannot override the requirement of section 365 (b) (3) (A) requiring that the financial position d ‘an assignee of a lease must be’ similar in financial standing. . . of the debtor. . . from the moment the debtor becomes a tenant under the lease. . . . ” MOAC Mall Holdings LLC v. Transform Holdco LLC (In re Sears Holdings Corp.), 613 BR 51 (SDNY 2020).

A few days later, the purchaser of the lease files a request for review. In its request for a rehearing, the purchaser argued for the first time that the appeal should be dismissed under section 363 (m) because the owner had not been granted a stay pending appeal. Prior to this assertion, the purchaser had asserted rather inconsistently that the transaction was not a sale and that Section 363 did not apply.

Addressing the petition for review, the district court acknowledged that the buyer was now seeking a complete reversal of its previous position. 616 BR to 626. The District Court asserted that the Second Circuit had twice ruled that Section 363 (m) was “a law depriving it of jurisdiction”. Identifier. to 624 (citing In re WestPoint Stevens Inc., 600 F.3d 231, 248 (2d Cir. 2010) and In re Gucci, 105 F.3d 837, 838-840 (2d Cir. 1997)). The district court ruled that it lacked appeal jurisdiction, quashed its earlier opinion and dismissed the appeal. The Second Circuit confirmed in a summary order. MOAC Mall Holdings LLC v. Transform Holdco LLC (In re Sears Holdings Corp.), 2021 WL 5986997 (2nd Cir. 17 Dec. 2021).

The second circuit first found that section 363 (m) applied. The Second Circuit found that Section 363 (m) “also limits appellate review of any transaction forming part of a sale authorized under Section 363 (b)”.

Finding that Section 363 (m) raises a question of substantive jurisdiction which arguably cannot be waived and raised for the first time on appeal, the Second Circuit concluded that the owner’s argument “is excluded by our binding precedent. in In the case of WestPoint Stevens Inc., under which section 363 (m) deprived the District Court of appellate jurisdiction. »2012 WL 5986997 (p.3). Several months earlier, the Second Circuit also asserted that Section 363 (m) is jurisdictional because it “creates a rule of legal non-compliance”. Pursuit Holdings (NY) LLC v Piazza (In re Pursuit Holdings (NY) LLC, 845 Fed. Approx. 60, 62 (2nd Cir. 2021).

This assertion that Article 363 (m) is jurisdictional does not appear to have spread to other circuits. Asserting jurisdiction over the matter as the basis for termination raises a myriad of issues as there is no statutory exception for section 363 (m) found in 28 USC § 158, which specifies the appellate jurisdiction of the courts of district in bankruptcy. It certainly seems that the policy behind Section 363 (m) could be reinforced under the concept of fair non-compliance rather than potentially opening the floodgates to other jurisdictional exceptions under the Bankruptcy Code.

Only time will tell if the “jurisdictional” limits of Section 363 (m) will extend to other circuits. In the meantime, it is probably prudent for the respondent in such circumstances to invoke jurisdiction as well as the mootness of equity in its motion to dismiss an appeal from an order approving a settlement under the Act. section 363.

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