Rochelle on Dreier, Scotia-Palco and Hooters Bankruptcies: BLAW
A $9 million ruling arising from the fraud conducted by convicted swindler Marc Dreier with multi-billion dollar benefit for banks being sued by the trustee liquidating Bernard L. Madoff Investment Securities Inc. is the first topic on the Bloomberg bankruptcy podcast. Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle describe how a palace coup is evidently succeeding in the U.S. Court of Appeals for the 5th Circuit in New Orleans. Rochelle explains why the first hearing for the Hooters Casino Hotel in Las Vegas did not go so well as the bankrupt gambling establishment would have wished. The podcast ends by using Mexican glassmaker Vitro SAB to explain why failing to throw a company into bankruptcy involuntary can be expensive for the creditors who lose.
Running time 15:31