Judge Presiding Over Presidential Election
Contest is Ex-Bankruptcy Judge
Leon Circuit Court Judge N. Sanders Sauls was picked Monday in a random
computer selection of the four trial judges in Florida’s Second
Judicial Circuit to oversee the presidential election contest, according
to the Associated Press. Sauls grew up in Jefferson County where
his mother was a tax collector and his father a clerk of the circuit
court. He went on to get his law degree from the University of
Florida and served as a federal bankruptcy judge for eight years before
being appointed to the circuit bench in 1989 by then-governor Bob
Martinez. Sauls won election in the six-county circuit in 1990 and
was re-elected in 1996. He resigned as chief judge in November
1998 after a controversy over his decision to fire a longtime court
administrator.
L&H Confirms Chapter 11 Filing
Belgian speech technology developer Lernout & Hauspie (L&H)
confirmed yesterday that it filed for bankruptcy protection in the
United States after talks with its creditors failed, according to a
Reuters report. After failing to reach an acceptable accommodation
with its bank, the Brussels, Belgium-based company said it decided to
file a chapter 11 petition.
L&H, once a leader in its field among Europe's technology growth
companies, said it would also file a request for similar protection
under Belgian law. L&H General Counsel Daniel Hart said an
important factor in the decision to make the filing was its recent
discovery of “a very significant cash shortfall on the balance
sheet” of its Korean subsidiary. It said it would vigorously
investigate the circumstances of this shortfall. L&H had been
in debt rescheduling talks with creditors and has about $200 million in
short-term loans due in March.
Dictaphone Files for Bankruptcy
Dictaphone Corp. and two affiliates filed for chapter 11 protection
yesterday in the U.S. Bankruptcy Court in Delaware after Standard &
Poor's cut their senior subordinated notes, according to a Reuters
report. The voice and data management systems supplier listed
assets with a book value of $1 billion and debts of $389.7 million.
The parent corporation, Lernout & Hauspie Speech Products N.V.,
which is one of the two affiliates filing for bankruptcy, is listed as
owning at least 5 percent of the voting securities of Dictaphone.
Among the 20 largest unsecured creditors are KBC Bank N.V. of Brussels,
Belgium, with a bank loan of $145.8 million; Shawmut Bank of Connecticut
as trustee for $142.4 million; and Fortis Bank N.V. of Brussels with a
bank loan of $123.9 million.
Sands Hotel and Casino Parent Company Announces Disclosure Statement
and Reorganization Plan
The Sands Hotel & Casino yesterday announced that GB Holdings Inc.,
the parent company of the Sands Hotel & Casino, has filed a proposed
disclosure statement and reorganization plan in the bankruptcy cases
involving the Claridge Hotel and Casino located in Atlantic City, N.J.,
according to a newswire report.
Under the proposed plan, a total of 5.6 million shares of the
company’s common stock and certain cash would be distributed for
the benefit of the holders of the Claridge First Mortgage Notes.
Trade creditors would receive a cash distribution of a 75 percent
minimum of their allowed claim amount on the effective date of the
plan. Park Place Entertainment Corp. has also filed a
reorganization plan in this case, after which it would acquire the
Claridge Hotel and Casino.
Aircraft Refurbishing Firm Files Chapter 11
An aircraft refurbishing company that was expected to aid the
central New York State economy has filed for bankruptcy protection,
according to a newswire report. Global Aviation Services filed for
chapter 11 on Monday, less than two years after it began operations at
the former Griffiss Air Force Base. Global and its parent company
listed more than $6.7 million of debt. When Global opened for
business in 1999, it was hailed as a sign of the redevelopment potential
of the former base, which closed in 1995.
Notice and Claims Process Begins in Babcock & Wilcox
Bankruptcy Reorganization
A court ordered notification and claims process began yesterday for
those persons and entities with asbestos-related claims against The
Babcock & Wilcox Company (B&W) and certain of its subsidiaries
in connection with the company’s chapter 11 case, according to a
newswire report. To preserve a claim against the New Orleans-based
company, it must be filed and received by July 30. Claims not
filed by that date cannot be brought against B&W in the future.
B&W filed for bankruptcy on Feb. 22. The filing includes its
subsidiaries Americon Inc., Babcock & Wilcox Construction Company
Inc., and Diamond Power International Inc. Babcock & Wilcox Canada
is not part of the U.S. filing but, as a consequence of the U.S. filing,
has obtained relief in Canada staying asbestos claims from being brought
against it.
