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Judge Gerber, a Southern District Bankruptcy Court Judge which is located in New York, found that a textbook publisher’s bankruptcy will not be heard in a New York even though all parties involved agreed to such venue, as reported by the New York Law Journal in a June 26th, 2012 article.
The judge found that after the company’s reorganization plan took effect the bankruptcy case will be transferred to a court closer to Boston. The judge reasoned that the bankruptcy did not belong in New York because the publishing company’s owner was a resident of Massachusetts.
The publishing company filed a Chapter 11 bankruptcy reporting their assets to be roughly $2.68 billion and liabilities to be around $3.54 billion. Although the creditors agreed to the filing of the bankruptcy in New York but the bankruptcy judge could find no other reason to have jurisdiction over the case.
If you are suffering financial or you are considering bankruptcy contact our office at (800) 660-5299 to set up a free in person consultation. Mr. Lutzky of Jayson Lutzky, P.C. has represented thousands of satisfied clients over the past 29 years. You can visit our website,www.BankruptcyNYC.com, for more information.