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Long Island Diocese Installs Former Adviser as Bankruptcy Referee
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Good day. The judge overseeing the Diocese of Rockville Centre’s bankruptcy approved the hiring of a mediator, despite a government objection that the person couldn't take an unbiased role.
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The offices of the Diocese of Rockville Centre, which filed for bankruptcy in October in response to lawsuits by victims of sexual abuse.
MARK LENNIHAN/ASSOCIATED PRESS
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Bankrupt Long Island Diocese to Appoint Former Adviser as Mediator
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At a hearing Thursday in the U.S. Bankruptcy Court in New York, Judge Shelley Chapman signed off on a compromise between the Roman Catholic Diocese of Rockville Centre and a panel of abuse survivors that allows for the hiring of Arthur Gonzalez, a former bankruptcy judge, to help resolve disputes over past asset transfers. Read More.
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People dining outside in Bryant Park in Manhattan earlier this month.
SPENCER PLATT/GETTY IMAGES
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With Busy Airports and Restaurants, U.S. Moves Closer to Full Reopening
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When around 50% of people have gotten a first dose of vaccine, which is the case in New York City and elsewhere, “you reduce the risk of your healthcare system being overrun and you reduce the risk of mass death,” said Jay Varma, a physician and senior adviser to New York City Mayor Bill de Blasio. “So that’s why we feel comfortable relaxing a lot of the restrictions that we have on nonessential businesses.” Read More.
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Lawmakers Call for Tighter Money-Laundering Rules for Private Equity
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That possibility of expanding anti-money-laundering rules has once again been revived, with members of Congress urging the Treasury Department to strengthen anti-money-laundering rules for private-equity and hedge funds, arguing that such vehicles are a blind spot in government efforts to track dirty money. Read More.
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TiVo Tops Roku in MobiTV Bankruptcy Auction
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Streaming device maker TiVo has been named the winning bidder to buy the assets of bankrupt MobiTV Inc. for $17.4 million in cash.
TiVo also will assume up to $6 million in liabilities of the video-streaming company, which filed for chapter 11 in March.
The backup bidder in the auction, held Tuesday and Wednesday, was a group consisting of Amino Technologies LLC, Roku Inc. and RPX Corp., court records show. That consortium offered $16.7 million plus the assumption of liabilities on similar terms as the successful bidder. A bankruptcy court must approve the sale. —Becky Yerak
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UK Serious Fraud Office Starts Probe Into Gupta Family Group Alliance
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The U.K. Serious Fraud Office said Friday that it is investigating the Gupta Family Group Alliance over suspected fraud, fraudulent trading and money laundering.
The agency, which investigates major white-collar crimes, said the probe is in relation to the financing and conduct of the business of companies within the GFG Alliance, including its financing arrangements with failed financial firm Greensill Capital UK Ltd. —Dow Jones Newswires
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A prominent boutique bankruptcy lawyer and veteran of winding down failed law firms has a new assignment: overseeing the dissolution of a New York real estate law firm whose founder vanished last month amid a string of client lawsuits. (Reuters)
Fewer U.S. companies are entering bankruptcy in 2021 than during the coronavirus-era surge and many prior years. However, experts say the pace could pick up later this year as the economy moves past the pandemic and efforts to address it. (S&P Global)
Bankruptcy trustees have sought to bring in outside counsel to pursue allegations that Tom Girardi’s estranged wife, Erika Jayne, who stars on “The Real Housewives of Beverly Hills,” might have fraudulently received millions of dollars in funds. (Law.com)
A troubled refinery in St. Croix announced Wednesday evening that it would temporarily halt operations after raining oil on local residents for the second time in just over three months. (Washington Post)
Flint water prosecutors improperly released thousands of confidential documents related to mediation over the city of Detroit’s 2013 bankruptcy, attorneys for former Gov. Rick Snyder say. (MLive.com)
Chicago's oldest hospital, Mercy Hospital, is slated to remain open as a comprehensive medical center after a deal was reached to sell it out of bankruptcy for $1 to a Michigan-based health care system. (ABC 7 Chicago)
Utility giant PG&E Corp. rejected criminal liability for its role in a 2019 wildfire that burned 78,000 acres in Northern California, arguing that a local prosecutor is twisting state law in an attempt to find the company culpable. (Bloomberg)
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