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February 2016 Archives

Sports Authority to seek Chapter 11 bankruptcy protection

For sports retailers, spring is a great time to be in business. Many high school and outside organizations are gearing up for baseball season. Also, as the weather improves in colder regions of the country, many parents are buying new bicycles, helmets and pads for kids learning to ride bikes. Even golfers are coming out from their winter hiatus; which means that new gear and clubs will likely be purchased.

BAP reverses Nevada bankruptcy court's order on homestead exemption.

In In re Patrick Heath Caldwell, BAP No. NV-15-1074, the BAP reversed the Nevada bankruptcy court's disallowance of a homestead exemption based on the statutory cap of Bankruptcy Code Section 522(p)(1). The BAP found that although legal title to the property at issue had been transferred in and out of the debtor's name within 1215 days of the bankruptcy filing, the debtor had always retained at least an equitable interest in the property and retained all the indicia of ownership including paying the mortgage, taxes, and insurance. As such, the BAP found the debtor was never divested of all interests in the property and the BAP allowed the debtor's claimed homestead exemption in Nevada in the amount of $550,000.

Toyota to drop the Scion brand

As the Los Angeles International Auto Show draws car enthusiasts across many generations, car companies are hoping to gain new customers for future sales. This was the idea when Toyota Motor Company launched Scion, a brand that was designed to attract new, younger buyers and bring them to the Toyota brand.

Changes to California Code of Civil Procedure § 998 Place Plaintiffs and Defendants on Equal Footing

Prior to January 1, 2016, California Code of Civil Procedure § 998 contained an apparent inequity between a plaintiff's and a defendant's ability to recover expert witness costs. Prior to January 1, 2016, Section 998 allowed a plaintiff to recover only "post-offer" expert witness costs. However, the statute did not place any such limitation on a defendant's ability to recover expert witness costs, leaving open the possibility that a defendant may recover both "post-offer" and "pre-offer" costs.

Music promoter seeks bankruptcy protection

Music festivals are generally good money making opportunities for promoters and producers. This is ostensibly why a number of festivals continue to grow in popularity. When you think of South by Southwest in Austin, Texas,  Electric Zoo in New York City and Mysteryland, the music and hype that bring people to these venues suggests that they will continue to be profitable for years to come.

Quiksilver to emerge from Chapter 11 bankruptcy

In a prior post, we highlighted how retailers were less likely to emerge from Chapter 11 bankruptcy compared to the past because of changing market forces and the proliferation of companies that are willing to facilitate "going out of business" sales to protect unsold assets. 

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