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Judge limits receiver’s authority in Jefferson County bankruptcy
Submitted by the Bond & Botes Law Offices - Tuesday, January 10, 2012
Judge Thomas B. Bennett ruled on Friday that operating expenses for Jefferson County’s sewer system must be paid before receiver John S. Young can distribute revenues to bondholders. The ruling imposes new limits the power of the receiver, who had previously been granted a greater degree of authority by the state court that appointed him.
In explaining his ruling, Bennett noted that the elected officials responsible for prior mismanagement had since been replaced, and that the new crop of officials was not “of the same ilk.”
CEO of Center Stage Alabama parent company steps down amid bankruptcy
Submitted by the Bond & Botes Law Offices - Tuesday, January 10, 2012
The CEO of Center Stage Alabama’s parent corporation has stepped down. Resorts Development Group II LLC announced the departure of CEO Jeff Rubin in a recent statement. The statement also addressed the company’s decision to file for Chapter 11 bankruptcy in order to remain open for business.
