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Bankrupt Caesars unit gets court's OK to use cash, for now
Law Firm News |
2015/03/05 21:52
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A federal judge in Chicago ruled Wednesday that a bankrupt division of Caesars Entertainment Corp. can tap some of the $847 million in cash it has on hand for at least five weeks.
Judge Benjamin Goldgar said Caesars Entertainment Operating Co. could access its cash in the interim despite objections from some of the company's creditors.
A budget the company submitted to the court indicated it plans to spend $334 million through April 3. The documents showed revenue is expected to offset spending and leave the company with $834 million in cash at the end of five weeks.
Goldgar scheduled a hearing to reconsider the motion on March 26.
Several other motions, including requests for an examiner to investigate the company's pre-bankruptcy transactions, were delayed until March 25.
The company was also seeking to get out from under several contracts that would save it $675,000 a month.
Among the contracts is a suite for Kansas City Chiefs football games, a sponsorship with the New York Mets, an advertising agreement with The Forum in Los Angeles, and deals with a tour bus operator to support its Horseshoe Bossier City casino in Louisiana and a nearby Springhill Suites hotel operator where the company regularly reserved a block of rooms.
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Justices pepper health care law opponents with questions
Court Watch |
2015/03/05 21:52
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Supreme Court justices peppered opponents of President Barack Obama's health care law with skeptical questions during oral arguments Wednesday on the latest challenge to the sweeping legislation.
Justice Anthony Kennedy, whose vote is seen as pivotal, suggested that the plaintiffs' argument raises a "serious" constitutional problem affecting the relationship between states and the federal government.
The plaintiffs argue that only residents of states that set up their own insurance markets can get federal subsidies to help pay their premiums.
Millions of people could be affected by the court's decision. The justices are trying to determine whether the law makes people in all 50 states eligible for federal tax subsidies to cut the cost of insurance premiums. Or, does it limit tax credits only to people who live in states that created their own health insurance marketplaces?
During oral arguments, the courts' liberal justices also expressed doubts. In an earlier case involving the law, however, Kennedy was on the opposite side, voting to strike down a key requirement.
A ruling that limits where subsidies are available would have dramatic consequences because roughly three dozen states opted against their own marketplace, or exchange, and instead rely on the U.S. Health and Human Services Department's healthcare.gov. Independent studies estimate that 8 million people could lose insurance coverage. |
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Supreme Court won't reinstate case of man who went missing
Court Issues |
2015/02/25 18:00
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Bobby Chen's legal luck has finally run out. The Supreme Court on Monday refused to reinstate Chen's appeal in a legal dispute with the city of Baltimore.
Chen beat long odds last year when he convinced the court — without the help of an attorney — to hear his case. But then he disappeared for two months and court officials couldn't reach him. The court dismissed the case last month after he missed a filing deadline.
Chen later re-emerged with a high-powered lawyer who said his client was traveling, experienced a slip-and-fall injury, and was unaware his case had been granted.
But the court declined to give him a second chance.
Chen had been fighting Baltimore officials for years, claiming the city illegally demolished his row house. |
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Supreme Court sides with Kansas in water dispute
Court Watch |
2015/02/25 17:58
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The Supreme Court on Tuesday ordered Nebraska to pay Kansas $5.5 million in a long-running legal dispute over use of water from the Republican River.
The justices also gave Nebraska some of what it asked for and ordered changes to the formula for measuring water consumption. Nebraska argued that the formula was unfair.
Justice Elena Kagan, writing the majority opinion, said the court was adopting the recommendations of the independent expert the justices appointed to help resolve the states' differences.
The dispute centers on a 1943 compact allocating 49 percent of the river's water to Nebraska, 40 percent to Kansas and 11 percent to Colorado. Since 1999, Kansas has complained that Nebraska uses more than its fair share of water from the river, which originates in Colorado and runs mostly through Nebraska before ending in Kansas.
"Both remedies safeguard the compact; both insist that states live within its law," Kagan wrote.
Nebraska Attorney General Doug Peterson's office said it was pleased with the decision. The $5.5 million award is significantly less than the $80 million that Kansas had sought.
"We hope the decision will move the basin states forward and provide continued incentives toward shared solutions to our common problems," the office said in a statement. "We are confident that payment of the court's recommended award will finally allow us to leave the past where it belongs — in the past."
While calling the decision "reasonable," Nebraska Gov. Pete Ricketts said he looked forward to working with his Kansas and Colorado counterparts to move forward. |
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