More than 100 UTMB faculty members fired in post-Ike bankruptcy

Posted on May 28th, 2010 No Comments

A financial crisis caused by 2008′s Hurricane Ike left Galveston with nearly $1 billion in damages.  Citing this deficit, the University of Texas Medical Branch at Galveston was ordered to lay off 3,800 employees.  The final number laid off was closer to 2,400.

Due to the monumental cutbacks, notices of termination were sent to 127 faculty members, including 40 with tenure and the then-president of the faculty senate.  A 22-page report by the 45,000-member American Association of University Professors, founded in 1915 to protect academic freedom, accuses the UT system of using an unfair process to lay off their employees.  The American Association of University Professors claimed that UTMB failed to meet standards that ensure  professors are not fired based on internal politics or political viewpoints.  The report also said that the UT system governing faculty dismissals restrict faculty rights.

UT has admitted to shortcomings and has stated that a panel assigned to revise the ruling has made suggestions.

Filing for bankruptcy can be a very embarrassing and public affair.  If your business is in severe financial trouble, contact the Galveston Chapter 7 bankruptcy lawyers of Gipson, Norman & Root by calling 281-332-4800.

Largest bankruptcy case in history is filed

Posted on May 21st, 2010 No Comments

The bankruptcy case of Lehman Brothers Holdings Inc. is the largest ever filed and is expected to be one of the most expensive cases in the history of the U.S.

According to papers filed on Thursday with the U.S. Bankruptcy Court in Manhattan, Lehman had paid those working on its Chapter 11 bankruptcy case $769.6 million through April. Other costs and fees have brought the total amount spent on the case up to almost $1 billion. Before filing for bankruptcy, Lehman was the fourth-largest investment bank in the nation.

If you are facing financial difficulties, bankruptcy may be your most viable option for resolving your debt and getting your finances back on track. To learn more, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root by calling 281-332-4800.

Six Flags Emerges from Bankruptcy

Posted on May 7th, 2010 No Comments

Theme park operator Six Flags Entertainment Corporation announced Monday that it has emerged from Chapter 11 bankruptcy protection.

 

The company, which owns 19 amusement parks, said in a statement that the terms of its restructuring were approved by the bankruptcy court on Friday. Bondholders and creditors were able to reach an accord last week and submitted a revised plan to the bankruptcy judge. The parties had been fighting over control of the theme park giant for months.

 

Six Flags said the plan will allow it to cut debt and provide for payment in full of all trade creditors.

 

Washington Redskins owner Daniel M. Snyder made headlines earlier this week by leaving the board of Six Flags and losing his equity investment in the company.

 

If your business is in severe financial trouble, Chapter 11 bankruptcy may be the best option for your situation. To learn more, contact a Galveston Chapter 11 bankruptcy lawyer from Gipson, Norman & Root by calling 800-291-0898.

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Jeffrey P. Norman (retired) is Board Certified-Consumer Bankruptcy Law by the Texas Board of Legal Specialization and is Board Certified-Consumer Bankruptcy Law by the American Board of Certification. Ronald M. Gipson(1943-2008) is Board Certified-Consumer Bankruptcy Law by the Texas Board of Legal Specialization.
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