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fenrislorsrai · 16 days

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A few days after the release was discovered in June 2017, Stan met with Southcreek and the Oklahoma Corporation Commission, the state’s oil and gas regulatory agency. At the meeting, the company characterized the incident as a “small spill,” the Ledgerwoods later alleged in court. It was unclear how long the leak lasted, but the saltwater plume had already saturated the soil and killed 2 acres of vegetation by the time it broke the surface, according to state oil regulators. Samples analyzed a month later by Oklahoma State University found that the soil’s concentration of chloride, which occurs in the type of salt water injected into the well, had risen to more than 12 times the state’s acceptable level and was “sufficiently high to reduce yield of even salt tolerant crops.” Other tests showed that chloride levels in the family’s water well had spiked to more than five times what the Environmental Protection Agency deems safe. The tests didn’t look for other contaminants like heavy metals that are often left behind by the oil production process. - - Don began traveling 30 miles round-trip to Walmart to buy bottled water. Stan and Tina’s steel pots rusted after being washed, and their 2-year-old great-niece’s skin became irritated and inflamed after repeatedly washing her hands while they potty-trained her. In a text message, the girl’s mother described her hands as looking like they had “a burn.” - - As is common in American oil fields, property rights in this part of Oklahoma often create split estates, where one person owns the land while another owns the underlying minerals, such as oil and gas. The owner of the minerals has a right to drill, even if the landowner would prefer they didn’t. - - But Oklahoma has more than 260,000 unplugged wells — behind only Texas — according to data from energy industry software firm Enverus. To plug and clean up the state’s wells could cost approximately $7.3 billion, according to an analysis of state records. Oklahoma has just $45 million in bonds. The oil industry’s bonds are “shockingly inadequate,” said Peter Morgan, a Sierra Club senior attorney. “It’s clear that abandoning wells and leaving communities and taxpayers to foot the bill to clean them up is baked into the oil and gas industry business model.” At the Capitol in Oklahoma City, which features repurposed oil derricks outside its main entrance, Republican state Rep. Brad Boles has tried for several years to address the shortfall. This year, he introduced a bill to create a tiered bonding system based on the number of wells a company operates, increasing the highest required bond to $150,000. [passed House, did not gt a vote in Senate] - - A stream of trucks rumbled down the Ledgerwoods’ once-quiet gravel road as workers removed enough dirt to fill 750 dump trucks and pumped more than 71,000 gallons from the Ledgerwoods’ water well. But the dangerous concentrations of chloride didn’t change, according to Fox Hollow’s report. - - Progress in the lawsuit was short-lived. In November 2019, shortly after the Ledgerwoods’ attorney sent discovery requests to Wise Oil & Gas, the company filed in a Texas court for voluntary Chapter 7 bankruptcy — a full liquidation of its assets. Company executives acknowledged they declared bankruptcy to avoid legal fees associated with the Ledgerwoods’ suit, according to court records. - - But two months later, Mullin ruled against the Ledgerwoods. He disagreed that Wise Oil & Gas had entered bankruptcy to shed bad investments and dodge cleanup obligations. He blasted the Ledgerwoods for requesting sanctions against the Cocanoughers. “Merely because the Ledgerwood Creditors have been damaged by the saltwater contamination, this does not provide them with an unfettered right to retaliate or lash out against unrelated and far-removed targets, such as the Cocanougher Sanction Targets,” Mullin wrote. If the Ledgerwoods wanted to continue seeking damages against the Cocanoughers and their businesses, they would have to pay the oil company’s attorneys’ fees, about $107,000, Mullin ruled.

It's worth reading the whole article for a breakdown of exactly HOW a company that poisoned a family's well and farm got out of fixing it or paying compensation.

Not as relevant in this particular case, but uncapped out of service wells like this are a major source of methane, an even more potent greenhouse gas than CO2

#oklahoma #bankruptcy laws #oil drilling #environmental law #oil companies

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jay-weller · 10 months

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BANKRUPTCY ATTORNEY IN CITRUS SPRINGS

BANKRUPTCY ATTORNEY IN CITRUS SPRINGS - #jayweller #bankruptcy, #Bankruptcyassistance, #Bankruptcyattorneys, #BankruptcyLawyer, #Chapter13, #Chapter7, #FilingForBankruptcy, #WellerLegalGroup - https://www.jayweller.com/bankruptcy-attorney-in-citrus-springs/

#Attorney #bankruptcy #Bankruptcy Attorney in Citrus Springs #Bankruptcy Attorneys #Bankruptcy Laws #chapter 13 #chapter 13 bankruptcy #chapter 7 #Chapter 7 Bankruptcy #Citrus County #Citrus Springs #Citrus Springs Bankruptcy Lawyers #file for bankruptcy #Filing For Bankruptcy #Florida #Mr. Weller #Weller Legal Group

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springlakegbc · 1 year

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Bankruptcy laws provide a lifeline or second opportunity for individuals and businesses that are unable to fulfill their financial obligations. You can send debtors on their way to financial freedom depending on the sort of bankruptcy by liquidating existing assets or establishing a reasonable payment plan. The debtor can gradually pay off some of the debt in this way without experiencing any extra long-term financial hardships.

#Bankruptcy laws #bankruptcy law firm #bankruptcy lawyer #foreclosure lawyer #foreclosure #foreclosure law

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cdntrustee · 2 years

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LICENSED INSOLVENCY TRUSTEE FEES: WHAT UNDENIABLE EVIDENCE IS NEEDED FOR COURT APPROVAL OF INSOLVENCY TRUSTEE FEES?

Licensed insolvency trustee fees: How is a licensed insolvency trustee paid? Are your debts or your company’s debts and financial situation causing you so much stress that you are considering speaking to a licensed insolvency trustee (formerly called a bankruptcy trustee or trustees in bankruptcy), but you are worried about the licensed insolvency trustee fees? Are you concerned about the…

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married-to-a-redhead · 9 months

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I have seen a few people post this on their Tumblr. So with all due respect, I am going to do a quick PSA.

That’s not how this works. That’s not how any of this works.

Posting this quite literally does absolutely nothing. Please stop.

I am not sure what legal counsel provided this advice, but they should be immediately disbarred. And publicly ridiculed.

#PSA #I have been practicing law for over 25 years #this thing is a pet peeve of mine #it’s the equivalent of Michael Scott declaring bankruptcy by shouting it

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galerymod · 2 months

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A myth (more rarely mythus, obsolete mythe, plural myths, from ancient Greek μῦθος, "sound, word, speech, tale, legendary story, tale", Latin mythus) is in its original meaning a narrative. In religious myths, the existence of humans is linked to the world of gods or spirits.

Myths claim validity for the truth they assert. This claim to truth has been criticised since the Greek Enlightenment by the pre-Socratics (e.g. Xenophanes, around 500 BC). For the Sophists, myth stands in contrast to logos, which attempts to justify the truth of its assertions through rational evidence.

In a broader sense, myth also refers to people, things or events of high symbolic significance or simply a false idea or lie*.

For example, the adjective "mythical" is often used in colloquial language as a synonym for "fabulous-vague, fabulous or legendary".

Wikipedia

How can it be that a man who describes himself in public as a successful businessman worth billions cannot pay a financial penalty and that someone wants to vouch for him?

Trump can't pay 450 million dollars

In February, former US President Trump was fined 450 million dollars in New York for fraud. Now his lawyers have announced: Trump cannot pay. According to his lawyers, former US President Donald Trump is currently unable to guarantee payment of a fine of more than 450 million dollars from a fraud trial. Despite great efforts and negotiations with around 30 companies, it has not yet been possible to obtain such a guarantee, according to a letter from his legal team to the competent court in New York. Several US media outlets unanimously quote from the letter, arguing that it would be "practically impossible" to make the payment on time.

Trump has received a refusal from 30 bail companies, according to a letter from his lawyers to an appeals court on Monday. Many would not provide collateral in excess of 100 million dollars and would not accept real estate as collateral.

Forbes magazine estimates the property entrepreneur's total assets at 2.6 billion dollars. Trump recently stated that his cash assets totalled around 400 million dollars.

"I thought he was a billionaire? Is he lying to the public or the court?" Law professor Andrew Weissmann poses the question of questions on X in relation to Donald Trump's liquidity: How much is there to the image of the self-made billionaire?

How much money does Trump himself have?

Last year, Trump testified in court that he had a cash fortune of around 400 million US dollars. The latest legal documents indicate that he does not have anywhere near that amount of money at his disposal, Professor of Business Law Will Thomas from the University of Michigan. However, he and the Trump Organisation would have significantly more assets at their disposal. His largest asset holdings are tied up in property. If Trump is unable to pay in other ways, he could be forced to sell some of his properties, according to Professor Thomas. His lawyers want to prevent this and warn that Trump would have no way of buying them back if he is successful with his appeal.

Where could the money come from?

Without liquid funds, there are two options for Trump to prevent enforcement for the time being.

Guarantees: A guarantee would probably be the only solution for him. This would allow him not to have to sell anything for the time being. At the same time, guarantors require collateral and often only accept cash or shares in return - not property. Trump also needs to find someone who is prepared to guarantee an enormous sum of over 550 million dollars.

Donations or campaign funds: He is also receiving support from private sources, but the sums are nowhere near enough. Trump supporters are collecting money for him on the internet, with over a million private donations having been collected so far.

Again and again, it is also about money from Trump's election campaign. Federal law prohibits Trump from using campaign funds for personal purposes. However, it is legally unclear to what extent campaign money from political action committees (PACs) and funds from the Republican National Committee (RNC) fall under this. But even these funds would be far from sufficient.

If he loses the aura of the successful billionaire self-made businessman, he also loses his aura of success.

mod

This kind of legal action would not only be a serious blow to Trump's finances, but also to his image, as he always praises himself as a brilliant businessman.

The biggest bankruptcies* of Donald Trump

It was always visible to everyone, but as long as you can keep generating capital, the myth can be maintained

Trump Ice

In 1995, Donald Trump founded the Trump Ice Natural Spring Water brand (Trump Ice for short) - his own brand of bottled drinking water. However, the sales figures were not particularly good. After missed payments to the producer and a lawsuit against Trump Ice in this connection, production was discontinued. Today, only bottles with collector's value are sold on eBay and the like.

Trump Steaks

Donald Trump founded his own steak company in 2007. The company was to be dedicated exclusively to selling his favourite food and running a steakhouse in Las Vegas. The prices for the steaks varied between 199 and 999 US dollars. Despite such bargain prices, the company had to close in the same year. The steakhouse was shut down after the health department found 51 health code violations.

Trump University

In 2005, Donald Trump opened "Trump University" - a distance learning university specialising in the real estate industry that was not officially recognised as a university. Enrolment cost up to 35,000 US dollars, but many of the course instructors, who were allegedly selected by Donald Trump himself, often did not have the appropriate qualifications. The school had to be closed down for good in 2011. Thousands of students filed a lawsuit against the former US president, who relented in 2017 and offered a settlement despite his supposed innocence. This was confirmed by the US Court of Appeal in 2018 and secured compensation of USD 25 million for the more than 4,000 ex-students.

New Jersey Generals

In 1984, Donald Trump bought his own football team, the New Jersey Generals. However, they did not play in the famous National Football League, the NFL, but in the smaller offshoot, the United States Football League (USFL). Just one year later, the team was bankrupt and the entire United States Football League with it. Trump had tried with all his might to bring about a merger of the UFSL with the NFL. This prevented Donald Trump from taking over a team in the NFL.

Trump Vodka

According to Donald Trump himself, he does not drink alcohol. However, this did not stop him from launching his own premium vodka on the market in 2005. However, production was discontinued in 2011.

Trump Magazine

Donald Trump made several attempts to land a hit in the luxury magazine segment. After two failed attempts, he launched the quarterly "Trump Magazine" in 2007, which covered topics such as yachts and other toys for the rich. However, the magazine was cancelled in 2009.

Gotrump

In 2006, Donald Trump ventured into a search engine for luxury travel. It included private jets, tickets for exclusive events and supposedly personal recommendations and travel tips from Donald Trump. However, it was shut down again after just one year due to poor reviews.

Trump: The Game

Trump tried twice to establish himself on the board game market with the board game "Trump: The Game", but failed twice. The game is, of course, about money. The game first came onto the market in 1989, but was discontinued shortly after its release. In 2005, he tried a new edition in collaboration with Parker Brothers, but this version also failed.

Trump Shuttle

In 1989, Trump bought his own airline, "Trump Shuttle". The airline was to fly business people back and forth between New York, Boston and Washington. The interior of the Boeing 727 was elegantly furnished with maple panelling and chrome seat belt buckles, and gold fittings were installed in the toilets. However, the luxury was too expensive for the passengers. Three years later, the over-indebted company was sold to US Airways.

Trump Entertainment Resorts

With the company "Trump Entertainment Resorts", Donald Trump operated several casinos in the gambling metropolis of Atlantic City, including: Trump Taj Mahal, Trump Plaza and Trump Marina. All were closed between 1999 and 2016, and the company filed for bankruptcy three times between 2004 and 2014. In 2014, debts are said to have totalled around 1.8 billion US dollars. Trump himself withdrew completely from the company in 2016 and sold his shares to billionaire Carl Icahn.

Trump Mortgage

In April 2006, Donald Trump announced the founding of his own mortgage bank, Trump Mortgage, at a press conference. He predicted a rosy future for his endeavour and that the bank would soon become the largest lender for home loans in the USA. However, as with "Trump Magazine", the timing was not exactly fortunate. Just one year later, the former US president's mortgage bank had to file for insolvency.

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queenboimler · 1 month

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random q: does buck still have the jeep??

#911 abc #if for a hypo im working on #studying for bankruptcy law class by trying to figure out what buck would do to file/what he'd lose #and does he have actual assets? does he rent his apartment or own?

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gwydionmisha · 6 months

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youtube

Oh No! Alex Jones Can't Use Bankruptcy to Avoid the Sandy Hook Judgments

#Alex Jones #Bankruptcy #Sandy Hook #Defamation #Law #Youtube

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onedocx · 7 months

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#case management #document management #lawyer #lawyer for bankruptcies #lawyer au #lawyer for car accident #lawyer firm #law management #documentation #case management software

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dontmeantobepoliticalbut · 2 years

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The Biden administration announced on Thursday updated guidelines that will make it easier for those struggling with their student debt to discharge it in bankruptcy.

The new bankruptcy policy comes from the U.S. Department of Justice and the U.S. Department of Education, and allows federal student loan borrowers to prove that they’re experiencing financial distress requiring a fresh start. Under the rules, the agencies may recommend that a bankruptcy judge discharge a borrower’s student debt if they find their case warrants it.

Currently, it’s difficult, if not impossible, for someone to walk away from their federal student debt in a normal bankruptcy proceeding.

“Today’s guidance outlines a better, fairer, more transparent process for student loan borrowers in bankruptcy,” said Vanita Gupta, associate attorney general of the U.S.

The announcement comes as the White House is battling to defend its sweeping student loan forgiveness plan in the courts. The Biden administration stopped accepting applications for its program, which would cancel up to $20,000 in student debt for tens of millions of Americans, last week after Judge Mark Pittman of the U.S. District Court for the Northern District of Texas called the policy “unconstitutional” and struck it down.

The DOJ has appealed.

Before the Education Department closed its forgiveness portal, roughly 26 million people applied for the relief. Outstanding student debt exceeds $1.7 trillion, and even before the pandemic, some 10 million borrowers were in delinquency or default.

STUDENT DEBT HAS A HIGH BAR FOR BANKRUPTCY DISCHARGE

Student loans are currently treated differently than other types of debt in bankruptcy courts, and legal experts and consumer advocates have long said that the bar for being able to discharge the loans is too high.

In the 1970s, lawmakers added a stipulation that student loan borrowers had to wait at least five years after they began repayment to file for bankruptcy; the move came in response to concerns raised by policy makes and pundits that students would rack up a bunch of loans and then try to discharge them after graduation. In 1990, that waiting period was upped to seven years.

The rules changed again almost a decade later, requiring that people with federal or private student loans prove that their debt poses an “undue hardship” to discharge it in bankruptcy. Congress, however, never spelled out what that term means, and lawyers and advocates say the uncertainty leads to unfairness in the courts.

Federal Reserve chairman Jerome Powell has said that he’s “at a loss to explain” why student loans are treated differently than other types of debt in the proceedings.

Around 250,000 student loan debtors file for bankruptcy each year, but fewer than 300 walk away from their education debt in the proceeding, according to research published in the Duke Law Journal in December 2020. That’s a success rate of just 0.1%.

#us politics #news #biden administration #department of education #student debt forgiveness #forgive student debt #cancel student debt #student loan forgiveness #student loan debt #bankruptcy #cnbc #department of justice #Vanita Gupta #bankruptcy court #Judge Mark Pittman #Jerome Powell #Duke Law Journal

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