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PC pre-bankruptcy stock certificate, 1969. PC post-bankruptcy stock certificate, 1974. The Pennsylvania Railroad absorbed the New York Central Railroad on February 1, 1968, and at the same time changed its name to Pennsylvania New York Central Transportation Company to reflect this.
Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructuring plan is agreed upon in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing.
The U.S. Bankruptcy Code lists six types of bankruptcies, according to USCourts.gov: Chapters 7, 9, 11, 12, 13 and 15. At least four of those will not have much relevance to the average person:
Personal bankruptcy is a legal process that allows people to discharge unpayable debts by liquidating assets to pay their creditors or by entering into a court-approved plan to repay them. Tips: 7...
The history of bankruptcy law in the United States refers primarily to a series of acts of Congress regarding the nature of bankruptcy.As the legal regime for bankruptcy in the United States developed, it moved from a system which viewed bankruptcy as a quasi-criminal act, to one focused on solving and repaying debts for people and businesses suffering heavy losses.
Madoff contends that $2.2 million in pre-petition transfers was unrecoverable. Serpone claims that money was used by Serpone Innovations LLC to repair the houses owned and sold by Levee Breaks.
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