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In February 2009, Rocketplane vacated its Oklahoma City headquarters building. According to Oklahoma State Representative David Dank, Rocketplane no longer has any presence in the state, but they left with no debt owing to Oklahoma. Rocketplane filed for Chapter 7 bankruptcy and liquidation in July 2010. [4]
The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1] Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. [2]
While in many ways similar to other forms of bankruptcy reorganization (esp. Chapter 11), [15] Chapter 9 has a number of unique characteristics. Because municipalities are entities of State governments, the power of the bankruptcy court is limited to some extent by the Tenth Amendment to the United States Constitution. [16]
Here's what Oklahoma should be aware of. What is Chapter 11 bankruptcy? According to USCourts.gov, Chapter 11 bankruptcy "is frequently referred to as a 'reorganization' bankruptcy. Usually, the ...
The bank was founded in 1960 and was located in the rear of the Penn Square Mall [2] in Oklahoma City. The bank made its name in high-risk energy loans during the late 1970s and early 1980s Oklahoma and Texas oil boom. Between 1974 and 1982, the bank's assets increased more than 15 times to $525 million and its deposits swelled from $29 million ...
The Body Shop is shutting down its U.S. operations after filing for bankruptcy. The U.K.-based chain filed for Chapter 7 liquidation in New York last week, according to a court filing.
According to Oklahoma State Representative David Dank, Rocketplane no longer has any presence in the state, but Rocketplane has paid all of its taxes and has no outstanding debts which is remarkable for a company to accomplish this while going bankrupt. Rocketplane filed for Chapter 7 bankruptcy and liquidation in July 2010. [4]
The United States District Court for the Western District of Oklahoma (in case citations, W.D. Okla. or W.D. Ok.) is a federal court in the Tenth Circuit (except for patent claims and claims against the U.S. government under the Tucker Act, which are appealed to the Federal Circuit).