American court hearing recordings and interviews

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This is a podcast of the hearing on emergency motion to stay pending appeal. It is a matter of public record, docketed by the U.S. bankruptcy court as docket number 744,, as per the usual court practice under U.S. law.Does anyone have a prediction how the QVC bankruptcy appeal is going to work out?For example, if the parties appealing and seeking a stay pending appeal withdraw their requests for relief, will there be an inquiry whether this is because they have been paid off and how much they have been paid? Or if QVC wants to pay, then will the court be asked to approve a settlement on the basis of litigation risk? Or will there be an appeal in this case - taking months, possibly years - while QVC stays in U.S. bankruptcy?Or will there be an appeal - taking months, possibly years - while QVC is allowed to exit U.S. bankruptcy?Or what other possibilities are likely under the controlling U.S. law?The QVC bankruptcy is peculiar - a multi-billion dollar Chinese-U.S. bankruptcy presented as a U.S. bankruptcy, so it's hard to know who pays who, when and how to get to the desired result, which is also not clear. In my opinion as Coordinating Editor, International Scene for the American Bankruptcy Institute (ABI), it seems to me it would probably be MORE transparent if there was a Hong Kong case running in parallel to the U.S. bankruptcy, so perhaps a case will be commenced in Hong Kong.

discussing QVC's bank accounts including the QVC Chinese bank account(s)

Until a few days ago, when I was locked out of the website of the American Bankruptcy Institute (ABI), I had served as a Coordinating Editor, International helping authors publish educational articles about bankruptcy law in the ABI Journal.After I was locked out of the ABI website I came forward as a whistle blower, requesting help from my government requesting an outside audit of the ABI as I believe my lockout of the website may have been in retaliation to concerns I have expressed to the ABI Presidents and Chairman of the board and other at ABI leadership about management and cash flows in and out of the ABI and other international bankruptcy related not for profits registered in the United States including ABI and INSOL as well as the International Insolvency Institute. I have also questioned why the organizations are not for profits when they seem to basically run like private clubs or drug cartels on the show Breaking Bad, with members passing work back and forth, for profit.I have been put in communication with lawyers at the firm Jackson Lewis who represented they are outside counsel to the ABI.I now understand the Jackson Lewis law firm has been working with ABI at least since this podcast was made over 15 years ago, facilitating mass layoffs of employees in bankruptcy with ABI members, in cases where typically the lawyers' fees need to be court approved by the bankruptcy court or court authorized as ordinary course professional fees.And I believe Jackson Lewis has been helping QVC handle downsizing, from news indicating Jackson Lewis provides these services to QVC, which is in international QVC bankruptcy proceedings pending in Houston, at a time when, reportedly, QVC hosts are trying to unionize.I welcome help from people who want to help QVC employees and whistle blowers like me who volunteered at US not for profits - especially people who know more about not for profit governance than I do and QVC downsizing.I am a former unionized Environmental Protection Agency (EPA) attorney advisor and journalist and editor for the American Bankruptcy Institute's flagship publication the ABI Journal, as well as a member of the EPA alumni association, an independent newsletter writer on Substack, and an independent podcaster under my website domains at The Center of Main Interests (The CoMI).http://www.thecomi.com/https://thecomi.org/contact-usThanks for reading and Happy Summer Solstice!

This is from a few years ago, when I was a shareholder in a publicly traded company in the U.S. called Ocean Rig & I litigated to lift the injunction that stopped shareholders from suing for fraud. Ocean Rig was acquired by Transocean as part of the Ocean Rig bankruptcy in the U.S., which was not disclosed to shareholders in Ocean Rig,Transocean was featured in the movie Deepwater Horizon, which is about the explosion of a rig in the Gulf of Mexico designed to operate in deep water and drill down tens of thousands of feet. Here's a link to the trailer:https://youtu.be/S-UPJyEHmM0?si=Jy5Uv00xgLWSPQ-1The Transocean share price went up after Transocean acquired Ocean Rig, but I think many shareholders in Ocean Rig, myself among them, never wanted to become shareholders in Transocean and would not have invested in Ocean Rig knowing it was to be acquired by Transocean.This was all a few years ago. The appellate court ruled against me on the basis I lacked "appellate standing" even though I was an American shareholder in an American publicly traded company enjoined from suing by an American bankruptcy court order. Let's hope chapter 15 bankruptcy cases like Ocean Rig's, make their way to the U.S. Supreme Court so that shareholders aren't put in this position in the future, where we're duped and cannot sue for fraud because an American court enters an injunction.

filed on the FTX bankruptcy docket as docket number 35836 (a PDF file with an embedded mp3 file)

Listen to the first hearing of the new California water rights bankruptcy in Delaware, held 6/15/2026The Searles Valley Minerals bankruptcy petition lists, as equity security holders of the debtors, Karnavati Holdings, Inc. and Searles Valley Minerals Inc.The Delaware bankruptcy court hearing was an abnormal bankruptcy hearing held the day a bankruptcy was filed in Delaware, during a trial in California, before the “first day” hearing in the bankruptcy in Delaware scheduled for tomorrow.The Delaware bankruptcy judge seemed concerned about what’s going on (in a way that reminded me of the movie Chinatown) and explained he might communicate with the trial judge in California. Maybe the bankruptcy case venue will be transferred to California closer to the pending litigation. Or that would seem to make sense for access to evidence, records, and various practical considerations ... cutting against a Delaware venue although the Delaware emergency bankruptcy filing is technically possible and was made today on an emergency basis.

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This is the official court audio, posted by the Court of Appeals on November 5, 2025. I am reposting today because the Court of Appeals has handed down a ruling today affirming the criminal conviction. Below are my thoughts from the day of the argument on appeal...The appellate argument is in the appeal of Sam Bankman-Fried’s criminal conviction which proceeded, before the U.S. Court of Appeals for the Second Circuit. The argument was scheduled for 20 minutes or so and went beyond an hour. The bench was a hot bench, with the judges on the panel prepared to ask a lot of questions.Maybe the case will be resolved consensually?The appellant’s side, SBF’s counsel, argued to the appellate judges that more evidence of advice of counsel would have changed the jury’s decision to convict. The judges were skeptical.But the appellee, the government, had a hard time justifying the forfeiture order against Sam Bankman-Fried, which was part of his punishment.There is a disconnect between the presentation of massive losses in the record of the criminal trial relative to representations of customers being paid in full in the FTX bankruptcy. This was discussed at some length during the argument today. I am not sure it is correct that the FTX customers who are to receive (the low) cash value of Crypto as of 11/11/2022 (the FTX bankruptcy filing date, on Veterans Day, during Crypto Winter) are expected to receive the current value of the Crypto or more in the future. So maybe a fact check of the FTX bankruptcy plan would be helpful.More generally, how well the FTX bankruptcy is going/supposed to have gone in terms of paying customers in full seems to undermine at least the forfeiture order. It is not unusual that there is interplay between a criminal case and a bankruptcy case/appeal, proceeding on separate tracks but inter-related factually.I think there could possibly be a motion for new trial at the district court level regardless of the outcome of the appeal, based on the ability to seek a new trial where there is newly discovered evidence… where the interests of Justice require, etc. even where there was a lot of evidence at trial, evidence in support of a jury verdict.The appellate argument today raises questions like how much does acting on advice of counsel count? Is a person who has lawyers acting more in good faith than a person who doesn’t have lawyers? Like can a person hire lawyers to set up a business or help as it grows and be excused from criminal responsibility? If so - to what extent? One view expressed during the oral argument today was that it may depend on whether the lawyers know what the client was up to, but that is not something that would usually come into evidence at trial because of privilege issues.[redacted due to length constraints on notes section]I am concerned for pressure SBF is under from lawyers - BECAUSE he does rely on advice of counsel, now as he must - and his emotional health and well being must be under so much pressure.With potential for the SBF case to be heard by the US Supreme Court or a retrial or a pardon, the stakes are high. And with billions at stake in the forfeiture order, based on losses at time of trial that have been reduced, there seems a lot of room for compromise and come to an agreement that resolves the appeal.

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closing

opening with a presentation by the QVC bankruptcy case financiers

Listen to the closing arguments in preferred equity trial and in support of QVC chapter 11 plan confirmation, made to the bankruptcy court before the matter was taken under advisementThe QVC group tax situation sounds terrible, like the court should consider liquidating the companies and ordering an investigation how things go to where they are that a bankruptcy was needed.

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continuing questioning of Mr Meltzer

continuing questioning of Mr Meltzer

continuing questioning of Mr Meltzer

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hearsay tale presented to the US bankruptcy court in Delaware of alleged happenings in Mexico, in support of proposed retention of Mexican counsel over objections

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hearing on approval of sealed proposed settlement agreement between Saks and its largest landlord Simon Property Group to resolve litigation

What do you make of today’s hearing? Are vultures circling a Houston bankruptcy of an iconic American brand?To me it sounds like a court battle is planned in the QVC bankruptcy, in which investors of the sort sometimes referred to as “vulture investors” - that allegedly bought stakes in QVC when it was already financially distressed - will put on evidence towards trying to propose a different plan for QVC to exit bankruptcy under which they are paid more than the smooth sail in and out of bankruptcy the company lawyers would have preferred.This kind of contentious litigation may be concerning to QVC suppliers, insurers and other interested parties - at a minimum because it is costly and preparation for hearings such as the upcoming distracts bankrupt companies’ management. Maybe that is why the planning hearing is so vague as to what is going on, avoiding references to QVC or the Home Shopping Network? I don’t know. This hearing seemed exceptionally vague. And I thought I heard a reference to an objection deadline of tomorrow but I am not sure. I think things may be possibly be moving too quickly for there to be time for parties to come forward and be heard in the case, but it’s hard to say when what is going on isn’t clear. More information about the QVC bankruptcy is available here including points of contact if people have questions about what is going on in the bankruptcy and deadlines: https://restructuring.ra.kroll.com/QVC/

For the agenda for the hearing, see the amended agenda filed the day of the hearing, docket number 35618 here:https://restructuring.ra.kroll.com/ftx/Home-DocketInfoThe court’s ruling granting the objection to the claim gets into the FTX fraud, how people lost savings, some their families’ life savings due to the FTX fraud for which Sam Bankman-Fried was convicted following trial by jury, and sentenced to a 25 year sentence. SBF has appealed his criminal conviction via counsel, seeking a new trial before a new trial judge.I believe Melamed is typically pronounced Me-LAH-med, not as it is pronounced by the court. The New York City based federal courts tend to do a better job with Jewish surnames than the Delaware federal courts. FTX’s bankruptcy proceedings are ongoing in Delaware. SBF is imprisoned in California.MATTERS GOING FORWARD at this May 14, per the amended court agenda:FTX Recovery Trust’s Objection to Proofs of Claim Filed by ELD Capital LLC [D.I. 34251, filed on January 2, 2026] Status: The Court will issue a bench ruling on the objection at the hearing.FTX Recovery Trust’s Motion to Enforce Prior Orders that Preclude Seth Melamed from Asserting New Claims in Arbitration [D.I. 35243, filed on April 2, 2026] Objection Deadline: April 9, 2026 at 4:00 p.m. (ET); extended to April 20, 2026 for Seth Melamed.

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emergency motion

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Hearing re approval of Saks et al, disclosure statementVery interesting. The Bankruptcy Judge presiding over the Saks bankruptcy called out that the disclosure statement submitted to the court included third party releases - in order words releases of parties that did not file bankruptcy - which runs afoul of the U.S. Supreme Court ruling in Purdue Pharma. It sounds like Saks' bankruptcy lawyers are planning to fix that.

seeking and receiving approval of a revised disclosure statement that is subject to further revision, towards commencing solicitation of votes in support of a chapter 11 plan to exit bankruptcy

What does this hearing sound like to you? If I was doing business with QVC, like a supplier, let's say, I might be worried because the case was supposed to be a quick in and out of bankruptcy court to shave off debt.I am not a supplier. I am a lawyer but not one practicing in Houston from out of state on the phone, like the lawyers on the call. My legal practice in New York years ago entailed making court appearances in person and doing trial work. My practice predated the telephone lawyer on the phone with the judge in a jurisdiction where I am not admitted thing. Which is to say I am not part of this scene whereby New York lawyers are yelling on the phone to a judge in Houston.To me it sounds like the lawyer arguing to the judge is trying to get his firm paid out of the bankruptcy estate and make sure other professionals at other firms aren't hired and paid. To save money. So then did his law firm bill for the "work" and the "emergency" court papers fighting the other lawyers' billing?If there were lawyers in Sodom and Gomorrah they would make arguments like this lawyer in the opening of the hearing speaks. And he cites Google, lol, charging how much per hour??? Maybe he should at least quote Claude or the Judge should tell him to shut up or address the court per the applicable rules for making a presentation and including factual assertions.

More information about the Ascend Elements bankruptcy is available on the free case administration website: https://veritaglobal.net/ascendAnd here's a link to Recycling Today's coverage of the Ascend Elements bankruptcy and events leading up to it: https://www.recyclingtoday.com/news/ascend-elements-files-for-chapter-11-bankruptcy/

The podcast skips a couple of hearings held in the Saks bankruptcy proceedings earlier in April. The 4/24/2026 hearing is a helpful one to review because it includes an update on the restructuring support agreement and also an update on the anticipated timing of the chapter 11 disclosure statement. Additionally the hearing includes a summary of the proposed chapter 11 exit financing, with the business justification for the terms. At the conclusion of the hearing, the bankruptcy court approved the proposed exit financing, and the court noted another hearing is on for next Friday.