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Bankruptcy Trust Doesn't Get Artist's Royalties in Perpetuity
In refusing to grant a bid to have the creditors' trust in La Toya Jackson's Chapter 11 bankruptcy ' which began in July 1995 ' extended beyond March 31, 2011, the U.S. Bankruptcy Court for the Southern District of New York emphasized Jackson had “dedicated to the Trust the right to receive” her artist-royalty income “for a term of years, not in perpetuity.” In re Jackson, 95-43145. Underlying the extension bid was a complaint by unpaid, unsecured creditors that the trust's income instead had been used to pay Jackson's bankruptcy administrative expenses. Bankruptcy Judge James M. Peck took note of the creditor trustee's allegation that Jackson “pursued a scorched-earth litigation strategy during her bankruptcy case aimed at deliberately incurring administrative costs to the detriment of unsecured creditors.” But the judge found the contention was raised “too late.”
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