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Radio Shack filed for bankruptcy in March and initially suggested closing only 200 stores while evaluating the remaining 1,300."The company and its advisors are currently exploring all available strategic alternatives to maximize value for creditors, including the possibility of keeping stores open on an ongoing basis," Radio Shack said previously.

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"We recognize that our decision today provides no remedy to appellants, who have undoubtedly suffered along with too many others as a result of Madoff's Ponzi scheme," the three-judge panel wrote.

"We continue to refuse, however, to treat fictitious and arbitrarily assigned paper profits as real and to give legal effect to Madoff's machinations," it added. For a further analysis of commercial fraud, make sure to pick up a copy of ABI’s A Catholic religious order has filed for bankruptcy protection following lawsuits alleging clergy sex abuse in Minnesota, the Associated Press reported yesterday.

Gibbs has handled complex financial restructurings, both in chapter 11 cases and out-of-court restructurings, for over 35 years. Gibbs regularly serves as counsel to distressed companies, as well as secured lenders, servicers of commercial mortgage securitized trusts, bondholders and trade creditors, and acquirers of distressed assets. Gibbs has particular experience in the real estate and oil and gas industries, and his restructuring engagements often involve multijurisdictional and cross-border matters.

He is a member of the State Bar of Texas, the American Bar Association and the Dallas Bar Association. Gibbs is a member of the American Bankruptcy Institute and a Life Fellow of the Texas Bar Foundation. Gibbs lectures frequently on various bankruptcy and creditors rights topics. Gibbs is a past member of Akin Gump’s Management Committee (2006 - 2015) and currently serves as the chair of Akin Gump’s Partnership Admissions Committee.

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