Using the two scenarios provided below. Analyze the facts in the scenarios and develop appropriate arguments/resolutions and recommendations using case law and scholarly sources. Cite your sources in APA format on a separate page.
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Rusty Weaver, a project manager for the Tipton Machinery, filed a petition in bankruptcy under Chapter 7, seeking to discharge $75,000 in credit-card debts and $45,000 in student loans. Weaverâ€™s wife died and left him with two children, Paul, who attended college, and Diana, who was thirteen years old. According to Weaver, Diana was an “elite” swimmer who practiced ten to fifteen hours a week and placed between first and third at more than thirty competitive events. Diana was homeschooled with academic achievements that were average for her grade level. His petition showed monthly income of $5,325 and expenses of $5,200. The expenses included annual homeschool costs of $8,200 and annual swimming expenses of $5,000. The expenses did not include college costs for Paul, or airfare for his upcoming summer trip to Europe, and other items. The trustee allowed monthly expenses of $4,227, with nothing for swimming, and asked the court to dismiss the petition.
- If Weaver qualified for Chapter 7, which debts would be discharged? Which debts would not be discharged? Why?
- Using the median income from your state, does Weaver qualify for Chapter 7?
- Should the court grant the trusteeâ€™s request? Does Weaver have other options if the Chapter 7 petition is dismissed?
Explain your answers and support them with relevant scholarly sources.
Scenario IIâ€”Insider Trading
During a session with her doctor, Billy Mooney, Maggie Mason mentioned in confidence the imminent merger of Walgreens with Rite-Aid. Mason’s ex-husband, Gus Mason, was on the board of directors at Walgreens. Mooney communicated the information to a securities broker, Olive Green, who immediately made trades in Walgreenâ€™s securities for her own account and for her customers’ accounts.
- Did Mooney, Maggie Mason, Gus Mason, or Olive Green engage in illegal insider trading? Explain the potential culpability of each party. Include possible civil or criminal penalties for each party.
- Was the conduct of the parties ethical?