Elite Model Management (MM) is a modeling agency that originated in Paris in 1972.
85-565: In 2004, the agencies in New York City, Miami, Los Angeles, and Toronto separated and formed Elite Model Management North America. Elite MM is a subsidiary of Elite World S.A., whose main shareholder Silvio Scaglia controls his stake through Elite World Group (EWG), a management company where Elite MM is one of brands along with The Society Management , Women Management , Supreme Management, Elite Model Look , and Women 360. Although Elite Model Management North America and Elite World Group share
170-403: A valuation of the reorganized business. Bankruptcy valuation is often highly contentious because it is both subjective and important to case outcomes. The methods of valuation used in bankruptcy have changed over time, generally tracking methods used in investment banking, Delaware corporate law, and corporate and academic finance, but with a significant time lag. Chapter 11 retains many of
255-521: A New York division under the name The Society Management (The Society, The Society Model Management, Inc.). Elite World Group, LLC ("EWG") was created in order to hold PGM's stake in Elite World SA and EWG's branch was incorporated in New York on Jan. 28, 2019. In 2019, Julia Haart was announced chief executive officer and chief creative officer of EWG which oversees Elite MM. In 2022, Paolo Barbieri
340-468: A bid to acquire lingerie and fashion brand La Perla with an offer of 69 million euros. In an interview with daily La Repubblica , he said, “After Omnitel and FASTWEB I will personally give La Perla my all: for me, this is a personal challenge I am firmly committed to” attempting to quash the doubts raised over the genuineness of his interest in supporting La Perla. Under Scaglia's leadership, La Perla underwent significant brand repositioning which despite
425-668: A court-appointed attorney in his legal battles with Julia Haart, citing financial hardship. Chapter 11 Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code ) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy , is available to every business , whether organized as a corporation , partnership or sole proprietorship , and to individuals, although it
510-648: A film was broadcast by the BBC showing the President of Elite MM, Gerald Marie , offering an undercover reporter sex for money. It was later proven that some images had been manipulated and the BBC admitted that its portrayal was unfair and had to make a substantial payout to the model agency. In the wake of this controversy, Casablancas left and formed the John Casablancas Modeling and Career Center in New York. Elite World SA
595-466: A motion to convert to chapter 7 or appoint a trustee if either of these actions is in the best interest of all creditors. Sometimes a company will liquidate under chapter 11 (perhaps in a 363 sale), in which the pre-existing management may be able to help get a higher price for divisions or other assets than a chapter 7 liquidation would be likely to achieve. Section 362(d) of the Bankruptcy Code allows
680-415: A number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business's earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay . While the automatic stay
765-410: A plan during the period of exclusivity. This period allows the debtor 120 days from the date of filing for chapter 11 to propose a plan of reorganization before any other party in interest may propose a plan. If the debtor proposes a plan within the 120-day exclusivity period, a 180-day exclusivity period from the date of filing for chapter 11 is granted in order to allow the debtor to gain confirmation of
850-479: A price war against competitors — all with the bankruptcy court's approval. Studies on the impact of forestalling the creditors' rights to enforce their security reach different conclusions. Chapter 11 cases dropped by 60% from 1991 to 2003. One 2007 study found this was because businesses were turning to bankruptcy-like proceedings under state law, rather than the federal bankruptcy proceedings, including those under chapter 11. Insolvency proceedings under state law,
935-532: A programmer and then project manager for three years. In 1986, Scaglia joined McKinsey & Company , a worldwide management consulting firm, where he worked for automotive industry clients in Germany and Italy. Scaglia also served as a consultant for Italian motor vehicle manufacturer Piaggio & C. SpA . During the early 1990s, Scaglia became general manager for Piaggio's Spanish subsidiary, working alongside Italian industrialist Giovanni Alberto Agnelli . He
SECTION 10
#17328594767741020-442: A reorganization; a conversion into chapter 7 liquidation, or it is dismissed. In order for a chapter 11 debtor to reorganize, they must file (and the court must confirm) a plan of reorganization. Simply put, the plan is a compromise between the major stakeholders in the case, including, but not limited to the debtor and its creditors. Most chapter 11 cases aim to confirm a plan, but that may not always be possible. Section 1121(b) of
1105-528: A rise in sales, left the company unable to recoup the capital invested. In February 2018, La Perla was sold to Sapinda Holding . In 2016, through his Pacific Capital investment fund (now Freedom Holding Inc.), Scaglia invested in Yewno, the “discovery platform” developed by Ruggero Gramatica through contributions from Stanford University . In 2020 Scaglia founded SHS A.M., a knowledge-based, quantitative asset management company. Between 2010 and 2013, Scaglia
1190-543: Is a Swiss-born media and technological entrepreneur. Scaglia is the founder of FASTWEB , an Italian telecommunications company. Scaglia is the co-owner of Freedom Holding (formerly Pacific Global Management Group), a holding company that controls the Elite World Group . In 2020, he founded SHS management, an AI-powered asset management company. Scaglia was born on 14 October 1958, in Lucerne , Switzerland . He studied at
1275-417: Is in place, creditors are stayed from any collection attempts or activities against the debtor in possession, and most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. An example of proceedings that are not necessarily stayed automatically are family law proceedings against a spouse or parent. Further, creditors may file with
1360-484: Is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. When a business is unable to service its debt or pay its creditors , the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7,
1445-408: Is severable. The trustee or debtor-in-possession normally assumes a contract or lease if it is needed to operate the reorganized business or if it can be assigned or sold at a profit. The trustee or debtor-in-possession normally rejects a contract or lease to transform damage claims arising from the nonperformance of those obligations into a prepetition claim. In some situations, rejection can also limit
1530-444: Is treated as a contested matter under Bankruptcy Rule 9014. A party seeking relief from the automatic stay must also pay the filing fee required by 28 U.S.C.A. § 1930(b). In the new millennium, airlines have fallen under intense scrutiny for what many see as abusing Chapter 11 bankruptcy as a tool for escaping labor contracts, usually 30–35% of an airline's operating cost. Every major US airline has filed for Chapter 11 since 2002. In
1615-685: The Elite Model Look , which was called The Look of the Year, Competition to rival its competitors Ford's Supermodel of the World Contest. The following year, the company expanded its offices in the U.S. with the formation of Elite Models Chicago, Elite Models Atlanta, Elite Models Los Angeles, Elite Models San Francisco, and Elite Models Miami. By 1986, Elite Models had twenty offices worldwide. In 1988, Elite opened offices in Milan. Nicholas Farrae later purchased
1700-632: The Italian New Market Stock Exchange to expand and finance their fibre-optic network in major Italian cities. The IPO of e.Biscom was the second most successful in Italian history. The company reached a valuation of over 10 billion euros and raised 1.6 billion euros which were fully invested to develop FastWeb ’s network nationwide. In January 2001, Scaglia was featured on the cover of Forbes Magazine , in recognition of FastWeb's contribution to telecommunications technology. In 2003, Scaglia
1785-586: The Polytechnic University of Turin , which he graduated from in 1983 with a degree cum laude in electronic engineering . After graduation, Scaglia began working at Aeritalia Spazio, where for a time he worked on the Tethered satellite project in partnership with NASA and Martin Marietta , an American aerospace company. Following his position at Aeritalia Spazio, Scaglia worked for Andersen Consulting as
SECTION 20
#17328594767741870-465: The automatic stay of § 362. The automatic stay requires all creditors to cease collection attempts, and makes many post-petition debt collection efforts void or voidable. Under some circumstances, some creditors, or the United States Trustee , can request the court convert the case into a liquidation under chapter 7, or appoint a trustee to manage the debtor's business. The court will grant
1955-739: The 2013 verdict of the First Penal Section of the Court of Rome. The national press largely reported on the incident, qualifying the court case as “unjust” and a process which “damaged the national economy”. On 27 October 2013, Scaglia's judicial ordeal was quoted by the soon-to-be prime minister Matteo Renzi at the Leopolda meeting in Florence as an injustice that should no longer occur. In February 2022, after Haart filed for divorce, Scaglia dismissed Haart from her role as CEO of Elite World Group (EWG),
2040-513: The Asian market and awarded its Greater China rights to Michel Lu. In partnership with him they established Elite Models Hong Kong and China. In 1996, Lu went on to expand Elite MM to Singapore that served as a regional office for South East Asia. Similar to their debut in Paris, Elite swept up top local and regional talents such as Charmaine Harn, Junita Simon, Sonia Couling, and Nadya Hatagalung. In 1999,
2125-405: The Bankruptcy Code provides for an exclusivity period in which only the debtor may file a plan of reorganization. This period lasts 120 days after the date of the order for relief, and if the debtor does file a plan within the first 120 days, the exclusivity period is extended to 180 days after the order for relief for the debtor to seek acceptance of the plan by holders of claims and interests. If
2210-483: The Bankruptcy Code), so, only a debtor can file a plan of reorganization . The SBRA requires the U.S. Trustee appoint a "subchapter V trustee" to every Subchapter V case to supervise and control estate funds, and facilitate the development of a consensual plan. It also eliminates automatic appointment of an official committee of unsecured creditors and abolishes quarterly fees usually paid to the U.S. Trustee throughout
2295-566: The FASTWEB and Telecom Italia Sparkle networks, were said to have occurred between 2003-2006. On 23 February 2010, the Rome judge overseeing preliminary investigations issued a preventive detention order for Scaglia, among others, in response to a request by the anti-mafia public prosecutor's office. Through his lawyers, Scaglia agreed to come in for questioning and returned to Italy on a private flight from Antigua on 26 February 2010. On 23 November 2010,
2380-474: The Italian landline network. By 2006, FASTWEB was Italy's leading alternative broadband telecommunications provider, with over one million customers and an annual revenue of €1.26 billion. FASTWEB was the first company in the world to develop a network entirely based on Internet Protocol (IP) – a system that moves digitalized telephonic communications through routers rather than through traditional telephone exchange allowing voice, broadband data and video to share
2465-685: The Saudi billionaire arms dealer is said to have admitted to at least one such introduction, to a model who became one of his " harem wives". She said that in the early 1980s he routinely browsed photographic portfolios of young women, with his assistant "asking whom he would like to meet, and discussing meet-up fees of between $ 35,000 and $ 50,000." In the wake of the MeToo movement, the allegations have increased; as of November 2020, at least 15 women have now spoken out against Marie and are cooperating in an investigation launched by French prosecutors. Marie has denied all
2550-648: The US office of Elite. As a result of the bad publicity, the over expansion of Elite, and the loss of talents, Elite World SA filed for Chapter 11 bankruptcy in 2004. Elite Models New York City was put up for auction and bought by Florida businessman Eddie Trump for $ 4.4 million, who asked Casablancas to come back and advise him. Elite Models NY together with Los Angeles , Miami , and Toronto became Elite MM North America separate from Elite World SA. In August 2005, Elite World SA reestablished Elite MM in Singapore using it as
2635-611: The acquisition of a controlling stake in Elite World SA by Pacific Global Management, SARL ("PGM") (now Freedom Holding, Inc.). In 2012, Elite Models Amsterdam acquired Model Masters in Amsterdam . Model Masters is best known for representing models who win Holland's Next Top Model . With that acquisition, Elite fired Ananda Marchildon for being "too fat". The company lost a breach of contract lawsuit by Ananda Marchildon and had to pay her around €65,000 damages. In 2013, Elite World SA opened
Elite Model Management - Misplaced Pages Continue
2720-433: The advantages of a traditional Chapter 11 case without the unnecessary procedural burdens and costs. It seeks to increase the debtor's ability to negotiate a successful reorganization and retain control of the business and increase oversight and ensure a quick reorganization. A Subchapter V case contrasts from a traditional Chapter 11 in several key aspects: it is earmarked only for the "small business debtor" (as defined by
2805-458: The agency in 1990. Elite World S.A. is the parent company of Elite Model Management (MM). The expansion of Elite Models furthered as Elite Models formed partnerships with already established agencies. In 1990, Elite Models formed a partnership with Model Management Heidi Gross in Hamburg . In 1992, Munich Models was formed and formed a partnership with Elite MM. In 1994, Elite MM sought to break into
2890-509: The allegations via his lawyers and said he intends to fight any charges laid against him. Despite this, more publications are claiming his alleged sexual misconduct was an open secret for years in the fashion industry. Gérald Marie’s contract with Elite MM ended in December 2010 and the company was sold in 2011 to its current owners Elite World Group, for whom Marie has never worked. Silvio Scaglia Silvio Scaglia (born 14 October 1958)
2975-559: The automatic stay provisions of the Bankruptcy Code. In August 2019, the Small Business Reorganization Act of 2019 ("SBRA") added Subchapter V to Chapter 11 of the Bankruptcy Code. Subchapter V, which took effect in February 2020, is reserved exclusively for the small business debtor with the purpose of expediting bankruptcy procedure and economically resolving small business bankruptcy cases. Subchapter V retains many of
3060-441: The best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy. If the case is dismissed, creditors will look to non-bankruptcy law in order to satisfy their claims. In order to proceed to the confirmation hearing, a disclosure statement must be approved by the bankruptcy court. Once the disclosure statement is approved, the plan proponent will solicit votes from
3145-433: The business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession , and is subject to the oversight and jurisdiction of the court. A Chapter 11 bankruptcy will result in one of three outcomes for
3230-512: The case. Most notably, Subchapter V allows the small business owner to retain their equity in the business so long as the reorganization plan does not discriminate unfairly and is fair and equitable with respect to each class of claims or interests. The reorganization and court process may take an inordinate amount of time, limiting the chances of a successful outcome and sufficient debtor-in-possession financing may be unavailable during an economic recession. A preplanned, pre-agreed approach between
3315-471: The classes of creditors. Solicitation is the process by which creditors vote on the proposed confirmation plan. This process can be complicated if creditors fail or refuse to vote. In which case, the plan proponent might tailor his or her efforts in obtaining votes, or the plan itself. The plan may be modified before confirmation, so long as the modified plan meets all the requirements of Chapter 11. A chapter 11 case typically results in one of three outcomes:
3400-458: The company as an administrator of the Board of Directors before leaving on 19 June 2007. On 5 March 2007, Scaglia founded Babelgum, an interactive television platform offering free, high definition video content on demand. He described it as “a kind of professional alternative to YouTube.” The company aimed to combine the “immersive viewing experience” and visual quality of traditional television with
3485-605: The company they co-owned. Haart contested her dismissal, claiming that as a 50% owner of EWG, she could not be removed without her consent. However, in August 2022, the Delaware Chancery Court ruled that Haart owned 49.99%, therefore Scaglia was the controlling shareholder. In February 2023, Julia Haart filed a fraud lawsuit against Silvio Scaglia, Paolo Barbieri, Jeffrey Feinman, and the accounting firm, DDK & Company. Haart alleged that Scaglia misrepresented her ownership in
Elite Model Management - Misplaced Pages Continue
3570-577: The company. The lawsuit was initially dismissed by the court, but Haart appealed the decision. In October 2024, the Supreme Court of the State of New York Appellate Division granted Haart the appeal and allowed the fraud case to proceed. In 2024, additional legal issues surfaced. In June, a New York court issued an arrest warrant for Scaglia after he was found in contempt of court for failing to pay $ 300,000 in legal fees to Haart, which had been ordered as part of
3655-442: The cost of litigating the chapter 11 case) are paid first. Secured creditors —creditors who have a security interest , or collateral , in the debtor's property—will be paid before unsecured creditors. Unsecured creditors' claims are prioritized by § 507. For instance the claims of suppliers of products or employees of a company may be paid before other unsecured creditors are paid. Each priority level must be paid in full before
3740-408: The court must determine whether the plan is "feasible, " in other words, the court must safeguard that confirming the plan will not yield to liquidation down the road. The plan must ensure that the debtor will be able to pay most administrative and priority claims (priority claims over unsecured claims ) on the effective date. Like other forms of bankruptcy, petitions filed under chapter 11 invoke
3825-442: The court seeking relief from the automatic stay. If the business is insolvent , its debts exceed its assets and the business is unable to pay debts as they come due, the bankruptcy restructuring may result in the company's owners being left with nothing; instead, the owners' rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company. All creditors are entitled to be heard by
3910-409: The court to terminate, annul, or modify the continuation of the automatic stay as may be necessary or appropriate to balance the competing interests of the debtor, its estate, creditors, and other parties in interest and grants the bankruptcy court considerable flexibility to tailor relief to the exigencies of the circumstances. Relief from the automatic stay is generally sought by motion and, if opposed,
3995-436: The court. The court is ultimately responsible for determining whether the proposed plan of reorganization complies with bankruptcy laws. One controversy that has broken out in bankruptcy courts concerns the proper amount of disclosure that the court and other parties are entitled to receive from the members of the creditor's committees that play a large role in many proceedings. Chapter 11 usually results in reorganization of
4080-406: The creditors' objection, the plan must not discriminate against that class of creditors, and the plan must be found fair and equitable to that class. Upon confirmation, the plan becomes binding and identifies the treatment of debts and operations of the business for the duration of the plan. If a plan cannot be confirmed, the court may either convert the case to a liquidation under chapter 7, or, if in
4165-427: The damages that a contract counterparty can claim against the debtor. Chapter 11 follows the same priority scheme as other bankruptcy chapters. The priority structure is defined primarily by § 507 of the Bankruptcy Code ( 11 U.S.C. § 507 ). As a general rule, administrative expenses (the actual, necessary expenses of preserving the bankruptcy estate, including expenses such as employee wages, and
4250-406: The death of Wilhelmina Cooper , models were in a panic bouncing from agency to agency. Even the highest paid black model at the time Beverly Johnson left Elite for Ford, only to return to Elite a week later. Models such as Christie Brinkley and Anna Andersen sued Elite after they exited. In 1981, Elite Models formed a partnership with Models 1, which lasted until 1989. By 1983, Elite established
4335-597: The debtor and its creditors (sometimes called a pre-packaged bankruptcy ) may facilitate the desired result. A company undergoing Chapter 11 reorganization is effectively operating under the "protection" of the court until it emerges. An example is the airline industry in the United States; in 2006 over half the industry's seating capacity was on airlines that were in Chapter 11. These airlines were able to stop making debt payments, break their previously agreed upon labor union contracts, freeing up cash to expand routes or weather
SECTION 50
#17328594767744420-413: The debtor's business or personal assets and debts, but can also be used as a mechanism for liquidation. Debtors may "emerge" from a chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy. The Bankruptcy Code accomplishes this objective through the use of a bankruptcy plan. The debtor in possession typically has the first opportunity to propose
4505-410: The debtor: reorganization, conversion to Chapter 7 bankruptcy, or dismissal. In order for a Chapter 11 debtor to reorganize, the debtor must file (and the court must confirm) a plan of reorganization. In effect, the plan is a compromise between the major stakeholders in the case, including the debtor and its creditors. Most Chapter 11 cases aim to confirm a plan, but that may not always be possible. If
4590-491: The features made possible by the internet. On 1 September 2007, Babelgum launched the Babelgum Online Film Festival, the first global online film festival dedicated to independent film. Viewers voted for the shortlists while a professional jury, chaired by Spike Lee, selected the winners. Lee said the platform was an innovative format for young filmmakers to showcase their talents. In 2008, The CEO Erik Lumer
4675-423: The features present in all, or most, bankruptcy proceedings in the United States. It provides additional tools for debtors as well. Most importantly, 11 U.S.C. § 1108 empowers the trustee to operate the debtor's business. In Chapter 11, unless a separate trustee is appointed for cause, the debtor, as debtor in possession, acts as trustee of the business. Chapter 11 affords the debtor in possession
4760-434: The judge approves the reorganization plan and the creditors all "agree", then the plan can be confirmed. §1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to "confirming" or "approving" the plan and making it binding on all parties in the case. Most importantly, the bankruptcy court must find the plan (a) complies with applicable law, and (b) has been proposed in good faith. Furthermore,
4845-407: The judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. Section 1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to confirming or approving the plan and making it binding on all parties in the case, most notably that the plan complies with applicable law and was proposed in good faith. The court must also find that
4930-434: The model wars. Despite agencies like Wilhelmina Models taking part in these wars, the primary battle was between Elite Models and Ford Models . Models such as Esmé Marshall left Elite for Ford Models. Casablancas alleged that Eileen Ford was out to get him and Ford responded with a $ 32.5 million suit. Until 1977, Ford was affiliated with Elite until Elite opened up offices in New York and began stealing Ford's models. Due to
5015-404: The next lower priority level may receive payment. Section 1110 ( 11 U.S.C. § 1110 ) generally provides a secured party with an interest in an aircraft the ability to take possession of the equipment within 60 days after a bankruptcy filing unless the airline cures all defaults. More specifically, the right of the lender to take possession of the secured equipment is not hampered by
5100-403: The ongoing litigation. Scaglia was sentenced to a non-recourse 20 days in jail for non-compliance with the court's orders. Later in 2024, Scaglia's financial status became a subject of legal scrutiny. In September, he requested a court-appointed attorney, citing financial hardship. Haart's legal team contested this, pointing to reports that Scaglia had spent time on yachts and private jets during
5185-421: The proposed plan. With some exceptions, the plan may be proposed by any party in interest. Interested creditors then vote for a plan. If the judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. If at least one class of creditors objects and votes against the plan, it may nonetheless be confirmed if the requirements of cramdown are met. In order to be confirmed over
SECTION 60
#17328594767745270-545: The reorganization plan is feasible in that, unless the plan provides otherwise, the plan is not likely to be followed by further reorganization or liquidation. In a Chapter 11 bankruptcy, the debtor corporation is typically recapitalized so that it emerges from bankruptcy with more equity and less debt, a process through which some of the debtor corporation's debts may be discharged. Determinations as to which debts are discharged, and how equity and other entitlements are distributed to various groups of investors, are often based on
5355-655: The same logo, they have separate ownership and are not part of a business network. Elite Model Management was founded in Paris in 1972 by John Casablancas (1942–2013) and Alain Kittler. Casablancas was inspired by his then-wife Jeanette Christiansen, former model and Miss Universe from Denmark , to open a model agency. Casablancas founded the model agency with his savings. Elite Model opened with several high-profile models including Ingmari Lamy ; Ann Schaufuss, Clive Arrowsmith 's girlfriend; Barry Lategna's wife, Lynn Kohlman ; Paula Brenken; and Paris Plannings Emanuelle Dano. At
5440-471: The same network. It was also the first company in the world to develop a public network using fibre optics for retail consumers. On 12 March 2007, Swisscom , the Swiss telecommunications provider, offered 5.7 billion Euros to acquire FASTWEB. On 10 April 2007, Scaglia, FASTWEB's majority shareholder, sold his shares in the company, equivalent to 18.7% of the company's share capital, to Swisscom. Scaglia remained at
5525-674: The satellite office for their new South East Asia operation. Elite Models branches in Indonesia, Malaysia, Thailand, and Philippines were also added in August 2005. In October 2005, the Elite Model Look contest was added in Singapore. By 2006, Casablancas' appointment was short-lived and Elite World SA went public on the Frankfurt Stock Exchange . In 2009, the president of Elite World SA (the parent company of Elite MM), Bertrand Hennet,
5610-585: The space of 2 years (2002–2004) US Airways filed for bankruptcy twice leaving the AFL–CIO , pilot unions and other airline employees claiming the rules of Chapter 11 have helped turn the United States into a corporatocracy . The trustee or debtor-in-possession is given the right, under § 365 of the Bankruptcy Code, subject to court approval, to assume or reject executory contracts and unexpired leases. The trustee or debtor-in-possession must assume or reject an executory contract in its entirety, unless some portion of it
5695-491: The study stated, are currently faster, less expensive, and more private, with some states not even requiring court filings. However, a 2005 study claimed the drop may have been due to an increase in the incorrect classification of many bankruptcies as "consumer cases" rather than "business cases". Cases involving more than US$ 50 million in assets are almost always handled in federal bankruptcy court, and not in bankruptcy-like state proceeding. The largest bankruptcy in history
5780-414: The summer. These financial issues remain unresolved as part of the broader legal conflict. Scaglia’s first wife was Monica Aschei. He announced his intention to divorce in 2017 which was finalized in 2018. Scaglia has three adult children from his first marriage. His oldest, Chiara Scaglia, was previously in a leadership position at La Perla and continues to work in the fashion industry. Scaglia
5865-578: The technology was now ready to create a fully integrated IP telecommunications network. In July 1999, Scaglia launched e.Biscom along with financier Francesco Micheli and other executives. It was founded with the intention of developing a fully IP, triple-play, fibre-optic network in Italy. e.Biscom became the first operator in the world to use full IP technology and bring fibre-optic networks to both business and residential clients, and launched home telecommunication services. In March 2000, e.Biscom went public on
5950-408: The time, boutique agencies in Paris and Milan fell out of favor with models due to payment issues. Models often found Parisian and Milanese model agencies holding their pay to coerce them into returning without work visas and work. British and American based chains gave models the financial security they needed. In 1977, Casablancas opened up Elite Models in New York. During the 1980s, New York endured
6035-432: The trial began. On 24 February 2011, after nearly a year of preventive detention, Scaglia was released on the order of judges of the First Penal Section of the Court of Rome. On 17 October 2013, the same court issued a sentence acquitting Scaglia of all charges and establishing his “complete non-involvement in the matter." On 27 September 2017, Rome's Court of Appeal upheld the acquittal of Silvio Scaglia in agreement with
6120-634: The years immediately following its acquisition by Scaglia, Elite World saw a significant boost in its business: with a new focus on digital marketing strategies and strategic acquisitions, the company was well-positioned for growth. It was the first international network of modelling agencies to open an office in China, in Shanghai, in 2012. In 2013, Elite World launched The Society Management New York. In that same year, it acquired Women Management in both New York and Paris. On 4 June 2013, Scaglia's SMS Finance firm won
6205-474: Was accused of fraud. He was ultimately acquitted of all charges that Giancarlo Capaldo, a public prosecutor in Rome, had levelled against him. As former CEO of FASTWEB , Scaglia was under investigation for the crime of “conspiracy to commit tax fraud” in the FASTWEB- Telecom Italia Sparkle investigation. The alleged tax evasion crimes, brought on by various paid service operators which used
6290-509: Was announced group chief executive officer of Elite World Group which oversees Elite MM, The Society Management and Women Management . Allegations of an "ingrained culture" of sexual assault and rape by Elite's male employees, especially its boss Gérald Marie , have dogged the agency for decades. In 1999, a BBC investigation filmed Marie saying he hoped to seduce the contestants at the annual Elite Model Look show, as well as assaulting an undercover journalist and offering her money for sex. He
6375-423: Was arrested on drug charges. At the same time, acquired Elite Models Copenhagen , which was founded in 1966 under the name Copenhagen Models by legendary scout Trice Tomsen and formally a licensee of Elite Models (now Elite Models Management Copenhagen ApS controlled together with its licenses by Elite Licensing Company SA owned by Elite World SA). After Tomsen decided to distance herself from the day to day work, she
6460-506: Was away on assignment, including a 15-year-old girl. Supermodel and actress Carré Otis claimed in her 2011 memoir, Beauty, Disrupted , that she was raped "countless" times in the flat by Marie starting around 1986, when she was 17. Otis and others have also claimed that rape by ancillary employees, such as hairdressers and photographers, was commonplace. In October 2020, Evangelista said: "During my relationship with Gérald Marie, I knew nothing of these sexual allegations against him, so I
6545-488: Was dismissed, which led the original CTO Mallku Caballero and his chief architect Gianni Scenini to leave in opposition. Babelgum's chief operating officer Michael O'Callaghan, quit a few months after. In 2012, after interrupted activity due to Scaglia's legal issues, Babelgum went into liquidation and the platform was shuttered. In 2011, Scaglia acquired Elite World , the largest international network of model management agencies and world’s first talent media network. In
6630-463: Was incorporated on Dec. 14, 1999 as an umbrella company and for licensing. In 2002, Elite MM, along with several other New York City model agencies, was sued for hundreds of millions of dollars in a class action that accused them of fixing fees for the past 30 years. The following year, Elite opened offices in Asia. At the same time, an employee was awarded $ 5.2 million in a suit concerning passive smoking in
6715-525: Was later appointed Senior Vice President at Piaggio, where he led the relaunch of the business outside Europe and re-established the company’s presence in China, India and Latin America under the leadership of Agnelli. In 1995, Scaglia joined Omnitel , as CEO, where he led the start-up of the company after they had received the second mobile telephone licence in 1994. Scaglia served as CEO of Omnitel until 1999. During his time at Omnitel, Scaglia understood that
6800-511: Was married to Julia Haart . In early 2022, Haart filed for divorce. Scaglia is currently engaged to socialite Michelle-Marie Heinemann . In January 2023 it was announced that Mrs. Michelle-Marie Heinemann legally took the surname of Scaglia. On 1 March 2010, he was number 937 on the Forbes list of the world's billionaires . In 2024, Scaglia did not qualify to be on the list. In 2024, Scaglia's financial status has dissipated as he requested
6885-502: Was named on the Time Magazine list of most influential innovators in the new technology. He was the only Italian to appear on the “tech survivors” list, a list of fifteen innovation gurus who weathered the boom of the new economy. In 2004, e.Biscom announced a merger with FastWeb. The merger was finalized by the end of April 2004. e.Biscom took on FASTWEB's name, and focused on its core business, creating broadband telecommunications on
6970-400: Was of the US investment bank Lehman Brothers Holdings Inc., which listed $ 639 billion in assets as of its Chapter 11 filing in 2008. The 16 largest corporate bankruptcies as of December 13, 2011 Enron, Lehman Brothers, MF Global and Refco have all ceased operations while others were acquired by other buyers or emerged as a new company with a similar name. ‡ The Enron assets were taken from
7055-456: Was replaced by Munir Bouylud, as the new director there. Also in 2009, Elite Models London opened nearly 20 years after its first attempt to have offices in London . It was also in 2009 that Elite Models Chicago and Atlanta severed ties with Elite World SA and were renamed Factor Women. In February 2011, Elite World SA shareholders elected a new Board of Directors. The new board election follows
7140-467: Was temporarily suspended from Elite and in an interview at the time, said: "I'm destroyed ... I'm finished". But Elite countered with a libel action which was quietly settled with an apology from the BBC, who also agreed not to rebroadcast their documentary. Marie was married to Linda Evangelista between 1987 and 1993, at the time of many of the alleged offences; Marie is alleged to have raped several aspiring models in their flat while Evangelista
7225-437: Was unable to help these women. Hearing them now, and based on my own experiences, I believe that they are telling the truth. It breaks my heart because these are wounds that may never heal, and I admire their courage and strength for speaking up today." Elite's activities are also alleged to have been regularly used as a "front" for "pimping out" young models to wealthy men unconnected to the modelling industry. Adnan Khashoggi ,
#773226