ABI Blog Exchange

NORTH OF THE BORDER UPDATE This article has been contributed to the blog by Mary Paterson, Dave Rosenblat and Waleed Malik. Mary Paterson is a partner in the litigation group of Osler, Hoskin & Harcourt LLP, Dave Rosenblat is an associate in the insolvency & restructuring group and Waleed Malik is an articling student.
1 hour 15 min ago
I'm totally with this guyHershey's move to keep British Cadbury's products out of the US is un-American. Anyone who has tasted the British version of Cadbury's knows that it's a far superior product. But what's the bankruptcy angle? After all, this is still a bankruptcy blog ... broadly defined. Well look at the Times article about this scandal:  it seems that the agreement between Hershey's and Cadbury, and Hershey's rather aggressive enforcement of the same, is apt to drive a few small businesses into bankruptcy. That really seems un-American. (Ok cynics, have at it.)

Read More from: Credit Slips

1 hour 18 min ago
The Fed appears to have looked at Bitcoin as a means for real-time payments in the banking system but shelved the concept for now.

Read More from: BankThink

1 hour 54 min ago
The Editorial Staff  at CommercialBankruptcyLitigation.com discuss a recent Second Circuit opinion concerning J.P. Morgan Chase’s loss of a $1.5 billion position in General Motors. Read more about this opinion here!
2 hours 18 min ago
There were nearly a million bankruptcy cases filed by individuals and businesses in 2014.  It is safe to say that only the tiniest fraction of such debtors have any familiarity with the Supreme Court’s decision in Stern v. Marshall nearly four years ago.  (If they do, it almost assuredly is only because the case arose out of the endless litigation between Anna Nicole Smith and the son of her late husband.)  Even fewer would be aware of the constitutional issues raised in that case concerning the jurisdiction and authority of the U.S. bankruptcy courts.  Lower courts have been struggling with those issues ever since.  Now, based on some of the questions raised in last week’s oral argument in Wellness International Network v. Sharif, it appears that at least some of the justices are realizing the full implications of Stern.  The Court’s decision in Wellness International could have significant effects for nearly everyone seeking protection under the U.S. Bankruptcy Code. 

Read More from: Bankruptcy Law Insights

2 hours 21 min ago
In a Recomended Reading post  at CommercialBankruptcyInvestor.com, Gordon Brothers’ recent Oil & Gas Industry Watch Critical Update is highlighted. Read more about this interesting update here!
2 hours 23 min ago
In a Breaking News Alert  at CommercialBankruptcyInvestor.com, Chapter11Dockets.com notes that an Ad Hoc Group of First Lien Creditors filed an adversary proceeding in the Delaware involuntary filing. Learn more about the lawsuit here!  
2 hours 26 min ago
In a Breaking News Alert  at CommercialBankruptcyInvestor.com, Chapter11Dockets.com notes SkyMall files bankruptcy. Read more about the filing here
2 hours 29 min ago
If you are looking at your debt today and feel that it is a burden to your life, give us a call here at Rogers Law Consumer Help Center and we will be happy to schedule you a free, no obligation appointment to meet with you and discuss your options for resolving these issues. You are not alone. We are here to help and are ready to put our many years of experience to work for you. John Rogers, Attorney at Law is Board Certified in Consumer Bankruptcy Law by the American Board of Certification. Give us a call today at 1-888-651-9353
3 hours 19 min ago
Federal Reserve officials have been calling on banks to strengthen their ethical cultures. The message will carry more weight if regulators are willing to turn the spotlight on their own practices.

Read More from: BankThink

3 hours 24 min ago
The recent statement from Chair White that the SEC staff will not issue any decisions this season on no-action letters asking to exclude shareholder proposals on the basis that a company will be including its own conflicting proposal in its proxy statement, which we discussed here, has thrown into turmoil about 53 companies that have existing requests outstanding. According to a statement from the City Comptroller of New York after the SEC’s announcement, about 18 of those address proxy access proposals. More were probably going to be filed in the coming weeks.  
4 hours 36 min ago
When you hear “meeting of creditors,” you might imagine yourself having to face a room of people representing the banks and credit card companies. The reality is that the meeting of creditors is used by the trustee to ask you questions about your financial situation. These questions and your answers will help him or her carry out the responsibilities of the trustee. Creditors will rarely show up at this meeting. Bankruptcy judges are not allowed to attend the meeting of creditors.The post Chapter 7 Bankruptcy Basics: Part Two appeared first on Tucson Bankruptcy Attorney.
4 hours 57 min ago
A plan to tax the liabilities of systemically important banks could help curb risk to the financial system, but the president and Congress should first consider more realistic asset thresholds.

Read More from: BankThink

5 hours 24 min ago
In this image released by Warner Bros. Pictures, Bradley Cooper appears in a scene from “American Sniper.”
Warner Bros. Pictures/Associated Press
The movie “American Sniper,” based on the life of ex-Navy SEAL Chris Kyle, has brought in more than $130 million in domestic ticket sales in its first week. But the SWAT team training business that Mr. Kyle founded after leaving the military is preparing to shut down. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”) According to WSJ, AT&T Inc. said it reached a deal to buy Nextel Mexico from NII Holdings Inc. for $1.88 billion.

Read More from: WSJ.com: Bankruptcy Beat

5 hours 31 min ago
Wall Street Journal Retailers large and small, not to mention the head of strategic partnerships at Visa, told the Journal that many more customers are using Apple Pay than other mobile-wallet services, such as Softcard, the mobile-wallet services formerly known as Isis that's backed by AT&T, Verizon and T-Mobile. The reasons: Apple's consumer gadgets are popular; banks and credit unions have been aggressively marketing the services; and consumers' cybersecurity concerns after breaches at Home Depot andÂ...

Read More from: BankThink

6 hours 9 min ago
It may surprise some, but approximately 90% of all chapter 11 debtors have less than $10 million in assets or liabilities, less than $10 million in annual revenues, and 50 or fewer employees (see data on small and medium-sized enterprises (SMEs) in the ABI Commission Report, here). These companies are the heart of chapter 11. Nevertheless, most of the media and caselaw coverage discusses only the megacases—e.g., Caesars, American Airlines, Tribune Company, etc.—representing approximately 2-3% of chapter 11 debtors. It is time to change the focus of the conversation. When a small business closes its doors, an entire community feels the impact. Consider the following description of the ripple effects of the closing of a small mine in Lincoln County, Montana:

Read More from: Credit Slips

7 hours 43 min ago
This is the second installment in our 5-part series exploring the implications of various debt resolution options. One of the biggest concerns about managing debt or trying to negotiate with creditors is unexpected creditor actions, such as: • Judgments; • IRS Levy; • Garnishment; • Or even just constant threats or harassing calls.   What […] The post Debt Relief Blog Series: Determining Your Best Option. Part II: Legal Protection appeared first on Acclaim Legal Services, PLLC.

Read More from: Acclaim Legal Services

21 hours 6 min ago
The law governing Arizona anti-deficiency protection for residential property has finally been clarified by the Arizona Supreme Court. Arizona Revised Statute: 33-814 G. If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee’s power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses. History:  Property not yet fully constructed does not qualify as “limited to and utilized for one or two family dwelling” Borrowers never intended on residing in the real property.  DEFICIENCY allowed.: Mid Kansas, id at 129, 804 P2d at 117.  But the Court of Appeals put a bizarre twist on that concept in M&I vs Mueller, (Az Ct Appeals, Div 1, 12/27/11) 1 CA-CV 10-0804, CV 2009-031468 (explanation – in Mid Kansas, where the borrower was a corporation that never intended to occupy the property, the Muellers intended to live in the single-family home upon its completion.
21 hours 27 min ago
Three years after bankruptcy, Ron buys his retirement home. Here’s a heart-warming email this week from “Ron.”  He filed bankruptcy with me in August 2011 and let me know he is pre-approved to buy a house in his retirement destination. His message line was “Thank you for getting us back on track….” Here are his […]The post Three years after bankruptcy, Ron buys his retirement home. by Robert Weed appeared first on Robert Weed.

Read More from: Robert Weed

1 day 20 hours ago
A good friend of mine, Larry Karandreas, said “good advice = bad faith?”.  This is a warning to all consumer debtor attorneys and their clients.  The adage refers to the reality that the consumer bankruptcy world is changing.  Reduced bankruptcy filings result in the bankruptcy trustees, their attorneys and the US Trustee’s Office having more time to spend nit-picking every bankruptcy case filed.  What was good solid pre-bankruptcy planning yesterday may result in a bankruptcy action alleging “bad faith” today. The behind the scenes reason for this increased scrutiny is that the bankruptcy trustees and their attorneys are hungry.  Their firm and life style were built  on earning a certain amount of money.  For instance, 0ne trustee attorney in Arizona received over One Million dollars in 2013.   When bankruptcy filings were up there was plenty of work to be done on those files where debtors actually did something inappropriate.  The bankruptcy system was well-served by the trustees and their attorneys pursuing the bad actors who had committed a bad faith act.  This was healthy for the system and the creditors.  The debtor received their discharge and all was well with the world.
1 day 22 hours ago