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Last month, the United States Bankruptcy Court for the Southern District of New York published proposed amendments to its local rules effective December 1, 2016 (the “Proposed Amendments”).  Links to the Bankruptcy Court’s notice to the bar with respect to the Proposed Amendments and the full text of the Proposed Amendments are provided below.  The Proposed Amendments are currently open for public comment.  The comment deadline is November 14, 2016 by 5:00 p.m.

Below is summary of substantive changes effected by the Proposed Amendments which may be of interest to practitioners:

59 min 39 sec ago

The latest tale of wrongdoing tied to the financial services industry is the outcome of a smart customer-centered strategy that went awry. Now, bank customers will ultimately suffer the most.

Read More from: BankThink

7 hours 13 min ago

attorney Robert ReeseOver the previous 5 years my afternoons and evenings in the fall were spent coaching high school football. I am passionate about the game and felt the excitement build as the season approached. This past Saturday I attended the Alabama vs. Texas A&M game and the level of excitement was off the charts. Football fans at every level enjoy watching their team and some even add to the excitement by betting on games.  According to NBC news in 2013, somewhere between 60 and 70 billion dollars is wagered on college football each year. The figure has more than likely increased with the new playoff system now in place and there are estimates that 8 billion dollars alone is bet on the Super Bowl each year.

Read More from: Bonds & Botes, P.C.

7 hours 54 min ago

Receiving Wide Coverage ...

OCC seeks data: The Office of the Comptroller of the Currency has sent formal letters to large and regional banks it regulates seeking information about their sales practices and incentive-compensation plans following the Wells Fargo scandal. JPMorgan Chase, Bank of America, Citigroup and Santander USA were among the banks getting letters. Comptroller Thomas Curry told the Senate Banking Committee last month the regulator will "review the sales practices of all the large...

Read More from: BankThink

8 hours 11 sec ago

Trampush v. United FCS (In re Trampush), 552 B.R. 817 (Bankr. W.D. Wisc. 2016) – Chapter 13 debtors sought a determination of the priority of two mortgages. A successor to the first mortgagee argued that the entire balance owed to … Continue reading

10 hours 42 min ago

house at risk

If your house is teetering on the edge of foreclosure, the time to act has a deadline.

HAMP, the government program incentivizing home loan modifications, ends in 2016.

To qualify for HAMP, you must submit a complete Initial Application Package by December 30, 2016.

That package must include:

  •  A  RMA form which includes a required hardship affidavit and Dodd-Frank certification
  •  Either IRS Form 4506-T or 4506T-EZ, or in the alternative, a signed copy of the most recent year’s tax return with all applicable schedules and forms,
  •  The Dodd-Frank certification, either as part of the RMA form or as a stand-alone form, and
  •  Evidence of the borrower’s income.

Get the HAMP forms and  supporting information 

1 day 6 hours ago

Neither bank regulators nor banks' risk managers can afford to wait until rating agencies downgrade Deutsche before understanding the level of exposure they have to the German bank giant.

Read More from: BankThink

1 day 7 hours ago

American Gilsonite Holding Company—a hydrocarbon resin supplier based in Houston, Texas—and four of its affiliates have filed petitions for relief under chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12315).   The Debtors enter chapter 11 with a prepacked plan of reorganization and $30 million in proposed debtor in possession financing provided by an ad hoc group of the Debtors’ second lien noteholders.

1 day 7 hours ago

Basic Energy Services, Inc., and twenty-seven (27) of its subsidiaries and affiliates filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 16-12320).  Basic Energy Services, Inc., and Taylor Industries LLC provide well site services to over 2,000 land-based oil and natural gas producing companies; according to the First Day Declaration, all other Debtor entities are shell entities with no material assets.  The Debtors enter chapter 11 with a prepacked plan of reorganization and $80 million in proposed debtor in possession financing provided by a consortium of the Debtors’ prepetition term lenders and an ad hoc group of their unsecured note holders.  The Debtors’ Plan proposes to convert $800 million of their unsecured notes into equity in the reorganized Basic and raise working capital through a $125 million rights offering.

1 day 7 hours ago

Receiving Wide Coverage ...

Court hears SIFI appeal: The U.S. Court of Appeals for the District of Columbia heard arguments from the federal government on Monday that MetLife is a "systemically important financial institution" and requires stricter regulation. The Financial Stability Oversight Council voted in December 2014 that the insurance company was a "SIFI" but was overruled by a U.S. district court judge earlier this year. The FSOC is now appealing that decision. "Beyond issues related...

Read More from: BankThink

1 day 7 hours ago

bankruptcy-attorney-brad-botesOn September 1, 2016; Chapter 13 Standing Chapter Trustee D. Sims Crawford became United States Bankruptcy Judge D. Sims Crawford. Having earned his undergraduate degree at the University of Alabama and his law degree at Cumberland School of Law, Judge Crawford has been a member of the Alabama Bar since 1995 and brings a wealth of experience to the bench. Prior to taking the bench, Judge Crawford served for twelve (12) years as the Standing Chapter 13 Trustee for the Northern District of Alabama, Southern Division and for seven (7) years prior to that as the former trustee’s staff attorney. He distinguished himself as a Chapter 13 Trustee having recently been elected by his peers from across the country as President of the National Association of Chapter 13 Trustees (NACTT).

Read More from: Bonds & Botes, P.C.

1 day 9 hours ago


By: Donald L. Swanson

More than three years of wasted litigation:  that’s what it looks like from the outside.

The parties had been fighting, in 2012 and early 2013, about a management agreement for operating a casino.

But in June of 2013 the fight changes from a dispute over the management agreement to a dispute over the terms of a mediated settlement agreement.

And they’re still fighting

Chronology of the Mediation Dispute:

–June 3, 2013: Mediation results in a signed memorandum of understanding (“MOU”).

Shortly thereafter, the deal falls apart.

Read More from: Mediatbankry

1 day 10 hours ago

To land and retain millennial customers, mobile banking apps must graduate from simply replicating online banking on a phone to leveraging the native functionality of mobile hardware.

Read More from: BankThink

2 days 7 hours ago

Attorney Mary PoolI am a very proud daughter of an Army veteran and truly feel blessed that I was raised in a military family.  My father, Benny Conner, served in Operation Desert Storm in the early 90’s and it is because of him that I love and respect our country.  Fortunately, for our family, my father came home alive and well but for other military families the tours of their loved ones end tragically.  It is how we, as Americans, treat these families that is so very important to me and I strive to make a difference with every active member and veteran that passes through my office.  I care about all of my clients but as a child of a service member I relate to the sacrifices these families face day to day.

Read More from: Bonds & Botes, P.C.

2 days 7 hours ago

Breaking News This Morning ...

Discount brokers to merge: TD Ameritrade is buying rival Scottrade for $4 billion. The combined company will have $944 billion in client assets and execute 600,000 client trades a day. TD says the merger will enable the two companies to cut costs by $450 million a year. Wall Street Journal, Financial Times Wall Street Journal ...

Read More from: BankThink

2 days 7 hours ago

Key Energy Services, Inc., and three of its subsidiaries filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 16-12306).  According to the First Day Declaration, the Debtors comprise the largest onshore rig-based well servicing contractor in the nation.  The Debtors enter chapter 11 with a plan support agreement and prepackaged plan of reorganization, which proposes to reduce the Debtors’ funded debt from approximately $1 billion to approximately $250 million while still providing some recovery to current equity holders.  The Declaration goes on to state that solicitation of the Plan began on September 21 and that 100% of the Holders of Term Loan Claims and 99.89% in principal amount of the Holders of Senior Notes Claims have voted in favor of the Plan.  The Disclosure Statement can be found hereEpiq Bankruptcy Solutions is the proposed claims agent.  Chief Bankruptcy Judge Brendan L. Shannon has been assigned to the cases.

2 days 8 hours ago

We are still in the early days of digital finance Â-- but the heated tone of conversations surrounding approaches to data access threatens to keep us there.

Read More from: BankThink

5 days 4 hours ago