ABI Blog Exchange

On May 4, 2015, one of the largest for-profit post-secondary education companies in the United States and Canada, Corinthian Colleges, Inc., and 24 of its affiliates, filed voluntary chapter 11 petitions in the Bankruptcy Court for the District of Delaware.  The cases are docketed as case no. 15-10952 and have been assigned to the Honorable Kevin J. Carey.  The petition lists assets of approximately $19.2 million and liabilities of $143.1 million. In support of the petitions, the Debtors filed the Declaration of William J. Nolan, the Chief Restructuring Officer of the Debtors and a Senior Managing Director with FTI Consulting, Inc.  According to the Nolan Declaration, as of March 31, 2015, the Debtors had over 100 campuses, 74,000 students and 10,000 employees.  The Nolan Declaration states that in addition to approximately $105 million of outstanding obligations under their prepetition secured credit agreement, the Debtors have another $100 million of unsecured debt owing to landlords, trade creditors, lessors, employees and students, as well as regulatory refunds, fines and penalties.
1 hour 49 min ago
Fintech startups offer affordable loan rates and fast turnaround times. But banks have the advantage of offering multiple services all under one roof Â-- or website.

Read More from: BankThink

6 hours 7 min ago
REUTERS
In a downtown Manhattan courtroom, assistant district attorney Peirce Moser briefed a crowd of would-be jurors on what to expect over the four to six months it’ll take to try three former leaders of the law firm Dewey & LeBoeuf on criminal fraud charges. “Unlike on TV, no one’s going to run in at the last minute with the crucial piece of evidence that changes the whole case,” Mr. Moser said on Friday. Mr. Moser and attorneys for the three defendants–Dewey’s ex-chair Steven Davis, former executive director Stephen DiCarmine, and ex-chief financial officer Joel Sanders–culled through hundreds of potential jurors over five days last week.

Read More from: WSJ.com: Bankruptcy Beat

7 hours 25 min ago
Created under the guise of a program to root out fraud and illegal activity, this initiative has been used by Obama administration bureaucrats to pressure banks to end relationships with businesses they consider objectionable or "high risk."

Read More from: BankThink

8 hours 7 min ago
There’s nothing like a lawsuit to bring on consideration of bankruptcy. If the thought of retreating into bankruptcy doesn’t occur when suit is filed, it often blossoms as the trial date nears. That’s because beleagered defendants dream of the automatic stay. the injunction that is automatically entered when a bankruptcy case is filed, protecting the debtor and his property. What does that mean, really, when the stay is imposed while litigation is underway? Stay halts suit against debtor The stay stops all parties from continuing the lawsuit in any way against the person who has filed bankruptcy.  The stay is in force, whether or not other parties have received notice. Debtor’s counsel usually wants to notify all parties of the filing, long ahead of any notice of the bankruptcy case that may go out from the bankruptcy court clerk.  Some courts have a form used to provide notice to the court of the stay. Any advantages a creditor obtains against the debtor in violation of the stay are void or voidable.  Willful violations of the stay expose the actor to damages, including punies, and attorneys fees. Stay in Chapter 13 protects co debtors 
8 hours 17 min ago
The hard work has been done – the plan has been negotiated and confirmed, the confirmation order has been entered, and holders of allowed claims (and maybe even interest holders) await their distribution under the plan. A plan, however, may require that creditors or equity holders take certain acts prior to participation in the plan distribution, or forfeit their right to participate. Practitioners, therefore, should take note of section 1143 of the Bankruptcy Code, which sets an outside time limit for surrender or presentment of a security or the taking of an act as a condition to participation in distribution under the chapter 11 plan. Today’s installment of our “Breaking the Code” series delves into this provision.  The Basics Section 1143 of the Bankruptcy Code provides as follows: If a plan requires presentment or surrender of a security or the performance of any other act as a condition to participation in distribution under the plan, such action shall be taken not later than five years after the date of the entry of the order of confirmation. Any entity that has not within such time presented or surrendered such entity’s security or taken any such other action that the plan requires may not participate in distribution under the plan.
8 hours 28 min ago
Receiving Wide Coverage ... Buffett Pooh-Poohs SIFI Talk: Banking was one of many topics discussed at Berkshire Hathaway's annual meeting in Omaha, Neb., on Saturday. Warren Buffett said it would be a "terrible thing to weaken" Dodd-Frank, and the Federal Reserve and Treasury Department's wide-ranging powers are necessary in order to respond to another large crisis. Buffett also scoffed at the notion that Berkshire Hathaway's insurance operationsÂ--GEICO, National Indemnity, Gen ReÂ--should be deemed systemically important, as...

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8 hours 47 min ago
A person walks past the Everett Institute in 2014. Corinthian Colleges Inc. on Monday filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del.
JOSE LUIS MAGANA/ASSOCIATED PRESS
Corinthian Colleges Inc . on Monday filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., closing the book on the embattled for-profit school operator whose business had been embroiled in controversy since last summer. 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 http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

8 hours 58 min ago
In a statistic that proves that bankruptcy can happen to everyone, the National Bureau of Economic Research reports that a startling number of retired football players have filed for bankruptcy protection in recent years. Poor money management, over-extended debts and legal issues have forced 15.7 percent of all retired players into bankruptcy after 12 years. The number is startling for many reasons, perhaps the biggest one is that we think of pro football players as making ridiculous sums of money for keeping fans entertained. Interestingly enough, when you hear the most common cause for NFL player bankruptcy filings, you’ll see that the size of one’s paycheck doesn’t make much difference when it comes to fiscal responsibility. Players have reported that they had to file for bankruptcy protection because they failed to properly save for the future. Recruited many times right out of high school, players have no experienced in money management. They also tend to have “handlers” who may not always make best-interest decisions on their behalf. One of the most egregious examples is the unfortunate case of professional hockey player Jack Johnson who gave power of attorney to his mother prior to signing a $30 million contract. Apparently, she spent most of his money without him knowing and he was forced to file Chapter 11. He was keeping his eye on the ball, so to speak, not his checkbook.
9 hours 29 sec ago
This season ISS is tracking only 10 proposals seeking to declassify boards, a two-third drop from the number of proposals in 2014. This is likely attributable to the absence of assistance from the Harvard Shareholder Rights Project. The Harvard group indicated that it has completed the declassification project that it started in 2011 and the clinic is not operating during the current academic year. Of S&P 500 companies, 75% now have annually elected boards.  
9 hours 6 min ago
For example, the rock, punk and individualistic attitude of the 80s are clearly reflected in the clothing trends it came from. With loud, vibrant colors and experimentation on how clothes should be worn gym clothes for casual wear, for instance they already speak a lot about the people and the times. The prim, lady like fashion of the 50s, on the other hand, reflects the longing for a more traditional, feminine role. Then within a couple of months i drastically lost weight. I went down to 5 and a half stone and my clothes size now is age 12 13. I have been to see my doctor and she tested my thyroid and bloods, they came back normal. As is evident from the name, hand warmers in their simple shape are generally described as a pouch or packet that releases warmth when subjected to air. These warmers might be hung inside or pinned on your clothing and also held in the hands. The actual elements of these types of packets when exposed to air provides a substantial measure of heat as a direct result of exothermic effect of iron. A week or so before holidays, stores usually put up announcements about discounts and sales on their website. They include all the important details there, such as the days they are holding the discount, and whether they are giving 10%, 25% or 50% off the price. You can also type “coupons” on the search bar of the JC Penney website.

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15 hours 59 min ago
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Read More from: Los Angeles Bankruptcy Blog

17 hours 58 min ago
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Read More from: Los Angeles Bankruptcy Blog

17 hours 59 min ago
Whirlwind bus ralph lauren women t shirts ride and tour of cheap ralph lauren clothes new york city starts late Back to mainMenucelebrationsfraud preventionmanage your adplace an adwe pull into the second rest stop of the night;I’ve slept maybe two hours.It’ll have to do.We’re just an hour and a half from manhattan.Most of us grab a change of clothes to take inside the bathroom, plus a toothbrush and toothpaste.Three other tour buses are here, also en route to new york.The restroom is packed.Women with curling irons and makeup bags hog the mirrors.Me?I’m not worried about impressing anyOne in manhattan.I brush my teeth, trade my sweat pants for jeans, and we’re on our way.I hadn’t figured we would arrive in manhattan so early.At the museum of modern art.We have three hours to kill, but how?Not much is open this early on a saturday.First stop:Ess a bagel, serving up some of new york’s finest carbs.The place is famous for its lox sandwiches, but 12 year old rachel wants nothing to do with smoked salmon.She orders a(Massive)Plain bagel with chocolate chip cream cheese.Yum!Rachel heard some teenagers on the bus talking about trying to get on the”Today”Show.She has never once watched”Today” (And i’m more of a”Good morning america”Gal myself), but we head over to Rockefeller Center anyway and wat

Read More from: Los Angeles Bankruptcy Blog

18 hours 4 min ago
In litigation, obtaining a judgment is step one. Step two – often as, if not more, difficult than winning a lawsuit – is collection. In a short, interesting Memorandum of Decision and Order (the “Decision”), Judge Dales of the United States Bankruptcy Court for the Western District of Michigan (the “Bankruptcy Court”), writes about some of the practical and legal considerations involved with pursuing collection of a bankruptcy court judgment. Read More › Tags: Chapter 7, Western District of Michigan

Read More from: Michigan Bankruptcy Blog

1 day 7 hours ago
Regina StangoKelbon Jillian R. Zvolensky In a recent paper presented in connection with the Spring 2015 meeting of the American Bar Association Business Law Section, we discuss the friendly foreclosure option under Article 9 of the Uniform Commercial Code. An Article 9 sale can maximize the secured lender’s recovery without the cost and delay of a judicial foreclosure sale or a sale under Section 363 of the Bankruptcy Code. The Article 9 sale can also avoid certain hurdles presented by a direct sale between the debtor and a buyer. In A Look at the Friendly Foreclosure Option we explain the mechanics of an Article 9 sale and highlight its advantages and disadvantages.   Click here to read the full article.

Read More from: Bankruptcy Law Watch

3 days 1 hour ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including a case for the CFPB's debt collection regulations and the dangers of "real-time" transaction monitoring.

Read More from: BankThink

3 days 1 hour ago
On Wednesday, the SEC proposed a rule that would require U.S. public companies to disclose, in any proxy or information statement, the relationship between executive compensation and financial performance.  
3 days 3 hours ago
Texas electricity giant Energy Future Holdings Corp. goes to court Monday to set a schedule for consideration of its chapter 11 exit plan and related proceedings, including for its 80% stake in its prized asset, Oncor. A cash-producing transmissions business that is not involved in the bankruptcy, Oncor is the focus of attention as Energy Future tries to work through its $42 billion debt load. How to make the most of the Oncor equity is the question for Energy Future. The company wants to put the Oncor stake on the bankruptcy auction block while at the same time bargaining with creditors about an in-bankruptcy conversion to a real estate investment trust and takeover. The transaction could be the biggest distressed mergers-and-acquisition on record if Oncor brings in the auction price that some have forecast. In the alternative, some creditors say the way to wring the most value out of the Oncor stake is to hand it off in a nexus of settlements that could clear a path to a relatively smooth exit from bankruptcy for Energy Future. The company’s chapter 11 emergence plan has not picked up a lot of support, but Energy Future said it is devoted to “active, continuing and collaborative” efforts to work with creditors on an alternate plan.

Read More from: WSJ.com: Bankruptcy Beat

3 days 5 hours ago
Texas electricity giant Energy Future Holdings Corp. goes to court Monday to set a schedule for consideration of its chapter 11 exit plan and related proceedings, including for its 80% stake in its prized asset, Oncor. A cash-producing transmissions business that is not involved in the bankruptcy, Oncor is the focus of attention as Energy Future tries to work through its $42 billion debt load. How to make the most of the Oncor equity is the question for Energy Future. The company wants to put the Oncor stake on the bankruptcy auction block while at the same time bargaining with creditors about an in-bankruptcy conversion to a real estate investment trust and takeover. The transaction could be the biggest distressed mergers-and-acquisition on record if Oncor brings in the auction price that some have forecast. In the alternative, some creditors say the way to wring the most value out of the Oncor stake is to hand it off in a nexus of settlements that could clear a path to a relatively smooth exit from bankruptcy for Energy Future. The company’s chapter 11 emergence plan has not picked up a lot of support, but Energy Future said it is devoted to “active, continuing and collaborative” efforts to work with creditors on an alternate plan.

Read More from: WSJ.com: Bankruptcy Beat

3 days 5 hours ago

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