ABI Blog Exchange

Here's an early obit.  It's hard for me to imagine a chapter 11 world without Harvey Miller.  Although the adjective is over-used, I think it would be difficult to argue the man was not transformative to bankruptcy law.  He was an incredible mentor, and I am honored to have considered him a friend.  I can't count  how many younger lawyers in the field he encouraged and taught, in so many ways.  It's just hard to imagine a world without his seemingly indefatigable spirit.  Harvey makes -- made, I'm still adjusting to the past tense -- you feel both energized and exhausted at the same time after an engagement.  It's a sad day, but happy too, I suppose, knowing what a great run he had.  Trite, I apologize, but he was a rare breed, indeed.

Read More from: Credit Slips

7 hours 12 min ago
By Robert S. Bernstein, Esq., Co-Managing Partner It’s a small […] The post An 8-Year Battle Comes to an End, Creditors Awarded Millions appeared first on Bernstein-Burkley, P.C..

Read More from: Bernstein-Burkley, P.C.

8 hours 25 min ago
At ten companies where shareholders have cast votes on proxy access shareholder proposals this season, four companies received more votes in favor of the proposal than against it, while a majority of shareholders did not support the proposal at six companies.
9 hours 54 min ago
Speculation has swirled in the legal community in recent weeks about who’s likely to appear to testify in the criminal trial stemming from the collapse of Dewey & LeBoeuf LLP. As jury selection begins Monday in the case, some answers are beginning to emerge. An extensive list of 226 people connected to Dewey is included in forms given to potential jurors, listing everyone from Dewey’s top former partners to journalists who covered the now-defunct law firm. Not everyone on the list, however, is a potential witness. Some are “names that may be mentioned,” according to the document, and are being used during jury selection to help ensure no one picked as a juror has a connection to the case. The trial pits the Manhattan district attorney’s office against three former Dewey leaders– chairman Steven Davis, executive director Stephen DiCarmine, and chief financial officer Joel Sanders—who are accused of using fraudulent accounting techniques to make the firm look like it was doing better than it was. The three have denied wrongdoing.

Read More from: WSJ.com: Bankruptcy Beat

10 hours 14 min ago
Breaking up the biggest banks could wind up increasing the chances of a taxpayer bailout, while reinstating Glass-Steagall would only serve to make banks less stable.

Read More from: BankThink

10 hours 44 min ago
Bankruptcy law pioneer Harvey R. Miller has died at 82 after a battle with ALS. Mr. Miller, a partner at the New York law firm Weil, Gotshal & Manges, LLP, was a trailblazer in elevating the field of bankruptcy law from a dusty corner of the legal world to its key place today in most major law firms. Mr. Miller, who created Weil’s bankruptcy practice, played a major role in almost all of the landmark Chapter 11 case—among them Lehman Brothers, General Motors, Worldcom and Enron—of recent years. He was also a valued contributor to Bankruptcy Beat, where his honest opinions and prodigious legal knowledge were equally admired. As a tribute to Mr. Miller, here is an excerpt from his last column for us, from December. The Examiners: Boost Bankruptcy Judges’ Powers If you could make one change to the bankruptcy code, what would it be?

Read More from: WSJ.com: Bankruptcy Beat

10 hours 53 min ago
This webinar will bring together all that was discussed in the prior episodes of the series.  A knock-down, drag-out fight may ensue when our panelists engage in a mock negotiation session that will highlight some of the key concepts taught … Continue reading →
12 hours 10 min ago
While Donald Trump’s presidential aspirations and “Celebrity Apprentice” hosting duties make for interesting copy, the most recent news concerning him relates to the bankruptcy case of Trump Entertainment and the interaction between bankruptcy and trademark law. To learn more, click on the link below to an article recently published by the online news site Hotel News Now: http://www.hotelnewsnow.com/Article/15733     The post Trademark Licensor Rights Trump Bankrupt Licensee appeared first on Insolvency Insights.

Read More from: Insolvency Insights

12 hours 15 min ago
Banks can ditch their reputations as fuddy-duddy workplaces by helping millennial employees connect with the social mission driving the company and giving them plenty of opportunities to advance their careers.

Read More from: BankThink

12 hours 44 min ago
We all know how social medial has ascended to an important role in the way businesses, products and brands are promoted today. But what happens to social media accounts that are used to promote a business when that company files for chapter 11 bankruptcy protection? Are ownership rights to such accounts dependent on who opened, or who controls, those accounts?  Read more here.
13 hours 2 min ago
Newly released court records show that Altegrity Inc., a company linked to some notable U.S. security stumbles of recent years, shelled out $25.7 million to top executives the year before it filed for bankruptcy protection. 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.”) Corinthian Colleges Inc. is ending operations and closing its remaining 28 campuses, WSJ reports. Salus Capital’s co-founder and chief executive left following losses from a $250 million RadioShack Corp. loan, Bloomberg reports.

Read More from: WSJ.com: Bankruptcy Beat

13 hours 24 min ago
Jury selection begins Monday in a criminal trial stemming from the downfall of  Dewey & LeBoeuf LLP, a 1,300-lawyer New York institution that became the largest law firm ever to fail when it filed for bankruptcy in May 2012. The trial comes three years after news that the Manhattan district attorney’s office was investigating firm leaders for alleged financial fraud, and just over a year after the D.A. filed an 111-count indictment. #1: Who’s on trial? Dewey & LeBoeuf’s three former leaders—ex-chairman Steven Davis, former executive director Stephen DiCarmine, and onetime chief financial officer Joel Sanders—are accused of conspiring to use fraudulent accounting techniques to keep the firm in compliance with bank loan covenants. They’re also accused of misrepresenting Dewey’s finances to a group of insurance companies that participated in a $150 million bond offering in 2010. They’ve denied wrongdoing. A lower-level employee included in last year’s indictment will be tried separately. Seven other former employees have pleaded guilty to crimes related to the firm’s collapse. #2: What’s the argument for the defense?

Read More from: WSJ.com: Bankruptcy Beat

13 hours 59 min ago
Receiving Wide Coverage ... Deutsche to Slim Down: Deutsche Bank plans to get smaller and simpler. The German lender unveiled a wide-ranging strategy aimed at improving profitability and capital ratios Monday, including plans to winnow down its investment banking and retail businesses. Deutsche will also aim to shed another $3.8 billion in expenses and focus on bolstering its transaction banking, asset and wealth management operations. It also announced on Friday plans to get rid of its...

Read More from: BankThink

14 hours 54 sec ago
When it comes to credit scores, like everything else in life, “good” is in the eye of the beholder. Someone with good credit is in a position to obtain loans with better than average interest rates. However, if you want the best borrowing terms available in the marketplace, “good” likely won’t cut it. You need to shoot for “very good” at least. There are three credit reporting companies that contribute to your credit report. That information is used to calculate your credit score which is the number lenders use to determine if you are a good risk. If you ask most people in the know, 695 would be considered a good score. Others might actually say it’s only a “fair” score and that all scores under 700 could use some help. The “very good” range begins around 725 – that’s the number to shoot for if you want to get a loan, such as a mortgage, at the best lender rates. How are Credit Scores Calculated Your credit score is based on a number of pieces of data including amount you owe, payment history (whether you have many late payments in the past), the length of time you’ve had various lines of credit, the different types of credit lines you have and which types you are using. Be Informed: Know the Details
14 hours 44 min ago
Per www.globalinsolvency.com:Wed., April 22, 2015Target’s exodus from Canada has left gaping holes at some of the most prominent shopping centers across the country, the biggest symbol of an exceptional period of retailing turmoil, the International New York Times reported. As Target Canada closed the last of its 133 stores this month — completing the parent company’s hasty retreat from its first international expansion, a move that prompted a $4.5 billion write-down — many landlords were left holding properties whose fates are uncertain. They, along with many other creditors, argue that Target is abusing Canadian law at their expense as it leaves the country after less than two years. “There’s anger among the landlords,” said Darren Kwiatkowski, executive vice president of Shape Properties in Vancouver, British Columbia, which owns two malls where Target was a tenant. “There were high expectations from landlords and consumers when they came, but the result was only a B effort. Now they’re pushing the boundaries of the legal system for their company’s self-interest.”

Read More from: The COMI

1 day 2 hours ago
Per www.globalinsolvency.com:Fri., April 24, 2015Saudi Cable Company has signed a deal with three of its main lenders to restructure SR640 million ($170.7 million) of debt, it said in a statement, Arab News reported. The debt will be restructured over a period not exceeding eight years, it said without naming the lenders or giving other details of the restructuring. The company maintains “normal operational relationships” with one of its lenders, from which it has borrowed SR112.9 million, although it has not complied with covenants on those loans, Saudi Cable added. It is holding talks with another bank about the possibility of restructuring a further SR99.6 million of debt, with an agreement expected to be reached before the end of the second quarter, it said.

Read More from: The COMI

1 day 2 hours ago
Hiring an attorney, or any professional, can be very overwhelming, but it does not have to be.  This video has three topics that will give you some helpful tips when interviewing any attorney. The post How to Hire a Great Attorney appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
1 day 3 hours ago
According to a new study, the 2005 revisions to the bankruptcy code may be keeping financially struggling Oregonians out of bankruptcy court, but it hasn’t helped them with their financial suffering. The Bankruptcy Abuse Prevention and Consumer Protection Act which was largely created to make bankruptcy less accessible may have obliterated access to a fresh start from the people who most deserve it. The study found that the Bankruptcy Abuse Prevention and Consumer Protection Act has made fling bankruptcy considerably more expensive and that cost is what has kept the people who most need to file from doing so. Our firm has taken affirmative steps to make sure that the Oregonians who most need to file are not kept out of Bankruptcy Court. By collecting only a portion of the attorney and court fees prior to filing and setting up our clients with installment payment plans for the remainder, we have made bankruptcy filing affordable for many Oregonians who would not otherwise have been able to file. Very few of our clients in Portland, Salem and Vancouver have over a thousand dollars available to fork over to a bankruptcy attorney in order to stop the stop their creditors. Most of our friends, neighbors and family don’t have that kind of money lying around either. That’s why we take payments.    

Read More from: Oregon Bankruptcy Lawyer

1 day 21 hours ago
I am disgusted by the number of calls we receive every week detailing a company or lawyer who takes someone’s hard earned money and fails to deliver on their promise to modify the home mortgage.  This post is prompted by a phone call I just received from a young woman who contacted The American Association of Attorneys and Legal Professionals, www.aaalp.com, to help save her home.  She understood she was hiring a lawyer that was part of this company (the small print on their web site states this is “not a law firm”).   Evidently AAALP referred her to someone she thinks is a lawyer.  She paid this “lawyer” $4,000 to help her.  Supposedly the “lawyer” worked with the lender, but was unsuccessful in obtaining a modification.  The “lawyer” then e-mailed her a bankruptcy petition to file with the court and told her “she was really not going through with the bankruptcy, but was just using it to postpone the trustee’s sale”.  She followed directions from this “lawyer” and did not file any required documents.  This resulted in the dismissal of her bankruptcy.   A couple of months after the first case was dismissed this “lawyer” e-mailed her a second bankruptcy petition to file.  The second case was dismissed for failure to file the required documents.
2 days 1 hour ago
Acting to unilaterally terminate an unsettled sale of distressed syndicated bank loans, and engaging in a cover sale with a third party, is not without its risks. This is particularly the case when the price of the loans have gone up, such that seller’s termination may deprive the buyer the fruits of the bargain, seemingly unfairly. The absence of clear rules on point does not help. Trade confirms invariably identify the settlement date as “as soon as reasonably practicable;”1the Loan Syndication and Trading Association’s (LSTA) T+20 target settlement date is usually observed in the breach; and the LSTA’s “delayed compensation” regimen, meant to discourage delay through formulaic pricing adjustments, is a weak deterrent. Confronted with this lack of clarity on how to deal with delay, what’s a seller whose patience is at an end to do?

Read More from: Kieselstein Law Firm

2 days 5 hours ago