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The distributed ledger technology has an answer for updating every core function of the antiquated financial system.

Read More from: BankThink

1 week 4 days ago
Small-scale financial services companies such as storefront lenders and local money transmitters which use technology should have a choice of whether they are regulated by a state or federal regime.

Read More from: BankThink

1 week 5 days ago
Receiving Wide Coverage ... Kerry Meets with European Banks: U.S. Secretary of State John Kerry met with European banking leaders Thursday to urge them to increase lawful business ties with Iran and ensure them they won't be punished for doing so. The visit is part of a push to ensure Tehran receives the relief the U.S. pledged in January. Executives at Standard Chartered, HSBC, Barclays, Deutsche Bank, BNP Paribas, Santander, Lloyds Banking Group and Royal Bank...

Read More from: BankThink

1 week 5 days ago
Amit Dave/Reuters
What Is India’s New Bankruptcy Code? India currently has multiple laws to deal with insolvency, which leads to significant delays in winding up a company. The Bankruptcy Code will consolidate the existing framework and create a new institutional structure. The new law will also likely create a new class of insolvency professionals who will help sick companies and banks with a smooth takeover of the insolvent company and manage the liquidation process. The bill also proposes the setting up of a new entity, the Insolvency and Bankruptcy Board of India, which will regulate insolvency professionals and information companies — those which will store all the credit information of corporates. The Bankruptcy Code proposes two authorities to deal with insolvency. The National Company Law Tribunal will adjudicate cases for companies and limited liability partnerships, while the Debt Recovery Tribunal will do the same for individual and partnership firms. How Will a Company Be Liquidated? An insolvency resolution plan has to be approved by 75% of voting-share creditors. Once the plan is approved, it would also require the sanction of the adjudicating authority. During the insolvency resolution period, the management of the debtor is placed in the hands of an resolution professional.

Read More from: WSJ.com: Bankruptcy Beat

1 week 5 days ago
Energy producer Penn Virginia Corp. filed for chapter 11 bankruptcy protection Thursday, in the latest oil-patch bankruptcy driven by sustained low energy prices, The Wall Street Journal reports. (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.”) A Dallas judge ruled that former billionaire Sam Wyly committed tax fraud by shielding more than $1 billion in family wealth in offshore trusts, WSJ reports. Oil and gas producer Linn Energy filed for chapter 11 bankruptcy Wednesday after reaching a deal with lenders to restructure its $8.3 billion debt load and obtain $2.2 billion in fresh financing, WSJ reports.

Read More from: WSJ.com: Bankruptcy Beat

1 week 5 days ago
 “Do not go out hastily to argue your case; Otherwise, what will you do in the end, When your neighbor puts you to shame?” –Prov. 25:8
By: Donald L. Swanson It now seems obvious that the Archdiocese of Milwaukee overplays its hand after receiving a favorable ruling from the U.S. District Court in Milwaukee. Here is a chronology: –On January 4, 2011, the Archdiocese of Milwaukee files its voluntary Chapter 11 Petition. –On June 28, 2011, the Archdiocese of Milwaukee files a lawsuit asking the Bankruptcy Court for a declaration that it’s $55 million Cemetery Trust fund is off-limits from creditor claims. –On January 17, 2013, the Bankruptcy Court rules against the Archdiocese on summary judgment, and the Archdiocese appeals to the U.S. District Court. –On July 29, 2013, the U.S. District Court reverses, ruling in favor of the Archdiocese, and the Official Creditors Committee appeals to the Seventh Circuit Court of Appeals. –On March 9, 2015, the Seventh Circuit Court of Appeals agrees with the Bankruptcy Court and reverses the U.S. District Court.  The Archdiocese begins its appeal process to the United States Supreme Court James I. Stang — founding partner of the Pachulski, Stang, Zeihl & Jones law firm of Los Angeles

Read More from: Mediatbankry

1 week 5 days ago
Student Loan Debt would be enough of a problem How much Student Loan Debt does this grad have? even if it were not so difficult to figure out how and where to make payments. And, now there is data that many students do not even know how much Student Loan Debt they owe.  ): The Face Book meme photo talks about “educated students.” Should graduates know how much Student Loan Debt they have? Well, uh, yeah.  I would think it would not take that many math classes to figure this out. Heck, just do an internet search for a loan repayment calculator. J. Maureen Henderson, writing for Forbes online, from a Citizens Bank survey:
• 45% of survey respondents didn’t know what percentage of their salary went to paying off their loans. • 37% were unaware of the interest rate on their loan. • A very oblivious 15% were even unaware of how much they owe. . 44% claimed not to fully understand the difference between federal and private loans.
Ouch.  You know what they say.  Denial is not a river in Egypt. If you do not know your situation, how can you handle it?  How can you budget without knowing what your own student loan debt is?

Read More from: Discharge Student Loan

1 week 5 days ago
A recent study found that most Americans are not realistic when it comes to estimating the amount of money they will need during retirement. The cost-of-care study, conducted by Genworth Financial, a major long term care insurance provider, estimated that the median cost to hire someone who can assist with household tasks is $3,861 per month, while the cost of a full-time home health aide is $3,813 per month. The problem is that a majority of current US workers underestimate just how expensive it will be for them to get this assistance in the future when they eventually retire from the workforce. In fact, approximately 80 percent of survey respondents believed that getting in-home help during their Golden Years would be half as expensive as it actually will be. The reality is that most people will need a little help around the household as they get older and performing daily tasks becomes more and more difficult. Many people end up going to nursing homes or other health care facilities, but this can often be cost prohibitive. Moreover, a lot of individuals who have spent their entire lives taking care of themselves don’t want to lose their independence by changing residences and going to a nursing home. When it comes to remaining at home and paying for a little assistance with daily tasks, however, the costs can often be overwhelming – especially for someone who is struggling to get by on dwindling retirements savings.
1 week 5 days ago
While rockstars such as Iggy Pop and Nikki Sixx of Mötley Crüe were infamous for outlandish rider requests while on tour, perhaps nobody is more notorious for their demands of concert promoters than Van Halen.  In its heyday, the band famously stipulated in a 53-page list of rider requests that concert promoter provide backstage, among other things, herring in sour cream, two large bars of ivory soap, and M&Ms with the caveat that there be “ABSOLUTELY NO BROWN ONES”.  If brown M&Ms were found, Van Halen would not perform. 
1 week 5 days ago
[wsj-responsive-image P="//si.wsj.net/public/resources/images/BN-NY794_money_P_20160510170830.jpg" J="//si.wsj.net/public/resources/images/BN-NY794_money_J_20160510170830.jpg" M="//si.wsj.net/public/resources/images/BN-NY794_money_M_20160510170830.jpg" credit="istock" placement="Inline" suppressEnlarge="false" ] The instructions from Congress for how a struggling student loan borrower can attempt to leave that debt behind in bankruptcy contains one word that can have two meanings. The resulting ambiguity caught the attention of Emory University law professor Rafael Pardo more than a decade ago, prompting him to push for bankruptcy judges to interpret the one word—“undue”—more softly. Doing that would make it easier for bankrupt people to cancel big student loan bills. And it is what Congress intended, Prof. Pardo concluded after scouring federal law for other instances when lawmakers wrote the word. Prof. Pardo revived his theory most recently in a closely watched case of an unemployed Massachusetts man, Robert Murphy, who successfully canceled more than $240,000 in student loan debt from putting three kids through college. His case settled before First U.S. Circuit Court of Appeals judges ruled, but his argument goes like this:

Read More from: WSJ.com: Bankruptcy Beat

1 week 5 days ago
Ideas on the table for ending the too-big-to-fail problem won't work, so the only solution is a "leverage" ratio and continuous exams to ensure big banks never get in trouble in the first place.

Read More from: BankThink

1 week 5 days ago
Your bankruptcy discharge is more than a piece of paper.  It’s a federal court order prohibiting action to collect the discharged debt from you. And it has teeth. Ignoring a federal court order has unpleasant consequences.  Or should have consequences. This is my call to debtors to stop being prey to unscrupulous debt collectors. Bite back. Discharge binds all creditors All creditors who got notice of your bankruptcy are subject to the discharge injunction, with a few exceptions.  LINK That’s why it’s so important to list everyone who thinks you owe them money in your bankruptcy schedules. Getting your schedules right. The discharge is a public record, retrievable on PACER  by anyone who is interested. In short, there is no excuse for the creditor (or anyone who bought the debt from your creditor) to attempt collection of debts predating your bankruptcy. And creditors who try to collect have effectively given you the right to sue them at their expense. Here’s hoping that more debtors harassed by creditors after their bankruptcy will march into court for enforcement of their right to a fresh start. When collector calls after bankruptcy
1 week 5 days ago
In re Horsehead Corp., No. 16-10287 (Bankr. D. Del. May 2, 2016) (CSS) [Transcript Ruling] In a packed courtroom, full of shareholders appearing pro se, Judge Sontchi granted motions to appoint an official equity committee.  Acknowledging that he was going “out on a limb here from the standpoint on where the law puts me”, Judge Sontchi cautioned that “something doesn’t smell right to the Court.”  Hr’g Tr. 100:17-19, 100:25-101:1.  The Court based its ruling on His Honor’s experience and the “unusual circumstances” attendant to the Debtor’s valuation, which had decreased drastically since shortly before the filing of the bankruptcy case.  Horsehead Corporation and four affiliates (the “Debtors”) filed bankruptcy petitions on February 2, 2016. Read More › Tags: Employment, Retention, Appointment & Compensation, Insider's Scoop

Read More from: Delaware Bankruptcy Insider

1 week 5 days ago
While bitcoin is viewed as "secret currency," the technology behind the cryptocurrency is immensely useful to financial services companies in preventing hacking.

Read More from: BankThink

1 week 6 days ago
Receiving Wide Coverage ... Here Comes the Fintech Regulation…: The U.S. Treasury Department released a paper Tuesday urging the need for greater transparency in the online lending industry through stronger regulatory oversight. The FT cited it as the first attempt by a U.S. regulator to produce a framework for an industry that emerged during the financial crisis. That marketplace lenders and other fintech companies are subject to far less regulatory scrutiny compared to legacy financial institutions...

Read More from: BankThink

1 week 6 days ago
[wsj-responsive-image P="//si.wsj.net/public/resources/images/BT-AI624_BHP_SU_P_20160510192623.jpg" J="//si.wsj.net/public/resources/images/BT-AI624_BHP_SU_J_20160510192623.jpg" M="//si.wsj.net/public/resources/images/BT-AI624_BHP_SU_M_20160510192623.jpg" credit="BHP/Agence France-Presse/Getty Images" placement="Inline" suppressEnlarge="false" ] Oil and gas company Chaparral Energy Inc. has $152 million in stored cash for its bankruptcy turnaround that is beyond secured lenders’ reach. 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.”) As DBR reports in WSJ, a bankruptcy judge won’t let video-streaming service Netflix Inc. release two Relativity Media LLC films ahead of theaters.

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
In re LJBV Ltd., 544 B.R. 401 (Bankr. N.D. Ill 2016) – The debtor filed a Chapter 11 case immediately after a receiver was appointed in a state foreclosure proceeding. The mortgagee filed a motion to dismiss the bankruptcy case … Continue reading →
1 week 6 days ago
By: Donald L. Swanson Celebrity brushes with the law always add spice to otherwise hum-drum subjects. Who would have ever predicted, for example, that someone like Anna Nicole Smith (fka Vickie Lynn Marshall) could cause havoc within the bankruptcy system? Then there is Willie Nelson and his IRS battles. Or how about John Fogerty’s long battle with his record label over Creedence songs? But now we have Shaquille O’Neal entering the legal scene over the requirements of mandatory mediation. The Complaint About a year ago (on April 23, 2015) Shaquille O’Neal is sued for defamation in the U.S. District Court for the Southern District of Florida (Case No. 15-60869-CIV).  The Complaint says Mr. O’Neal mocked Plaintiff’s physical “abnormalities” by “publishing on Instagram and Twitter the plaintiff’s picture and a picture of O’Neal attempting to make a similar face.” The Mediation Requirements The Court explains in an Order (Doc. 98) that it’s Local Rule 16.2 “requires mediation in every civil case” (with few exceptions), that “both the parties and their lawyers must attend,” and that sanctions are authorized for a failure to comply. On June 30, 2015, the Court orders Mr. O’Neal and Plaintiff to mediate under Rule 16.2 (Doc. 13). The Mediation Sanctions

Read More from: Mediatbankry

1 week 6 days ago
Action Item. All participants in a bankruptcy mediation need to understand, in advance, that a discovery vacuum, (1) might require a recess in the mediation session until the discovery vacuum can be filled, or (2) needs to be identified and addressed in pre-session communications..

Read More from: Mediatbankry

1 week 6 days ago
Key factors point to marketplace lenders rebounding from their recent setbacks and continuing their growth.

Read More from: BankThink

1 week 6 days ago

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