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The best-performing banks are those that continue to invest in growth, rather than those that fixate on containing expenses, writes Capital Performance Group's Kevin Halsey.

Read More from: BankThink

10 hours 27 min ago
Receiving Wide Coverage ... A Beautiful Mind: Tributes to John Nash were plentiful after the mathematician made famous by his depiction in the film "A Beautiful Mind" was killed in an taxi accident this weekend. Nash's doctoral thesis placed game theory, the study of strategic interactions, at the heart of economics, the Financial Times said. After Nash's insights, "economists stopped thinking exclusively about unrealistic models of perfectly competitive markets and began focusing on cases in whichÂ...

Read More from: BankThink

11 hours 16 min ago
The production crew that’s bringing Michael Lewis’ “The Big Short” to the big screen set up shop in front of the building that houses New York’s Department of Financial Services Friday morning.
courtesy Matt Anderson
  New York’s top banking regulator, Benjamin Lawsky, walked into the office of Lehman Bros. Friday morning almost seven years too late. Well, not really. Mr. Lawsky walked into the Wall Street office of the Department of Financial Services at 1 State Street this morning to find the production crew of “The Big Short” had re-created it as the lobby of the failed investment bank.

Read More from: WSJ.com: Bankruptcy Beat

12 hours 19 min ago
Per the Star-Telegram:May 20, 2015By Sandra Baker Longtime Fort Worth oil firm Duer Wagner III Oil & Gas has succumbed to falling oil prices and filed for bankruptcy protection, the second Fort Worth firm do so in the past few months.Duer Wagner Oil said in its filings in bankruptcy court in Fort Worth that its revenues and profits have dropped more than 50 percent since the price per barrel began declining nearly a year ago.The company filed the bankruptcy May 15 on behalf of 12 debtor companies, many with the names of well-known athletes, saying its liabilities were more than $120 million, most of that to a loan with LNV, a subsidiary of Beal Bank, from December 2013. The filing said more than 200 parties will have interest in the Chapter 11 reorganization case.For more, see http://www.star-telegram.com/news/business/barnett-shale/article21498180.html Read more here: http://www.star-telegram.com/news/business/barnett-shale/article21498180...

Read More from: The COMI

1 day 3 hours ago
In a detailed May 4, 2015 opinion, the Delaware Chancery Court extensively reviewed the rights of an insolvent company’s creditors to pursue derivative claims against the company’s directorsIn the opinion, Vice Chancellor Laster said that “to bring a derivative action, a creditor-plaintiff must plead and later prove that the corporation was insolvent at the time the suit was filed.” Because he found that Quadrant had introduced sufficient material to support a reasonable inference that Athilon was insolvent at the time Quadrant filed suit, and therefore he denied the defendants’ motion for summary judgment.In making these determinations, Laster broadly surveyed the legal principles underpinning derivative litigation in Delaware, including the rights of creditors to assert derivative claims under some circumstances. He reduced the various principles pertaining to these issues to a succinct bullet point list:The post Delaware Court reviews standard for derivative claims appeared first on Culhane Meadows PLLC - Chapter 11 Business Bankruptcy Attorneys.

Read More from: Richard G. Grant, P.C.

1 day 3 hours ago
Per Reuters:Fri May 1, 2015 12:47pm EDTBy Rania El Gamal and Reem ShamseddineDUBAI/KHOBAR, Saudi Arabia, May 1 (Reuters) - Saudi Arabia is restructuring the world's biggest energy company, Saudi Aramco, in a move apparently aimed at letting it operate more at arm's length from the powerful oil ministry.For more, see: http://www.reuters.com/article/2015/05/01/saudi-oil-aramco-idUSL5N0XS0BI20150501?type=companyNews&feedType=RSS&feedName=companyNews

Read More from: The COMI

2 days 22 hours ago
Per www.globalinsolvency.com:Wed., May 20, 2015Administrators of the furniture arm of failed lender African Bank Investments said on Tuesday creditors were paid 14 percent of what they were owed by Ellerine Furnishers, which had debts of around 1.3 billion rand ($109 million), Reuters reported. Administrators Matuson Associates said they paid out 14 cents for each rand owed, higher than the previously anticipated 13 cents per rand. Ellerine was forced into business rescue last year, which allows for temporary protection from creditors, as parent African Bank Investments crumbled under bad debts. The administrators also said they were in talks with several potential buyers for stores outside South Africa and may not receive as much as they had previously anticipated. Matuson Associates said last year they had received an indicative offer of 400 million rand for Ellerine's stores in other African countries from a listed South African retailer but Matuson said he was no longer sure he would receive that amount. 

Read More from: The COMI

2 days 23 hours ago
Per www.globalinsolvency.com:Thu., May 21, 2015Russia on Wednesday demanded the timely repayment of all debts owed to it by Ukraine and accused Kiev of effectively preparing the way for default with a new law. It threatened to take the issue to international courts if necessary. The law, approved by Ukraine's parliament on Tuesday, gives the government the right to miss payments to its international creditors as it wrangles over the terms for restructuring $23 billion worth of foreign debt. Russia holds a $3 billion Ukrainian Eurobond whose full repayment is due by the end of the year. Moscow, whose relations with Kiev have been wrecked by a year-long conflict in eastern Ukraine, has declined to join the debt restructuring talks. President Vladimir Putin, speaking at a meeting with government ministers, said he found the new law "strange". "To effectively announce an impending default shows a poor level of professional responsibility, all things considered," said Putin, noting that the International Monetary Fund does not lend to countries in default. Ukraine, its economy battered by recession and rampant graft as well as by the conflict in the east, hopes to secure the next tranche of a $17.5 billion bailout programme with the IMF this summer to shore up its foreign currency reserves.

Read More from: The COMI

2 days 23 hours ago
The Canadian and US courts have now ruled in the Nortel case. (Disclosure: I served as an expert for the UK pension interests in the case.) The case was already incredibly important because of an agreement among the parties to sell the worldwide assets of the corporate group without regard to territory or corporate ownership, creating a global pool of proceeds (about $7B) for distribution in such manner as agreed by the parties or as mandated by the two courts. (The UK court was not involved at this stage, which is an interesting point for another day.) A unified worldwide sale is a central advantage of universalism, enabling the parties here to achieve much higher values than had been predicted. However, when the parties could not agree as to distribution, the two courts were forced to decide. Ignoring many significant aspects of that process, after a joint on-line trial the two courts reached a common result. The joint trial and common result were two more extraordinary accomplishments. The common resolution is a special triumph for universalism.

Read More from: Credit Slips

4 days 2 hours ago
The confirmation order entered in every Oregon Chapter 13 Bankruptcy requires you to report to the Trustee if your actual or projected gross income increases by ten percent. The income figures included in Schedule I of your Bankruptcy Schedules filed with the Oregon Bankruptcy Court before confirmation serves as the baseline for determining whether there has been a ten percent increase. If  ten percent increase arises after confirmation, you should contact your attorney to review all of your income and expenses and file amended schedules to reflect the changes. Just because your income has increased by over ten percent doesn’t always mean that there needs to be an accompanying ten percent increase in your plan payment. For most of us, increases in income are almost always accompanied by the necessity to start really paying what we need to be paying for household living expenses or get the car that we have been putting off.   The original post is titled My Income Has Gone Up in My Oregon Chapter 13 Bankruptcy , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .

Read More from: Oregon Bankruptcy Lawyer

4 days 6 hours ago
In this Dec. 3, 2014 file, photo, Kanye Wests attend the premiere of “Top Five” at the Ziegfeld Theatre in New York.
Evan Agostini/Invision/Associated Press
Online streetwear retailer Karmaloop Inc., which was sold to one of its creditors Thursday, drew interest from a number of celebrities—including Kanye West, according to people familiar with the sale process. “We were doing our best to avoid being starstruck,” said Michael O’Hara, Karmaloop’s investment banker. Entertainment moguls, well-known athletes and at least 50 other prospective purchasers held meetings with Karmaloop’s professionals during a months-long effort to find a buyer for the bankrupt company. “They ranged from your traditional private equity firms all the way through to Kanye West,” said Brian Davies, Karmaloop’s chief restructuring officer. Mr. Davies said Karmaloop’s core demographic, those between the ages of 18 and 35, was particularly attractive to many of the sports stars and other celebrities. “For a lot of these athletes and a lot of these stars, that was the demographic they are looking at,” he said. Both Mr. O’Hara and Mr. Davies said Karmaloop may still partner with a celebrity, which could add significant value to the company’s business.

Read More from: WSJ.com: Bankruptcy Beat

4 days 7 hours ago
In this Dec. 3, 2014 file, photo, Kanye Wests attend the premiere of “Top Five” at the Ziegfeld Theatre in New York.
Evan Agostini/Invision/Associated Press
Online streetwear retailer Karmaloop Inc., which was sold to one of its creditors Thursday, drew interest from a number of celebrities—including Kanye West, according to people familiar with the sale process. “We were doing our best to avoid being starstruck,” said Michael O’Hara, Karmaloop’s investment banker. Entertainment moguls, well-known athletes and at least 50 other prospective purchasers held meetings with Karmaloop’s professionals during a months-long effort to find a buyer for the bankrupt company. “They ranged from your traditional private equity firms all the way through to Kanye West,” said Brian Davies, Karmaloop’s chief restructuring officer. Mr. Davies said Karmaloop’s core demographic, those between the ages of 18 and 35, was particularly attractive to many of the sports stars and other celebrities. “For a lot of these athletes and a lot of these stars, that was the demographic they are looking at,” he said. Both Mr. O’Hara and Mr. Davies said Karmaloop may still partner with a celebrity, which could add significant value to the company’s business.

Read More from: WSJ.com: Bankruptcy Beat

4 days 7 hours ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the merits and drawbacks of Sen. Richard Shelby's regulatory reform legislation, whether bigger banks are inherently riskier and banks' evolving interest in blockchain technology.

Read More from: BankThink

4 days 7 hours ago
Frederick’s of Hollywood’s routine bankruptcy reports list pages of vintage or famous underwear, including s corset Madonna wore onstage in the 1980s, among its assets. In this photo, Madonna performs at the Grammys on Feb. 8 in Los Angeles.
John Shearer/Associated Press
A black sheer T-shirt from Fabio’s personal collection, a cream lace bustier worn by Marilyn Monroe, the army-green boxers Tom Hanks wore in “Forrest Gump,” Milton Berle’s pink sequin and chiffon, ostrich-trimmed dressing gown from the 1950s—the list goes on. Frederick’s of Hollywood’s routine bankruptcy reports list pages of vintage or famous underwear, value “unknown,” among its assets.  Some of the stuff was worn in movies or on stage, some was designed by celebrities for charity, some is signed and some is from “personal collections.”

Read More from: WSJ.com: Bankruptcy Beat

4 days 8 hours ago
Frederick’s of Hollywood’s routine bankruptcy reports list pages of vintage or famous underwear, including s corset Madonna wore onstage in the 1980s, among its assets. In this photo, Madonna performs at the Grammys on Feb. 8 in Los Angeles.
John Shearer/Associated Press
A black sheer T-shirt from Fabio’s personal collection, a cream lace bustier worn by Marilyn Monroe, the army-green boxers Tom Hanks wore in “Forrest Gump,” Milton Berle’s pink sequin and chiffon, ostrich-trimmed dressing gown from the 1950s—the list goes on. Frederick’s of Hollywood’s routine bankruptcy reports list pages of vintage or famous underwear, value “unknown,” among its assets.  Some of the stuff was worn in movies or on stage, some was designed by celebrities for charity, some is signed and some is from “personal collections.”

Read More from: WSJ.com: Bankruptcy Beat

4 days 8 hours ago
Series: Crowdfunding 2015 What role does an intermediary play in crowdfunding? The “Crowdfunding from the Intermediary’s Perspective” webinar features three top experts in the crowdfunding space who will discuss what an intermediary will provide that could play a crucial role in how a crowdfunding deal plays out. From due diligence to vetting deals, investors often have their hands full when looking at crowdfunding investing. Read more here.
4 days 8 hours ago
What does Memorial Day weekend mean to you?  Perhaps it means having a nice long weekend with family and friends?  Or spending hours sitting in traffic with all the people who are getting away from it all for the weekend?  Or maybe you are a traditionalist and will spend the weekend getting all of your white clothes out of Manhattan Mini Storage.  Well, for the Weil Bankruptcy Blog, the start of Memorial Day weekend means one thing — the return of Bankruptcy Beach Reading. Our first Bankruptcy Beach Reading post of the season tells a tale of some things not to do if an attorney does not want to get burned by Rule 9011.  Although this story focuses on events in an individual debtor’s case, one can easily see how stretching the law or the facts could apply in a chapter 11 case. 
4 days 8 hours ago
This week on The Broke and the Beautiful, another member of English boy band Blue filed for bankruptcy, and a judge called for the arrest of Girls Gone Wild founder Joe Francis.
Simon Webbe, Ducan James, Antony Costa and Lee Ryan of British group Blue Duesseldorf, Germany, in May 2011. Lee Ryan was the final member of the band to file for bankruptcy.
EPA/Joerg Carstensen

Read More from: WSJ.com: Bankruptcy Beat

4 days 9 hours ago
This week on The Broke and the Beautiful, another member of English boy band Blue filed for bankruptcy, and a judge called for the arrest of Girls Gone Wild founder Joe Francis.
Simon Webbe, Ducan James, Antony Costa and Lee Ryan of British group Blue Duesseldorf, Germany, in May 2011. Lee Ryan was the final member of the band to file for bankruptcy.
EPA/Joerg Carstensen

Read More from: WSJ.com: Bankruptcy Beat

4 days 9 hours ago
Outrage is the usual reaction when a former spouse who owes you child support or alimony files bankruptcy. It reinforces all those less-than-flattering thoughts you harbor about your ex. But maybe that’s not the right reaction for two reasons.  One is old:  support debts can’t be wiped out in bankruptcy. The second reason is new:  failure to pay support is grounds for dismissal of a bankruptcy case. You may have levers that weren’t available to you before. Unpaid support dooms reorganization Chapter 11 and Chapter 13 are reorganization chapters of bankruptcy.  The person filing for relief stays in possession of their assets and proposes a plan to solve their financial problems. If you’re in financial trouble, it seems to offer the best of both worlds:  you keep your stuff and get immediate protection from your creditors. But there’s a condition.  The debtor needs to stay current on support obligations that come due after he files the bankruptcy case.
4 days 10 hours ago

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