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On August 6, 2015, the SEC issued new Compliance and Disclosure Interpretations (CDIs) that clarify the conditions under which “pitch events,” such as demo days and venture fairs, would not be considered general solicitation. Read more here.
1 week 6 days ago
State Department
This trinket won’t reveal the location of the Ark of the Covenant or allow you to operate a New York City taxicab, but a historical alabaster medallion has spurred a court fight involving some of the top U.S. government agencies. The trouble-causing medallion originally belonged to Secretary of State Dean Rusk. During his tenure from 1961 to 1969, the delicately engraved bald eagle and golden outline hung from his office wall. More than a foot wide but only an inch in depth and bearing the seal of the United States, the piece currently lives with 5,000 historical objects in one of the U.S. Department of State’s diplomatic reception rooms. However, the medallion’s path from Mr. Rusk’s office to the museum-wing of the state department involved more than an elevator ride. And like so many things, that time in between has made all the difference in determining to whom it rightfully belongs.

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
The U.S. hit a record $56.4B in venture capital spending last year and is on track to break $70B in VC activity by the end of 2015, with Internet companies claiming the lion’s share of the funds. With $36.9B already invested in the first half of the year, the final total of money spent by VCs in 2015 could mark a five-year high for the U.S., according to a new KPMG report. Read more here.
1 week 6 days ago
It seems like a lot of people are shocked to learn that they have been sued or that judgments have been registered against them.  I remember speaking to a new client recently and it was unclear how much she owed and from what she was saying her total debts were less than $5,000, an amount clearly not worth filing bankruptcy over.  While we were talking I checked the Nebraska court’s online records to see if any judgments were filed against her, and to her great surprise a $30,000 judgment lien had been filed against her residence!  Needless to say, she and her hubby had a fun chat that evening. When debt problems get bad, sometimes we stop opening the mail. People move from town to town seeking better jobs, housing or schools, and it is common for creditors to serve notice of lawsuits on former addresses.  One client was shocked when I informed her a judgment had been issued against her after the Sheriff served notice on her 10-year old daughter who forgot to give her mother the paperwork when she arrived home for work.  Clients commonly have no clue who they owe or if they have been sued, but they have a nagging sense they owe a lot and they need help. Figuring out who you owe and how much you owe is the first step in crafting a plan to get out of debt.
1 week 6 days ago
In this post-apocalyptic world of apps and bots, community banks lay in ruin, fintechs come and go, and megabanks dot the vast desert wasteland.

Read More from: BankThink

1 week 6 days ago
Receiving Wide Coverage ... Let's Make a Deal: Promontory Financial Group won't be locking horns with New York's financial watchdog in court after all. Promontory on Tuesday agreed to a $15 million settlement with the New York Department of Financial Services and a six-month ban from taking on some new consulting engagements in New York state. The deal resolves allegations that Promontory whitewashed a report on Standard Chartered's sanctions violations and puts a concrete end to...

Read More from: BankThink

1 week 6 days ago
Patriot Coal Corp. will soon be able to poll creditors on its chapter 11 bankruptcy plan, Daily Bankruptcy Review 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 http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) Bloomberg reports that creditors opposing Caesars Entertainment Operating Co.’s bankruptcy plan gave an ultimatum to Apollo Global Management LLC, one of the owners of parent Caesars Entertainment Corp., to cede control of it. Bloomberg looks at the losses KKR & Co. will sustain from Samson Resources Corp. and Energy Future Holdings Corp. The Wall Street Journal looks at graduate-student debt and the amount of people who seek forgiveness for it.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 3 min ago
Latest Lehman judgment reassures end users on Close-out Rights It is undeniable that the legal complexities, and unprecedented facts, of the long running Lehman Brothers saga have generated a wealth of legal principal, most notably through the Waterfall series of litigation. Against the background of administration, this trilogy (creatively named Waterfall I Application, Waterfall I Appeal and the upcoming Waterfall II) has generated both legal precedent and gems of dicta in relation to a broad range of matters.  To name a few, the Waterfall cases have covered issues as varied as the ranking in insolvency proceedings of subordinated debt, foreign currency claims, non-provable debts, statutory interest and unlimited companies and look set to continue to be a breeding ground for legal authorities for the foreseeable future. The Waterfall trilogy may have grabbed the lions share of media attention but we should be careful not to overlook the importance of the other judgements elicited from the Lehman administration, most recently in the matter of Fondazione Enasarco v Lehman Brothers Finance S.A. and another [2014] EWHC 34 (Ch).

Read More from: eSQUIRE Global Crossings

2 weeks 17 min ago
In re Simbaki, Ltd., 520 B.R. 241 (Bankr. S.D. Tex. 2014) – A chapter 11 debtor sought to assume a restaurant lease.  The landlord objected, arguing among other things that the lease was not timely assumed and so was deemed rejected. Generally … Continue reading →
2 weeks 1 hour ago
We have all heard, and perhaps felt, there is a foreclosure crisis.  We hear the stories about banks misusing their power to misdirect homeowners into default or fail to assist them even if required by the federal government.  What we don’t hear about are the abandoned pets left to fend for themselves after their owners have lost their homes.  That thought makes me angry, sad and wanting to bring back corporal punishment.  Alright, I realize this might be slightly over reacting, but that comes from my heart. Of course there are other reasons why pets are abandoned, such as death of the owner.  Take heart – there is a group looking out for these abandoned waifs.  It is called Lost Our Home.  Their vision: Our mission is to ensure that all pets have loving homes when families face major life challenges. We provide compassionate options when Realtors and the community find an abandoned pet. Our vision is a world in which all pets have loving homes  and are treated with dignity and respect.  Check out their web site and see how you can help.
2 weeks 14 hours ago
In the latest chapter of the New Century bankruptcy cases, the Court of Appeals for the Third Circuit vacated a district court’s decision on the sufficiency of the debtors’ publication notice and remanded the case back to the district court to determine the critical issue of whether the plaintiff-appellees were known creditors entitled to actual notice.  Previously on this blog, we’ve covered both the bankruptcy court decision and the district court decision.  Those posts provide more detailed descriptions of the facts and procedural history.
2 weeks 19 hours ago
I've got an op-ed in the American Banker about the CFPB's data collection, which has become the latest inside-the-Beltway attack on the CFPB.  

Read More from: Credit Slips

2 weeks 19 hours ago
FIS and merger partner SunGard, along with all other vendors in the space, have not been able to come to market with innovative core systems or software platforms that adequately address the new digital paradigm banks face.

Read More from: BankThink

2 weeks 19 hours ago
” You have an excellent reputation in the local area. You are organized, professional and really know how to put a client at ease during a hard time in their life. After seeing how unorganized some other attorneys were at court, I was thankful I had your office helping me and not someone else. Thank you all so much.” – Carol “Any questions I had I could always talk to someone directly. I would recommend your office to other people. ” – Jeff “All questions were answered in a manner that we could understand. We were never rushed and everyone we worked with was always kind and polite.” – Joe “(another attorney) said that John Rogers was the only one he knew who could sort out my difficult situation and that he himself could not help me. Thank you for being there for me. You were my friends when I have been at my lowest. You helped me and encouraged me. God bless all of you. I am so thankful for you all.” – DKC “Someone was always able to answer my questions. I felt like everyone there actually cared about helping me with my situation and wasn’t just after collecting my money. ” -Julie “I will definitely recommend this office simply for the professionalism and understanding.” -Melissa “The staff was very easy to talk to, as was Mr. Rogers, and very knowledgeable. We felt very comfortable.” -Brent “It was a relief to us to have someone like you to represent us. You were very professional, extremely well organized and obviously experienced in cases like ours.” -Kathleen
2 weeks 19 hours ago
  (Can the Commission’s SME proposal better-adapt Chapter 11 for Main Street?) (Yes, Bark Marketing needs to update for the upcoming season. Go Dawgs!) This is the final post in Plan Proponent’s series on the plan confirmation-related recommendations in the ABI Commission Report. We wrapped-up our coverage of the Exiting the Case piece in our last post. In this (long overdue) “bonus” post, we’ll focus on the Commission’s confirmation-related recommendations in Section VII of the Report dealing with Small and Medium-Sized Enterprise (SME) Cases. Background

Read More from: Plan Proponent

2 weeks 19 hours ago
  Joel R. Spivack, Esq. of the Law Firm of Joel Spivack was honored as one of a handful of Top Attorneys in the August 2015 issues of SJ Magazine. Each year, attorneys throughout South Jersey are given the opportunity to recognize their peers. Lawyers who receive the most peer recognition for their professional accomplishments and reputation are named to the “Top Attorney” list. According to SJ Magazine, “Top attorneys exude confidence. They’re all about power and success – and fighting for what’s right. When you’ve reached a certain level in your legal career, people look at you and know you’re smart, you’re in control and you make things happen. Top attorneys get the job done, no matter the challenges. That’s why they’re at the top.” Mr. Spivack was recognized this year for his dedication and success in the practice of bankruptcy law. “I am pleased and honored to have been named a Top Attorney for 2015 by SJ Magazine. I am dedicated to assisting my clients in getting the fresh financial start they so desperately need. Being recognized by my peers make this honor particularly important to me.”
2 weeks 20 hours ago
Two Citigroup affiliates have agreed to pay nearly $180 million to settle charges they defrauded investors in two hedge funds that collapsed during the financial crisis by claiming they were safe, low-risk investments, the Securities and Exchange Commission said Monday. Read more here.
2 weeks 21 hours ago
We think about a pre nuptial agreement as protection or direction if a couple later divorces. It can be far more than that. A prenup can earn its keep for decades in marriages where divorce never enters the picture. Why? It protects the assets of the marriage from outsiders. A prenup can limit what assets the creditors of one spouse can reach to satisfy a debt.  Let’s see how that works. What’s a prenup A prenuptial agreement is a contract between two parties, made prior to their marriage, that controls the ownership, management, and division upon divorce, of their assets and income. After the divorce case of San Francisco Giants Barry Bonds testing his prenuptial agreement that denied his wife any part of his earnings during marriage, California prenups must meet a series of tests designed to make sure that the agreement was made knowingly and preferably with advice from a lawyer.
2 weeks 21 hours ago
In its opinion in Dewsnup v. Timm, 502 U.S. 410 (1992) the Supreme Court held that a debtor may not under § 506(d) of the Bankruptcy Code, strip down a partially undersecured mortgage lien against his home to the value of the lender’s collateral.  In its recent opinion in Bank of America, N.A. v. Caulkett, 135 S. Ct. 1995 (2015), the Court has extended that reasoning to prohibit a debtor from stripping off a fully undersecured mortgage lien under § 506(d).  In Caulkett, the debtor argued that the Court’s reasoning in Dewsnup applied only to partially secured liens and did not apply to fully secured lines.  The Court rejected that argument and held that its reasoning in Dewsnup applies equally to fully undersecured liens.

Read More from: Creditors' Rights

2 weeks 21 hours ago
On 5 August 2015, the President of the Republic of Poland signed an amendment to the Act of 29 August 1997 on Covered Bonds and Mortgage Banks and related laws (the “Amendment”). These new changes will come into force on 1 January 2016. The main goal of the Amendment is to enhance the availability of well-diversified funding sources from capital market investors to the Polish banking sector. While Poland has had covered bonds since 1997, tax treatment and limits on pension fund investments in these securities has limited their use. These new regulations turn Polish covered bonds into high quality instruments, appealing to international investors and giving Polish pension funds a realistic choice for putting their funds into well-secured, low risk investments. Polish legislators felt that this goal could be achieved by changing the recently adopted Restructuring Law of 15 May 2015 to the extent that it relates to covered bond issuers, i.e. mortgage banks. The Amendment excludes mortgage banks from the provisions of the Restructuring Law. Instead, changes are made to the Bankruptcy Law of 28 February 2003, bankruptcy proceedings of mortgage banks. These new regulations under the Bankruptcy Law are intended to ensure proper satisfaction of the claims relating to covered bonds in the event of bankruptcy.

Read More from: eSQUIRE Global Crossings

2 weeks 21 hours ago

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