ABI Blog Exchange

In re Trump Entm’t Resorts, Inc., No. 14-12103 (KG), WL (Bankr. D. Del. Feb. 20, 2015) On February 20, 2015, the Honorable Kevin Gross granted relief from the automatic stay so that Donald and Ivanka Trump (the “Trumps”) may continue their action against Trump Entertainment Resorts, Inc. and certain affiliated debtors (the “Debtors”) seeking to terminate a trademark license agreement (the “Trademark License Agreement”) and remove, among other things, the “Trump” name from the Debtors’ buildings.  Following Third Circuit precedent, Judge Gross ruled that under the “hypothetical test” the Trademark License Agreement could not be assumed or assigned by the Debtors under Bankruptcy Code section 365(c)(1), and therefore, “cause” existed under section 362(d)(1) to grant stay relief. Read More › Tags: Assumption & Assignment, Automatic Stay, Executory Contracts & Unexpired Leases

Read More from: Delaware Bankruptcy Insider

1 week 21 hours ago
By prosecuting executives responsible for banks' misdeeds, the DOJ can curtail illegal activity and restore public trust in big banks Â-- and in the law itself.

Read More from: BankThink

1 week 21 hours ago
Although you may not know who Paul David Hewson is, chances are, you’ve heard of his alter-ego, Bono – front man for the Irish rock/pop band U2. Even if you don’t particularly like his brand of music, you can’t deny that Bono has taken U2 to dizzying heights of fortune and glory (with over 150 million albums sold worldwide and 22 Grammy Awards won), but he didn’t stop there. Read more here.    
1 week 21 hours ago
Powerful Collection Tool A very powerful collection tool is for a creditor to freeze a debtor’s bank account. Most large creditor law firms and other collection lawyers have the ability to find out where you work and where you bank. Once a creditor has obtained a judgment and has knowledge as to where you bank,+ Read More The post How To Legally Unfreeze A Frozen Bank Account appeared first on David M. Siegel.
1 week 21 hours ago
Credit Score Concerns Everybody is concerned with their credit score these days. Everybody wants to rebound as quickly as possible after a bankruptcy case. A better credit score will indicate that you are a better risk for future credit opportunities. The interest rate that you can garner will be better if your score is better+ Read More The post Credit Bureaus Should Reflect Payments For Non-Reaffirmed Mortgage Debt appeared first on David M. Siegel.
1 week 22 hours ago
Paula Manago, of Cliffside Park, N.J., gathers shells along the ocean near the Revel Hotel Casino early Tuesday, Sept. 2, 2014, in Atlantic City, N.J. The casino section of the Revel closed at 6:30 a.m. Tuesday. Revel is shutting down a little over two years after opening with high hopes of revitalizing Atlantic City’s struggling gambling market. (AP Photo/Mel Evans) Published Credit: Associated Press
Associated Press
The Revel Casino Hotel has struck a new $82 million deal to sell the beleaguered Atlantic City. N.J., resort to Florida-based developer Glenn Straub. 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

1 week 23 hours ago
Paula Manago, of Cliffside Park, N.J., gathers shells along the ocean near the Revel Hotel Casino early Tuesday, Sept. 2, 2014, in Atlantic City, N.J. The casino section of the Revel closed at 6:30 a.m. Tuesday. Revel is shutting down a little over two years after opening with high hopes of revitalizing Atlantic City’s struggling gambling market. (AP Photo/Mel Evans) Published Credit: Associated Press
Associated Press
The Revel Casino Hotel has struck a new $82 million deal to sell the beleaguered Atlantic City. N.J., resort to Florida-based developer Glenn Straub. 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

1 week 23 hours ago
Paula Manago, of Cliffside Park, N.J., gathers shells along the ocean near the Revel Hotel Casino early Tuesday, Sept. 2, 2014, in Atlantic City, N.J. The casino section of the Revel closed at 6:30 a.m. Tuesday. Revel is shutting down a little over two years after opening with high hopes of revitalizing Atlantic City’s struggling gambling market. (AP Photo/Mel Evans) Published Credit: Associated Press
Associated Press
The Revel Casino Hotel has struck a new $82 million deal to sell the beleaguered Atlantic City. N.J., resort to Florida-based developer Glenn Straub. 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

1 week 23 hours ago
In an earlier post I described the FDIC’s proposed SPOE approach to resolution of SIFI banks and other financial institutions under Title II of Dodd-Frank. That post discussed two of the three components of SPOE: control of the process by the regulator and no bailout for management or owners. This post lays out the role of the third component, the “forlorn hope” debt. That debt is unsecured debt owed to a bank holding company (BHC) and predestined to get little or nothing in case of the failure of the BHC. It serves in effect as a debt reserve to buffer the financial distress of the bank group. By being dumped, it would make the group as a whole solvent. By contrast, legislation already passed by the House would ignore the need for the reserve, thus setting up another bank bailout. The reserve debt component of SPOE awaits a strong rule from the Fed to make it a reality. This post discusses what the rule must do.

Read More from: Credit Slips

1 week 23 hours ago
Congress should end Puerto Rico's exclusion from federal bankruptcy protection Â-- but it's unfair to leave the territory's existing creditors in the lurch.

Read More from: BankThink

1 week 23 hours ago
Receiving Wide Coverage ... The Oracle of D.C.: The papers offer varying interpretations of Federal Reserve chair Janet Yellen's testimony before the Senate Banking Committee. The New York Times says Yellen sought to give the central bank leeway in the timeline of its interest-rate increase. Fed officials could firm up plans to raise rates as soon as June at a March policy meeting, but "Yellen emphasized that patience remained the Fed's watchword, and that the persistence...

Read More from: BankThink

1 week 1 day ago
On February 24, 2015, ProNerve Holdings, LLC and 8 affiliated companies filed voluntary chapter 11 petitions in Delaware.  The case is docketed at 15-10373, and has been assigned to The Honorable Kevin J. Carey. According to the Declaration of George D. Pillari filed in support of the petition, the Debtors are headquartered in a suburb of Denver, Colorado.  The Debtors provide IOM services to acute care hospitals, health systems, specialty hospitals, ambulatory surgical centers, surgeons and physician groups in more than 25 states. The Debtors employ over 200 full-time and part-time employees, provided services in nearly 25,000 patient cases in 2014 and, in 2014, had net revenue of approximately $31 million and a net loss of approximately $9 million. According to the Pillari Declaration, as of the petition date, the Debtors had aggregate outstanding principal amounts under their various loan commitments in excess of $43 million.  In addition, the Debtors have approximately $5.3 million of outstanding unsecured debt, comprised mostly of professional services, trade debt, employee severance and acquisition earnouts.
1 week 1 day ago
Nokesville Bankruptcy Lawyer Information The Law Office of Robert Weed has handled more than six thousand bankruptcies in Prince William County.  About two hundred with people in Nokesville. We’ve done the most bankruptcies of any law firm in Prince William County. Two of my four locations are convenient to Nokesville. My Woodbridge location, is just […]The post Nokesville Bankruptcy Lawyer Information by Robert Weed appeared first on Robert Weed.

Read More from: Robert Weed

1 week 1 day ago
  The Bankruptcy Court in the Southern District of New York found that Wells Fargo's practice of freezing bank accounts in chapter 7 without the request of the trustee, and despite no money being owed to Wells Fargo, constituted a violation of the automatic stay.  In re Weidenbenner, 521 B.R. 74, 2014 WL 7139994 (Bankr. S.D. N.Y., 2014).  At the time of filing on 7 March 2014 the Debtor had four accounts with Wells Fargo, all of which was claimed as exempt.   On 12 March 2014 Wells Fargo placed an administrative freeze on all accounts which totalled $6,923.54.  This freeze caused some of the debtor's checks to bounce, incurring an additional fee to Kohl's.  On the same day as the freeze, Wells Fargo sent a notice to the trustee by amail and regular mail requesting instructions for what should be done with the estate funds, which were not turned over to the trustee.  On 17 March the trustee advised Wells Fargo by fax to release the funds to the Debtors.  Wells Fargo sent notices to the Debtors by email the same day that the funds had been released.  Debtors filed a motion for sanctions against Wells Fargo on 23 March alleging that Wells Fargo violated the automatic stay by placing the freeze on the funds.  On 15 July Wells Fargo responded alleging that §542(d) required them to turn the funds over to the trustee.

Read More from: Tampa Bankruptcy

1 week 1 day ago
Here at Shenwick & Associates, as part of our bankruptcy, creditors' rights and asset protection planning practice, we get many questions about spendthrift trusts.A spendthrift trust is a trust that is settled for the benefit of a person (usually a person who is believed to be unable to control his or her spending) that gives a trustee authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary. In this post, we are specifically not discussing trusts that are self–settled (where the grantor/settlor is also the beneficiary). Creditors of the beneficiary generally (but with exceptions, discussed below) cannot reach the funds in the trust, and the funds are not actually under the control of the beneficiary.To qualify as a spendthrift trust, the trust agreement should generally include a spendthrift provision–a provision that creates an irrevocable trust preventing creditors from attaching the interest of the beneficiary in the trust before that interest (cash or property) is actually distributed to him or her. Also, the trust agreement should not provide for mandatory distributions to beneficiaries (which allows the accumulation of income), but should provide for distributions at the discretion of the trustee. However, once a distribution is made from the trust to the beneficiary, creditors can attach that distribution.In New York, there are two ways a creditor can attach the income a beneficiary receives from a trust.

Read More from: Shenwick & Associates

1 week 1 day ago
In this May 6, 2014, file photo, Texas entrepreneur Sam Wyly arrives to U.S. District Court in New York.
Associated Press
Hit by a massive fine for allegedly hiding stock trades, ex-billionaire Sam Wyly may be taking some of the artwork off the walls of his Texas home to sell for cash as he downsizes his lifestyle in bankruptcy. Mr. Wyly is preparing to sell dozens of pieces of art and antiques through a Dallas auction house on May 20. It’s tough to tell how much money the artwork could sell for because some of the pieces could be editioned prints or copies, not originals. The list, for example, includes a Norman Rockwell portrait of President Richard Nixon, but that’s clearly not the original one that hangs in the Smithsonian. The list advertises several John James Audubon bird prints and an Andy Warhol as well, though most of the art is from unknown artists. Fine art experts from several auction houses walked through Mr. Wyly’s house in December and January to come up with estimates on how much pieces are worth, according to documents filed in U.S. Bankruptcy Court in Dallas.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago
In this May 6, 2014, file photo, Texas entrepreneur Sam Wyly arrives to U.S. District Court in New York.
Associated Press
Hit by a massive fine for allegedly hiding stock trades, ex-billionaire Sam Wyly may be taking some of the artwork off the walls of his Texas home to sell for cash as he downsizes his lifestyle in bankruptcy. Mr. Wyly is preparing to sell dozens of pieces of art and antiques through a Dallas auction house on May 20. It’s tough to tell how much money the artwork could sell for because some of the pieces could be editioned prints or copies, not originals. The list, for example, includes a Norman Rockwell portrait of President Richard Nixon, but that’s clearly not the original one that hangs in the Smithsonian. The list advertises several John James Audubon bird prints and an Andy Warhol as well, though most of the art is from unknown artists. Fine art experts from several auction houses walked through Mr. Wyly’s house in December and January to come up with estimates on how much pieces are worth, according to documents filed in U.S. Bankruptcy Court in Dallas.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago
In this May 6, 2014, file photo, Texas entrepreneur Sam Wyly arrives to U.S. District Court in New York.
Associated Press
Hit by a massive fine for allegedly hiding stock trades, ex-billionaire Sam Wyly may be taking some of the artwork off the walls of his Texas home to sell for cash as he downsizes his lifestyle in bankruptcy. Mr. Wyly is preparing to sell dozens of pieces of art and antiques through a Dallas auction house on May 20. It’s tough to tell how much money the artwork could sell for because some of the pieces could be editioned prints or copies, not originals. The list, for example, includes a Norman Rockwell portrait of President Richard Nixon, but that’s clearly not the original one that hangs in the Smithsonian. The list advertises several John James Audubon bird prints and an Andy Warhol as well, though most of the art is from unknown artists. Fine art experts from several auction houses walked through Mr. Wyly’s house in December and January to come up with estimates on how much pieces are worth, according to documents filed in U.S. Bankruptcy Court in Dallas.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago
Under its existing policy, ISS will recommend against the election of boards of directors who adopt bylaw or charter amendments that they view as materially diminishing shareholder rights without obtaining shareholder approval.  
1 week 1 day ago
In re SCH Corp., No. 14-2888, 2015 WL 756552 (3d Cir. Feb. 24, 2015) In April, the District Court affirmed an oral ruling of the Bankruptcy Court issued in the In re SCH Corp. post-confirmation bankruptcy proceedings, approving under Bankruptcy Rule 9019 and the Martin factors a post-confirmation settlement (the “Settlement”) reached between the debtors’ post-confirmation “Responsible Officer” and a subsidiary (“NCG”) of the debtors’ plan proponent and sponsor, secured lender, and asset acquiror (“LLCP”).  Our analysis of that ruling can be found here.  In this recent Opinion of the Third Circuit, the Court of Appeals vacated the District Court’s order, finding the Settlement to be a plan modification under section 1127 of the Bankruptcy Code, a secondary argument made by the appellants, the “CFI Claimants”, which was not addressed in detail before either the Bankruptcy or the District Courts. Read More › Tags: 9019 Settlements, Modifications

Read More from: Delaware Bankruptcy Insider

1 week 1 day ago

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