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“As a workplace mediator for over 25 years I look forward to you continuing your series. Interesting to find out if your thoughts apply to my area as well. Thanks, Don” Thornton Mason National Director — Workplace Mediation

Read More from: Mediatbankry

1 day 13 hours ago
Wall Street Journal Goldman Sachs is looking at adding banking services for its online deposit-taking platform, including checking accounts and electronic-bill payments. Whether it would issue debit cards or paper checks, though, remains to be seen (it could well stick to its savings accounts, though, and it's not interested in pushing into credit cards). "We are focused on integrating the platform, ensuring its smooth functioning and delivering high levels of customer service," a Goldman spokesman said....

Read More from: BankThink

1 day 13 hours ago
A bankruptcy court wrote that filing for bankruptcy is “powerful magic.”  By finding federal preemption of state law fraudulent transfer claims, the Second Circuit Court of Appeals’ decision in the long-running Tribune case showed just how powerful this magic can be. The Tribune saga began in 2007 when, during steep changes in the publishing industry, the struggling Tribune Company was taken private in a leveraged buyout (“LBO”) led by investor Sam Zell.  Under the terms of the LBO, Tribune added approximately $8 billion of debt to its balance sheet to fund a cash tender offer for all of its outstanding common stock, paying $34.00 per share for the 224 million common shares that were tendered.  Within a year of the LBO, however, Tribune was forced to file bankruptcy under Chapter 11.

Read More from: eSQUIRE Global Crossings

1 day 13 hours ago
[wsj-responsive-image P="//art.wsj.net/api/photos/37512680/smartcrop?height=499&width=749" J="//art.wsj.net/api/photos/37512680/smartcrop?height=639&width=959" M="//art.wsj.net/api/photos/37512680/smartcrop?height=853&width=1280" credit="Reuters" placement="Inline" suppressEnlarge="false" ] Spain’s Abengoa SA won a U.S. bankruptcy court’s protection despite some objections. 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.”) Core Entertainment Inc., the company behind the reality singing series “American Idol,” filed for bankruptcy, DBR reports in WSJ. Oil producer Pacific Exploration & Production Corp. filed for creditor proteciton in Canada, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 day 14 hours ago
By Donald L. Swanson By mid-November 2015, the Archdiocese of Milwaukee  has been battling its sex abuse claimants in Bankruptcy Court for nearly five years.  The fight has been tough: described as “scorched earth.” The Archdiocese has been fighting to limit payouts on sex abuse claims to the low single-digits of millions of dollars.  But the Archdiocese finally abandons this part of the fight and decides to pay much, much more. The result is a mediated Chapter 11 plan in the bankruptcy proceeding that is confirmed on November 13, 2015, (Doc. 3322). Following confirmation, the what-ifs and if-only-they-had questions and regrets are many and profound for everyone involved.  Hindsight provides 20/20 clarity. The following plan details and comparisons show why the Archdiocese of Milwaukee bankruptcy stands as an example of how-not-to handle a case like this and a don’t-let-this-happen-to-you symbol for other cases. CONFIRMED PLAN TERMS The Milwaukee Journal Sentinel explains the terms of the confirmed plan like this: PAYOUTS –The plan will pay about $21 million to abuse claimants — of which the claimants’ own lawyers will take a share.

Read More from: Mediatbankry

1 day 17 hours ago
Does the bankruptcy filing of a limited liability company without the approval of its “Special Member,” the secured lender serving as “blocking director,” render that filing infirm as unauthorized and subject to dismissal?  Not necessarily, held the United States Bankruptcy Court for the Northern District of Illinois in a decision concluding that the secured lender’s blocking director playbook in that case was missing an essential page — the debtor’s amended operating agreement allowed the blocking director to consider only its interests, without consideration to any interest affecting the debtor.  This absence of member fiduciary obligations was contrary to the law of the debtor’s state of formation (Michigan) and rendered the “blocking director” provision of the operating agreement void as a matter of both state and bankruptcy law.  In Part One of this two-part series, we delve into the bankruptcy court’s analysis of the allegedly unauthorized filing, and in Part Two, we tackle why the court disagreed with the secured lender’s argument that the debtor’s filing was in bad faith.
2 days 2 hours ago
On April 21, 2016, Paladin Energy Corporation (the “Debtor” or “Paladin”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. According to the Paladin’s Cash Collateral Motion  (the “Motion”) [Dkt. No. 13], Paladin is an oil and gas producer with interests in numerous wells in Texas and New Mexico. See Motion at 4. Paladin’s liabilities include over $22 million owed under a 2008 Credit Facility with MUFG Union Bank N.A. as administrative agent, and trade debt. See Motion at 5. The Debtor’s bankruptcy case is captioned In re Paladin Energy Corp., Case No. 16-10742. The bankruptcy case has been assigned to Judge Barbara J. Houser. A copy of the Motion can be accessed here: Download Paladin Energy Motion. For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.  For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.
2 days 6 hours ago
Upcoming Committee Formation Meeting: Thursday, May 5, 2016, 1:00 p.m Case Name: AF-Southeast, LLC, et al. Case Number: 16-11008 (KG) Location: J. Caleb Boggs Federal Building. 844 King St., Room 2112, Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. The petitions, declaration, and motion to approve postpetition financing all are available from the Court’s website. Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.
2 days 8 hours ago
The potentially wide-ranging effects of an appeals court decision in Midland Funding v. Madden could deal a serious blow to preemption under the National Bank Act.

Read More from: BankThink

2 days 10 hours ago
A fight has erupted in a Delaware bankruptcy court pitting Internet company Yahoo Inc. against officials winding down a failed Irish bank. On one side are officials overseeing the bankruptcy of the Irish Bank Resolution Corp., a state-backed bank liquidating the remnants of Anglo Irish Bank. The officials want access to an email account created by a man named Abdullah Rasimov that may provide clues to how a former billionaire businessman allegedly stashed assets beyond their reach. On the other is Yahoo, whose lawyers say is barred from handing over Mr. Rasimov’s emails by the Federal Stored Communications Act. The 30-year-old law restricts unauthorized access to and disclosure of private online information, and Yahoo says that applies to the discovery process in civil lawsuits. At the center of the fight is Seán Quinn, once Ireland’s richest man, who made his fortune in real estate and insurance. That fortune, which Forbes estimated at $6 billion in 2008, evaporated when Ireland’s property-driven economy went bust and its banking system teetered near collapse.

Read More from: WSJ.com: Bankruptcy Beat

2 days 10 hours ago
On April 18, 2016, the US Supreme Court heard oral arguments in a pivotal case that would affect the status of undocumented immigrants who have applied for or who may qualify for protective status and remain in the United State. Protective status or “deferred action” simply means that an undocumented immigrant would not be in danger of being deported after satisfying certain criteria with the Department of Homeland Security.  In the case named Texas v. United States, a total of 26 states sued the United States Government to stop President Obama’s November 2014 Executive Action that would expand the Deferred Action for Childhood Arrivals (DACA) program and create the Deferred Action for Parents of Americans (DAPA) program.  Before expanding on the legal history and what has brought this pivotal case before the Supreme Court, let’s first look at what are DACA and DAPA. Deferred Action for Childhood Arrivals

Read More from: Bonds & Botes, P.C.

2 days 11 hours ago
The financially literate manage their money for the long haul. In a world of biweekly paychecks and monthly billing cycles, it’s easy to let your perspective shrink to 30 day increments.
  • Mortgages are paid monthly
  • Utilities bill every 30 days
  • Credit cards come due 12 times a year
The monthly bank statement tells you how you did that month. But that view is incredibly short-sighted. Your working life isn’t everything Most of us don’t work for our entire lifetimes. Your financially productive years  may be only half of your lifespan. There’s growing up and getting an education;  there’s a working life; then there’s old age. And the money we manage in that middle slice of life usually determines how well we live at the end of our lives. If you expect to inherit a fortune from short-lived relatives, you can stop reading here. For the rest of us, let’s keep thinking. We usually grow up and go to school on someone else’s nickel, though it may take student loans to get a post secondary education. But unlike funding school, you can’t borrow to fund your old age. No one lends a 70 year old money to live on.
  • You’ve either saved for retirement, or
  • You sorta  get along on Social Security,  or
  • You are supported by your family.
Your house won’t support you
2 days 12 hours ago
Receiving Wide Coverage ... Voicing Some Objection: About two-thirds of Citigroup shareholders endorsed the bankÂ's executive pay package in a vote at its annual meeting Tuesday (compared to the 93% average of shareholder support for executive pay packages in the S&P 500 last year). Just 63.6% approved CitiÂ's plan, which proxy advisors strongly discouraged after chief executive Mike Corbat received a 27% raise (to $16.5 million) despite shareholder returns that have lagged that of competitors. Objections to theÂ...

Read More from: BankThink

2 days 12 hours ago
While banks should be wary of potential restrictions on the H-1B visa program, policymakers should be mindful of the consequences of limiting H-1B visas too severely.

Read More from: BankThink

2 days 13 hours ago
[wsj-responsive-image P="//si.wsj.net/public/resources/images/BN-NO201_0414sp_P_20160414133501.jpg" J="//si.wsj.net/public/resources/images/BN-NO201_0414sp_J_20160414133501.jpg" M="//si.wsj.net/public/resources/images/BN-NO201_0414sp_M_20160414133501.jpg" credit="Getty Images" placement="Inline" suppressEnlarge="false" ] Sporting-goods retailer Sports Authority is abandoning its reorganization and instead will liquidate, Daily Bankruptcy Review reports in The Wall Street Journal.  (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.”) Caesars Entertainment Operating Co. and its nonbankupt parent made a settlement offer with a group of bondholders to try to move the operating unit’s chapter 11 case ahead. WSJ has the DBR article here.

Read More from: WSJ.com: Bankruptcy Beat

2 days 14 hours ago
In re Williams, 542 B.R. 514 (Bankr. D. Kan. 2015) – A chapter 13 debtor obtained confirmation of a plan which provided for surrender of his residential property to a secured creditor. The debtor later moved to amend the plan … Continue reading →
2 days 16 hours ago
By: Donald L. Swanson A Bankruptcy Court Judge is concerned about “leaks of sensitive, non-public information concerning the bidding process and mediation.”  The bankruptcy case is In re Molycorp, Inc. (Case No. 15-11357 in the District of Delaware). A “Leaks” Problem The Bankruptcy Judge identifies three Bloomberg articles authored by Jodi Xu Klein and others as containing such “leaks.”  These are the articles he identifies: –December 11, 2015: “Molycorp Said to Get No Bids for Entire Firm in First Round” –December 15, 2015: “Molycorp Said to Push Ahead with Plan as Creditor Talks Fail” –January 5, 2016: “Molycorp Bids Said to Top Miner’s Own Price Amid Sales Feud.” The Court’s Proposed Solution To address the “leaks” concerns, the Judge  issues an “Order” on January 14, 2016, (Doc. 1078) to “enforce the mediation privilege.”  In such Order he requires multiple “representatives, counsel and financial advisers” of six parties to file declarations under penalty of perjury in a form the Judge supplies.

Read More from: Mediatbankry

2 days 17 hours ago
By Donald L. Swanson Action Item.  Before blindly following a one-and-done mediation model from non-bankruptcy cases, we need to consider how each bankruptcy mediation might differ from non-bankruptcy contexts. #bankruptcy   #mediation   #bankruptcymediation

Read More from: Mediatbankry

2 days 18 hours ago
After a loved one or close friend dies in Walworth County, you may not know what to do. During this time of grief, it can be extremely difficult to thoroughly address the details of an estate. Clients often ask us what they need to do after the death of a loved one in Walworth County. You will find the following information beneficial when addressing the estate of a deceased loved one.   Who Inherits When a Loved One Dies With a Will in Walworth County? If someone dies with a Last Will and Testament, they are said to have died “testate.” The Last Will and Testament describes who inherits the deceased’s assets. Each beneficiary and what item(s) they will inherit are listed in detail. The Last Will and Testament also describes who is named Executor, the person that will handle the deceased’s estate.   Who Inherits When a Loved One Dies Without a Will in Walworth County? If someone dies without a Last Will and Testament, they are said to have died “intestate.” The State of Wisconsin‘s succession laws govern who inherits from an intestate estate. The deceased’s assets could end up going to a family member that is estranged or to someone they have not spoken to in years. To ensure your assets are dispersed according to your wishes, it is imperative that you create a Last Will and Testament.   Immediate Actions to Take When a Loved One Dies in Walworth County 1. Notify relatives and friends

Read More from: Wynn at Law, LLC

3 days 1 hour ago
On April 21, 2016, Trinity River Resources, LP (the “Debtor” or “Trinity”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Western  District of Texas, Austin Division. According to the declaration of the manager of Trinity’s general partner, Matthew J. Telfer (the “Telfer Declaration”), Trinity and its advisors ran a marketing and sale process and intend to sell the Debtor’s assets. See Telfer Declaration at 9. Trinity is an oil and gas exploration and production company with a focus on East Texas properties. The Debtor owns approximately 63,000 net acres in the Woodbine sands and Austin Chalk formations. Debtor’s working interests are primarily operated by its non-debtor affiliate BBX Operating, LLC. See Telfer Declaration at 5. Trinity’s liabilities include approximately $116,600,000 pursuant to a 2010 Credit Facility with General Electric Capital Corporation as administrative agent, and several amounts owed to unsecured creditors. See Telfer Declaration at 6-7. The Debtor’s bankruptcy case is captioned In re Trinity River Resources, LP Case No. 16-10742. The bankruptcy case has been assigned to Judge Tony Davis. A copy of the Telfer Declaration can be accessed here: Download Telfer Declaration. For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney. 
3 days 2 hours ago

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