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2015 is set to be another bumper year for NPL transactions in Europe, even larger than 2014 which saw over €90bn of deals completed, itself a 40% year-on-year increase. What is already notable this year is a diversification in deal structures. In an article originally published in Funds Europe, Adam Plainer and Chris Evans consider four different approaches seen in Italy which highlight a range of options that potential acquirers and those making disposals across the entire European market should consider: securitisation, out-sourcing, whole business acquisition and plain vanilla sale. Please click here to read the full article. //
1 week 5 days ago
On August 13, 2015 (the “Petition Date”), Houston-based Hercules Offshore, Inc. and certain of its subsidiaries and/or affiliates (collectively, “Hercules”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware.  According to the declaration of Troy L. Carson, the Senior Vice President and Chief Financial Officer of Hercules (the “Carson Declaration”), Hercules enters bankruptcy with a “prepackaged” plan to, among other things, deleverage its balance sheet by converting $1.2 billion in principal amount of six outstanding series of senior notes (the “Senior Notes”) into 96.9% of new equity in the reorganized Hercules).  Hercules provides shallow-water drilling and marine services to the global oil and natural gas exploration and production industry.  Hercules also operates a fleet of 27 self-elevating, mobile offshore drilling units, or “jackup rigs,” and 21 self-elevating, self-propelled “liftboat” vessels.  As of the Petition Date, Hercules has estimated assets with a book value of approximately $546 million net of intercompany claims against and historic investments in, the Non-Debtor Subsidiaries.  Hercules has total liabilities of approximately $1.31 billion, the bulk of which ($1.2 billion) is comprised of unsecured debt obligations under the Senior Notes.
1 week 5 days ago
Most Official Bankruptcy Forms are scheduled to be replaced with substantially revised, reformatted and renumbered versions effective December 1, 2015, if approved by the Judicial Conference at its September 2015 meeting.  You may find the new forms by following this link: 2015-12_bankruptcy_forms_numbered
1 week 5 days ago
The Financial Stability Oversight Council has a mandate to designate nonbank financial companies as systemically important based on criteria established by Congress. Its designation decisions should not be pre-determined by the actions of global regulators.

Read More from: BankThink

1 week 6 days ago
This summer saw a flurry of legislative activity in Europe with respect to personal bankruptcy. New laws emerged in Cyprus, Romania, Hungary, and (though it is not an EU Member State) Russia. These laws differ substantially among each other and from earlier models, which will give me a lot to write about in the coming years, but it is notable that the list of non-adopters in Europe is rapidly dwindling. Only Bulgaria, Malta, and the newest EU Member State, Croatia, lack such a law, and at least in Croatia, the subject has been on the legislative docket recently. It will really be interesting to see what happens if the rest of the Balkans and Turkey are approved as the latest applicants to join the EU and fall under pressure to adopt personal insolvency regimes.

Read More from: Credit Slips

1 week 6 days ago
In re Ferris Props., Inc., No. 14-10491 (MFW), 2015 WL 4600248 (Bankr. D. Del. July 30, 2015)

Read More from: Delaware Bankruptcy Insider

1 week 6 days ago
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The country’s bankruptcy courts are holding onto money for people who don’t realize it’s theirs. The federal court system is guarding a surprising amount of forgotten money, usually from people and businesses that didn’t cash checks sent to them at the end of bankruptcy cases. Court officials have a new tool for connecting the leftover money with its owner: an easy-to-use online search. Introduced last year, the search—technically named the Bankruptcy Unclaimed Funds Locator—is now available on 39 of the country’s 94 court websites, enabling a user to look through thousands of records of unclaimed money. It is similar to state revenue departments that allow you to search your name to see if you’re owed money from an old tax refund. Money can get left behind at the end of a bankruptcy case for a number of reasons. Maybe the creditor’s address was wrong or outdated after a case that took years to wrap up. Perhaps the recipient died and his next of kin never got a hold of the claim. Or maybe the holder simply forgot to cash a payout check.

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
Series: The Start-Up Guide 2015 A great start-up needs great people. How can you help your start-up client attract and retain great people? And should these people be employees or independent contractors? Should they be offered equity as an incentive and, if so, how should that be structured? Attend this webinar to learn the answers. Read more here.
1 week 6 days ago
Series: Newbie Litigator School How do I get the information that I need to prove my case? This session will dive into discovery methods and procedures. We will get into the nitty-gritty on the timing and procedures for the initial required disclosures. We’ll discuss the use of interrogatories, document requests and requests to admit. There will be an explanation of the importance and potential cost of electronic discovery. And we’ll explore how to limit the overly-broad discovery requests you are sure to get from opposing counsel. Read more here.
1 week 6 days ago
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

1 week 6 days 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

1 week 6 days 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 →
1 week 6 days 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.
1 week 6 days 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 36 min ago

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