ABI Blog Exchange

The Illinois Supreme Court voted unanimously on Friday, May 8, to strike down a pension reform law that was passed in 2013 aimed at addressing the state’s burgeoning public pension debts. The law would have made changes to cost of living adjustments, retirement ages and salary used for pension benefits. Read more here.
4 days 11 hours ago
A fairly recent special report from Preqin, a data and intelligence provider for the alternative asset industry, found that liquid alternative investment products outperformed alternative investment managers, such as hedge funds in 2014. Read more here.
4 days 11 hours ago
The JOBS Act of 2012 was intended to help small businesses and startups grow and create jobs by, among other things, creating a new class of issuer, the “Emerging Growth Company,” and treating this class favorably compared to other pre-Act companies that have similar characteristics. Read more here.
4 days 11 hours ago
  The Eleventh Circuit ruled that an order allowing 14 days to correct deficiencies in a notice of appeal triggered Fed. R. Bankr. Proc. 9006(f)'s 3 day extension for service by mail, since the Bankruptcy Court's order was served by mail, as well as Rule 9006(a)(1)(C)'s additional extension where the last day of the period was a federal holiday.  In re Strickland, 2015 WL 2168348 (11th Cir., May 11, 2015).  On 1 May 2012 the Bankruptcy Court had entered an order affirming the chapter 7 Trustee's final report.  On 10 May a notice of appeal was filed, which was defective in a number of respects.  The Court entered on order on 11 May allowing 14 days to correct the deficiencies.  A corrected notice of appeal was filed on 29 May.  The Bankruptcy Court, and subsequently the District Court ruled that this appeal was untimely, and the 11th Circuit reversed.   While the Bankruptcy Court and District Court read the rules as giving a deadline of May 25 to correct the deficiencies, since the May 11 order was served by mail, Rule 9006(f) applies to allow an additional three days to the 14 day computation.    This would extend the deadline to file to May 28.  Further,  since May 28 was Memorial Day, Rule 9006(a)(1)(C) further extended the deadline to May 29, 2012.  Thus the appeal was filed timely.  Further, the fact that the notice of appeal was signed by someone who was not an attorney, on behalf of a corporation, was also not fatal to the appeal.  Citing  Palazzo v.

Read More from: Tampa Bankruptcy

4 days 11 hours ago
Plano-based Torchlight Resources is seeking financing, loans or possible joint ventures after missing a mandatory debt payment. Source: Torchlight Energy reports $2.2M loss in Q1; creditors could force bankruptcy – Dallas Business JournalThe post Torchlight Energy reports $2.2M loss in Q1; creditors could force bankruptcy – Dallas Business Journal appeared first on Culhane Meadows PLLC - Chapter 11 Business Bankruptcy Attorneys.

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

4 days 22 hours ago
Plano-based Torchlight Resources is seeking financing, loans or possible joint ventures after missing a mandatory debt payment. Source: Torchlight Energy reports $2.2M loss in Q1; creditors could force bankruptcy – Dallas Business JournalThe post Torchlight Energy reports $2.2M loss in Q1; creditors could force bankruptcy – Dallas Business Journal appeared first on Culhane Meadows PLLC - Chapter 11 Business Bankruptcy Attorneys.

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

4 days 22 hours ago
Solving businesses’ cash flow problems through workout and chapter 11 reorganization. Almost every business owner gets into trouble with cash flow at some point. Often, the problem is unavoidable and unforeseeable. A long-time customer goes bankrupt, an economic recession hits, a key customer buys less and pays more slowly, essential machinery breaks down and shipment dates slip, an acquisition does not meet projections or a seasonal sales valley is greater than expected. If you are a business owner, you will likely experience cash flow crises from time to time, and you will need to deal with them quickly, effectively and creatively. Nobody knows your company as well as you. Only you can determine which expenses can be reduced or eliminated. Only you can pinpoint which resources that can be tapped for cash. Some solutions to cash flow problems are: Implementing one of more of these changes can take time.  Our attorneys can take action to create the time needed for managment to implement the strategies by out of court workout of debts with creditors or, if necessary, the filing of a chapter 11 reorganization proceeding to gain the automatic stay injunction to prevent creditors from taking collection action while the medium-range strategy is implemented.

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

4 days 22 hours ago
Solving businesses’ cash flow problems through workout and chapter 11 reorganization. Almost every business owner gets into trouble with cash flow at some point. Often, the problem is unavoidable and unforeseeable. A long-time customer goes bankrupt, an economic recession hits, a key customer buys less and pays more slowly, essential machinery breaks down and shipment dates slip, an acquisition does not meet projections or a seasonal sales valley is greater than expected. If you are a business owner, you will likely experience cash flow crises from time to time, and you will need to deal with them quickly, effectively and creatively. Nobody knows your company as well as you. Only you can determine which expenses can be reduced or eliminated. Only you can pinpoint which resources that can be tapped for cash. Some solutions to cash flow problems are: Implementing one of more of these changes can take time.  Our attorneys can take action to create the time needed for managment to implement the strategies by out of court workout of debts with creditors or, if necessary, the filing of a chapter 11 reorganization proceeding to gain the automatic stay injunction to prevent creditors from taking collection action while the medium-range strategy is implemented.

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

4 days 22 hours ago
Lender (Secured Creditor) Representation The lawyers in the Culhane Meadows’ Bankruptcy Practice regularly represent banks, non-depository financial institutions, indenture trustees, bondholders, servicers and special servicers as secured creditors in significant bankruptcy matters and out-of-court restructurings on a nationwide basis. The Firm’s representation of secured creditors runs the gamut, from pre-bankruptcy default enforcement and election of remedies, to prosecuting appropriate value-maximizing strategies through the bankruptcy process, to post-bankruptcy enforcement of rights and remedies. In bankruptcy cases, the Firm’s attorneys regularly represent lenders in negotiating debtor-in-possession (DIP) financing facilities, cash collateral and adequate protection litigation, prosecuting stay relief motions and objections to confirmation, and negotiation of consensual reorganization plans where appropriate. Creditors’ rights representation in loan workouts and in bankruptcy is a core function of the Firm’s Bankruptcy Practice Group. We leverage our extensive work in this area to offer clients knowledgeable and careful guidance, helping them make practical assessments of relevant economic and legal risks. Loan Workouts Our lawyers work closely with our clients to review loan documentation, establish strategic objectives, and implement a workout plan.

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

4 days 23 hours ago
The lawyers in the Culhane Meadows’ Bankruptcy Practice regularly represent banks, non-depository financial institutions, indenture trustees, bondholders, servicers and special servicers as secured creditors in significant bankruptcy matters and out-of-court restructurings on a nationwide basis. The Firm’s representation of secured creditors runs the gamut, from pre-bankruptcy default enforcement and election of remedies, to prosecuting appropriate value-maximizing strategies through the bankruptcy process, to post-bankruptcy enforcement of rights and remedies. In bankruptcy cases, the Firm’s attorneys regularly represent lenders in negotiating debtor-in-possession (DIP) financing facilities, cash collateral and adequate protection litigation, prosecuting stay relief motions and objections to confirmation, and negotiation of consensual reorganization plans where appropriate. Creditors’ rights representation in loan workouts and in bankruptcy is a core function of the Firm’s Bankruptcy Practice Group. We leverage our extensive work in this area to offer clients knowledgeable and careful guidance, helping them make practical assessments of relevant economic and legal risks. Loan Workouts Our lawyers work closely with our clients to review loan documentation, establish strategic objectives, and implement a workout plan.

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

4 days 23 hours ago
Effective, successful representation of debtors and committees requires in-depth knowledge and specific legal skills. The Bankruptcy practice of Culhane Meadows includes lawyers with experience advising debtors and committees of creditors and equity holders in significant bankruptcy cases across the country, including in Dallas and New York. Our industry experience is equally broad, and includes matters involving for-profit corporations and not-for-profits in the many sectors. Committee Role Creditors’ committees play a key role in the administration of a Chapter 11 case and the formulation of a viable plan of reorganization. Because the interests of unsecured creditors are usually most at risk upon commencement of a Chapter 11 case, and in response to the concern that secured creditors traditionally have had an overwhelming voice in reorganization proceedings and thus a powerful role in determining the success or failure of a reorganization, Congress has deemed it important for unsecured creditors, particularly large ones, to play an active role in reorganizing the debtor. With this in mind, and to enable small secured creditors to have a voice through representatives having fiduciary duties to all unsecured creditors, Congress implemented a system of oversight by creditors’ committees. The role of an official committee in a Chapter 11 case is one that, with administrative oversight of the U.S.

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

5 days 3 hours ago
Effective, successful representation of debtors and committees requires in-depth knowledge and specific legal skills. The Bankruptcy practice of Culhane Meadows includes lawyers with experience advising debtors and committees of creditors and equity holders in significant bankruptcy cases across the country, including in Dallas and New York. Our industry experience is equally broad, and includes matters involving for-profit corporations and not-for-profits in the many sectors. Committee Role Creditors’ committees play a key role in the administration of a Chapter 11 case and the formulation of a viable plan of reorganization. Because the interests of unsecured creditors are usually most at risk upon commencement of a Chapter 11 case, and in response to the concern that secured creditors traditionally have had an overwhelming voice in reorganization proceedings and thus a powerful role in determining the success or failure of a reorganization, Congress has deemed it important for unsecured creditors, particularly large ones, to play an active role in reorganizing the debtor. With this in mind, and to enable small secured creditors to have a voice through representatives having fiduciary duties to all unsecured creditors, Congress implemented a system of oversight by creditors’ committees. The role of an official committee in a Chapter 11 case is one that, with administrative oversight of the U.S.

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

5 days 3 hours ago
Citibank NA on Thursday challenged a Delaware bankruptcy judge’s ruling to deny the bank standing in Natrol Inc.’s Chapter 11 case to object to the vitamin maker’s bankruptcy plan and to investigate a $23 million settlement of fraud claims lodged by the debtor’s buyer against its insolvent parent. Source: Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360The post Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360 appeared first on Culhane Meadows PLLC - Chapter 11 Business Bankruptcy Attorneys.

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

5 days 8 hours ago
Citibank NA on Thursday challenged a Delaware bankruptcy judge’s ruling to deny the bank standing in Natrol Inc.’s Chapter 11 case to object to the vitamin maker’s bankruptcy plan and to investigate a $23 million settlement of fraud claims lodged by the debtor’s buyer against its insolvent parent. Source: Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360The post Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360 appeared first on Culhane Meadows PLLC - Chapter 11 Business Bankruptcy Attorneys.

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

5 days 8 hours ago
My favorite news magazine, The Economist, has a cover article this week entitled "The Great Distortion" portraying "tax-free debt" as "the dangerous flaw at the heart of the world economy".  In their usage, "tax-free debt" refers to residential mortgage debt and business debt on which interest payments are deductible (not, as an American taxpayer might think, tax-free state and local government debt which is literally tax-free to the holder). Unusually for this sophisticated magazine, the article seems to have a poor understanding of the underpinning of the tax deduction for interest expense incurred by businesses, so I am putting up this post to address that. The characterization of mortgage and business debt as "tax-free" is a good example of their confusion.  Neither residential mortgage debt nor business debt is tax-free to the holder, as long as the holder is a taxable entity.  The beneficial holder of a mortgage / MBS or a loan / loan fund will have to treat the interest payments received as ordinary income under US tax law.  The payor is allowed to deduct those payments.

Read More from: Necessary and Proper

5 days 10 hours ago
CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES PUBLIC INQUIRY INTO STUDENT LOAN SERVICING PRACTICES Bureau Seeks Information On Industry Practices That Can Create Student Debt Stress Here is an announcement from the Consumer Financial Protection Bureau: WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. The issues that the Bureau is seeking information on include: industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service. The CFPB is also re-launching an enhanced version of its Repay Student Debt online tool to help borrowers figure out their options for affordable repayment. “Student debt stress can make borrowers feel like they are walking a tightrope where any false move in paying back a loan can cause them to fall,” said CFPB Director Richard Cordray. “Today’s inquiry seeks information on the pain points in student loan servicing that make repayment a more difficult and stressful process.” The Request for Information.
6 days 1 hour ago
Missoula May 7 – Court May 6 – Chapter 7 341 meetings May 14 Chapter 13 341 meetings June 4 – Court June 3 – Chapter 7 341 meetings June 11 – Chapter 13 341 meetings July 9 – Court July 8 – Chapter 7 341 meetings July 16 – Chapter 13 341 meetings August – no Court August 12 – Chapter 7 341 meetings August 13 – Chapter 13 341 meetings September 3 – Court September 4 – Chapter 7 341 meetings September 17 – Chapter 13 341 meetings October 8 – Court October 5 Chapter 7 341 meetings October 13 – Chapter 13 341 meetings November 5 – Court November 4 – Chapter 7 341 meetings November 12 – Chapter 13 341 meetings December 3 – Court December 2 – Chapter 7 341 meetings December 10 – Chapter 13 341 meetings Kalispell May 4 – Chapter 7 341 meetings May 14 – Chapter 13 341 meetings June 1 – Chapter 7 341 meetings June 11 – Chapter 13 341 meetings July 10 – Chapter 7 341 meetings July 16 – Chapter 13 341 meetings August 10 – Chapter 7 341 meetings August 13 – Chapter 13 341 meetings September 2 – Chapter 7 341 meetings September 17 – Chapter 13 341 meetings October 2 – Chapter 7 341 meetings October 15 – Chapter 13 341 meetings Billings May 12 – Court May 28 – Chapter 7 341 meetings May 13 – Chapter 13 341 meetings June 23 – Court June 25 – Chapter 7 341 meetings June 17 Chapter 13 341 meetings July 28 – Court July 23 – Chapter 7 341 meetings July 22 – Chapter 13 341 meetings August – no Court August 27 – Chapter 7 341 meetings
6 days 7 hours ago
Shark Tank is a very popular show. It supposedly draws back the curtain on the behind the scenes wheeling-and-dealing between the entrepreneur and the angel investor. Read more here.
6 days 11 hours ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the financial inequalities exposed by the Baltimore riots and whether the changes to Dodd-Frank proposed in Sen. Richard Shelby's regulatory relief plan go too far.

Read More from: BankThink

1 week 3 hours ago
This week on The Broke and the Beautiful, Teresa Giudice mulls her future, Kelly Rutherford petitions the White House, and Rhode Island clears a pair of lobbyists tied to Curt Schilling’s defunct videogame company.
In this Jan. 4, 2012, photo, Teresa Giudice poses for a portrait in New York.
Associated Press
“Real Housewives of New Jersey” star Teresa Giudice is almost halfway through her prison stay. And although she will have to celebrate her 43rd birthday in Danbury, Conn., she at least has some time to think about her future. According to E!, Ms. Giudice plans to leave Connecticut better off than she was before. “She’s taking care of her body, she’s taking care of her mind,” attorney James J. Leonard told E!, adding that “she’s reprioritizing things in her life.”

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 hours ago

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