In a blow to creative lawyering, the Supreme Court ruled today that a structured dismissal which allocates value contrary to the priority scheme of the Bankruptcy Code may not be approved. Czyzewski v. Jevic Holding Corp., No. 15-649 (U.S. 3/22/17). You can find the opinion here.
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Emerald Capital Advisors Corp. v. Karma Auto. LLC (In re FAH Liquidating Corp.), Adv. No. 16-51528 (KG), 2017 WL 663521 (Bankr. D. Del. Feb. 16, 2017)
In denying the motion to dismiss filed by Wanxiang Clean Energy USA LLC (“Wanxiang”) and Karma Automotive LLC (“Karma” and together with Wanxiang, “Defendants”), the Bankruptcy Court found that it has both “arising in” and “related to” jurisdiction to hear an adversary proceeding filed by the Trustee for the FAH Liquidating Trust (“Trustee”) over two years after confirmation. Read More ›
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Third Circuit is reversed. Opinion is here.
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At Bond & Botes, P.C., we work with a variety of people who have fallen on financial hard times and, in some cases, need to file for bankruptcy. Of all the financial problems we encounter, few compare to being caught in the trap of payday lending.
We believe that the state of Alabama is not doing enough to protect our citizens from the predatory payday loan industry, and we are working to make our voices heard. We’ve created a petition to demand that our state legislators take concrete action to reform payday loans in our state.
Payday lenders typically target low-income consumers, touting “quick cash” with little hassle. In minutes, a consumer can get a loan to hold them over to the next paycheck, but that money comes with interest rates and fees significantly higher than traditional loans.
Most payday loans occur in physical stores, but they also are offered online or by phone. No loan application is required. Instead, the lender records information about the borrower’s bank account and employer, along with contact information.
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Last month, a California-based adoption agency closed its doors after filing for Chapter 7 bankruptcy. Unfortunately for nearly 2,000 hopeful adoptive parents – many of whom had already sunk tens of thousands of dollars into the adoption process – the agency arguably failed to prepare its clients, instead surprising families with last-minute email notifications. Whether it is a corporation, an LLC, or other type of business entity, every company should take steps to avoid this situation by preparing for Chapter 7 and subsequent closure well in advance of filing. In order to help companies prepare for Chapter 7, our Roseville Chapter 7 bankruptcy lawyers have compiled a short business bankruptcy checklist for closing a business in California.
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In re Castle Service, 560 B.R. 587 (Bankr. D. Utah 2016) – The debtor occupied but did not hold title to the real property where its business was located. A mortgagee seeking to foreclose on the property moved for a … Continue reading
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Freddie Mac is bolstering its relationships with housing finance agencies after it fell short of reaching two critical affordable housing goals last year.
Plimoth Investment Advisors, a firm owned by two mutuals in Massachusetts, is buying the business.
During a panel discussion Tuesday, regulators said they are trying not to crack down too hard on sales incentive programs and fix problems that bankers have identified with the exam system.
In a further illustration of weakness in the auto sector, Ally Financial said Tuesday that its 2017 profits will likely be dinged by rising delinquencies on subprime auto loans, as well as by falling used-car prices.
The lender will begin an ad campaign in mid-April with the tag line "Building Better Every Day," company employees were told Tuesday.
Democrats, financial services industry executives and even Wall Street reformers are speaking out against President Trump's proposed cuts to the CDFI program.
The second bankruptcy in two years involving RadioShack has been filed by its parent company, General Wireless Operations. Approximately 1500 stores are at risk of being closed with the latest update stating 552 stores will be closed (two in Alabama are on the closure list and those locations are in Madison and Mobile). The fate of more than 1000 stores is still up in the air. One bright note is that 400 independently owned dealers will remain open. As an aside and being an avid cyclist, I remember RadioShack sponsoring the professional cycling team which featured Lance Armstrong when he made his comeback in 2009. He then retired again in late 2010 after the Tour de France in amid doping allegations which he later confirmed. Not sure that RadioShack got the benefit of that sponsorship as it filed for its first bankruptcy just a few years later in 2015.
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The German bank said the new space will help its 7,000 bankers in New York connect with startups.
The grandson of the oil titan and the former head of Chase Manhattan passes away at 101; Wells reports biggest drop in new account openings since the scandal.
Citizens will pay about $40 million in cash and stock for the $269 million-asset Wells in a deal set to close in the third quarter.
Jim Rosenthal previously served as chief operating officer at the Wall Street investment bank. He joins the board of an online lender that has recorded losses in five straight quarters.
The German lender says that the Justice Department closed a criminal inquiry into its currency-trading activities without action, but regulators are said to be in the final stages of their own reviews of that conduct to determine if any fines are in order.