ABI Blog Exchange

It took three or so days to settle stock trades. What if that could happen instantly and be recorded on a blockchain for everyone to see?

Read More from: BankThink

2 days 21 hours ago
For all the excitement about the blockchain's potential to shake up the financial industry, few people understand how it works. The really revolutionary part of the blockchain process is how miners manage to keep records of transactions accurate and tamper-proof.

Read More from: BankThink

3 days 1 hour ago
Steve Russo, along with a few co-investors, recently purchased the intellectual property of Delia’s, a now-defunct teen clothing brand that rose to popularity in the 1990s. He believes there’s still a following for young girls and mothers looking for clean, age-appropriate fashion.
Andrew Spear for The Wall Street Journal
Here at Bankruptcy Beat, we’ve become quite familiar with going-out-of-business sales. But lately, closeout sales haven’t been the final chapter for some failed retailers. As The Wall Street Journal examines this week, entrepreneurs and investment firms are snapping up the intellectual-property rights to retailers that have fallen on hard times, taking advantage of a built-in audience to launch lower-cost small businesses online without the overhead of maintaining dozens or hundreds of locations. But capturing enough attention with online- and catalog-only strategies can be difficult, retail analysts say, and longtime customers of a particular brand will be quick to flee if they don’t see the kinds of products they grew to love.

Read More from: WSJ.com: Bankruptcy Beat

3 days 2 hours ago
A recent decision by Judge Jacqueline P. Cox in the U.S. Bankruptcy Court for the Northern District of Illinois (Eastern Division) sets a precedent in the Seventh Circuit for the appropriate rate of post-petition interest for unsecured creditors in Chapter 11 cases where the debtor is found to have actually been solvent. The legal implications of the Judge’s decision are interesting and worthy of examination, as are the details of the bankruptcy case itself. Read more here.
3 days 2 hours ago
Series: Business Borrowing Basics 2015 If you’re planning to start a business or expand an existing business, you might need financing help. SBA participates in a number of loan programs designed for business owners who may have trouble qualifying for a traditional bank loan. Read more here.
3 days 2 hours ago
Associated Press
The hedge fund that saved more than 1,700 RadioShack Corp. stores from bankruptcy liquidation, Standard General LP, was cleared to buy the iconic retailer’s trademarks and customer data as it looks to revive the electronics chain. 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.”) DBR writes via The Wall Street Journal about failed retailers getting new lives on the Web. Ex-billionaire Tim Blixseth is petitioning to court to get released from jail, the Associated Press reports.

Read More from: WSJ.com: Bankruptcy Beat

3 days 2 hours ago
Authored by Samantha Alves Orender of Rogers TowersEarlier this month, Florida’s Fourth District Court of Appeal released an opinion seemingly designed to serve as a primer on perfecting a security interest in a promissory note secured by a mortgage. The analysis is found in HSBC Bank USA, N.A. v. Perez, Case No. 4D13-3193, 2015 WL 2078683, at *1 (Fla. 4th DCA May 6, 2015). The case involved a fraudulent scheme where a borrower executed two nearly identical promissory notes, both secured by the same mortgage. The payee on the notes transferred one of the “original” notes to HSBC Bank, and later transferred the other “original” note to LaSalle Bank, which was succeeded by U.S. Bank. LaSalle Bank obtained an assignment of mortgage on June 5, 2009, which stated that the assignment was effective as of January 2, 2009. This assignment was recorded on August 12, 2009. LaSalle Bank recorded a second assignment of mortgage on October 8, 2010. When both banks attempted to foreclose, the question became: which bank is the owner and holder of the subject note and mortgage?

Read More from: Florida Banking Law Blog

3 days 2 hours ago
Receiving Wide Coverage ... Forex Fines: The unethical attitudes that gave rise to the forex scandal might be summed up by this revealing 2010 chat message from a Barclays trader: "If you aint cheating, you aint trying." This noteworthy tidbit accompanied the news that six big banks have agreed to pay more than $5.8 billion to settle allegations related to foreign-exchange rate-rigging. Four of the sixÂ--Citigroup, JPMorgan Chase, Barclays and Royal Bank of ScotlandÂ--are also pleading...

Read More from: BankThink

3 days 2 hours ago
On May 17, 2015, Frac Specialists, LLC (“Frac Specialists”), Cement Specialists, LLC (“Cement Specialists”), and Acid Specialists, LLC (“Acid Specialists” and collectively with Frac Specialists and Cement Specialists, the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division. According to the Debtors’ motion for joint administration (the “Joint Administration Motion”),  each of the Debtors provide oilfield services for drillers in the Permian Basin.  Frac Specialists provides energized fluid fracs, slick water fracs, cross-linked fracs and gelled water fracs.  Cement Specialists provides cementing services including remedial work, squeeze jobs, production, intermediate and surface casing, liners and plug and abandonment services.  Acid Specialists provides acid and related chemical pressure pumping services to enhance and maintain production.  The Debtors’ assets include equipment necessary to perform such services. Joint Administration Motion at 2-4. The Debtors are seeking to have their cases jointly administered under the lead case of In re Frac Specialists, LLC [Case No. 15-41974].  The Debtors’ cases have been assigned to Judge D. Michael Lynn. A copy of the Joint Administration Motion can be accessed here: Download Joint Administration Motion.
3 days 19 hours ago
By Jessica Silver-GreenbergTwo of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million Americans.Bank of America and JPMorgan Chase have agreed to update borrowers’ credit reports within the next three months to reflect that the debts were extinguished.The move is a victory for borrowers whose credit reports have been marred as a result of the reported debts, imperiling their job prospects and torpedoing their chances of getting new loans.The change by the banks emerged this week in Federal Bankruptcy Court in White Plains, where the two banks, along with Citigroup and Synchrony Financial, formerly GE Capital Retail Finance, face lawsuits accusing them of deliberately ignoring bankruptcy discharges to fetch more money when they sell off pools of bad debt to financial firms.The lawsuits accuse the banks of engineering what amounts to a subtle but ruthless debt collection tactic, effectively holding borrowers’ credit reports hostage, refusing to fix the mistakes unless people pay money for debts that they do not actually owe.It is not the only pressure.

Read More from: Shenwick & Associates

3 days 21 hours ago
House Judiciary Committee Chairman Rep. Bob Goodlatte (R., Va.) listens to testimony on Capitol Hill in Washington, Tuesday May 19, 2015. He blasted the U.S. Trustee Program’s donation to the American bankruptcy Institute’s charity.
Jacquelyn Martin/Associated Press’
Bankrupt homeowners are getting the bulk of a historic, $50 million settlement after the U.S. Trustee Program, the watchdog for the country’s bankruptcy courts, accused a J.P. Morgan Chase & Co. unit of filing “robo-signed” mortgage documents to courts across the country. But as one angry Republican lawmaker pointed out at a hearing on Tuesday, some of the money “didn’t make it to the victims.” The fine print of the settlement called for bank officials to make a $7.5 million donation to a charity run by the American Bankruptcy Institute, a nonprofit trade group with a program that warns students about the consequences of credit card abuse and poor money management.

Read More from: WSJ.com: Bankruptcy Beat

3 days 22 hours ago
By Associated PressST. AUGUSTINE, FLA. — First came the health problems. Then, unable to work, Ada Noda watched the bills pile up. And then, suffocating in debt, the 80-year-old did something she never thought she'd be forced to do. She declared bankruptcy.While the bankruptcy filing rate for those under 55 has fallen, it has soared for older Americans, according to a new analysis from the Consumer Bankruptcy Project, which examined a sampling of noncommercial bankruptcies filed between 1991 and 2007.The older the age group, the worse it got — people 65 and up became more than twice as likely to file during that period, and the filing rate for those 75 and older more than quadrupled."Older Americans are hit by a one-two punch of jobs and medical problems and the two are often intertwined," said Elizabeth Warren, a Harvard Law School professor who was one of the authors of the study. "They discover that they must work to keep some form of economic balance and when they can't, they're lost."That's precisely what happened to Noda. She worked all her life, on a hospital's housekeeping staff, and later selling boat tickets to tourists. She cut corners when she needed to but always paid the bills she neatly logged in a ledger."I was born during the Depression," she said.

Read More from: Shenwick & Associates

3 days 22 hours ago
A workman repairs the store front of a closed branch of electronics retailer ‘RadioShack ' in Springfield, Virginia, March 12, 2015.
Shawn Thew/European Pressphoto Agency
RadioShack Corp.’s bankruptcy judge is scheduled to hear arguments Wednesday about whether sale of the retailer’s customer data can proceed and under what conditions. Standard General LP, a hedge fund that in March bought 1,743 RadioShack stores and inventory, was the top bidder last week in an auction of intellectual property, including customer names, e-mail addresses and mailing addresses. The case highlights data’s rising role as a valued company asset, and the privacy worries triggered when bankrupt companies seek to sell their customer data to pay creditors. The Federal Trade Commission in a letter Monday asked Judge Brendan Shannon to hold any buyer to privacy promises RadioShack made to customers when it collected the data, as well as to obtain their consent before doing anything different with the information. “Privacy policies are explicit,” said Jamie Hine, a senior attorney at the FTC, in an interview.

Read More from: WSJ.com: Bankruptcy Beat

3 days 23 hours ago
The proposed legislation for regulatory relief seeks to roll back critical mortgage protections put in place to prevent another housing crisis.

Read More from: BankThink

3 days 23 hours ago
In re ADI Liquidation, Inc., (f/k/a AWI Delaware, Inc.), No. 14-12092 (KJC) (Bankr. D. Del. May 5, 2015) In this Memorandum, Judge Carey answered an important legal question in the affirmative: whether a debtor can use its setoff or recoupment rights (whether pre- or post-petition) to reduce—at its election—the amount of a creditor’s allowed secured, administrative, or general unsecured claim.  In other words, a debtor may choose to apply a receivable against a creditor’s allowed administrative claim, which is entitled to full payment under a plan, and to preserve the creditor’s general unsecured claim, which may only receive partial payment under a plan. Read More › Tags: Setoff Rights

Read More from: Delaware Bankruptcy Insider

4 days 58 min ago
Contributed by Mark Lawford and Tom Laidler The Court of Appeal in London recently gave judgment in the Waterfall I Appeal, a dispute as to the distribution of the estimated £7 billion surplus of assets in the main Lehman operating company in Europe, Lehman Brothers International (Europe) (LBIE). Continue reading
4 days 1 hour ago
Series: Real Estate Dumbed Down 2015 A popular investment option is real estate.  Like the adage says, “they’re not making any more.”  There are a variety of classes of real estate that one can invest in, including retail, office buildings, and farm land.  The most common for the individual investor, however, is residential and multi-family real estate.  This webinar will cover the basics of investing in real estate, with an emphasis on residential real estate. Read more here.
4 days 1 hour ago
El Paso Children’s Hospital filed for protection under Chapter 11 of the United States Bankruptcy Code on May 19, 2015 In the United States Bankruptcy Court for the Western District of Texas, El Paso Division, under Case No. 15-30784-CM-11. Mark Herbers Mark Herbers is the Chief Executive Officer and Chief Restructuring Officer of El Paso Children’s Hospital Corporation (“Children’s Hospital” and/or “Debtor”) since February 27, 2015 and discusses the filing: “When the Debtor opened its doors on February 14, 2012, it opened the door for the children of El Paso and the surrounding communities to have unprecedented access to highcaliber pediatric care in their own backyard. The Debtor’s opening accomplished the largest expansion of pediatric medical care in recent West Texas history, thus filling a void in pediatric care in El Paso that had historically caused infants and children in need of specialized pediatric care to travel to Albuquerque or San Antonio or Dallas or even across the state to Houston to receive treatment from pediatric specialists and sub-specialists. In fact, until the Debtor opened its doors, El Paso was the largest city in the United States without a separately licensed children’s hospital.

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

4 days 1 hour ago
Critics of the regulatory relief bill proposed by Sen. Richard Shelby argue that will endanger the financial system and benefit big banks. But in fact, the changes offer sensible, nonpartisan fixes to some of the biggest problems with the Dodd-Frank Act.

Read More from: BankThink

4 days 1 hour ago
Critics of the regulatory relief bill proposed by Sen. Richard Shelby argue that will endanger the financial system and benefit big banks. But in fact, the changes offer sensible, nonpartisan fixes to some of the biggest problems with the Dodd-Frank Act.

Read More from: BankThink

4 days 1 hour ago

Pages