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Read More from: John Rogers, Attorney at Law
Rather than as an application that solves immediate business needs, blockchain's success is more plausible as a protocol layer on which applications are built.
Receiving Wide Coverage ...
Musical tech chairs: Citigroup named Gavin Michael, American Banker's Digital Banker of the Year, its head of technology for global consumer banking. Michael, head of digital for consumer and community banking at JPMorgan, will replace Mark Torkos, who retired in July. Michael will assume his new role in November. Bill Wallace, who was head of operations for JPMorgan's consumer bank, was named to replace Michael. The two announcements follow the departure of...
Wells Fargo Bank, N.A. v. Beltway One Development Group, LLC (In re Beltway One Development Group, LLC), 547 B.R. 819 (9th Cir. BAP 2016) – A creditor objected to confirmation of a chapter 11 plan of reorganization because it did … Continue reading
Read More from: Bankruptcy-RealEstate-Insights
Bankruptcy “reform” a decade ago expanded protections for those owed family support.
Any debt “in the nature of support” can’t be discharged in bankruptcy, regardless of to whom it’s owed.
Orange County tried to ride that change in the law to make its claim against the mother of a kid in juvie survive her bankruptcy.
Last week, the 9th Circuit shot the county down, ruling that the bill for room and board for an incarcerated minor was not “domestic support”. A bankruptcy discharge wiped out the parent’s debt to the county.
Even more heartening than the result, which kept the county from visiting the “sins” of the children on the parent, was the language of the opinion.
Read More from: Northern California Bankruptcy Lawyer
Another school year fast approaching! It’s been a few years since I’ve had a child in primary or secondary school…heck fire (that’s a very proper and old southern term) it’s been a few years since I was sending a child off to college (I like to tell people that I had my son when I was 12-it’s my dream world, right?). And, although many things have changed in recent years, I have been seeing the signs in stores for this weekend….”TAX FREE SHOPPING” in order to lure buyers into the store to purchase clothing, shoes, and a myriad of other items which may or may not be required for the school year. I, myself, fell victim to this very lure back in the day……before I learned to Refocus, Repurpose and Reuse!
Francisco Javier Gaxiola Fernández, the foreign representative of Altos Hornos de México, S.A.B. de C.V. (the “Debtor”) in a proceeding under Mexico’s Bankruptcy and Suspension of Payments law pending before the First Civil Court of First Instance for the Judicial District of Monclova, Coahuila, Mexico (the “Mexican Court”) has filed a chapter 15 petition on behalf of the Debtor before the United States Bankruptcy Court for the District of Delaware (Case No. 16-11890). The case has been assigned to the Honorable Kevin Gross. The Debtor is an integrated steel producer located in Mexico. The chapter 15 proceeding has been filed in support of a plan approved by the Mexican Court. The chapter 15 petition, verified petition for recognition (without exhibits) and declaration of the foreign representative in support of the chapter 15 petition (without exhibits) are provided.
Read More from: Cole Schotz P.C. Bankruptcy & Restructuring Law Blog
The Second Circuit’s recent opinion in The Matter of: Motors Liquidation Company, 2016 WL 3766237 (2nd Cir. 2016) should give pause to all buyers of assets from bankruptcy estates. This decision comes in the bankruptcy proceedings of General Motors, in which the debtor’s assets were sold by “Old GM” to “New GM” free and clear of all liens, interests, claims and encumbrances, including claims of successor liability, within weeks after the petition was filed. The question in this particular situation was whether the sale was free and clear of claims purchased by consumers prior to the bankruptcy filing and which had a defective ignition switch. Several years after the bankruptcy sale closed, a group of vehicle owners filed an adversary proceeding against New GM in the bankruptcy court, asserting economic losses arising from the ignition switch defect and seeking liability against New GM on a theory of successor liability. New GM sought to enforce the sale order, arguing it acquired Old GM’s assets free and clear of these claims.
Read More from: Creditors' Rights
Possible bad outcomes from the slowdown in bank chartering include less financial access in rural areas and further concentration of industry assets in just a few large banks.
Receiving Wide Coverage ...
ValueAct buys Morgan Stanley stake: The activist hedge fund ValueAct Capital Management said it has bought a 2% stake, valued at about $1.1 billion, in Morgan Stanley, but said it is not looking for the bank to make major changes. "We are completely supportive of [Morgan Stanley CEO James] Gorman and impressed by his leadership over the past six years," ValueAct founder Jeff Ubben told the Financial Times. ValueAct said the market...
This is the third-of-three articles on In re Smith, 524 B.R. 689 (Bkrtcy.S.D.Tex. 2015).
I’ve published an earlier article on sitting bankruptcy judges as mediators in bankruptcy cases titled, “What’s the Fascination with Requesting an Unnamed ‘Sitting Bankruptcy Judge’ as Bankruptcy Mediator?”
In response to that article, an attorney from New Jersey provides this comment / concern on sitting bankruptcy judges serving as bankruptcy mediators:
Read More from: Mediatbankry
Lots of complicated bankruptcy questions fell in my lap today. So, I thought I would recap some of my bankruptcy attorney highlights. Bankruptcy Attorney and the Trustee First up, a follow up to a question, from a year ago, from an out of Michigan attorney who is a creditor. Because the Chapter 7 bankruptcy debtor, [...]
Read More from: Stop Creditor
Loan modifications come in many different forms and at many different times as they relate to a bankruptcy filing. The most common loan modification is one that avoids bankruptcy entirely. I’m referring to a person or couple that fall behind on their mortgage, reach out to their lender for loss mitigation opportunities and are lucky+ Read More
The post Filing Bankruptcy Should Not Kill A Loan Modification appeared first on David M. Siegel.
Read More from: David M. Siegel | Chicago Bankruptcy Law
On Monday, August 8, 2016, Logan’s Roadhouse filed for Chapter 11 Bankruptcy protection. The Nashville based restaurant chain plans to restructure its operations and close 18 under performing locations. The locations of the store closures was not announced, but Logan’s only have one Knoxville, TN area restaurant located in Sevierville, TN.
The move to close the under performing restaurants is part of an overall strategy to improve the company’s financial performance. The company said a plan is in place to assist employees in closing restaurants, reassigning employees to other Logan’s restaurants and providing them with outplacement services and assistance with applying for jobs.
The company’s CEO Sam Borgese will be stepping down effective immediately as well. Borgese was named CEO in October 2014.
Bitcoin skeptics continue to misunderstand a technology that could forever change the way financial services operate. Here are four common Â-- and incorrect Â-- beliefs on why bitcoin will fail.
Wall Street Journal
GE sells French mortgages: General Electric received a binding offer for its French prime mortgage portfolio from a newly established French entity backed by an Austrian bank. The deal increases GE Capital's asset sales to about $192 billion, close to its goal of selling $200 billion as part of its plan to disband its GE Capital unit. The deal is expected to close in the fourth quarter. ...
Every military service member should know about this law. Older military personnel will know this law by its previous name, Soldier’s and Sailor’s Civil Relief Act (SSCRA).
The new SCRA was made effective on December 19, 2003 and it is found at 50 USC 501 – 596, Public Law 108-189. This law is a complete revision of the SSCRA. It clarifies the language of the SSCRA and it incorporates and codifies decades of SSCRA case law.
The purpose of the SCRA is to strengthen and expedite the national defense through protection extended by this Act to service members of the United States to enable such persons to devote their entire energy to the defense needs of the Nation; and to provide for the temporary suspension of judicial and administrative proceedings and transactions that may adversely affect the civil rights of service members during their military service.
These U.S. Supreme Court cases, decided during and after World War II, set forth the legal understanding of this law.
I've been meaning to post about this recent decision, by Judge Rakoff in the Southern District of New York, denying motions by Uber and its CEO Travis Kalanick to compel arbitration of a class action lawsuit. More coverage here (Bloomberg) and here (Law360). The lawsuit alleges that Uber suppresses price competition among drivers in violation of the antitrust laws. The court's opinion covers some arcane issues of arbitration law, such as the defendants' argument that the plaintiff had to arbitrate the question whether an arbitration agreement existed. (Answer: No.*) But mostly, the opinion is about contract law--or rather, about how not to design a system for forming contracts on-line.
Read More from: Credit Slips
PAH Litig. Trust v. Water Street Healthcare Partners, L.P. (In re Physiotherapy Holdings, Inc.), No. 15-51238 (KG), 2016 WL 3611831 (Bankr. D. Del. June 20, 2016)
In rendering this Opinion and permitting a post-confirmation trust to pursue state law constructive fraudulent transfer claims against two former shareholders of debtor Physiotherapy Holdings, Inc. (“Physiotherapy”), the Honorable Kevin Gross of the Delaware Bankruptcy Court eschewed the recent holding of the Court of Appeals for the Second Circuit that section 546(e) of the Bankruptcy Code preempts not only state law fraudulent transfer claims brought by trustees in bankruptcy, but also those brought by creditors. Read More ›
Read More from: Delaware Bankruptcy Insider
Are tuition payments for an adult child's education, while the parents are insolvent, constructively fraudulent? As the WSJ reported this week, Bankruptcy Judge Hoffman (D. Mass.) recently held that they are not. But other courts have disagreed. In fact, there seem to be courts on both sides of this (although apparently, no circuit decisions yet).
Read More from: Credit Slips