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Receiving Wide Coverage ... Greece Bank Shutdown: Greece has closed its banks for the next six days and imposed capital controls in an effort to avert financial panic as the country edges closer to a potential exit from the eurozone. Over the weekend, steady streams of depositors had already emptied many ATMs in Athens, according to the Wall Street Journal. The rapidly escalating Greek debt crisis rattled global markets Monday, with the S&P 500 on track...

Read More from: BankThink

2 days 22 hours ago
 (courtesy of Dave’s iPhone on June 18, 2015) Two Thursdays ago, we visited my wife’s family in Potomac, Maryland. In addition to seeing the usual sites, we did a Supreme Court “drive-by” and snapped the above photo, a very timely now outdated, but still very political picture. Indeed, Friday morning, the Supreme Court issued its 5-4 decision in Obergefell v. Hodges ruling that same sex-marriage is a Constitutional right. The day before, it issued its 6-3 decision in King v. Burwell upholding tax subsidies under the Affordable Care Act (a/k/a “Obamacare”). And, as a I type, folks are waiting impatiently for the Supreme Court (i.e., “Waiting for Lyle“) to issue at 10 a.m. the remaining decisions from this term on congressional redistricting, power plant emissions, and execution methods. Meanwhile, the ink is now two weeks old on the Court’s Baker Botts, L.L.P. v. ASARCO, LLC decision, a much less-awaited decision that likely didn’t attract protestors to the Courthouse steps.

Read More from: Plan Proponent

2 days 22 hours ago
The Molycorp Mountain Pass open pit mine in Mountain Pass, California, U.S., on Dec. 13, 2010.
Jacob Kepler/Bloomberg News
A protest from senior lender Oaktree Capital pushed Molycorp Inc. back into talks over its bankruptcy financing package. 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.”) Molycorp’s bankruptcy is set to leave Oaktree unharmed, WSJ reports. Energy Future Holdings Corp. called off the bankruptcy auction of its stake in Oncor, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

2 days 23 hours ago
The Molycorp Mountain Pass open pit mine in Mountain Pass, California, U.S., on Dec. 13, 2010.
Jacob Kepler/Bloomberg News
A protest from senior lender Oaktree Capital pushed Molycorp Inc. back into talks over its bankruptcy financing package. 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.”) Molycorp’s bankruptcy is set to leave Oaktree unharmed, WSJ reports. Energy Future Holdings Corp. called off the bankruptcy auction of its stake in Oncor, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

2 days 23 hours ago
Per www.forbes.com:Alan Zimmerman  6/23/2015 @ 9:01AMPatriot Coal has amended the bidding procedures for the sale of its assets to, among other things, extend the timeline for the bidding process, reduce the bid protections for stalking-horse bidder Blackhawk Mining, and ease the overbid requirements of the bidding process.

Read More from: The COMI

3 days 13 hours ago
Per www.wsj.com: By Katy Stech June 24, 2015 4:19 p.m. ET   The company behind the Local.com website—a place for Internet users to search for local businesses—filed for bankruptcy on Tuesday, saying it stumbled after a sudden drop in traffic last year. Company officials who put Local.com Corp. into chapter 11 protection plan to sell the 48-worker company, which has patents for the way it generates search results for consumers who are looking for businesses, products and services by geographic area.For more, see: http://www.wsj.com/articles/local-com-files-for-bankruptcy-1435177004

Read More from: The COMI

3 days 14 hours ago
Probably the worst way for any Portland area Chapter 13 Bankruptcy Debtor to make a monthly payment is out of pocket.  If you have a regular job this isn’t a problem, the payment is just deducted from you wages and you never falls behind. Up to now self-employed debtors haven’t had any options other than to obtain checks and mail them once a month. The success rate in Chapter 13 Bankruptcy for debtors taking this route has been abysmal but up to now there hasn’t been any other options. I am please to report that soon Portland area Chapter 13 Bankruptcy debtors will soon be able to have their payments processed through ePay. This option is way easier and more convenient than the check route and a million times less stressful. A company called TFS will be processing the payments. Chapter 13 Bankruptcy Debtors in the Western District of Washington have been using this provider for over a year without incident. One advantage of the electronic payments is that if you are facing a Motion to Dismiss for unpaid Plan Payments, it will become much easier to meet the deadline and submit proof of payment to the Chapter 13 Trustee. The old way of mailing a check to Memphis, TN and waiting an additional week of so for it to reach the coffers of the Portland Chapter 13 Bankruptcy Trustee will soon be a thing of the past.

Read More from: Oregon Bankruptcy Lawyer

4 days 16 hours ago
Per www.globalinsolvency.com: Wed., June 24, 2015  Banks will be able to claw back bonuses from their most senior managers for up to a decade under rules published on Tuesday by UK regulators, the Financial Times reported. The Prudential Regulation Authority and Financial Conduct Authority said in a joint statement on Tuesday that they were pushing ahead with rules for a wider seven-year clawback period, but that a further three years is being considered for the top tier of banks’ management where regulators find problems, to run concurrently with a seven-year bonus-deferral period. Andrew Bailey, chief executive of the PRA said: “Our intention is that people in positions of responsibility are rewarded for behaviour which fosters a culture of effective risk management and thus promotes the safety and soundness of individual institutions.” The rules give the UK one of the most stringent regimes governing bonuses and pay. As well as pushing up the clawback period, bonuses can be deferred for as long as seven years for senior managers and five for all other staff who take “material risks”. This is far above the European Union minimum, which dictates that 40 per cent of variable pay be deferred for at least three years.

Read More from: The COMI

4 days 17 hours ago
Stanziale v. MILK072011, LLC (In re Golden Guernsey Dairy, LLC), Adv. No. 14-50953 (KG), 2015 WL 3669932 (Bankr. D. Del. June 12, 2015) In this Opinion, Delaware Bankruptcy Court Judge Kevin Gross refused to disqualify a law firm under Model Rules of Professional Conduct (“MRPC”) 1.7 and 1.9 from representing the sole member of an LLC in an adversary proceeding where it previously represented both the member company and the LLC in pre-petition unrelated matters. Read More › Tags: Retention and Compensation

Read More from: Delaware Bankruptcy Insider

4 days 20 hours ago
This week, the Weil Bankruptcy Blog premieres a new series, “Lookback Period.”  In these entries, we will periodically review and summarize the hot topics on which we have been writing over the last couple of weeks.  We thought this might be an easy way on a summer Friday (or a rainy weekend) to catch up on what you might have missed in the Weil Bankruptcy Blog. More Momentive, This Time From the District Court
5 days 18 hours ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including a proposal to regulate banks based on their activities rather than size and a plea for members of Congress to take action to help community banks.

Read More from: BankThink

5 days 19 hours ago
Yesterday the Consumer Financial Protection Bureau (CFPB) went live with its consumer complaint database, publishing over 7,700 consumer narratives detailing problems they have faced with banks, debt collectors, and other creditors. The CFPB also issued a request for information seeking public input on how it can make the data more useful to the public, including how to normalize the narratives to make them more comparable. Which prompted me to search through some of the narratives. The website allows for viewing of the narratives online by products and services, as well as downloading of data. Some of the products are broken down by sub-product--such as medical specific debt collection and payday loan specific debt collection. The narratives in each product category seem to be searchable by words and phrases. For instance, I searched the payday loan product category by the name of a notorious lender.

Read More from: Credit Slips

5 days 19 hours ago
On Monday in Manhattan, U.S. Bankruptcy Court Judge Shelley Chapman will be asked to approve a $1.28 billion settlement between Lehman Brothers Inc. and Barclays PLC, which bought Lehman’s brokerage business days after the investment bank’s 2008 collapse. If approved, the settlement will end one of the long-running legal battles arising from the financial crisis. The money, related to the assets that went to Barclays when it bought Lehman’s U.S. brokerage out of bankruptcy in the frantic days of September 2008, was a key issue in a 34-day trial in 2010. The Lehman brokerage and its parent company accused Barclays of negotiating a secret discount when it bought Lehman’s brokerage. As part of the deal, the two sides will drop current and future litigation against one another, and Lehman will pay Barclays $1.28 billion. More than $600 million in cash will become available for Lehman creditors, because Lehman had set aside about $1.87 billion for the dispute. Both Lehman and Barclays said the payment is about $80 million less than what the trustee winding down Lehman’s brokerage business would have had to pay without a settlement.

Read More from: WSJ.com: Bankruptcy Beat

5 days 20 hours ago
On Monday in Manhattan, U.S. Bankruptcy Court Judge Shelley Chapman will be asked to approve a $1.28 billion settlement between Lehman Brothers Inc. and Barclays PLC, which bought Lehman’s brokerage business days after the investment bank’s 2008 collapse. If approved, the settlement will end one of the long-running legal battles arising from the financial crisis. The money, related to the assets that went to Barclays when it bought Lehman’s U.S. brokerage out of bankruptcy in the frantic days of September 2008, was a key issue in a 34-day trial in 2010. The Lehman brokerage and its parent company accused Barclays of negotiating a secret discount when it bought Lehman’s brokerage. As part of the deal, the two sides will drop current and future litigation against one another, and Lehman will pay Barclays $1.28 billion. More than $600 million in cash will become available for Lehman creditors, because Lehman had set aside about $1.87 billion for the dispute. Both Lehman and Barclays said the payment is about $80 million less than what the trustee winding down Lehman’s brokerage business would have had to pay without a settlement.

Read More from: WSJ.com: Bankruptcy Beat

5 days 20 hours ago
On Monday in Manhattan, U.S. Bankruptcy Court Judge Shelley Chapman will be asked to approve a $1.28 billion settlement between Lehman Brothers Inc. and Barclays PLC, which bought Lehman’s brokerage business days after the investment bank’s 2008 collapse. If approved, the settlement will end one of the long-running legal battles arising from the financial crisis. The money, related to the assets that went to Barclays when it bought Lehman’s U.S. brokerage out of bankruptcy in the frantic days of September 2008, was a key issue in a 34-day trial in 2010. The Lehman brokerage and its parent company accused Barclays of negotiating a secret discount when it bought Lehman’s brokerage. As part of the deal, the two sides will drop current and future litigation against one another, and Lehman will pay Barclays $1.28 billion. More than $600 million in cash will become available for Lehman creditors, because Lehman had set aside about $1.87 billion for the dispute. Both Lehman and Barclays said the payment is about $80 million less than what the trustee winding down Lehman’s brokerage business would have had to pay without a settlement.

Read More from: WSJ.com: Bankruptcy Beat

5 days 20 hours ago
In order for a blockchain to succeed, it needs to be a public resource. That means few alternative blockchains are likely to achieve much traction outside a small niche.

Read More from: BankThink

5 days 21 hours ago
What do Unicorns, Wookies, and Medical Bankruptcies  have in common? Each is a figment of our imagination. None of them exists in the real world. Medical bankruptcy does not exist, despite the suggestion in a recent FoxBusiness article, where the author talked about medical bankruptcy contrasted to personal bankruptcy.
When it comes to medical bankruptcy, consumers need to look at it the same way they would for personal bankruptcy, which means their credit will take a hit for as long as 10 years depending on the type they file
There are different types of bankruptcy, with discharges that differ, but the difference between types of bankruptcy has nothing to do with the kind of debts involved. The source of the debts in the bankruptcy may be consumer debt, business debt, or medical bills. But the bankruptcy, the legal remedy for those debts, is personal. And  a person’s bankruptcy case addresses all of the person’s debts.  No picking and choosing. Included in bankruptcy
5 days 21 hours ago
A RadioShack store is pictured in the Manhattan borough of New York in this January 15, 2015 file photo.
Carlo Allegri/Reuters
The former RadioShack Corp. and its creditors have opted to pursue a “broad peace treaty,” agreeing to put off a fight over a contentious motion to abandon the electronics retailer’s restructuring efforts in favor of a chapter 7 liquidation. 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.”)

Read More from: WSJ.com: Bankruptcy Beat

5 days 22 hours ago
A RadioShack store is pictured in the Manhattan borough of New York in this January 15, 2015 file photo.
Carlo Allegri/Reuters
The former RadioShack Corp. and its creditors have opted to pursue a “broad peace treaty,” agreeing to put off a fight over a contentious motion to abandon the electronics retailer’s restructuring efforts in favor of a chapter 7 liquidation. 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.”)

Read More from: WSJ.com: Bankruptcy Beat

5 days 22 hours ago
A RadioShack store is pictured in the Manhattan borough of New York in this January 15, 2015 file photo.
Carlo Allegri/Reuters
The former RadioShack Corp. and its creditors have opted to pursue a “broad peace treaty,” agreeing to put off a fight over a contentious motion to abandon the electronics retailer’s restructuring efforts in favor of a chapter 7 liquidation. 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.”)

Read More from: WSJ.com: Bankruptcy Beat

5 days 22 hours ago

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