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Stanziale v. Versa Capital Mgmt., LLC (In re Simplexity, LLC), Case No. 14-10569 (KG), 2017 WL 65069 (Bankr. D. Del. Jan. 5, 2017)

According to the Chapter 7 Trustee of Simplexity, LLC (“Simplexity” and together with its affiliated debtors, the “Debtors”), numerous insiders of Simplexity (the “Defendants”) breached their fiduciary duties by refusing to seek bankruptcy protection for Simplexity when faced with actions by Simplexity’s lender, including the threat to sweep all available funds, thereby failing to preserve the value of the Debtors and exposing Simplexity to employment related claims.  In this Memorandum Opinion, the Delaware Bankruptcy Court resisted the Defendants’ arguments to dismiss the Trustee’s claims. Read More ›

Read More from: Delaware Bankruptcy Insider

1 week 2 days ago

One important effect of a debtor’s bankruptcy filing is the impact the bankruptcy filing has on unexpired leases, particularly for lessors. The rights and obligations of the lessors under the unexpired leases depend on a multitude of factors. These factors include, but are not limited to, the chapter under which the debtor filed and the type of property subject to the unexpired lease. Our expertise in litigating and resolving any issues that may arise has led Bernstein-Burkley’s bankruptcy and restructuring team to the forefront of other bankruptcy firms. For decades, our attorneys have successfully counseled lessors of equipment, residential property and non-residential real property under unexpired leases upon the filing of a bankruptcy petition. Our knowledge and understanding of the nuances between chapter 7 and chapter 11 filings, and between the types of property subject to the unexpired lease, has facilitated many favorable results. Assumption of an Unexpired Lease Our attorneys understand the importance of ensuring that our clients’ unexpired leases are assumed, as this preserves an ongoing business relationship and offers other benefits. If the debtor intends to assume an unexpired lease, the debtor must address any existing defaults and provide adequate assurance that, following assumption of the unexpired lease, the debtor will continue to perform.

Read More from: Bernstein-Burkley, P.C.

1 week 2 days ago

New Jersey bankruptcy lawyer

When you file for a Chapter 7 bankruptcy, the court designates a bankruptcy trustee who is given the power to sell your assets, and use the proceeds to pay your creditors. Fortunately, filing for bankruptcy does not require you to relinquish all of your assets. There are certain exemptions that allow you to retain some of your personal property. The amount that you are allowed to keep is dependent on the value of the assets, and the exemptions provided by your state or the bankruptcy code.

While some states provide that you must use their exemptions, other states allow you to make a choice between your state system and the federal system. Thus, the amount of assets you can safeguard hinges on the state in which you live. Both New Jersey and Pennsylvania allow you to choose between the list of exemptions for your state and the federal bankruptcy exemptions.

1 week 2 days ago

In Re Vista Marketing Group LTD., 557 B.R. 630 (Bankr. N.D. Ill. 2016) – The purchaser of property from a chapter 11 debtor was surcharged by a sanitary district for a connection fee that arose because the initial connection fee … Continue reading

1 week 2 days ago

The California company will target nonprofits and the government sector on a national scale after hiring a pair of lenders.

Read More from: BankThink

1 week 2 days ago

The bank has shifted Chief Operating Officer Finn Caspersen Jr. to chief strategic officer and hired Robert Plante to succeed him as COO.

Read More from: BankThink

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Progress will pay $42 million to expand in Birmingham, Ala., adding branches in a market where it hired a lending team last year.

Read More from: BankThink

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Federal Reserve Chair Janet Yellen appeared Tuesday before an uncommonly collegial hearing of the Senate Banking Committee, but the lack of outward drama masked the fact that lawmakers from both parties were using her testimony to lay the groundwork for a broader battle over the future of regulatory reform.

Read More from: BankThink

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Jan Owen, California's commissioner of business oversight, on Tuesday invited representatives of 13 fintech companies to a "frank, constructive dialogue" on the obstacles they face with state licenses.

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The Online Lending Policy Institute says it aims to fill a gap in fintech research.

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1 week 2 days ago

The cards could prove to be popular with Americans who travel frequently to Asia.

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Linda McMahon, who married into one of wrestling’s founding families and helped build the WWE into the largest professional wrestling company in the world, was confirmed Tuesday as the head of the Small Business Administration.

Read More from: BankThink

1 week 2 days ago

The credit score has evolved from one number to an array of scores, informed by analytics and increasingly enhanced with artificial intelligence.

Read More from: BankThink

1 week 2 days ago

Not every bank could simultaneously make and entertain acquisition offers like Pacific Continental did, but its story highlights hard questions facing financial institutions in a consolidating industry.

Read More from: BankThink

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More and more banks are using advanced geographic information systems to help make decisions around branch consolidation, lending in low-income communities, monitoring fraud and even deploying talent.

Read More from: BankThink

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Lisa Oliver, who will also become the bank's president, previously ran the business banking division at KeyBank.

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The bank and one of its investors are planning a sale of common stock that could help fund growth initiatives.

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The San Francisco online lender reported a $32 million loss in the fourth quarter, which brought red ink for the full year to $146 million.

Read More from: BankThink

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House Financial Services Committee Chairman Jeb Hensarling (R-Texas 5th) has an alternative fact problem. In a Wall Street Journal op-ed Hensarling alleged that "Since the CFPB’s advent, the number of banks offering free checking has drastically declined, while many bank fees have increased. Mortgage originations and auto loans have become more expensive for many Americans.
 
The problem with these claims?  They are verifiably false.  Free checking has become more common, bank fees have plateaued after decades of steep increases, and both mortgage rates and auto loan rates have fallen. One can question how much any of these things are causally related to the CFPB, but using Hensarling's logic, the CFPB should be commended for expanding free checking and bringing down mortgage and auto loan rates. Hmmm.  
 

Read More from: Credit Slips

1 week 2 days ago

Here’s the question CFPB commission proponents need to be able to answer convincingly:  what would the CFPB have done differently over the past five and a half years if it had been a commission, rather than a single director?  What supposed overreach would not have occurred?  

So, CFPB commission proponents, here's your chance. Comments are open.

Read More from: Credit Slips

1 week 2 days ago

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