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Breaking News This Morning ... 2Q Kickoff: Ringing in the second-quarter earnings season this morning are Wells Fargo and JPMorgan Chase. Wells Fargo's second-quarter earning were essentially unchanged from a year ago, while JPMorgan profits rose 5% thanks to cost-cutting measures. Receiving Wide Coverage ... Clinton's Financial Vision: The economic policies aired by presidential candidate Hillary Clinton in a Monday speech position her as left of centerÂ--but not so far over as other contenders gunning for the DemocraticÂ...

Read More from: BankThink

2 weeks 21 hours ago
The United States Court of Appeals for the Third Circuit issued its opinion that permitted Wal-Mart to exclude a shareholder proposal that had asked the board to oversee policies to evaluate the sale of certain types of guns. The proponent had argued that the products endanger public safety and could impair the company’s reputation or damage its brand as a family retailer. We discussed the proposal and the background in several prior posts. 
2 weeks 21 hours ago
Authored by Timothy D. Hedrick and Mark S. Mitchelland Timothy D. Hedrick and Mark S. Mitchell of Rogers TowersObtaining a judgment against a borrower is only the first step in realizing collection on account of a defaulted debt. Assuming the borrower is unwilling to pay the debt in full or otherwise settle the debt with the lender, the lender then may engage in a process known as “discovery in aid of execution,” which allows the lender to investigate what assets the borrower has (or does not have) to satisfy the debt.

Read More from: Florida Banking Law Blog

2 weeks 22 hours ago
A Trump International Golf Club in Puerto Rico filed for chapter 11 bankruptcy protection on Monday and will look for a buyer. Read the Daily Bankruptcy Review article via The Wall Street Journal. (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.”) WSJ reports on Dewey & LeBoeuf’s ex-finance director, a key witness for the prosecution, testifying in the firm’s trial. Puerto Rico met with creditors Monday for early discussions on how to resolve it’s debt, DealBook reports. The defunct New York City Opera’s board withdrew a plan to sell off it’s name, WSJ reports.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 23 hours ago
A Trump International Golf Club in Puerto Rico filed for chapter 11 bankruptcy protection on Monday and will look for a buyer. Read the Daily Bankruptcy Review article via The Wall Street Journal. (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.”) WSJ reports on Dewey & LeBoeuf’s ex-finance director, a key witness for the prosecution, testifying in the firm’s trial. Puerto Rico met with creditors Monday for early discussions on how to resolve it’s debt, DealBook reports. The defunct New York City Opera’s board withdrew a plan to sell off it’s name, WSJ reports.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 23 hours ago
Interested chapter 11 plan investors, beware. A recent decision by the United States Court of Appeals for the Ninth Circuit held that even after the chapter 11 plan has been confirmed and substantially consummated and your money has been invested, an appeal can go forward even if a victory for the appellants would change the chapter 11 plan terms on which you relied and substantially diminish the value of your investment. In other words, the appeal is not equitably moot notwithstanding substantial consummation.  As a reminder, “equitable mootness” is a doctrine that enables a court to dismiss an appeal from a bankruptcy confirmation order where, as a result of the plan going effective, granting the requested relief would be inequitable because the transactions are complex and difficult to unwind, and doing so would impact the rights of innocent third parties. The take-away here is location matters. Fortunately for plan investors, not all circuits hold the same view as the Ninth Circuit on the issue of equitable mootness. Read some of our prior posts on equitable mootness here! And for those who might think that you will never ever invest in a chapter 11 plan when the bankruptcy case is pending in the Ninth Circuit, think again. As we describe below, there are ways for investors to protect themselves even in the Ninth Circuit.
2 weeks 1 day ago
TRIAL ATTORNEY U.S. DEPARTMENT OF JUSTICE The United States Trustee Program, the litigating component of the Department of Justice (www.usdoj.gov/ust/) that protects the integrity of the Federal bankruptcy system, is recruiting for a full-time attorney in Great Falls, MT. The successful candidate will file civil cases against debtors, creditors, attorneys, and others who abuse the bankruptcy system; refer criminal matters to the U.S. Attorney; oversee business reorganization filings; and litigate cases arising under the Bankruptcy Code. For additional information, qualification requirements, and application procedures, go to http://www.usajobs.opm.gov. Click on Search Jobs and enter vacancy announcement #UT-15-1454134 in the keyword search. Compensation $98,633.00 to $150,830.00 plus benefits. An EO/Reasonable Accommodation Employer.
2 weeks 1 day ago
Per www.globalinsolvency.com:Mon., July 13, 2015 Drydocks World has called in the American financial group Citibank to help it refinance its US$2.3 billion of debt, The National reported. DDW, under the chairmanship of Abdulrahman Al Saleh, the director general of the Dubai Department of Finance, has hired the restructuring advisers at Citi’s Middle East unit, which is based in the emirate, to seek a better deal from its creditors. The marine engineering group, part of the Dubai World conglomerate, sealed a deal in 2012 to push back maturities on $2.3bn in two tranches. It is believed Citi will be focusing on the $800 million of bank debt due for repayment in 2017. The rest matures in 2027. A DDW spokesman declined to confirm the appointment, as did a spokesman for Citibank. But a source close to the company said that the American bank had been retained to work on the refinancing, which has been the subject of speculation for the past few months. An executive from a creditor bank also confirmed the appointment of Citi, although he declined to comment. DDW believes the economic and financial climate – with Dubai’s economy growing against a backdrop of historically low interest rates – provides an opportunity to refinance the debt on better terms than in 2012.

Read More from: The COMI

2 weeks 1 day ago
It’s an all-too-familiar situation: a debtor files for chapter 11 bankruptcy and an asset sale takes place, but there is not enough money at the end of the day to fund a plan confirmation process, or adequately pay off all creditors who come first in line according to the bankruptcy code. Read more here.
2 weeks 1 day ago
Some housing professionals have grown reluctant to participate in the Federal Home Loan Banks' Affordable Housing Program, objecting to burdensome requirements and rules that are inconsistent with other funding sources. It's time for the Federal Housing Finance Agency to make some updates.

Read More from: BankThink

2 weeks 1 day ago
The health care system is riddled with excess capacity, huge legacy costs, out-of-control expenses and regulations even more onerous than those in banking. And just as in banking, high-tech startups are shaking up the system.

Read More from: BankThink

2 weeks 1 day ago
Series: IP 101 2015 This webinar provides a basic understanding of IP law for use in everyday practice. Presented by experts in the field, the content is practical and applicable in nature. This is a must attend for anyone new … Continue reading →
2 weeks 1 day ago
Investing in comic books is becoming a hot trend. But the first step in making a profit on what some still think of as “kiddie fare” is to act like a kid and do your homework. Fueled by the prevalence of top-grossing movies featuring comic book characters and the increasing popularity of events like Comic Con, the interest in comic books is on the rise. Read more here.
2 weeks 1 day ago
In this May 17 file photo, 50 Cent arrives at the Billboard Music Awards at the MGM Grand Garden Arena in Las Vegas. The rapper filed for bankruptcy Monday.
Eric Jamison/Associated Press
The rapper 50 Cent filed for bankruptcy protection on Monday, halting a dispute over a sex tape. The 40-year-old rapper, Curtis James Jackson III, filed for chapter 11 protection in the U.S. Bankruptcy Court in Hartford, Conn., on Monday, the same day he was supposed to appear in a New York state court to determine whether he owes punitive damages in a 2010 lawsuit filed by Lastonia Leviston, rapper Rick Ross’s ex-girlfriend, court records show. Jurors said last week that Mr. Jackson should pay $5 million to Ms. Leviston, who said that Mr. Jackson violated her privacy by posting a sex tape of her online. Mr. Jackson’s lawyers dispute the amount of the verdict. The skeletal, five-page bankruptcy petition didn’t reference the lawsuit. Generally, filing for bankruptcy protection halts lawsuits and collection efforts.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
Curtis James Jackson III, the rapper better known as 50 Cent, filed for chapter 11 bankruptcy protection Monday. In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million. The attorney listed on the bankruptcy petition couldn’t immediately be reached for comment Monday. The filing comes days after a jury directed Mr. Jackson to pay $5 million to a woman who sued over a sex tape, the Associated Press reported. Write to Katy Stech at katy.stech@wsj.com

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
EY Center for Board Matters reviewed the proxy statements of S&P 500 companies and found a dramatic increase in the number of companies that disclose shareholder engagement from five years ago. Based on 444 proxy statements available as of the middle of June, 56% discussed talking to shareholders, compared to 6% in 2010. 
2 weeks 1 day ago

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