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Solving businesses’ cash flow problems through workout and chapter 11 reorganization. Almost every business owner gets into trouble with cash flow at some point. Often, the problem is unavoidable and unforeseeable. A long-time customer goes bankrupt, an economic recession hits, a key customer buys less and pays more slowly, essential machinery breaks down and shipment dates slip, an acquisition does not meet projections or a seasonal sales valley is greater than expected. If you are a business owner, you will likely experience cash flow crises from time to time, and you will need to deal with them quickly, effectively and creatively. Nobody knows your company as well as you. Only you can determine which expenses can be reduced or eliminated. Only you can pinpoint which resources that can be tapped for cash. Some solutions to cash flow problems are: Implementing one of more of these changes can take time.  Our attorneys can take action to create the time needed for managment to implement the strategies by out of court workout of debts with creditors or, if necessary, the filing of a chapter 11 reorganization proceeding to gain the automatic stay injunction to prevent creditors from taking collection action while the medium-range strategy is implemented.

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

1 week 5 days ago
Solving businesses’ cash flow problems through workout and chapter 11 reorganization. Almost every business owner gets into trouble with cash flow at some point. Often, the problem is unavoidable and unforeseeable. A long-time customer goes bankrupt, an economic recession hits, a key customer buys less and pays more slowly, essential machinery breaks down and shipment dates slip, an acquisition does not meet projections or a seasonal sales valley is greater than expected. If you are a business owner, you will likely experience cash flow crises from time to time, and you will need to deal with them quickly, effectively and creatively. Nobody knows your company as well as you. Only you can determine which expenses can be reduced or eliminated. Only you can pinpoint which resources that can be tapped for cash. Some solutions to cash flow problems are: Implementing one of more of these changes can take time.  Our attorneys can take action to create the time needed for managment to implement the strategies by out of court workout of debts with creditors or, if necessary, the filing of a chapter 11 reorganization proceeding to gain the automatic stay injunction to prevent creditors from taking collection action while the medium-range strategy is implemented.

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

1 week 5 days ago
Lender (Secured Creditor) Representation The lawyers in the Culhane Meadows’ Bankruptcy Practice regularly represent banks, non-depository financial institutions, indenture trustees, bondholders, servicers and special servicers as secured creditors in significant bankruptcy matters and out-of-court restructurings on a nationwide basis. The Firm’s representation of secured creditors runs the gamut, from pre-bankruptcy default enforcement and election of remedies, to prosecuting appropriate value-maximizing strategies through the bankruptcy process, to post-bankruptcy enforcement of rights and remedies. In bankruptcy cases, the Firm’s attorneys regularly represent lenders in negotiating debtor-in-possession (DIP) financing facilities, cash collateral and adequate protection litigation, prosecuting stay relief motions and objections to confirmation, and negotiation of consensual reorganization plans where appropriate. Creditors’ rights representation in loan workouts and in bankruptcy is a core function of the Firm’s Bankruptcy Practice Group. We leverage our extensive work in this area to offer clients knowledgeable and careful guidance, helping them make practical assessments of relevant economic and legal risks. Loan Workouts Our lawyers work closely with our clients to review loan documentation, establish strategic objectives, and implement a workout plan.

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

1 week 5 days ago
The lawyers in the Culhane Meadows’ Bankruptcy Practice regularly represent banks, non-depository financial institutions, indenture trustees, bondholders, servicers and special servicers as secured creditors in significant bankruptcy matters and out-of-court restructurings on a nationwide basis. The Firm’s representation of secured creditors runs the gamut, from pre-bankruptcy default enforcement and election of remedies, to prosecuting appropriate value-maximizing strategies through the bankruptcy process, to post-bankruptcy enforcement of rights and remedies. In bankruptcy cases, the Firm’s attorneys regularly represent lenders in negotiating debtor-in-possession (DIP) financing facilities, cash collateral and adequate protection litigation, prosecuting stay relief motions and objections to confirmation, and negotiation of consensual reorganization plans where appropriate. Creditors’ rights representation in loan workouts and in bankruptcy is a core function of the Firm’s Bankruptcy Practice Group. We leverage our extensive work in this area to offer clients knowledgeable and careful guidance, helping them make practical assessments of relevant economic and legal risks. Loan Workouts Our lawyers work closely with our clients to review loan documentation, establish strategic objectives, and implement a workout plan.

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

1 week 5 days ago
Effective, successful representation of debtors and committees requires in-depth knowledge and specific legal skills. The Bankruptcy practice of Culhane Meadows includes lawyers with experience advising debtors and committees of creditors and equity holders in significant bankruptcy cases across the country, including in Dallas and New York. Our industry experience is equally broad, and includes matters involving for-profit corporations and not-for-profits in the many sectors. Committee Role Creditors’ committees play a key role in the administration of a Chapter 11 case and the formulation of a viable plan of reorganization. Because the interests of unsecured creditors are usually most at risk upon commencement of a Chapter 11 case, and in response to the concern that secured creditors traditionally have had an overwhelming voice in reorganization proceedings and thus a powerful role in determining the success or failure of a reorganization, Congress has deemed it important for unsecured creditors, particularly large ones, to play an active role in reorganizing the debtor. With this in mind, and to enable small secured creditors to have a voice through representatives having fiduciary duties to all unsecured creditors, Congress implemented a system of oversight by creditors’ committees. The role of an official committee in a Chapter 11 case is one that, with administrative oversight of the U.S.

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

1 week 5 days ago
Effective, successful representation of debtors and committees requires in-depth knowledge and specific legal skills. The Bankruptcy practice of Culhane Meadows includes lawyers with experience advising debtors and committees of creditors and equity holders in significant bankruptcy cases across the country, including in Dallas and New York. Our industry experience is equally broad, and includes matters involving for-profit corporations and not-for-profits in the many sectors. Committee Role Creditors’ committees play a key role in the administration of a Chapter 11 case and the formulation of a viable plan of reorganization. Because the interests of unsecured creditors are usually most at risk upon commencement of a Chapter 11 case, and in response to the concern that secured creditors traditionally have had an overwhelming voice in reorganization proceedings and thus a powerful role in determining the success or failure of a reorganization, Congress has deemed it important for unsecured creditors, particularly large ones, to play an active role in reorganizing the debtor. With this in mind, and to enable small secured creditors to have a voice through representatives having fiduciary duties to all unsecured creditors, Congress implemented a system of oversight by creditors’ committees. The role of an official committee in a Chapter 11 case is one that, with administrative oversight of the U.S.

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

1 week 5 days ago
Citibank NA on Thursday challenged a Delaware bankruptcy judge’s ruling to deny the bank standing in Natrol Inc.’s Chapter 11 case to object to the vitamin maker’s bankruptcy plan and to investigate a $23 million settlement of fraud claims lodged by the debtor’s buyer against its insolvent parent. Source: Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360The post Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360 appeared first on Culhane Meadows PLLC - Chapter 11 Business Bankruptcy Attorneys.

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

1 week 6 days ago
Citibank NA on Thursday challenged a Delaware bankruptcy judge’s ruling to deny the bank standing in Natrol Inc.’s Chapter 11 case to object to the vitamin maker’s bankruptcy plan and to investigate a $23 million settlement of fraud claims lodged by the debtor’s buyer against its insolvent parent. Source: Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360The post Citibank Appeals Denial Of Standing In Natrol Ch. 11 – Law360 appeared first on Culhane Meadows PLLC - Chapter 11 Business Bankruptcy Attorneys.

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

1 week 6 days ago
My favorite news magazine, The Economist, has a cover article this week entitled "The Great Distortion" portraying "tax-free debt" as "the dangerous flaw at the heart of the world economy".  In their usage, "tax-free debt" refers to residential mortgage debt and business debt on which interest payments are deductible (not, as an American taxpayer might think, tax-free state and local government debt which is literally tax-free to the holder). Unusually for this sophisticated magazine, the article seems to have a poor understanding of the underpinning of the tax deduction for interest expense incurred by businesses, so I am putting up this post to address that. The characterization of mortgage and business debt as "tax-free" is a good example of their confusion.  Neither residential mortgage debt nor business debt is tax-free to the holder, as long as the holder is a taxable entity.  The beneficial holder of a mortgage / MBS or a loan / loan fund will have to treat the interest payments received as ordinary income under US tax law.  The payor is allowed to deduct those payments.

Read More from: Necessary and Proper

1 week 6 days ago
CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES PUBLIC INQUIRY INTO STUDENT LOAN SERVICING PRACTICES Bureau Seeks Information On Industry Practices That Can Create Student Debt Stress Here is an announcement from the Consumer Financial Protection Bureau: WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. The issues that the Bureau is seeking information on include: industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service. The CFPB is also re-launching an enhanced version of its Repay Student Debt online tool to help borrowers figure out their options for affordable repayment. “Student debt stress can make borrowers feel like they are walking a tightrope where any false move in paying back a loan can cause them to fall,” said CFPB Director Richard Cordray. “Today’s inquiry seeks information on the pain points in student loan servicing that make repayment a more difficult and stressful process.” The Request for Information.
1 week 6 days ago
Missoula May 7 – Court May 6 – Chapter 7 341 meetings May 14 Chapter 13 341 meetings June 4 – Court June 3 – Chapter 7 341 meetings June 11 – Chapter 13 341 meetings July 9 – Court July 8 – Chapter 7 341 meetings July 16 – Chapter 13 341 meetings August – no Court August 12 – Chapter 7 341 meetings August 13 – Chapter 13 341 meetings September 3 – Court September 4 – Chapter 7 341 meetings September 17 – Chapter 13 341 meetings October 8 – Court October 5 Chapter 7 341 meetings October 13 – Chapter 13 341 meetings November 5 – Court November 4 – Chapter 7 341 meetings November 12 – Chapter 13 341 meetings December 3 – Court December 2 – Chapter 7 341 meetings December 10 – Chapter 13 341 meetings Kalispell May 4 – Chapter 7 341 meetings May 14 – Chapter 13 341 meetings June 1 – Chapter 7 341 meetings June 11 – Chapter 13 341 meetings July 10 – Chapter 7 341 meetings July 16 – Chapter 13 341 meetings August 10 – Chapter 7 341 meetings August 13 – Chapter 13 341 meetings September 2 – Chapter 7 341 meetings September 17 – Chapter 13 341 meetings October 2 – Chapter 7 341 meetings October 15 – Chapter 13 341 meetings Billings May 12 – Court May 28 – Chapter 7 341 meetings May 13 – Chapter 13 341 meetings June 23 – Court June 25 – Chapter 7 341 meetings June 17 Chapter 13 341 meetings July 28 – Court July 23 – Chapter 7 341 meetings July 22 – Chapter 13 341 meetings August – no Court August 27 – Chapter 7 341 meetings
2 weeks 20 min ago
Shark Tank is a very popular show. It supposedly draws back the curtain on the behind the scenes wheeling-and-dealing between the entrepreneur and the angel investor. Read more here.
2 weeks 5 hours ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the financial inequalities exposed by the Baltimore riots and whether the changes to Dodd-Frank proposed in Sen. Richard Shelby's regulatory relief plan go too far.

Read More from: BankThink

2 weeks 20 hours ago
This week on The Broke and the Beautiful, Teresa Giudice mulls her future, Kelly Rutherford petitions the White House, and Rhode Island clears a pair of lobbyists tied to Curt Schilling’s defunct videogame company.
In this Jan. 4, 2012, photo, Teresa Giudice poses for a portrait in New York.
Associated Press
“Real Housewives of New Jersey” star Teresa Giudice is almost halfway through her prison stay. And although she will have to celebrate her 43rd birthday in Danbury, Conn., she at least has some time to think about her future. According to E!, Ms. Giudice plans to leave Connecticut better off than she was before. “She’s taking care of her body, she’s taking care of her mind,” attorney James J. Leonard told E!, adding that “she’s reprioritizing things in her life.”

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 23 hours ago
This week on The Broke and the Beautiful, Teresa Giudice mulls her future, Kelly Rutherford petitions the White House, and Rhode Island clears a pair of lobbyists tied to Curt Schilling’s defunct videogame company.
In this Jan. 4, 2012, photo, Teresa Giudice poses for a portrait in New York.
Associated Press
“Real Housewives of New Jersey” star Teresa Giudice is almost halfway through her prison stay. And although she will have to celebrate her 43rd birthday in Danbury, Conn., she at least has some time to think about her future. According to E!, Ms. Giudice plans to leave Connecticut better off than she was before. “She’s taking care of her body, she’s taking care of her mind,” attorney James J. Leonard told E!, adding that “she’s reprioritizing things in her life.”

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 23 hours ago
You can file a bankruptcy case on your own which is known as filing pro se. However, I would not recommend this and I would certainly never recommend it in a chapter 13 bankruptcy case. Approximately once per month, someone will come into my office who has filed a bankruptcy case on their own behalf+ Read More The post Filing Bankruptcy On Your Own: It’s Not That Simple appeared first on David M. Siegel.
2 weeks 23 hours ago
 I highly recommend this great article in the New York Times.  Everyone should understand the issues related to protecting your own or your parents’ hard earned retirement funds when faced with a financial crisis.  A good portion of every client I meet has dipped into their retirement funds to pay off debts, only to find the debts never end – default interest, late charges, attorney and collection fees…… the list goes on and on. The following is a brief clip of the entire article. For some older Americans, bankruptcy can bring much-needed relief from debt brought on by medical expenses or helping needy children, and experts say it can be a valuable tool to protect retirement assets, after negotiating with creditors. But with reliable statistics on current bankruptcies hard to come by, anecdotal evidence suggests that shame at being in financial turmoil frequently prevents retirees from getting help early. “People usually postpone bankruptcy for several years before filing,” said Deborah Thorne, an associate professor of sociology at Ohio University, who has studied older Americans and bankruptcy. “When finances head south, they should file right away.”
2 weeks 23 hours ago
The European Court of Justice has handed down its judgment in the Woolworths case, concerning the trigger point for collective redundancy consultation under UK legislation. Back in 2013, the UK Employment Appeals Tribunal had considerably extended the burden of collective redundancy consultation by requiring all proposed redundancies across a business to be taken into account when deciding whether the threshold for collective redundancy consultation was triggered. To the relief of UK employers, the European Court of Justice decided last week that there is no requirement under EU law for an employer to take account of the number of proposed dismissals across its entire business when determining whether the threshold for collective redundancy consultation has been reached. It is sufficient to determine this by reference to each individual local establishment. Continue > >
2 weeks 1 day ago
Sen. Richard Shelby's attempt to reform Dodd-Frank could ease key bank regulations that improve the safety and soundness of big banks. That would be an immense disservice to the American taxpayers who might bear the cost of the changes with future bailouts.

Read More from: BankThink

2 weeks 1 day ago
Supplement company Natrol Inc. heads to bankruptcy court Wednesday in Wilmington, Del., to see if it can sway a judge to sign off on a creditor-payment plan that’s being held up by a disputed settlement. Judge Brendan Shannon refused to approve the plan at a May 12 hearing, saying he had “a very bad feeling” about some things happening in the case. At issue is a settlement between Natrol’s current owner, Aurobindo Pharma , and the former owner that sold it during the bankruptcy proceeding, Plethico Pharmaceuticals Ltd. Judge Shannon said the settlement, which would see Aurobindo get $23.3 million back of the $132.5 million it paid for Natrol, needed more scrutiny. The settlement would put to rest fraud allegations Aurobindo aimed at Plethico accusing the company of draining some $25 million out of Natrol through an allegedly fake construction contract. Natrol’s sale brought in enough money to pay off all of the supplement company’s creditors, but until the payment plan gets approved, creditors are still waiting for their checks. Complicating the situation is Plethico’s own insolvency proceeding in India. Bondholders that have been trying to collect their money say the proposed settlement runs afoul of an Indian court order that forbids Plethico from transferring its assets.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago

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