ABI Blog Exchange

According to a new study, the 2005 revisions to the bankruptcy code may be keeping financially struggling Oregonians out of bankruptcy court, but it hasn’t helped them with their financial suffering. The Bankruptcy Abuse Prevention and Consumer Protection Act which was largely created to make bankruptcy less accessible may have obliterated access to a fresh start from the people who most deserve it. The study found that the Bankruptcy Abuse Prevention and Consumer Protection Act has made fling bankruptcy considerably more expensive and that cost is what has kept the people who most need to file from doing so. Our firm has taken affirmative steps to make sure that the Oregonians who most need to file are not kept out of Bankruptcy Court. By collecting only a portion of the attorney and court fees prior to filing and setting up our clients with installment payment plans for the remainder, we have made bankruptcy filing affordable for many Oregonians who would not otherwise have been able to file. Very few of our clients in Portland, Salem and Vancouver have over a thousand dollars available to fork over to a bankruptcy attorney in order to stop the stop their creditors. Most of our friends, neighbors and family don’t have that kind of money lying around either. That’s why we take payments.    

Read More from: Oregon Bankruptcy Lawyer

9 hours 14 min ago
I am disgusted by the number of calls we receive every week detailing a company or lawyer who takes someone’s hard earned money and fails to deliver on their promise to modify the home mortgage.  This post is prompted by a phone call I just received from a young woman who contacted The American Association of Attorneys and Legal Professionals, www.aaalp.com, to help save her home.  She understood she was hiring a lawyer that was part of this company (the small print on their web site states this is “not a law firm”).   Evidently AAALP referred her to someone she thinks is a lawyer.  She paid this “lawyer” $4,000 to help her.  Supposedly the “lawyer” worked with the lender, but was unsuccessful in obtaining a modification.  The “lawyer” then e-mailed her a bankruptcy petition to file with the court and told her “she was really not going through with the bankruptcy, but was just using it to postpone the trustee’s sale”.  She followed directions from this “lawyer” and did not file any required documents.  This resulted in the dismissal of her bankruptcy.   A couple of months after the first case was dismissed this “lawyer” e-mailed her a second bankruptcy petition to file.  The second case was dismissed for failure to file the required documents.
13 hours 15 min ago
Acting to unilaterally terminate an unsettled sale of distressed syndicated bank loans, and engaging in a cover sale with a third party, is not without its risks. This is particularly the case when the price of the loans have gone up, such that seller’s termination may deprive the buyer the fruits of the bargain, seemingly unfairly. The absence of clear rules on point does not help. Trade confirms invariably identify the settlement date as “as soon as reasonably practicable;”1the Loan Syndication and Trading Association’s (LSTA) T+20 target settlement date is usually observed in the breach; and the LSTA’s “delayed compensation” regimen, meant to discourage delay through formulaic pricing adjustments, is a weak deterrent. Confronted with this lack of clarity on how to deal with delay, what’s a seller whose patience is at an end to do?

Read More from: Kieselstein Law Firm

17 hours 5 min ago
By now, you’ve come to know the Weil Bankruptcy Blog as “the” source for cutting-edge analyses of all things restructuring.  But did you know that Weil, Gotshal & Manges also publishes other blogs?  Indeed, our colleagues regularly probe critical issues in other areas of the law?  Today, we want to take the opportunity to highlight these blogs, which we hope will bring you insight, enlightenment, and entertainment.  Given that restructuring intersects with so many areas of law, we’ve found these blogs to be particularly instructive – we hope you feel the same way.  Weil European Restructuring Watch: You may be familiar with the blog that our overseas colleagues maintain, which discusses developments in restructuring law and in distressed marketplaces throughout Europe.  Led by our London group, the Weil European Restructuring Watch has also published Weil’s Comparative Guide to Restructuring Procedures and a guide to Schemes of Arrangement as Restructuring Tools.  Recent posts have discussed bank regulations and directives, “hot topics” in schemes of arrangement, and recent developments in sovereign debt restructuring.
1 day 14 hours ago
Using scant evidence of women's participation in the digital currency industry to foreshadow Bitcoin's demise is not only erroneous, but also impertinent. Though the number of women in Bitcoin may be small, the collective impact of their achievements is unmistakably great.

Read More from: BankThink

1 day 14 hours ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including thoughts on derisking, biometric technology and Paul VolckerÂ's proposal to reform the regulatory system.

Read More from: BankThink

1 day 18 hours ago
Kelley Drye is pleased to announce that special counsel Jason R. Adams has been honored by Law360 as one of the “Rising Stars” in bankruptcy law for 2015, which recognizes top legal talent across the United States under the age of 40. As one of the nine honorees in the bankruptcy category, Mr. Adams was selected for having a hand in some of the most high profile bankruptcies in the country in recent years, including GT Advanced Technologies, Caesers Entertainment Operating Co. Inc. and Residential Capital LLC.  He was noted as being a key part of the expansion of Kelley Drye’s creditor committee practice and has earned a reputation as an innovative practitioner with a diverse skill set. As far as advice to other young lawyers looking to have a successful career in restructuring work, Mr. Adams said, “In addition to finding good mentors, diverse experience is the name of the game.  That means going out to different practice areas in your firm and seeking the opportunity to do something that you know will be beneficial to your practice.”  He encourages young attorneys to work on as many varied projects as possible.

Read More from: Bankruptcy Law Insights

1 day 19 hours ago
Winter is becoming a thing of the past. The snow is melted, the sun is shining, spring is here. Spring is a great time to sell your Lake Geneva real estate. A Lake Geneva home shows better without the cold and snow. You can also take sunny, updated photographs of your home without snow on the ground. Our Lake Geneva real estate lawyer is helping you obtain the best price for your home in 2015 by sharing these top home selling tips.   10 Tips for Selling Your Home in 2015 From Your Lake Geneva Real Estate Lawyer 1. Fix the small things. Fixing the little things around the house makes for a big payoff. Our Lake Geneva real estate lawyer recommend fixing: paint, squeaky doors, cabinet pulls, door handles, burnt light bulbs, leaky faucets, dirty windows, new caulking, etc. 2. Hide your pets. Firstly, do not allow photos of your home that include your pet. Not everyone loves a cuddly dog or cat. Some home buyers may have allergies to pets and immediately be driven away. Some home buyers may see your pet in photographs and feel the house may smell bad or they may consider the expense of cleaning carpets to remove pet hair. Secondly, potential buyers do not want to walk through your home and see dog food or smell kitty litter. Hide the food bowls. Remove pets from your Lake Geneva home during showings and open houses.

Read More from: Wynn at Law, LLC

1 day 23 hours ago
Wednesday in Chicago, Caesars Entertainment Operating Co. will seek to keep a tight grip on its bankruptcy restructuring. The casino operator is asking judge to extend the period of time that its lawyers have to file a reorganization proposal before the field opens up to proposals from other groups. Caesars is asking Judge A. Benjamin Goldgar to extend that plan-filing deadline until Nov. 15. Such requests are common in bankruptcy cases, especially one as complicated as Caesars, which is trying to restructure more than $18 billion in debt. Caesars has already filed a reorganization proposal, but an independent examiner named Richard Davis is now probing the company’s prebankruptcy transactions with non-bankrupt parent company Caesars Entertainment Corp.  His job is to conduct a wide probe into prebankruptcy transactions made between CEOC and its parent. In several lawsuits, creditors have said Caesars entities shifted good assets away from them to benefit its owners, including private-equity firm Apollo Global Management LP. At least seven transactions between 2009 and 2014 have been questioned. Caesars has said the transactions were proper, designed to manage and improve CEOC’s debt load and liquidity.  Most parties want to wait until the report is finished before deciding on the current proposal, the Caesars’ bankruptcy lawyers said.

Read More from: WSJ.com: Bankruptcy Beat

1 day 23 hours ago
Wednesday in Chicago, Caesars Entertainment Operating Co. will seek to keep a tight grip on its bankruptcy restructuring. The casino operator is asking judge to extend the period of time that its lawyers have to file a reorganization proposal before the field opens up to proposals from other groups. Caesars is asking Judge A. Benjamin Goldgar to extend that plan-filing deadline until Nov. 15. Such requests are common in bankruptcy cases, especially one as complicated as Caesars, which is trying to restructure more than $18 billion in debt. Caesars has already filed a reorganization proposal, but an independent examiner named Richard Davis is now probing the company’s prebankruptcy transactions with non-bankrupt parent company Caesars Entertainment Corp.  His job is to conduct a wide probe into prebankruptcy transactions made between CEOC and its parent. In several lawsuits, creditors have said Caesars entities shifted good assets away from them to benefit its owners, including private-equity firm Apollo Global Management LP. At least seven transactions between 2009 and 2014 have been questioned. Caesars has said the transactions were proper, designed to manage and improve CEOC’s debt load and liquidity.  Most parties want to wait until the report is finished before deciding on the current proposal, the Caesars’ bankruptcy lawyers said.

Read More from: WSJ.com: Bankruptcy Beat

1 day 23 hours ago
Startups are always in need of capital, but is there a ‘best’ way to raise money? Or a worst way? Crowdfunding has often been a popular method of raising capital among startups, but what are the most important “need to know’s” before startups move ahead with crowdfunding? The role investors play, regulatory specifics, issues, benefits and due diligence are covered in the “Crowdfunding from the Start-up’s Perspective” webinar. Read more here.
2 days 37 min ago
In light of a recent op-ed about pawnbrokers denied banking services, it's worth reiterating that the FDIC encourages banks to assess individual businesses for risk rather than declining to provide services to entire categories of customers.

Read More from: BankThink

2 days 39 min ago
Valuation plays an outsized role in bankruptcy cases.  At the beginning of a case, it can be outcome determinative in whether a debtor is able to use cash collateral or borrow new money.  Likewise, it is often the lynchpin on which a motion for relief from the automatic stay is granted or denied.  And, it is a central issue in fraudulent transfer and preference cases, which will be the focus of this webinar. Read more here.
2 days 39 min ago
Receiving Wide Coverage ... Sarao's Side of the Story: The London trader accused of triggering the May 2010 stock market "flash crash" denies plotting to manipulate prices by placing and canceling large orders. Navinder Sarao says in past but newly released emails with the British conduct authority that he simply relied on cat-like reflexes to make his moves. He says he might cancel an order because of "a move in one of the other markets thatÂ...

Read More from: BankThink

2 days 1 hour ago
With the implementation of the JOBS Act in 2012, securities law is being changed dramatically.  This webinar provides a comprehensive overview of the federal securities regulations.  Topics covered include: basic concepts; the role of federal securities laws and the definition of “security;” jurisdictional questions, and more.  Read more here.
2 days 1 hour ago
A former Lehman Brothers star trader secretly recorded several conversations that he says prove Lehman owes him more than $83 million in bonuses for his work done mostly in 2008, even though he received a similar amount when Barclays PLC bought Lehman, The Wall Street Journal reports. (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.”) New Jersey has tapped former bankruptcy judge Donald Steckroth to mediate talks between struggling Atlantic City and groups expected to play a major part in its looming restructuring, including casino operators and police and firefighters’ unions, according to the Journal

Read More from: WSJ.com: Bankruptcy Beat

2 days 2 hours ago
A former Lehman Brothers star trader secretly recorded several conversations that he says prove Lehman owes him more than $83 million in bonuses for his work done mostly in 2008, even though he received a similar amount when Barclays PLC bought Lehman, The Wall Street Journal reports. (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.”) New Jersey has tapped former bankruptcy judge Donald Steckroth to mediate talks between struggling Atlantic City and groups expected to play a major part in its looming restructuring, including casino operators and police and firefighters’ unions, according to the Journal

Read More from: WSJ.com: Bankruptcy Beat

2 days 2 hours ago
On April 30, Weil and the Legal Aid Society, along with The Blackstone Restructuring Group, will be presenting a training on bankruptcy and other alternatives for small businesses in distress. The panel provides a great opportunity to become familiar with the challenges distressed small businesses may face and to network with other professionals interested in the field.  We would like to invite all readers of our blog in the New York area to join us for this panel. Two CLE credits for professional practice/practice management will be offered. Please see below for a more detailed description of the event. Small Businesses in Distress: Bankruptcy and Other Alternatives April 30, 2015, 6:30 PM to 8:30 PM 767 Fifth Avenue, New York, NY 10153 Hosted by Weil, Gotshal & Manges LLP as part of the Legal Aid Society’s Annual Training Program Description
2 days 17 hours ago
Henry Callaway was named as a judge with the U.S. Bankruptcy Court for the Southern District of Alabama. Mr. Callaway, who currently works in bankruptcy and litigation at law firm Hand Arendall, will take up his new position in May. He practices in areas including creditors’ rights, consumer finance and shareholder disputes and is a member of the American Bankruptcy Institute. Mr. Callaway is replacing Judge Margaret A. Mahoney, who is retiring from the bench. David L. Barrack and Jeremy R. Johnson have joined the restructuring group at Polsinelli (h/t Law360). Mr. Barrack has experience with bankruptcy, insolvency, corporate restructurings and workouts. He has represented debtors, creditors, bondholders and other parties in industries including health care, energy and real estate. Mr. Johnson has worked with debtors in chapter 11 and chapter 15 and has concentrated on distressed health care. Both Mr. Barrack and Mr. Johnson are shareholders at Polsinelli.

Read More from: WSJ.com: Bankruptcy Beat

2 days 20 hours ago
Henry Callaway was named as a judge with the U.S. Bankruptcy Court for the Southern District of Alabama. Mr. Callaway, who currently works in bankruptcy and litigation at law firm Hand Arendall, will take up his new position in May. He practices in areas including creditors’ rights, consumer finance and shareholder disputes and is a member of the American Bankruptcy Institute. Mr. Callaway is replacing Judge Margaret A. Mahoney, who is retiring from the bench. David L. Barrack and Jeremy R. Johnson have joined the restructuring group at Polsinelli (h/t Law360). Mr. Barrack has experience with bankruptcy, insolvency, corporate restructurings and workouts. He has represented debtors, creditors, bondholders and other parties in industries including health care, energy and real estate. Mr. Johnson has worked with debtors in chapter 11 and chapter 15 and has concentrated on distressed health care. Both Mr. Barrack and Mr. Johnson are shareholders at Polsinelli.

Read More from: WSJ.com: Bankruptcy Beat

2 days 20 hours ago

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