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Case No. 15-20107; Esco Marine, Inc.; Southern District of Texas, Corpus Christi DivisionBidding Procedures Order:   Dkt. #260; 6/26/15Assets to be Sold:    Assets of Debtors other than Chapter 5 causes of action, claims against insiders, unscheduled or undisclosed assets, cashMinimum Bid:    Amount of third party liens against propertyBid Deadline:    July 20, 2015 (extended from initial date of July 17, 2015) Auction Date:    July 23, 2015, 9:00 a.m., Langley & Banack, San Antonio, TXDebtor's Counsel:Glen Ayersgayers@langleybanack.comInvestment Banker:Tom Kanetkane@chatsworthgroup.comCommittee Counsel:Barbara Barronbbarron@bn-lawyers.comStephen Satherssather@bn-lawyers.com
7 hours 19 min ago
An inflatable Tivo icon is shown during the 2011 International Consumer Electronics Show (CES) in Las Vegas in this file photo from Jan. 7, 2011.
Steve Marcus/Reuters
TiVo spent $1 million during the bankruptcy case of failed TV-streaming service Aereo Inc. to buy trademarks and customer lists, and now the TV recording pioneer is making moves to acquire former Aereo customers. In emails bearing Aereo’s logo to former customers, TiVo pitched its TiVo Roamio-OTA as a service that was “conceived, developed and introduced for people just like you.” The TiVo offer to Aereo customers comes out to $19.99 a month with a two-year commitment. That’s $5 more a month and a year longer commitment than the service is normally, but the company is throwing in the required equipment free: two devices that are normally $49.99 and $129 each. The devices together allow customers to record live antenna TV and watch on multiple devices—that is, if you already own an antenna.

Read More from: WSJ.com: Bankruptcy Beat

8 hours 28 min ago
It has been a few years since we at the Blog have discussed the Barton doctrine, the common law bankruptcy rule requiring a party to seek leave from the appointing court before suing a court-appointed receiver (see here and here), but it appears as though it is making a comeback.  In fact, as we noted previously, the recent ABI Commission Report supports codifying the Barton doctrine to clarify its scope and application. 
8 hours 58 min ago
Authored by Michael S. Waskiewicz and Armando Nozzolilloand Michael S. Waskiewicz and Armando Nozzolillo of Rogers TowersFlorida’s Fourth District Court of Appeals has paved the way for individuals and businesses to bring claims for violations under the Florida Deceptive and Unfair Trade Practices Act (“FDUTPA”). FDUTPA is the primary consumer protection statute in Florida. Laid out in Section 501.201 et seq., Florida Statutes, FDUTPA prohibits unfair, unconscionable, or deceptive methods of competition, practices, or acts in the conduct of commerce. Up until the decision in Caribbean Cruise Line, Inc. v. Better Business Bureau of Palm Beach County, Inc., many courts had held that only consumers could bring suit under FDUTPA. In Caribbean Cruise Line, Inc., the cruise line sued the Better Business Bureau (“BBB”) after the BBB gave the company a grade of “F.” The cruise line alleged that the failing grade was defamatory and a violation of FDUTPA based on the BBB’s practice in how it ranked businesses. BBB argued that the cruise line could not bring suit under FDUTPA as the cruise line was a business, not a consumer.

Read More from: Florida Banking Law Blog

9 hours 36 min ago
The Supreme Court's recent ruling that the disparate impact theory of liability can be applied to the Fair Housing Act means mortgage lenders must be even more vigilant in their ongoing testing and evaluation of business practices that could be interpreted as even unintentional discrimination.

Read More from: BankThink

11 hours 32 min ago
Did you know that 51% of Americans between the ages of 55 and 64 do not have a Last Will and Testament? What is worse is that 62% of Americans ages 45-54 have not even drafted a Will. Whether we like it or not, tragedy can strike at any time, at any age. None of us live forever. When 64% of the public does not have a Last Will and Testament, it is easy to say that most of our wishes will not be granted after our deaths. You can change that by visiting with our Lake Geneva Estate Planning Lawyer, Shannon Wynn. Lake Geneva Estate Planning Lawyer, Shannon Wynn, will help you create a Last Will and Testament. When discussing your last wishes with a lawyer, the task becomes easier than you think. All of your questions will be answered. Legally declaring your wishes, in the unfortunate event of your death, will help give you peace of mind. Below we have outlined some important reasons as to why you absolutely need a Last Will and Testament. Lake Geneva Estate Planning Lawyer Explains Why You Need a Last Will and Testament 1. Without a Last Will and Testament, the government will make all decisions regarding your estate. This includes who receives your property and who will raise your children. 2. You have control over who raises your children. As a parent, it is imperative to possess a Last Will and Testament if you want a say so in who will raise your children after your death.

Read More from: Wynn at Law, LLC

13 hours 8 min ago
MetLife and its allies are pushing back against the Financial Stability Oversight Council. But it's well worth imposing additional regulatory costs on large nonbanks if doing so helps prevent another crisis.

Read More from: BankThink

13 hours 32 min ago
In a case of first impression for the Ninth Circuit BAP, the court held that student loan debts can be denied a discharge under § 523(a)(8)(A)(ii) only if the debtor actually received funds from the plaintiff.  Institute of Imaginal Studies dba Meridian University v. Tarra Nichole Christoff (In re Christoff), 2015 WL 1396630.  The court reached its conclusion based on the plain language of the statute. In Christoff, the debtor enrolled in Meridian University and received in her first year a financial aid package which provided her with a tuition credit but under which she did not receive any actual funds.  The debtor signed a promissory note to repay the tuition credit in monthly installments after she completed her coursework or withdrew from the institution.  She received a similar financial aid package for her second of study.  The debtor failed to make all payments required under her promissory notes and eventually filed a chapter 7 bankruptcy petition.  Meridian filed an adversary proceeding seeking denial of the discharge of its debt under 11 U.S.C. § 523(a)(8)(A)(ii). 

Read More from: Creditors' Rights

13 hours 32 min ago
For millions of student loan borrowers, Sallie Mae is synonymous with educational finance. Now there’s a new name in town – Navient. Founded in 1973, Sallie Mae (the nickname of The Student Loan Marketing Association) operated as a Government-Sponsored Enterprise (GSE) – a private financial institution set up by the U.S. Congress – until 1994 when it became a private corporation. Originally created to support the guaranteed student loan program created by the Higher Education Act of 1965, the company eventually expanded to handle all manner of private as well as federal student loans. Most people who owed money for student loans saw Sallie Mae as the public face of educational finance, sending out bills and collecting payments. If you needed a forbearance, you’d call Sallie Mae. And when you fell behind, it was Sallie Mae’s people who would call you to ask when the money would be sent out. More Than Just Federal Student Loans But federal student loan servicing would make the company only so much money. Looking to the deep pockets of Wall Street, in 1995 Sallie Mae became a major player in packaging student-backed loans. The world of student loan securitization was born, with Sallie Mae in the lead.
13 hours 35 min ago
Receiving Wide Coverage ... Envisioning the End: Twelve big banks have published details of their revised living wills, which attempt to demonstrate to regulators that they could fail without throwing the financial system into a tailspin. For banks, the months-long review period of their updated proposals may be a nail-biter: regulators already deemed most plans unrealistic last year. If the Federal Reserve and Federal Deposit Insurance Corp. aren't convinced by their new strategies, banks could face...

Read More from: BankThink

14 hours 33 min ago
Jim McRitchie at corpgov.net provides an interesting discussion on whether he should withdraw his shareholder proposal at Whole Foods, since the company has now adopted proxy access.
14 hours 33 min ago
On February 6, 2015, a district court held Puerto Rico's Recovery Act to be expressly preempted by section 903 of the Bankruptcy Code. On July 6, 2015, the U.S. Court of Appeals upheld the finding: The Recovery Act is preempted, on both express preemption and conflict preemption grounds.  Judge Torruella wrote a separate concurrence starting on page 50 of the decision. One of his points bearing special mention here is that he finds unconstitutional the 1984 Bankruptcy Code amendment that stripped Puerto Rico's right to authorize chapter 9 for its municipalities, due to the lack of a rational basis. Had he secured another vote for that view...

Read More from: Credit Slips

14 hours 48 min ago
Not all debts are created equal, especially when it comes to bankruptcy.  While Chapter 7 and Chapter 13 both allow debtors to greatly reduce or wipe out many of their debts, some liabilities are difficult if not impossible to escape.  So which category does tax fall into?  Does bankruptcy eliminate tax debt, or not?  In short: it depends.  Our bankruptcy lawyers explain when taxes are (and aren’t) dischargeable. Does Bankruptcy Erase Tax Liability? Debts which can be eliminated are known as dischargeable debts, because they are wiped out once the bankruptcy case is finalized or “discharged” by the court.  Discharge is always the goal in bankruptcy.  If a case is dismissed, it means the court found a problem, and the result is that the debtor is still liable for their debts and can still be pursued for repayment by creditors. Most debts are dischargeable under both forms of bankruptcy, including but not limited to the following:  

Read More from: Young, Klein & Associates

14 hours 49 min ago
Paul Sakuma/Associated Press
Nortel Networks Corp .’s bondholders and the company’s U.S. division lost a bid to upset a ruling on how $7.3 billion should be divided among competing national units of the defunct telecommunications giant. 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.”) Energy Future Holdings Corp. bondholders were warned about their desire for Oncor, DBR (sub. req.) reports.

Read More from: WSJ.com: Bankruptcy Beat

16 hours 6 min ago
Per www.globalinsolvency.com:Tue., July 7, 2015 The long-awaited new insolvency law has taken a big step towards becoming a reality after being approved by the Cabinet, The National reported. Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said on his website that the proposed draft law includes flexible strategies to bail out businesses that have encountered financial troubles that might lead to bankruptcy. “The draft law aims to regulate accumulated debts, eases restructuring of companies as well as support troubled businesses,” he said. “The draft law aims to mitigate risk of bankruptcy and ensure a safe and attractive business environment in the UAE that nurtures and supports investments.” The new law, which was approved on Sunday, is reported to be largely based on French insolvency practices, drawing on a number of provisions from German law, as well as legal codes from countries such as the Netherlands and Japan. Significantly, the new law is reported to contain groundbreaking provisions regarding the decriminalisation of bounced cheques.

Read More from: The COMI

1 day 4 hours ago
The Equitable Mootness Doctrine     The entry of an order confirming a plan of reorganization is probably the most significant event in a bankruptcy case.  Shortly after a confirmation order enters, parties to the case often invest funds, alter operations, sell assets, and otherwise implement the reorganization.  Accordingly, courts have developed a doctrine called “equitable mootness” to protect the finality of confirmation orders.  See, e.g., Rev. Op. Grp. v. ML Manager LLC (In re Mortgs. Ltd.), 771 F.3d 1211, 1215 (9th Cir. 2014) (“An appeal is equitably moot if the case presents transactions that are so complex or difficult to unwind that debtors, creditors, and third parties are entitled to rely on the final bankruptcy court order.”).     The Ninth Circuit has developed four factors to determine whether an appeal is equitably moot.  They are: (1) whether the appealing party sought a stay of the confirmation order; (2) whether the plan has been substantially consummated; (3) whether the remedy sought will affect third parties unfairly; (4) whether the court can fashion effective and equitable relief without significantly upsetting the confirmed plan.  See In re Thorpe Insulation Co., 677 F.3d 869, 881 (9th Cir. 2012).  The Transwest Decision

Read More from: Creditors' Rights

1 day 6 hours ago
The sandwiches and fries in this picture cost less than $15 total.
Joseph Checkler
Here’s our Yelp review for dinner and drinks at the 100 Montaditos on Bleecker Street in Greenwich Village: Title: “Waaaay Too Much Quality for Waaaay Too Low a Price.” Body: “The food was way too inexpensive for how great it tasted, and the happy hour drinks were just too heavily discounted. And to boot, the manager was extremely accommodating and friendly to all the guests. Also, the location is awesome and the space is great. I’m not sure how this place is still in business.” Last sentence notwithstanding, that’s a five-star review. But for a company in bankruptcy, low-priced food and drinks at high-rent locations might not be the quickest way out of chapter 11. In fact, early in the bankruptcy case, a lawyer for embattled franchisees cited that business model as one of the reasons for the Spanish chain’s struggles since expanding into the U.S. Our investigation started out by taking advantage of what must be the best (and only) five-hour happy hour in Greenwich Village: $2 sangria—albeit a little watery—and $3 draft beer.

Read More from: WSJ.com: Bankruptcy Beat

1 day 7 hours ago
A recent article in the New York Times illustrated how advantageous the bankruptcy process can be for senior citizens looking to make a fresh financial start and protect their retirement income. The piece featured a 66-year-old retired former nursery owner and plant consultant from Orlando with diminishing income and mounting bills, a problem to which seniors across the country can relate. The retiree said he wanted to get out of debt in time to reorganize his finances and leave something to his grandchildren. What is truly surprising, and unfortunate, is that he said that overcoming the stigma of bankruptcy was his biggest obstacle in initiating the process. As people get older, they require more medical care; however, their lack of income after retirement means that they can’t always pay for it. This results in mounting medical bills that balloon out of control and sometimes force elderly individuals into bankruptcy. This maneuver, however, can be beneficial to those looking to protect and preserve what limited income they have during their retirement. Without getting this fresh start, seniors run the risk of having their income eaten up by creditors each month, leaving them with very little, if anything, to enjoy the life they’ve worked so hard to build.
1 day 9 hours ago
In over 19 years of being a bankruptcy lawyer I’ve heard – and been part of – both sides of the discussion about how smart it is to file for bankruptcy. After much consideration, I’ve concluded that it’s a stupid conversation. There’s a lot of misinformation out there about bankruptcy. Credit counselors and debt settlement companies will tell you it’s the worst thing for your credit, in spite of the fact that even the Federal Reserve Bank of New York (you know, the folks who run the banking system) says that’s untrue. On the other side of the discussion comes the bankruptcy lawyers who think that a trip to bankruptcy court is the cure for what ails your financial situation. And a recent article in Huffington Post includes a story of someone who, upon hearing that a friend was going to file for bankruptcy, responds with, “congratulations.” If you’re in debt and don’t handle it, you’re putting yourself at risk financially. Retirement, after all, is one day closer every time the sun rises. Illness, job loss, family upheaval and an unexpected household repair can all cause calamities if you’re not on firm financial footing. But the key isn’t whether bankruptcy is good or bad – it’s one of attending to your financial problems in the best manner possible. And here’s what you should be doing instead. Begin with Expenses
1 day 11 hours ago
There are plenty of opportunities for banks to collaborate with the tech startups that are driving rapid change in the financial industry. But first they need to find innovative ways to address systemic challenges like compliance as well as cultural differences.

Read More from: BankThink

1 day 11 hours ago

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