ABI Blog Exchange

Per www.forbes.com:3/26/2015By Madalina IacobThe record drop in oil prices over the last six months has consumers – and some investors – cheering. Optimists believe that the economy is ripe for a boost as would-be shoppers earmark their extra cash to spend on anything from dining out to apparel.While shopping sprees may prop up some economic segments, there’s a darker side to the oil price plunge. Dozens of small oil and gas exploration and production companies in US regions like the Bakken formation and Permian basin collectively took out tens of billions of dollars of debt in recent years – predicated on the assumption that $100 per barrel oil was here to stay. Those highly levered capital structures are already starting to crack, as earnings slow down and the cost to drill doesn’t justify the revenue that the oil brings in.A handful of the high-cost, debt-saddled exploration and production companies have already hired restructuring advisors and in a few cases have pulled the trigger and filed for Chapter 11.For more, see: http://www.forbes.com/sites/debtwire/2015/03/26/vulnerable-oil-producers...

Read More from: The COMI

5 hours 10 min ago
Is the foreclosure crisis over? Yes and no. Since 2007, about six million homes have been sold at foreclosure sales (Foreclosures Public Data Summary Jan 2015). Today, about one million homes are still somewhere in the foreclosure process. Homeowners behind in their payments have declined from 15% at the 2010 peak of the crisis to less than 8% now (MBAA delinquent plus in foreclosure at 12/31/14).  Most of the still-troubled loans were originated before 2007. The best news is that new foreclosure starts are now down to pre-crisis levels, at less than one-half of one percent of all mortgages, if we take 2006 to be the pre-crisis level. So new home loans, those made since 2008, are doing very well, and what remains is the legacy of those bad loans that triggered the crisis, right? Not exactly. 

Read More from: Credit Slips

1 day 10 hours ago
When individuals are in financial distress and need relief they should look at all their options and choose the solution that will help them get back on their feet the fastest.  While bankruptcy is the right option for many of my clients, some individuals come to me with too little debt to file for bankruptcy.  Others come to me clearly in a financial crisis, but with too much income to qualify for a “good deal” when filing for bankruptcy relief.  For many of these individuals the best solution is debt negotiation.
1 day 11 hours ago
For those bankruptcy practitioners that also file Fair Debt Collection Practice Act claims, the general practice for the Chapter 13 bankruptcy practitioners is to review proof of claims at some point past the claims bar date and then object to proofs of claims for debt that is not enforceable under state law. Upon disallowance pursuant to the statute of limitations, the practitioner would schedule the FDCPA claim on schedule B, and cause a FDCPA case to be filed in District Court. Some pundits have stated that the filing of a proof of claim is itself not subject to the FDCPA. However, the Seventh Circuit’s approach examines whether the FDCPA claim raises a direct conflict with the Bankruptcy Code, or whether both the Bankruptcy Code and the FDCPA can be enforced against the debt collector. McMahon v. LVNV Funding, LLC, 744 F.3d 1010, 1020 (7th Cir.2014). This seems to be an uptrending authority. Recently the Sixth Circuit rule upon communications from debt collectors to debtors that offered to settle debt but omitted the fact the debt was unenforceable. Buchanan v. Northland Group, Inc., No. 13-2523 (6th Cir., Jan. 13, 2015). The court also noted that “[a] misrepresentation about the limitations period amounts to a ’straightforward’ violation of [the FDCPA],” citing the Seventh Circuit Court of Appeals decision in McMahon v. LVNV Funding, LLC, 744 F.3d 1010, 1020 (7th Cir.2014).
1 day 23 hours ago
The government is a major player in the marketplace as a buyer of goods and services, but legal scholars seldom pay attention to the law governing federal acquisitions. As it turns out this nearly completely ignored branch of contract law is actually way ahead of the curve, at least on the question of shrinkwrap and clickwrap contracts.  Title 48 of the Code of Federal Regulations contains the Federal Acquisition Regulations promulgated by the General Services Administration. Among them is a true gem that was promulgated in 2013 that addresses contracts that purport to bind the government to indemnify the government contractor in violation of the Anti-Deficiency Act: If the EULA, TOS, or similar legal instrument or agreement is invoked through an “I agree” click box or other comparable mechanism (e.g., “click-wrap” or “browse-wrap” agreements), execution does not bind the Government or any Government authorized end user to such clause.

Read More from: Credit Slips

2 days 6 hours ago
This week on The Broke and the Beautiful, Kanye West wants to buy Karmaloop, Parma hits another bump in the road, and U.K. boxer Ricky Burns was declared bankrupt.
In this Dec. 1 file photo, Kanye West performs during the World AIDS Day (RED) concert in Times Square in New York.
Charles Sykes/Associated Press
It might take a little longer than four five seconds, but Kanye West is interested in buying Karmaloop out of bankruptcy. According to Billboard, the hip-hop artist, who is collaborating with entrepreneur Damon Dash, spoke with company founder Greg Selkoe about acquiring the online online streetwear retailer. In a series of Instagram video posts, Mr. West and Mr. Dash spoke of their intentions, saying they wanted to “take over the world” and “create a whole new industry.”

Read More from: WSJ.com: Bankruptcy Beat

2 days 9 hours ago
This week on The Broke and the Beautiful, Kanye West wants to buy Karmaloop, Parma hits another bump in the road, and U.K. boxer Ricky Burns was declared bankrupt.
In this Dec. 1 file photo, Kanye West performs during the World AIDS Day (RED) concert in Times Square in New York.
Charles Sykes/Associated Press
It might take a little longer than four five seconds, but Kanye West is interested in buying Karmaloop out of bankruptcy. According to Billboard, the hip-hop artist, who is collaborating with entrepreneur Damon Dash, spoke with company founder Greg Selkoe about acquiring the online online streetwear retailer. In a series of Instagram video posts, Mr. West and Mr. Dash spoke of their intentions, saying they wanted to “take over the world” and “create a whole new industry.”

Read More from: WSJ.com: Bankruptcy Beat

2 days 9 hours ago
Peter King considers the implementation of the Bank Recovery and Resolution Directive in a new article in the Butterworths Journal of International Banking and Financial Law. Key points:
  • Full implementation leaves uncertainties which are unlikely to be resolved until the failure of a major bank.
  • A particular problem is whether a court outside the EU would recognise a bail-in ordered by a resolution authority in another EU member state.
  • The interaction between “market contracts” and bail-in powers (where, for instance, a bank acting as a clearing member is subjected to bail-in) remains unclear.
Please click here for the full article, “The EU Bank Recovery and Resolution Directive: moving towards full implementation”.
2 days 10 hours ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including thoughts on Wall Street's dwindling number of high-powered women and the merits and drawbacks of the CFPB's consumer complaint database.

Read More from: BankThink

2 days 11 hours ago
Big banks have something else to worry about when it comes to writing their “living wills.” The Senate late Thursday night unanimously passed by voice vote an amendment to the budget directing Congress to take punitive measures against big banks that fail to craft credible plans for how they could collapse in bankruptcy without damaging the broader economy. The amendment was sponsored by Sens. Sherrod Brown (D., Ohio) and David Vitter (R., La.), a bipartisan duo that has long targeted the largest Wall Street firms for remaining “too big to fail,” or so large and interconnected the government would have no choice but to save them in another crisis. Neither the Senate-passed budget — nor any of the amendments attached to it — are binding policy. But the unanimous vote underscores the political attention the so-called living wills have in Congress, increasing the pressure on regulators to dish out harsh medicine to those banks that can’t produce convincing road maps to their own demise. Living wills are blueprints that big banks, as part of the 2010 Dodd Frank law, must provide to regulators showing how they could be dismantled without taxpayer support.

Read More from: WSJ.com: Bankruptcy Beat

2 days 12 hours ago
Big banks have something else to worry about when it comes to writing their “living wills.” The Senate late Thursday night unanimously passed by voice vote an amendment to the budget directing Congress to take punitive measures against big banks that fail to craft credible plans for how they could collapse in bankruptcy without damaging the broader economy. The amendment was sponsored by Sens. Sherrod Brown (D., Ohio) and David Vitter (R., La.), a bipartisan duo that has long targeted the largest Wall Street firms for remaining “too big to fail,” or so large and interconnected the government would have no choice but to save them in another crisis. Neither the Senate-passed budget — nor any of the amendments attached to it — are binding policy. But the unanimous vote underscores the political attention the so-called living wills have in Congress, increasing the pressure on regulators to dish out harsh medicine to those banks that can’t produce convincing road maps to their own demise. Living wills are blueprints that big banks, as part of the 2010 Dodd Frank law, must provide to regulators showing how they could be dismantled without taxpayer support.

Read More from: WSJ.com: Bankruptcy Beat

2 days 12 hours ago
Thursday in Minnesota, about 113 parishes of the Roman Catholic Archdiocese of St. Paul and Minneapolis will argue they deserve their own voice as creditors in the archdiocese’s bankruptcy case. Victims of alleged clergy sexual abuse and their advocates have called the parishes’ request to form an official committee “troubling,” saying another creditors’ committee would effectively give the archdiocese a place on both sides of the bargaining table. More than 150 sexual-abuse victims have brought claims against the archdiocese since it filed for bankruptcy in January, in addition to more than 80 claims brought against individual parishes, court papers show. Catholic dioceses have used the breathing room offered by chapter 11 to negotiate settlements with alleged victims of sexual abuse by clergy members and others, deals that can total many millions of dollars and include nonmonetary forms of compensation such as the release of long-shielded church documents detailing the alleged abuse and subsequent coverup. Wednesday in Wilmington, Del., Wet Seal Inc. will ask a judge to approve a sale of the company to private equity firm Versa Capital Management, which plans to keep at least 140 of the teen clothing retailer’s stores open.

Read More from: WSJ.com: Bankruptcy Beat

2 days 12 hours ago
Thursday in Minnesota, about 113 parishes of the Roman Catholic Archdiocese of St. Paul and Minneapolis will argue they deserve their own voice as creditors in the archdiocese’s bankruptcy case. Victims of alleged clergy sexual abuse and their advocates have called the parishes’ request to form an official committee “troubling,” saying another creditors’ committee would effectively give the archdiocese a place on both sides of the bargaining table. More than 150 sexual-abuse victims have brought claims against the archdiocese since it filed for bankruptcy in January, in addition to more than 80 claims brought against individual parishes, court papers show. Catholic dioceses have used the breathing room offered by chapter 11 to negotiate settlements with alleged victims of sexual abuse by clergy members and others, deals that can total many millions of dollars and include nonmonetary forms of compensation such as the release of long-shielded church documents detailing the alleged abuse and subsequent coverup. Wednesday in Wilmington, Del., Wet Seal Inc. will ask a judge to approve a sale of the company to private equity firm Versa Capital Management, which plans to keep at least 140 of the teen clothing retailer’s stores open.

Read More from: WSJ.com: Bankruptcy Beat

2 days 12 hours ago
Eternal vigilance is the price of freedom. It’s also the price of freedom from old debts, as my former bankruptcy client learned. He was about to close escrow on a new home a couple of years after his discharge. But the sale came to a screaming halt when an old, discharged debt reappeared on his credit report. It hadn’t been there before;  it shouldn’t have reappeared.  But “shouldn’t” didn’t keep it from happening. Meet zombie debt As we fought to save the deal for his new home, we figured out that the debt that had reappeared long after the bankruptcy, was a junior loan on a property he’d owned before bankruptcy. The servicer on the loan had changed, and the servicer was clueless
  1. That the property had been foreclosed years ago; and
  2. That the bankruptcy had eliminated my client’s liability for the debt
But being clueless didn’t keep the servicer from reporting that this mortgage debt was enforceable and delinquent.  All of which threatened my client’s ability to get a new loan, or the price he’d pay for that loan. The law probably gave my client a right to sue under the Fair Debt Collection Practices Act or for violation of the discharge injunction from the bankruptcy case. As a practical matter, I called a lawyer for the new servicer, rattled my sword, and got the credit report corrected in a hurry.
2 days 12 hours ago
The recent history of bankruptcy law suggests there's a way to provide relief to borrowers overwhelmed by student loans while minimizing concerns about moral hazard.

Read More from: BankThink

2 days 13 hours ago
Bloomberg News
RadioShack Corp . said an offer from Standard General LP to save much of the iconic chain is the best to emerge from an auction, beating out rival offers that would see the retailer shut down. The Wall Street Journal has the Daily Bankruptcy Review article here. (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.”) A judge on Thursday approved the restructuring plan of LightSquared, capping a bankruptcy odyssey for Philip Falcone’s ambitious wireless venture that filed for bankruptcy nearly three years ago. The DBR article is available in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

2 days 14 hours ago
Bloomberg News
RadioShack Corp . said an offer from Standard General LP to save much of the iconic chain is the best to emerge from an auction, beating out rival offers that would see the retailer shut down. The Wall Street Journal has the Daily Bankruptcy Review article here. (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.”) A judge on Thursday approved the restructuring plan of LightSquared, capping a bankruptcy odyssey for Philip Falcone’s ambitious wireless venture that filed for bankruptcy nearly three years ago. The DBR article is available in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

2 days 14 hours ago
Receiving Wide Coverage ... Too Much or Not Enough: Depending on who you ask, the Consumer Financial Protection Bureau's newly proposed restrictions on payday lenders may be characterized as a prime example of regulatory overreaching or as a milquetoast response to toxic practices. Both consumer advocates and payday lending supporters are disappointed by the CFPB's proposals, according to the New York Times. "A chorus of consumer groups said that loopholes in the proposal could still leaveÂ...

Read More from: BankThink

2 days 14 hours ago
while descriptions of fragrance notes make them sound natural,polo ralph lauren discount,polo outlet store The Lacoste range polo t shirts are more elegant and subtle, even when they are for men. The colors of Lacoste are fresh, and this brand is mostly known for the pastel shades which simultaneously look attractive and soothing. The colors of the Lacoste collection include some rare colors, which are not to be found in any other brand collection, however famous it may be.

Read More from: Kieselstein Law Firm

2 days 15 hours ago
but they want the marketing to be good If you still don’t want to break out any green backs, first place to visit is the Aspen Art Museum, which features works by local and international contemporary artists. Entry is, of course,polo ralph lauren discount, free. Down by Hallam Lake Nature Preserve, the Aspen Center for Environmental Studies team offer educational walks around the area,ralph lauren factory store,ralph lauren tracksuit sale, sometimes including snow shoeing, sometimes watching beavers building dams, and always getting up close with the local golden eagle. If you nail, during removal do it extremely slow, incase of mistakes,ralph lauren hoody cheap,discounted ralph lauren, you can always use the easy remedy toothpaste (white) or get Spackle or drywall compound. Oh, my friend used corking glue. I think she was crazy, because she did a mosiac on a portion of her wall, I had a well deserved laugh while she was removing it (one of those falling on the ground, holding the stomach, eyes watering kinds).

Read More from: Kieselstein Law Firm

2 days 15 hours ago

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