ABI Blog Exchange

In the Karmaloop, Inc. bankruptcy proceeding, a formation meeting has been scheduled for Wednesday, April 1, 2015 at 10:30 a.m. (ET) at the DoubleTree Hotel, 700 King St., Salon C, Wilmington, DE 19801.  Click Here for a copy of the Notice of Formation Meeting for Official Committee of Unsecured Creditors issued by the Office of the United States Trustee.  If you want to be considered for Committee membership, you MUST complete a questionnaire and return it to the U.S. Trustee no later than March 30, 2015 at 5:00 p.m. (ET). In addition, the U.S. Trustee has requested that a Section 341 Meeting of Creditors be scheduled for Thursday, April 16, 2015 at 10:30 a.m. (ET) at the J. Caleb Boggs Federal Court House, 844 N. King Street, 2nd Fl., Room 2112, Wilmington, DE 19801. One way in which creditors can assert their interests is to attend the Formation Meeting and become a part of the creditors’ committee.  The creditors’ committee is one of the most active participants in a corporate bankruptcy, and has access to a significant amount of information not available to normal creditors.  There are, naturally, trade-offs to gaining access to this information (including limitations on a company’s ability to trade in securities of the debtor), but you will be far better informed of what occurs in the bankruptcy proceeding.
2 days 15 hours ago
Christopher Celentino has become a managing partner at the San Diego office of Ballard Spahr. Mr. Celentino, a bankruptcy and transactional finance partner at the law firm, has experience in chapter 7, chapter 11 and chapter 13 bankruptcies. He also has worked on areas including creditors’ rights, workouts and fiduciary services litigation and has represented lenders and other parties. Andrew C. Curtis has joined private equity firm Z Capital as a managing director and member of the investment group. Mr. Curtis, who most recently worked with Mercer Parker LP, has experience in leveraged credit and investments. He also has advised corporations and creditors in chapter 11 cases as well as out-of-court restructurings.

Read More from: WSJ.com: Bankruptcy Beat

2 days 19 hours ago
Christopher Celentino has become a managing partner at the San Diego office of Ballard Spahr. Mr. Celentino, a bankruptcy and transactional finance partner at the law firm, has experience in chapter 7, chapter 11 and chapter 13 bankruptcies. He also has worked on areas including creditors’ rights, workouts and fiduciary services litigation and has represented lenders and other parties. Andrew C. Curtis has joined private equity firm Z Capital as a managing director and member of the investment group. Mr. Curtis, who most recently worked with Mercer Parker LP, has experience in leveraged credit and investments. He also has advised corporations and creditors in chapter 11 cases as well as out-of-court restructurings.

Read More from: WSJ.com: Bankruptcy Beat

2 days 19 hours ago
If you didn’t qualify for a Wisconsin bankruptcy in the past, that may change in the near future. On April 1, 2015, the Means Test limits to qualify for a Wisconsin bankruptcy will rise. For those of you unfamiliar with the Means Test, it is the test that determines whether you are able to file a Wisconsin Chapter 7 Bankruptcy and also whether you can shorten the length of your Wisconsin Chapter 13 Plan from 5 years to 3 years. Means Test limits are based on data from the Internal Revenue Service which determines the mean average of income for Wisconsin. For a household of 1, the Means Test income limit has increased to $43,666. For a couple, the Means Test income limit has increased to $59,740. For a family of three, the Means Test income limit has increased to $69,600. For a family of four, the Means Test income limit has increased to $83,686. Many more individuals and families may now qualify for a Wisconsin Chapter 7 Bankruptcy under the new Means Test income limits. If you did not qualify for a Wisconsin Chapter 7 Bankruptcy in the past, you may wish to contact your Wisconsin bankruptcy attorney to see if you now qualify as of April 1, 2015.

Read More from: Wynn at Law, LLC

2 days 19 hours ago
In this April 6, 2012 file photo, Chris Kyle, a former Navy SEAL and author of the book “American Sniper,” poses in Midlothian, Texas.
Paul Moseley/The Fort Worth Star-Telegram/Associated Press
American Sniper Chris Kyle’s widow got court approval of a settlement with a group of Texas investors, enabling Mr. Kyle’s family to claim the rights to a skull-shaped logo used by her husband’s business and to remain in their Midlothian home. The settlement, signed late last week by Judge Barbara Houser of the U.S. Bankruptcy Court in Dallas, signals the end of a battle among Taya Kyle, hedge fund manager Kyle Bass and executives at Chris Kyle’s business after he was fatally shot on a gun range in early 2013 by a fellow Iraq War veteran. Under the deal, the SWAT team-training business called Craft International LLC will hand over the rights to its skull logo, which is imprinted on T-shirts, patches and coffee mugs and surrounded by these words: “Despite what your momma told you, violence does solve problems.”

Read More from: WSJ.com: Bankruptcy Beat

2 days 20 hours ago
In this April 6, 2012 file photo, Chris Kyle, a former Navy SEAL and author of the book “American Sniper,” poses in Midlothian, Texas.
Paul Moseley/The Fort Worth Star-Telegram/Associated Press
American Sniper Chris Kyle’s widow got court approval of a settlement with a group of Texas investors, enabling Mr. Kyle’s family to claim the rights to a skull-shaped logo used by her husband’s business and to remain in their Midlothian home. The settlement, signed late last week by Judge Barbara Houser of the U.S. Bankruptcy Court in Dallas, signals the end of a battle among Taya Kyle, hedge fund manager Kyle Bass and executives at Chris Kyle’s business after he was fatally shot on a gun range in early 2013 by a fellow Iraq War veteran. Under the deal, the SWAT team-training business called Craft International LLC will hand over the rights to its skull logo, which is imprinted on T-shirts, patches and coffee mugs and surrounded by these words: “Despite what your momma told you, violence does solve problems.”

Read More from: WSJ.com: Bankruptcy Beat

2 days 20 hours ago
A number of companies across the U.S. are harnessing technology to solve Americans' cash flow challenges. But there is much more to be done to bring these solutions to the millions of Americans who need them.

Read More from: BankThink

2 days 22 hours ago
By: Raymond P. Wendolowski, Esq. Under Pennsylvania Law, the homeowner’s […] The post The Problem of Recording vs. Filing Condominium Liens in Pennsylvania appeared first on Bernstein-Burkley, P.C..

Read More from: Bernstein-Burkley, P.C.

2 days 23 hours ago
The Automatic Stay When a person files a chapter 7 or chapter 13 bankruptcy case, there is the immediate creation of the automatic stay. The automatic stay is the protection provided to the debtor which prohibits creditors from taking specific collection actions or other efforts to collect on a debt. Sometimes the notice of the+ Read More The post Respect The Automatic Stay In Bankruptcy Or Else appeared first on David M. Siegel.
2 days 23 hours ago
As Ursula the Sea Witch once said “Life’s full of tough choices, isn’t it?”  The Sixth Circuit was recently faced with its own “tough choice” on choice of law in Sutherland v. DCC Litigation Facility, Inc., No. 13-1497 (6th Cir. Feb. 20, 2015).  In Sutherland, the Sixth Circuit was asked to determine which state’s statute of limitations rules should apply to a lawsuit filed in North Carolina by a Virginia resident, which was subsequently transferred to Michigan.  The Sixth Circuit analyzed the venue transfer rules and ultimately determined that the statute of limitations rules of the state where the lawsuit was originally filed should be applied.  Background:
3 days 18 min ago
Time is running out on your 2011 tax return. Whaaaat?, you say.  You’re working on 2014 between now and April 15th. But if you’re one of those people who overlooked a tax deduction or, better yet, a tax credit like EITC, you’re running out of time to amend your 2011 return and capture some of that money. An amended return must be filed within three years of the date you filed the original return or within two years of when you paid the tax. Fix your tax glitches Tax law allows you to amend returns when you’ve discovered an error, that’s not math related. (If it’s just math, the IRS will fix it without an amendment.) I’ve written lots  about overlooked tax deductions and credits. Remember that you can not only do better with this year’s return, you have the right to go back to the last three tax years to claim money you left on the table in prior years.  But the IRS may correct your math blunders, but it won’t claim overlooked deductions or credits for you. Overlooked tax savings
3 days 19 min ago
Apple Pay, Samsung Pay and Google Wallet are among the mobile payment services vying for dominance. Here's what every banker needs to know to get a game plan in place.

Read More from: BankThink

3 days 47 min ago
Apple Pay, Samsung Pay and Google Wallet are among the mobile payment services vying for dominance. Here's what every banker needs to know to get a game plan in place.

Read More from: BankThink

3 days 47 min ago
The Ninth Circuit BAP has isssued the following statement: Pursuant to 28 U.S.C. § 2071(b), comments are invited on the proposed amendments to the Rules of the United States Bankruptcy Appellate Panel of the Ninth Circuit. The BAP Rules are being updated to reflect changes resulting from electronic filing and to eliminate rules which are redundant in light of recent changes to the Federal Rules of Bankruptcy Procedure. The proposed new rules are available at this link. Please direct comments to Susan M. Spraul, Clerk of Court at comment_ca09bap@ca9.uscourts.gov. Comments must be submitted on or before May 8, 2015.
3 days 1 hour ago
The realities of the bankruptcy venue provisions require potential debtors and their advisers to prudently weigh the legal significance of a bankruptcy filing in various courts. In a recent decision, U.S. Bankruptcy Judge Kevin Gross of the District of Delaware reviewed the Bankruptcy Code’s venue provisions and considered the various interests of a bankruptcy estate’s stakeholders when he transferred a “first-filed” bankruptcy petition from Delaware’s bankruptcy court to the court’s counterpart in the Northern District of Illinois, in In re Caesars Entertainment Operating (Bankr. D. Del. Feb. 2, 2015). On Jan. 15, Caesars Entertainment Operating Co. Inc. made a strategic decision to file its bankruptcy proceedings in the U.S. Bankruptcy Court for the Northern District of Illinois on the heels of a Jan. 7 involuntary bankruptcy petition filed in Delaware’s bankruptcy court by a group of second lien noteholders. Following a hearing on the petitioning creditors’ motion seeking a determination under Federal Rule of Bankruptcy Procedure 1014(b) as to proper venue, Gross ruled that the venue provisions of the Bankruptcy Code under the circumstances supported the transfer of the Delaware case to the Illinois bankruptcy court because it was in the “interest of justice” to do so.
3 days 1 hour ago
European Pressphoto Agency
RadioShack ’s chances of surviving bankruptcy are growing increasingly dim, as top-ranking lenders mounted a new challenge to the company-saving bid from hedge fund Standard General LP, which has been declared the highest and best offer at an auction. 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.”) MF Global Inc. wants court approval to pay $461 million owed to its creditors, the second such payment now that it has paid back most of its customers, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

3 days 1 hour ago
European Pressphoto Agency
RadioShack ’s chances of surviving bankruptcy are growing increasingly dim, as top-ranking lenders mounted a new challenge to the company-saving bid from hedge fund Standard General LP, which has been declared the highest and best offer at an auction. 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.”) MF Global Inc. wants court approval to pay $461 million owed to its creditors, the second such payment now that it has paid back most of its customers, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

3 days 1 hour ago
Wall Street Journal The Journal takes a look at the Consumer Financial Protection Bureau's upcoming rules for payday lenders, set to be released today, as did American Banker in today's edition. The Journal's piece includes a quote from Lauren Saunders at the National Consumer Law Center, who said the CFPB's proposal doesn't go far enough. "The CFPB has taken an either/or approach: prevention or protection. But borrowers need both," Saunders said. The Journal also quoted DennisÂ...

Read More from: BankThink

3 days 1 hour ago
Reuters
Attorneys general around the country are leaping aboard the consumer privacy bandwagon in RadioShack ’s bankruptcy, vowing to protect the personal data of 117 million consumers as the iconic retailer goes up for grabs. Texas Attorney General Ken Paxton started the bandwagon rolling, objecting in advance of the auction that began Monday in New York. His filing said RadioShack promised not to sell or rent its customer data and that anyone who tries will answer to the state of Texas. In case you’re wondering how a retailer with solid data on 117 million consumers wound up in bankruptcy in the first place, it should be noted that the number was blurted out by an unidentified RadioShack representative at a deposition.

Read More from: WSJ.com: Bankruptcy Beat

3 days 4 hours ago
Reuters
Attorneys general around the country are leaping aboard the consumer privacy bandwagon in RadioShack ’s bankruptcy, vowing to protect the personal data of 117 million consumers as the iconic retailer goes up for grabs. Texas Attorney General Ken Paxton started the bandwagon rolling, objecting in advance of the auction that began Monday in New York. His filing said RadioShack promised not to sell or rent its customer data and that anyone who tries will answer to the state of Texas. In case you’re wondering how a retailer with solid data on 117 million consumers wound up in bankruptcy in the first place, it should be noted that the number was blurted out by an unidentified RadioShack representative at a deposition.

Read More from: WSJ.com: Bankruptcy Beat

3 days 4 hours ago

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