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Critics of the regulatory relief bill proposed by Sen. Richard Shelby argue that will endanger the financial system and benefit big banks. But in fact, the changes offer sensible, nonpartisan fixes to some of the biggest problems with the Dodd-Frank Act.

Read More from: BankThink

1 week 12 hours ago
Critics of the regulatory relief bill proposed by Sen. Richard Shelby argue that will endanger the financial system and benefit big banks. But in fact, the changes offer sensible, nonpartisan fixes to some of the biggest problems with the Dodd-Frank Act.

Read More from: BankThink

1 week 12 hours ago
Let Target's settlement with MasterCard over the retailer's massive data breach serve as a reminder of the need for all participants in the payments system to play by the same set of rules.

Read More from: BankThink

1 week 12 hours ago
A bankruptcy judge has cleared the way for victims of tainted injections that caused a 2012 meningitis outbreak in the U.S. to begin receiving money from a $200 million trust fund created for their benefit. Read 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.”) The financial woes of Brazil’s embattled OAS Group have sparked an international bankruptcy duel and sent bondholders to a New York court for aid. The Wall Street Journal has the DBR article here. According to Bloomberg, Standard & Poor’s downgraded Colt Defense LLC’s debt to default.

Read More from: WSJ.com: Bankruptcy Beat

1 week 13 hours ago
A bankruptcy judge has cleared the way for victims of tainted injections that caused a 2012 meningitis outbreak in the U.S. to begin receiving money from a $200 million trust fund created for their benefit. Read 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.”) The financial woes of Brazil’s embattled OAS Group have sparked an international bankruptcy duel and sent bondholders to a New York court for aid. The Wall Street Journal has the DBR article here. According to Bloomberg, Standard & Poor’s downgraded Colt Defense LLC’s debt to default.

Read More from: WSJ.com: Bankruptcy Beat

1 week 13 hours ago
Silicon valley is not the only place budding startups are blossoming. A new emerging market for startups can be found in Africa – particularly in Nigeria and Kenya. While still relatively small, and growing,  Africa is looking for venture capital to fuel the ideas of entrepreneurs. Venture Capital for Africa is a platform that seeks to connect investors and startups. Read more here.
1 week 13 hours ago
Contact us about more information on the following opportunities to invest in, purchase, or loan to distressed companies and their assets (including bankruptcy, ABCs, receiverships, and Article 9), and into other time sensitive situations. The deals listed here were added for the seven day period ending this past Sunday. Plant/Facility Closings Tin mill Textile plant Bakery chain Frozen food plant Religious/Art museum Full-service restaurant Manufacturer of bathroom sinks Retail chain – Over 60 stores Shopping Center – Over 400,000 sq. ft.

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

1 week 13 hours ago
Receiving Wide Coverage ... UBS Pays Up: Immunity didn't quite work out for UBS. The Swiss lender has agreed to pay $545 million to settle investigations into the alleged manipulation of foreign-exchange and Libor rates. UBS had reached a nonprosecution agreement with the U.S. back in 2012 over its alleged role in the Libor scandal, but prosecutors scrapped the deal when the bank later became implicated in forex rigging. Now it will plead guilty to oneÂ...

Read More from: BankThink

1 week 13 hours ago
If you have decided to use the services of a debt management or debt consolidation company, keep in mind that you may be much better off consolidating your debt under Chapter 13 of the United States Bankruptcy Code. You set the plan approved by the Court and make payments pursuant to a Federal Court order that: 1. Stops interest for unsecured creditors 2. Stops late fees 3. Stops and prevents lawsuits 4. Stops harassing telephone calls Most debt management or debt consolidation plans do not do these things for you. Have a lawyer with extensive bankruptcy experience review your financial situation and advise you of the options available to you.
1 week 13 hours ago
Flyboy Aviation Properties, LLC v. Franck (In re Flyboy Aviation Properties, LLC), 525 B.R. 510 (Bankr. N.D. Ga. 2015) – A chapter 11 debtor operated a small private airport.  The debtor and an adjacent landowner had a long running dispute that … Continue reading →
1 week 16 hours ago
Acknowledging that the statutory language "does not say expressly" what should happen, the Supreme Court nevertheless ruled that undistributed funds held by the Chapter 13 trustee should be returned to the debtor following a conversion.   The Court described its result as "the most sensible reading of what Congress did provide."   Justice Ginsberg wrote the opinion for an unanimous Court.   Harris v. Viegelahn, No. 14-400 (5/18/15).What HappenedCharles Harris, III began his trip to the Supreme Court when he filed a chapter 13 petition in San Antonio, Texas in February 2010.   He was trying to save his home after defaulting upon his mortgage.    However, by November 2010, the Court had lifted the stay to allow the lender to foreclose.   A year later, he converted his case to chapter 7.   At that time, the Chapter 13 Trustee had over $5,500 on hand.  Rather than returning these funds to the debtor or paying them to the Chapter 7 trustee, she paid them to debtor's counsel and the unsecured creditors.   The Debtor filed a motion for return of the funds.   The Bankruptcy Court granted this motion and the trustee appealed.   The Fifth Circuit reversed, finding that the Bankruptcy Court's order would allow the Debtor to receive a "windfall."    In re Harris, 757 F.3d 468 (5th Cir.
1 week 1 day ago
In the battle between one of America’s largest cities and one of America’s largest banks, the money reigns supreme. At least, that’s what a federal judge in Los Angeles thinks. On May 15, 2015 A federal judge threw out a lawsuit by the city of Los Angeles that accused Bank of America of discriminatory mortgage lending. The suit, which was originally filed by the city in 2013, claimed that Countrywide Home Loans (a unit of Bank of America) violated the U.S. Fair Housing Act by making loans to minorities on worse terms than those offered to whites and then refused to refinance them on fair terms. The actions, claimed the city, was a major cause of foreclosures and neighborhood blight in largely minority neighborhoods. In fact, the lawsuit claimed that loans issued by the bank in Los Angeles’s minority neighborhoods were more than four times more likely to result in foreclosure than those issued in white neighborhoods. U.S. District Judge Percy Anderson, ruling in City of Los Angeles v. Bank of America Corp et al, threw out the lawsuit because Los Angeles lacked standing to sue under the law, which requires proof of a “concrete injury.” According to Reuters:
1 week 1 day ago
In a brief order expressing a surprising view of the commonplace entry of joint administration orders in chapter 11 bankruptcy cases, a Pennsylvania bankruptcy court judge rejected entry of such an order in a recent case.  For those unfamiliar, Bankruptcy Rule 1015 provides that if two or more petitions are pending in the same court involving a debtor and an affiliate “the court may order a joint administration of the estates.” In the order, bankruptcy judge Thomas Agresti acknowledges that the “relationship between the two Debtors clearly falls within the scope of Rule 1015(b) such that joint administration could be ordered.”  He also recognizes that no parties had objected to the motion seeking joint administration of the two cases – In re Erie Hockey Club Limited, Case No. 15-10380-TPA, and In re Bassin Hockey, Inc., Case No. 15-10381. Nevertheless, Agresti noted that the use of the term “may” in Bankruptcy Rule 1015 makes approval of joint administration discretionary, as opposed to mandatory.  Thereafter, the judge expressed his viewpoint: It has been this Court’s experience that, except in certain circumstances that do not appear to be present here, joint administration provides little advantage, and even that may be outweighed by negative consequences such as the addition of an element of confusion to the process.

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

1 week 1 day ago
“I get knocked down / But I get up again / You’re never gonna keep me down.”  – Chumbawumba Do you stay up at night wondering about the effect the conversion of a chapter 13 case to chapter 7 has on a debtor’s postpetition wages held by the chapter 13 trustee?  Well, neither do we.  But when the United States Supreme Court issues a decision involving interpretation of the Bankruptcy Code, we at the Bankruptcy Blog get very excited — even if it does not deal with an issue so relevant to our everyday practice.  And so we read with great interest yesterday’s Supreme Court decision in Harris v. Viegelahn.  And while the particular Bankruptcy Code sections most implicated by that case are not ones corporate restructuring attorneys generally grapple with, any insight into the Supreme Court’s statutory interpretation framework is always useful to our practice.  In addition, there are broader lessons to be learned from this one, including the old adage that “if at first you don’t succeed, try, try again.”  
1 week 1 day ago
Originally posted on Montana Bankruptcy Reporter Blog: This is one of the premier consumer bankruptcy programs in the country.  The National Association of Chapter 13 Trustees will be holding it’s 50th annual seminar July 1 – 4, 2015 at the Grand America Hotel in Salt Lake City.   There will be a variety of outstanding presentations and panels.  The program and registration materials may be found at this link.  NACTT Program View original
1 week 1 day ago
In this Sept. 7, 2012, file photo, Joe Francis attends the House of Hype Music Awards at the Beverly Hills Hotel in Beverly Hills, Calif. A judge has called for Mr. Francis’s arrest.
Arnold Turner/Associated Press
A federal judge is calling for the arrest of Girls Gone Wild founder Joe Francis. On Tuesday, Judge Fernando M. Olguin of the U.S. District Court in Los Angeles issued an arrest warrant for Mr. Francis for failing to turn over two luxury cars to lawyers who sold the Girls Gone Wild name out of bankruptcy last year. Mr. Francis has previously said that he can’t return the vehicles, a 2007 Cadillac Escalade and a 2012 Bentley Flying Spur, because a strip-club owner in Mexico—angry that several Girls Gone Wild promotions fell through—took them, according to court papers. Mr. Francis’s bankruptcy lawyer declined to comment on the arrest warrant.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago
Although more than half of younger shoppers are already willing to use wearables to make in-store payments, we are still firmly in the age of the smartphone.

Read More from: BankThink

1 week 1 day ago
Check out this webinar on our YouTube channel to identify common mistakes that lenders make before and during consumer bankruptcy cases – and how to avoid those mistakes to better protect the lender's rights and collateral. Tags: Chapter 13, Chapter 7, Did you Know?

Read More from: Michigan Bankruptcy Blog

1 week 1 day ago
It's a good idea to raise the asset threshold at which financial institutions are automatically designated as systemically important financial institutions. But Sen. Richard Shelby's proposed legislation for regulatory relief does require one crucial change.

Read More from: BankThink

1 week 1 day ago
MF Global Holdings Ltd. investors are seeking final approval of a $74 million settlement stemming from their lawsuit against several financial institutions. 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.”) The nation’s top court ruled Monday that people who fail to complete debt-repayment plans while under chapter 13 bankruptcy protection can keep whatever money is left over when the case is converted to liquidation, DBR (sub. req.) reports. According to DBR (sub. req.), the hedge fund buying the RadioShack brand, Standard General LP , has cleared a hurdle in its bid to tap into the retailer’s customer data.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago

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