It's time not only to hold banks accountable for their security, but also to provide meaningful regulatory guidance on how to achieve security.
Filip Technologies, Inc., along with three of its subsidiaries, filed petitions for relief under chapter 11 of the Bankruptcy Court for the District of Delaware (Case No. 16-12192). Filip Technologies produces a phone application, “FiLiP,” that allows parents to monitor their children’s whereabouts and phone usage and sells a watch-phone and various other accessories. The case has been assigned to the Honorable Kevin Gross. The Debtors’ petition and list of twenty largest creditors can be found here. According to the board resolutions filed with the chapter 11 petition of Filip Technologies, Inc., the Debtors intend to seek DIP Financing from AT&T Capital Services, Inc. and will pursue a sale of their assets under 11 U.S.C. § 363. A claims agent has not yet been appointed and the first day declaration is not yet available.
Read More from: Cole Schotz P.C. Bankruptcy & Restructuring Law Blog
In my bankruptcy alphabet, R stands for Retirement.
Retirement plans and IRA’s are safe in whatever chapter of bankruptcy you file.
Your rights in an employer’s pension plan or a union pension plan are not even part of the property of your bankruptcy estate. The Supreme Court held almost 20 years ago that ERISA qualified retirement plans are beyond the reach of bankruptcy trustees and of your creditors.
Read More from: Northern California Bankruptcy Lawyer
Receiving Wide Coverage ... Out of the shadows: The Consumer Financial Protection Bureau proposed disclosure and consumer protection rules for prepaid debit cards. Under the proposal, which would take effect in a year, prepaid cards would be required to carry a standardized disclosure of the card's monthly fee as well as details on fees for cash withdrawals, customer service calls, overdrafts and reloads. The cards would also have to provide the same liability protection that appliesÂ...
Fintech not only solves problems for banks and their customers, it also helped break a curse.
Fisher Brothers Mgmt. Co. LLC v. Genco Shipping & Trading Ltd. (In re Genco Shipping & Trading Ltd.), 550 B.R. 676 (S.D. N.Y. 2015) – A debtor rejected a master lease. The landlord and a subtenant filed claims for rejection … Continue reading
Read More from: Bankruptcy-RealEstate-Insights
The bank's fake account scandal is further reason to make the results of Wells' 2012 Community Reinvestment Act exam public.
The report, which measures the value of residential real estate in 20 major US metropolitan areas, found that real estate prices across the United States are up five percent over last year.
Interestingly, the rise in the cost of buying a home in New Jersey and New York is still lagging considerably behind the rest of the country. According to the report, the Northern NJ and New York regions saw homes price go up by just 1.7 percent. This was the weakest of all regions examined by the index. By contrast, the extreme other end of the country, the Pacific Northwest, saw the cost of purchasing a house rise by the largest percentage. Moreover, nearly half of all regions covered in the report had home price growth of at least six percent when compared to the previous year.
Read More from: The Law Office of Joel R. Spivack
Chapter 13 is a section of the Bankruptcy Code that allows individuals and small business owners in financial difficulty to repay their creditors.
That Plan sets out how your Secured creditors and Unsecured Creditors are paid and must be approved (Confirmed) by the Bankruptcy Judge. The approval usually occurs around 60 days after your file your petition at what is called a Confirmation Hearing.
Garden Fresh Restaurant Intermediate Holding, LLC, (d/b/a Souplantation) a San Diego-based restaurant chain that operates 123 Souplantation and Sweet Tomatoes restaurants in 15 states, and 4 of its subsidiaries (collectively, the “Debtors”) have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12174). The case has been assigned to the Honorable Christopher S. Sontchi. According to the Debtors, a decline in sales and increased operating costs have, among other reasons, led to the commencement of these cases. The Debtors indicate that they have entered into a Restructuring Support Agreement (the “RSA”) with their secured lenders that contemplates a 363 sale of substantially all of the Debtors’ assets. According to the first day declaration, certain prepetition lenders have agreed to serve as a stalking horse for the Debtors’ assets and to provide DIP financing. The petition (including the consolidated list of the top 30 creditors) and the first day declaration are available through Epiq Bankruptcy Solutions, LLC.
Read More from: Cole Schotz P.C. Bankruptcy & Restructuring Law Blog
Male bankers are often unaware of how they benefit from a level of privilege that limits the advancement and contributions of their female colleagues, to the detriment of the entire industry.
Receiving Wide Coverage ...
More pain for Wells: Sen. Sherrod Brown, D-Ohio, said he plans to introduce a bill that would prevent Wells Fargo from forcing customers to use arbitration clauses if they challenge the bank for opening bank accounts without their permission, a move that would make it easier for customers to sue the bank for any damages they may have incurred as a result. "Giving customers back their right to take Wells Fargo to...
The Asset Based Finance Association (ABFA) has reported that the amount of invoice finance secured by UK businesses has risen by over a quarter in the last five years and that the total amount of UK lending secured through invoice financing has hit a record and passed the £20 billion mark this year for the first time.
Read More from: eSQUIRE Global Crossings
Four law firms are squabbling over how to divide a $20 million attorney fees fund in a bankruptcy case. [Insert your own derisive epithet here.]
A two-year and multi-session mediation results in settlements of asbestos-related claims. One such settlement involves a $90 million payment from an insurance company, $70 million of which goes to asbestos claimants and the remaining $20 million is the attorney fees fund in question. The Bankruptcy Court approves the settlement and finds the $20 million attorney fees provision to be “fair, equitable and reasonable in light of the complexity of the litigations and the size of the recoveries.”
However, the mediated settlement does not allocate the $20 million fund among the claiming attorneys. So, the Bankruptcy Court is asked to resolve the $20 million division squabble.
Read More from: Mediatbankry
National golf retailer Golfsmith filed for bankruptcy relief earlier this month in hopes of reorganizing its business model and managing its debts. The company also sought protection from its creditors in Canada and hopes to sell its Canadian chain, Golf Town, which is comprised of roughly 50 stores.
Golfsmith was founded in 1967 and is currently based in Austin, Texas. The company plans on closing several of its locations in the United States which will definitely hurt some of the estimated 2,300 current employees.
There are several reasons given for the need to restructure, but the primary reason is the apparent decrease in interest of the sport. The number of recreational golfers peaked in 2005 but has fallen off by about twenty percent since that time. Some believe that the absence of Tiger Woods has contributed to the decline while others say that millennials just don’t have an interest in the “slow pace and hours long time commitment” required.
In re Reichhold Holdings US, Inc., No. 14-12237 (MFW), 2016 WL 4479286 (Bankr. D. Del. Aug. 24, 2016)
In this Memorandum Opinion, the Court overruled a limited reclamation claims objection asserted by a liquidating trustee, who argued that a creditor’s reclamation rights were cut-off by a postpetition loan that refinanced a prior perfected prepetition loan. In doing so, the Court sided with the Sixth Circuit Court of Appeals and rejected a line of cases from the Bankruptcy Court for the Southern District of New York. Read More ›
Read More from: Delaware Bankruptcy Insider
While the Wells Fargo scandal might offer marketing opportunities for community banks, there is concern about regulatory fallout that fails to distinguish between large and small banks.
If you are contemplating bankruptcy and owe money to a credit union, it is very important for your bankruptcy attorney to know that fact so that they can advise you of how filing bankruptcy can affect your credit union relationship. Generally, there are three situations that could arise when you owe a credit union money and file bankruptcy.
As you already know, you had to become a member with the credit union to be able to establish an account with the credit union. This membership may be canceled if you file for bankruptcy and you are not paying all debts owed to the credit union in full.
A strategy to reinvigorate black-owned financial institutions would not only bring hope to the black community but would also be an inspiration for other minorities who seek to be more effectively served by financial institutions that understand their needs.
Receiving Wide Coverage ...
Deutsche's turn in the hot seat: Deutsche Bank replaced Wells Fargo as the financial world's favorite whipping boy, at least over the weekend. The Financial Times reports that Germany's deputy chancellor and economics minister, Sigmar Gabriel, "launched a blistering attack" on Deutsche's CEO John Cryan after Cryan last week blamed "forces in the market" for trying to destabilize the bank. "I didn't know whether I should laugh or be furious that a...