The 30% Club's Brenda Trenowden talks about the need for more female role models in banking; Barbara Byrne and Sallie Krawcheck talk about successful women "rubbing people the wrong way"; and backers and advisers of the new movie Equity talk about being pregnant on Wall Street. Also Digital Asset Holdings staffs up with RBS and JPMorgan executives.
On July 28, 2016, Atlas Resource Partners, L.P. and certain of its affiliates (collectively, “Atlas” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York.
According to the affidavit of Atlas’s Chief Financial Officer, Jeffrey M. Slotterback (the “Slotterback Affidavit”), Atlas has entered into a restructuring support agreement with holders of more than 80% of senior bondholders. The agreement contemplates a plan that would include, amongst others, a debt-for-equity swap with senior bondholders. See Slotterback Affidavit at 8-19.
Debtors' operations include natural gas, crude oil and natural gas liquids production in various assets 14,000 producing wells across 17 states. See Slotterback Affidavit at 8.
Debtors’ liabilities total approximately $1.358 billion in funded debt obligations which include: (i) $440 million pursuant to a 2013 Lien Credit Agreement with Wells Fargo Bank, National Association as administrative agent; (ii) $250 million pursuant to a 2015 Lien Credit Agreement with Wilmington Trust, National Association as administrative agent; (iii) $668 million pursuant to several senior unsecured notes with U.S. Bank National Association and Wells Fargo as trustees. See Slotterback Affidavit at 13-19.
On July 26, 2016, III Exploration (the, “Debtor”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Utah, Central Division.
According to the Motion for Order Approving Debtor’s Assumption of Transition Services Agreement with Petroglyph Operating Company, Inc. (the “TSA Motion”), Debtor is engaged in the exploration and production of oil and natural gas deposits, primarily in the Uinta Basin in Utah. The Debtor also has interests in assets in the Raton Basin located in Colorado and Williston Basin in North Dakota. See TSA Motion at 5.
Debtors’ liabilities total approximately $241 million which include: (i) $84 million pursuant to a 2013 Credit Agreement with Wilmington Trust, National Association as administrative agent; (ii) $ 25 million pursuant to a 2013 Second Lien Facility with KeyBank as administrative agent; and (iii) $132 million pursuant to an unsecured promissory note with an affiliate. See TSA Motion at 17-21.
The Debtor’s bankruptcy case is captioned In re III Exploration II LP, Case No. 16-26471. The bankruptcy case has been assigned to Judge R. Kimball Mosier.
On July 27, 2016, Halcon Resources Corporation and certain of its affiliates (collectively, “Halcon” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware.
According to the declaration of Halcon’s President Stephen W. Herod (the “Herod Declaration”), Halcon has entered into a restructuring support agreement with holders of more than 85% of the total aggregate amount of each impaired voting class of creditors. The agreement contemplates a plan that would, amongst other things, swap $1.8 billion debt for equity in the reorganized Halcon. See Herod Declaration at 5-8.
Halcon is an independent oil and natural gas exploration and production company engaged in the acquisition, production, exploration, and development of onshore liquids-rich oil and natural gas reserves in the United States, primarily in the Bakken and Three Forks formations in North Dakota, and the Eagle Ford formation in East Texas. Debtors have leasehold working interests in approximately 1,500 oil and gas wells, and own interests in approximately 465,000 net acres’ (excluding acreage held by a non-Debtor affiliate). See Herod Declaration at 11-12.
The impressive loan growth in the second quarter is surprising in an economy that grew by 1.2% in the second quarter and by only 0.8% in the first quarter.
Debt collector abuse is what drives people to the doors of bankruptcy lawyers like me. But, I am still AGAINST debt collector abuse. CFPB and Debt Collectors The Consumer Protection Finance Bureau (CPFB) has been around for a few years now, so far overcoming court challenges to the broad array of powers bestowed on it [...]
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It is very true that a Chapter 7 bankruptcy case can be filed without having the full attorney fees paid up front. In fact, there are some attorneys that are willing to advance even the filing fees in certain circumstances. However, for a valid Chapter 7 bankruptcy case to be filed, there are certain documents+ Read More
The post Filing Without Full Payment, Ok. Filing Without Full Documents, Problemati appeared first on David M. Siegel.
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Returning Fannie Mae and Freddie Mac to their status as privately owned public utilities is consistent with their mandate and makes the most policy sense.
A new CMBS issuance is set to test whether regulators will treat the 5% retained credit risk under Dodd-Frank as loans or bonds. The difference matters because there are different capital charges for loans and bonds. If regulators treat the retained credit risk as bonds (which matches the technical form of the retained interest), then the risk retention requirement will be much more onerous. If they treat the retained credit risk as loans, it is just as if the bank securitized only 95% of the loans, rather than 100%.
Here's the thing: we've been through this issue before. In the 1980s the Federal Home Loan Bank Board had to decide whether S&L's junk bond investments were to be treated as bonds or as loans. S&Ls were limited to hoping 1% of their assets in junk bond, but the FHLBB permitted them to count junk bonds as "commercial loans", which had a 10% asset cap, and thus have up to 11% of their assets in junk bonds. Bill Bratton and I documented this in a paper about the development of the synthetic CDO several years ago:
Read More from: Credit Slips
Pay off debt first or start saving now?
It’s a debate almost as convoluted as which came first, the chicken or the egg?
Experts heatedly take opposite sides.
You get rid of debt faster if you put all available cash into paying off balances.
You have no reserves for the unexpected if you spend everything that comes in.
After much thought, and triggered by new research, I’ve got my answer.
Start saving now.
It’s the power of habits, not arithmetic.
Read More from: Northern California Bankruptcy Lawyer
In the wake of the Bitfinex heist, protecting consumers must again be at the forefront of the digital currency community.
In order to quickly stop a foreclosure or repossession, a great option is to file a Chapter 13 bankruptcy. When filing a chapter 13, the court looks at the debtor’s income less his living expenses to determine what disposable income remains. A debtor must be able to show an ability to pay ongoing living expenses and still have money available to pay a percentage to his creditors. The amount paid to unsecured creditors could be very small or even nothing at all, but in order to catch up a car or a house, a debtor must show he has enough income to pay for the house and the car while maintaining everyday living expenses.
Read More from: Bonds & Botes, P.C.
Receiving Wide Coverage ...
Bitcoin plunges after Hong Kong hack. Bitcoin plunged 20% yesterday after Bitfinex, an exchange based in Hong Kong, said it had been hacked and funds were stolen. Nearly 120,000 bitcoins were stolen. Bitfinex, one of the largest exchanges for the digital currency, froze all customer accounts as it investigates the breach. Financial Times, New York Times ...
Michael Mullin is an Omaha attorney. He is a mediator and has been mediating lawsuits for many years. Mike mediates cases all-day, every-day — literally: including Saturday’s, Sunday’s and holidays, as needed.
Mike became active as a mediator when mediation began taking hold in the Omaha area back in the mid-1990’s.
Mike explains how mediation developed from non-use to common use as follows:
Initially, “there was some reluctance by attorneys on both sides of the bar to the concept of mediation.” But both sides soon realize they have “strong incentives to mediate their disputes.”
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Funds in joint bank accounts can generally be accessed by all account-holders — each of them can withdraw all of the money in the account regardless of who actually deposited the funds in the account. This is often the reason for having a joint account. This can create a huge problem for the account holders when one of them is subject to a garnishment or files a Bankruptcy case. If the account is garnished because one of the account holders has a judgment against them, neither the bank nor the creditor have to determine the source of the funds prior to attaching them. If one of the parties files a Bankruptcy case, the Trustee may lay claim to all or a portion of the funds as property of the Bankruptcy estate.
Read More from: Georgia Bankruptcy Blog
With all the different bankruptcy types, it can get a bit confusing to someone who is new to bankruptcy. What do all these numbers mean? In this post, our Elkhorn, WI Chapter 7 Bankruptcy attorney explains what the difference is between an Elkhorn, WI Chapter 7 Bankruptcy and an Elkhorn, WI Chapter 128 Debt Amortization Plan.
Read More from: Wynn at Law, LLC
The recklessness of pioneers like the DAO and the need for learning are not unique to the blockchain ecosystem, pessimists notwithstanding. This technology is living through turbulent early days. It is bound to become safer and more powerful.
Recently, I met with a couple who was behind on payments under their bond for title contract. They were concerned because the contract allowed the seller to void the contract and treat the contract as a month to month lease instead of a sale if a default occurred. Understandably, this couple was upset because they paid upfront a large down payment on the property and had made payments on the home for a number of years.
For those who are unable to qualify for a conventional mortgage, a bond for title may seem appealing since it is a way for you to invest in a home through owner financing instead of just paying rent. A bond for title is an installment sales contract where the owner is financing the sale of property but not transferring title of the property to you until the terms of the contract are complete. If you are considering entering into a bond for title, it is important for you to understand what risks are associated with such transactions.
If a seller still has a mortgage on the property that they are now trying to sell to you, then two major issues arise.
Read More from: Bonds & Botes, P.C.
GSE Envtl., Inc. v. Sorrentino (In re GSE Envtl., Inc.), No. 16-50377 (MFW), 2016 WL 3963978 (Bankr. D. Del. July 18, 2016)
In this Opinion, Judge Walrath ruled that stock-based compensation owed to the former chief executive officer (the “Defendant”) of GSE Environmental, Inc. and GSE Holding, Inc. (the “Debtors”) under his employment agreement constitutes an “equity security”, as that term is defined under the Bankruptcy Code. See Op. at *5; 11 U.S.C. § 101(16). Read More ›
Read More from: Delaware Bankruptcy Insider