ABI Blog Exchange

Branch closures can prompt online blowback as community members worry about employee layoffs and stranded customers. A bank's best move is to get in front of the issue and respond directly to locals' concerns.

Read More from: BankThink

1 week 4 days ago
Last year, AIMKts published a piece called, “Can’t Afford to Live in NYC? You Can Still Own a Piece,” focusing on CityShares, a platform for investing in emerging neighborhoods in NYC, open only to accredited investors, for a minimum investment of $100,000. Other platforms offer similar opportunities with smaller minimums. Read more here.
1 week 4 days ago
Risky Business. When a debtor is a licensee under a trademark license agreement, does it risk losing those license rights when it files bankruptcy? The question had not been answered in a Delaware bankruptcy case until Judge Kevin Gross recently addressed it in the In re Trump Entertainment Resorts, Inc. Chapter 11 case. A lot was riding on the decision, not just for the parties involved but, given how many Chapter 11 cases are filed in Delaware, more generally for other trademark licensees and owners as well. The Debtors were licensees of trademarks and other rights from Donald and Ivanka Trump, through an entity called Trump AC. Trump AC sought relief from the automatic stay to proceed with a state court action it had filed against the Debtors before the bankruptcy in New Jersey Superior Court, seeking to terminate the underlying trademark license agreement.
1 week 4 days ago
Failure To File Taxes Leads To Bankruptcy Dismissal If you have a legal obligation to file federal income taxes, then doing so is a requirement in order to have a successful chapter 13 bankruptcy case. Recently, a case was dismissed for failure to turn over the most recent four years of federal tax returns. The+ Read More The post Failure To File Taxes Leads To Bankruptcy Dismissal appeared first on David M. Siegel.
1 week 4 days ago
When financial firms emphasize the need to put customers first, they offer employees a simple way to navigate daily dilemmas while short-circuiting self-interest and tribal behavior.

Read More from: BankThink

1 week 4 days ago
On March 17, 2015, following the lead of Quicksilver Resources Inc., USA Synthetic Fuel Corporation filed its own voluntary chapter 11 case in Delaware.  A copy of the petition is here.  The case is docketed as case no. 15-10599, and has been assigned to The Honorable Mary F. Walrath. The Declaration of Dr. Steven C. Vick was filed in support of the petition and other first-day motions.  Dr. Vick is the CEO and President of USA Synthetic Fuel Corporation.  According to the Vick Declaration, “The Debtors are an environmentally focused, development state energy company pursuing low-cost, clean energy solutions through the deployment of proven Ultra Clean Btu Converter technology.”  The technology converts lower-value solid hydrocarbons, such as coal, into higher-value energy products. Dr. Vick states in the declaration that in 2012 the debtors obtained approximately $36.6 million in aggregate principal amount of secured debt financing, and used those funds to procure land and other materials for ultimate construction of an Ultra Clean Btu Converter in Lima, Ohio.
1 week 4 days ago
Texas oil-and-gas company Quicksilver Resources Inc. filed for bankruptcy protection Tuesday after failing to find a buyer amid falling oil prices. 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.”) Korean shipper Daebo International Shipping Co. has filed for chapter 15 bankruptcy protection to stop a Houston-based stevedoring company from seizing one of its ships for nonpayment, DBR reports in WSJ. Facing more than $37 million in debt, the maker of Gourmet Dining-branded frozen meals that are sold at retailers like Wal-Mart Stores Inc. and Costco Wholesale Corp. has filed for bankruptcy protection while looking for a buyer. Read the DBR article in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 4 days ago
Texas oil-and-gas company Quicksilver Resources Inc. filed for bankruptcy protection Tuesday after failing to find a buyer amid falling oil prices. 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.”) Korean shipper Daebo International Shipping Co. has filed for chapter 15 bankruptcy protection to stop a Houston-based stevedoring company from seizing one of its ships for nonpayment, DBR reports in WSJ. Facing more than $37 million in debt, the maker of Gourmet Dining-branded frozen meals that are sold at retailers like Wal-Mart Stores Inc. and Costco Wholesale Corp. has filed for bankruptcy protection while looking for a buyer. Read the DBR article in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 4 days ago
Receiving Wide Coverage ... Facebook 'Likes' Payments: Comes now Facebook to the electronic money-transfer wars. Facebook will let users send money to friends, Romans and countrymen using its Messenger service, the Times, Journal and FT all reported, citing a Facebook blog post. It's Facebook's first foray into peer-to-peer money transfers. The service is free (for now) and a user only has to upload a Visa or MasterCard debit card to her Facebook account. The service will...

Read More from: BankThink

1 week 4 days ago
Desmond v Raymond C. Green, Inc. (In re Harborhouse of Gloucester, LLC), 523 B.R. 749 (1st Cir. BAP 2014) – A Chapter 7 trustee objected to the proof of claim filed by a downstream assignee of a lost mortgage note.  The … Continue reading →
1 week 4 days ago
On March 17, 2015, Quicksilver Resources Inc., a Texas based oil and natural gas producer and developer, and 13 of its affiliates, filed chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware.  The petition lists assets of $1.2 billion and liabilities of $2.35 billion.  The case is docketed as case no. 15-10585. Vanessa Gomez Lagatta, Sr. VP, CFO and Treasurer of Quicksilver, filed a declaration in support of the petitions and first-day motions.  In her declaration, Ms. Lagatta states that as of December 31, 2014, the debtors had approximately 585,000 net acres of oil and gas properties with proven reserves of 1.1 Tcfe and over 2000 net producing wells.  She also notes that the debtors had, as of December 31, 2014, a consolidated net loss for the year of $103.1 million. The Lagatta Declaration reveals that the debtors have 1.098 billion in secured debt facilities as of the petition date.  The debtors also have three series of unsecured notes (the 2019, 2021 and Senior Subordinated notes), aggregating approximately $975 million in what the Legatta Declaration characterizes as “unsecured senior obligations.”
1 week 4 days ago
A workman repairs the store front of a closed RadioShack location after the sign was removed in Springfield, Va., on MArch 12.
Shawn Thew/European Pressphoto Agency
Hedge fund Standard General has unveiled the list of RadioShack stores it plans to keep open if it is the winning bidder at a bankruptcy auction. Is your RadioShack one of the keepers? The hedge fund is targeting 1,723 stores—either as standalone outlets or co-branded with Sprint—for survival, less than half of the 4,000 or so stores the chain had at the time of its bankruptcy  filing. (Check out this interactive map from WSJ of the stores getting shut down.) Exactly how many stores Standard General proposed to take over has been up in the air since RadioShack’s bankruptcy filing. The hedge fund is also bidding $20 million for RadioShack’s name.

Read More from: WSJ.com: Bankruptcy Beat

1 week 5 days ago
A workman repairs the store front of a closed RadioShack location after the sign was removed in Springfield, Va., on MArch 12.
Shawn Thew/European Pressphoto Agency
Hedge fund Standard General has unveiled the list of RadioShack stores it plans to keep open if it is the winning bidder at a bankruptcy auction. Is your RadioShack one of the keepers? The hedge fund is targeting 1,723 storeseither as standalone outlets or co-branded with Sprint—for survival, less than half of the 4,000 or so stores the chain had at the time of its bankruptcy filing. (Check out thisinteractive map from WSJof the stores getting shut down.) Exactly how many stores Standard General proposed to take over has been up in the air since RadioShacks bankruptcy filing. The hedge fund is also bidding $20 million for RadioShacks name.

Read More from: WSJ.com: Bankruptcy Beat

1 week 5 days ago
A new book by the American Enterprise Institute's Peter Wallison reveals how a government push to lower credit standards brought about the housing crisis Â-- and why a new effort to expand homeownership could inadvertently set the stage for a fresh disaster.

Read More from: BankThink

1 week 5 days ago
A study from the State University of New York at Buffalo’s School of Management has found that the JOBS Act seems to be having its intended effect – creating jobs, by helping more startups go public. Read more here.
1 week 5 days ago
Undersecured creditors may breathe a little easier.  In a recent decision, the United States Bankruptcy Court for the Northern District of Illinois denied the debtors’ request to use an undersecured creditor’s cash collateral, in the form of postpetition rents, to pay estate professional fees, holding that the undersecured creditor was not adequately protected even though the value of its collateral was stable and possibly increasing.  In re Chardon, LLC, Case No. 13-81372 (Bankr. N.D. Ill. Jan. 13, 2015)Background
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Authored by Jon Sacks and Heather S. Nasonand Jon Sacks and Heather S. Nason of Rogers TowersCommercial Mortgage-Backed Securities (CMBS) loans are on the rise and many familiar with the market are concerned with the relaxed underwriting standards.  Interestingly, looser underwriting standards and increased loan volume are not the only issues.  Lenders are also encountering statutory and legislative developments that may limit recourse remedies in these loans and  the combination of these factors has potential for serious consequences. Increasing Numbers and Sliding Credit Quality The volume of CMBS loans is increasing and this trend is expected to continue.  CRE Finance Council’s 2015 Market Outlook Survey suggests the number of CMBS loans will increase in 2015 due to loan maturities and economic optimism.  There is also concern that higher volume means lower underwriting standards.  Lenders of CMBS loans are facing increased pressure to provide more favorable terms to borrowers due to the influx of capital in the market.  Private equity firms and hedge funds are aggressively pursuing borrowers and, according to Moody’s, issued more than 40 CMBS loan origination programs, 2014 alone.  In today’s market, borrowers are again obtaining interest only loan with reduced debt service coverage requirement. The “Limit” of Limited Liability

Read More from: Florida Banking Law Blog

1 week 5 days ago
The smaller banks in the FDIC's deposit insurance fund are subsidizing the activities of the largest banks. A two-tiered approach would go a long way toward addressing moral hazard and the too big to fail problem.

Read More from: BankThink

1 week 5 days ago
In its opinion in Gray v. Warfield (In re Gray), 523 B.R. 170 (9th Cir. BAP 2014), the Ninth Circuit BAP held that the U.S. Supreme Court’s decision in Law v. Siegel, 134 S. Ct. 1188 (2014) precludes a bankruptcy court from denying a debtor’s amendment of his claim of exemption on equitable grounds. Prior to filing bankruptcy, the Grays prepaid three months of rent on their residence, but did not list the prepaid rent as an asset in their schedules.  At the 341 meeting the trustee questioned their payment of $2707 to their landlord, at which time the debtors disclosed they had prepaid several months rent, including rent for the first two months after their bankruptcy filing.  Following the 341 meeting, the debtors amended their schedules to disclose the prepaid rent and also to assert an exemption in it, an exemption allowed by applicable state law.  The trustee filed an objection to the amended exemption, contending the debtors’ failure to list the asset initially constituted equitable grounds for denying the exemption, arguing the debtors acted in bad faith in failing to disclose the asset in the first place.  The bankruptcy court sustained the objection, and the debtors appealed. 

Read More from: Creditors' Rights

1 week 5 days ago
This photo taken on Oct. 17, 2012, shows the exterior of the former Revel Casino Hotel in Atlantic City N.J. ACR Energy Partners had told Revel’s owners it would cut off service to the building at 5 p.m. Thursday, Feb. 5, 2015, over unpaid bills. But the company and the casino agreed Thursday morning to keep the power and water flowing until a hearing Feb. 11. (AP Photo/Wayne Parry)
Wayne Parry/Associated Press
Atlantic City’s Revel Casino Hotel on Monday asked a bankruptcy judge for more breathing room in a bid move forward with a sale after the judge said she couldn’t sign off on a heavily discounted $82 million deal to Glenn Straub, a Florida-based developer. 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.”)

Read More from: WSJ.com: Bankruptcy Beat

1 week 5 days ago

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