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Carl Icahn won’t be the man signing your greenbacks. The billionaire investor made it clear Friday he won’t become treasury secretary, even if Donald Trump wins the presidency.
Bloomberg News
But he is sharing with Mr. Trump concerns about the market and would like to hear talk about that in the campaign cycle. Mr. Trump raised the possibility he’d like to bring “his friend” Mr. Icahn along for the ride in an interview on Bloomberg Television, also suggesting former General Electric Co. CEO Jack Welch and KKR & Co.’s Henry Kravis. Mr. Icahn quickly moved to quiet such talk on his blog today. “I was extremely surprised to learn that Donald was running for President and even more surprised that he stated he would make me Secretary of Treasury,” he wrote. “I am flattered but do not get up early enough in the morning to accept this opportunity.”

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 23 hours ago
Carl Icahn won’t be the man signing your greenbacks. The billionaire investor made it clear Friday he won’t become treasury secretary, even if Donald Trump wins the presidency.
Bloomberg News
But he is sharing with Mr. Trump concerns about the market and would like to hear talk about that in the campaign cycle. Mr. Trump raised the possibility he’d like to bring “his friend” Mr. Icahn along for the ride in an interview on Bloomberg Television, also suggesting former General Electric Co. CEO Jack Welch and KKR & Co.’s Henry Kravis. Mr. Icahn quickly moved to quiet such talk on his blog today. “I was extremely surprised to learn that Donald was running for President and even more surprised that he stated he would make me Secretary of Treasury,” he wrote. “I am flattered but do not get up early enough in the morning to accept this opportunity.”

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 23 hours ago
Incorporating bill and rental payment data into consumer credit scores would be a boon for underserved Americans. New legislation in Congress could help credit reporting agencies realize this goal.

Read More from: BankThink

2 weeks 1 day ago
We see many families with the need to file a Union Grove bankruptcy. A large percentage of these families consist of children. A common question and concern for families filing bankruptcy is, “Are my children’s assets protected when filing bankruptcy?” This is a great question. We have provided an in-depth answer to this frequently asked question below. When filing a Union Grove bankruptcy, you are required to list your assets and the value of your assets. If you have children, you may be concerned about your children’s assets when filing bankruptcy. In the majority of bankruptcy cases, this is not an issue to worry about. However, there are always exceptions.

Read More from: Wynn at Law, LLC

2 weeks 1 day ago
This image provided by RMK Services shows a Colt .45 SAA revolver that belonged to Robert LeRoy Parker, better known as Butch Cassidy.
Associated Press
A week into its bankruptcy case, gun manufacturer Colt Defense LLC will begin its faceoff Monday with bondholders averse to the company’s plan to retain private-equity firm Sciens Capital Management as its owner. Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., will on Monday consider Colt’s motion to have Sciens cover the cost of its bankruptcy case with $20 million in bankruptcy financing, according to court documents. That loan is linked to a bid that would pay off $108 million of Colt’s top-tier debt and keep the Sciens ownership in place. However, bondholders have offered $55 million in bankruptcy financing on what they say are better terms. The bondholders said their loan would allow the company to avoid a quick sale to current owner Sciens Capital Management, which has offered to serve as the lead bidder at an Aug. 3 bankruptcy auction. The rival proposal was spelled out in court papers filed by bondholders that included Phoenix Investment Adviser LLC, New Generation Advisors LLC and Bowery Investment Management LLC.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
This image provided by RMK Services shows a Colt .45 SAA revolver that belonged to Robert LeRoy Parker, better known as Butch Cassidy.
Associated Press
A week into its bankruptcy case, gun manufacturer Colt Defense LLC will begin its faceoff Monday with bondholders averse to the company’s plan to retain private-equity firm Sciens Capital Management as its owner. Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., will on Monday consider Colt’s motion to have Sciens cover the cost of its bankruptcy case with $20 million in bankruptcy financing, according to court documents. That loan is linked to a bid that would pay off $108 million of Colt’s top-tier debt and keep the Sciens ownership in place. However, bondholders have offered $55 million in bankruptcy financing on what they say are better terms. The bondholders said their loan would allow the company to avoid a quick sale to current owner Sciens Capital Management, which has offered to serve as the lead bidder at an Aug. 3 bankruptcy auction. The rival proposal was spelled out in court papers filed by bondholders that included Phoenix Investment Adviser LLC, New Generation Advisors LLC and Bowery Investment Management LLC.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
Series: Securities Law 2015 Private placement offerings can be a key source of capital, but what should be considered in doing a private placement and how are they done?  This webinar will cover the risks that should be evaluated prior to doing a private placement, factors that should be taken into consideration, and benefits to those involved. Read more here.
2 weeks 1 day ago
You Will Make It Through Your Bankruptcy; Don’t Panic For many people the thought of filing for bankruptcy is devastating. If it turns out that you need to file and you simply cannot pay off your debt, listen to the advice of your bankruptcy attorney and don’t panic. There are several panic mode incidents which+ Read More The post You Will Make It Through Your Bankruptcy; Don’t Panic appeared first on David M. Siegel.
2 weeks 1 day ago
Weil Business Finance & Restructuring partner Joseph Smolinsky spoke at the Barclays 2015 High Yield Bond and Syndicated Loan Conference in Colorado Springs, Colorado. The session, which was held as a webinar, included a presentation to the investment community on distressed coal considerations, followed by a question and answer period. Listen to an archived audio webcast of the presentation here.
2 weeks 1 day ago
On June 18, 2015, Saratoga Resources, Inc. (“Saratoga”) and its subsidiaries (collectively and including Saratoga, the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Western District of Louisiana, Lafayette Division.  In connection with the bankruptcy filing, the Debtors also filed a Form 8-K with the U.S. Securities and Exchange Commission (the “June 19th Form 8-K”). Saratoga’s bankruptcy petition indicates that the Debtors have assets of approximately $ 101.2 million with outstanding debts of approximately $219.2 million.  Bankruptcy Petition at 4.  The Debtors’ secured debt is composed of (i) $54.6 million owed in the form of 10.0% Senior Secured Notes due 2015 and (ii) $125.2 million owed in the form of 12½% Senior Secured Notes due 2016.  The senior secured notes are held by funds managed by GSO Capital Partners LP and Stonehill Capital Management LLC.  June 19th Form 8-K at 2; Saratoga Bankruptcy Petition at 5.  The Debtors’ primary, oil-producing assets are shallow-water oil and gas leases in the state of Louisiana and on the Outer Continental Shelf.  See www.saratogaresources.com/operations/.
2 weeks 1 day ago
The bankruptcy trustee winding down the parent of Downey Savings & Loan has reached a settlement with the Federal Deposit Insurance Corp., closing the books on a legal fight over the rights to more than $444 million in tax refunds and other assets. 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.”) Oil and gas producer Saratoga Resources Inc. filed for chapter 11 protection, The Wall Street Journal reports. According to Bloomberg, Great Atlantic & Pacific Tea Co. is considering its second bankruptcy in five years.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
The bankruptcy trustee winding down the parent of Downey Savings & Loan has reached a settlement with the Federal Deposit Insurance Corp., closing the books on a legal fight over the rights to more than $444 million in tax refunds and other assets. 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.”) Oil and gas producer Saratoga Resources Inc. filed for chapter 11 protection, The Wall Street Journal reports. According to Bloomberg, Great Atlantic & Pacific Tea Co. is considering its second bankruptcy in five years.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
Receiving Wide Coverage ... Brushing the Dust Off IT: Banks around the world use IT systems are basically antiques, and recent tech glitches at Royal Bank of Scotland and Commonwealth Bank of Australia are making that problem increasingly difficult to ignore. The Financial Times reports that part of the issue is that three-quarters of banks' tech spending has to go toward the cost of keeping the old, complex systems running, leaving them with just a fractionÂ...

Read More from: BankThink

2 weeks 1 day ago
Consumer prices rose in May by the largest amount in more than two years, thanks mainly to a spike in gas prices – the biggest in six years. Aside from energy, prices remained flat, the U.S. Bureau of Labor Statistics reported Thursday. Read more here.
2 weeks 1 day ago
Sale signs greeted customers walking to the now-closed RadioShack at Valley View Plaza in Marion, Ind., on Friday, Feb. 20.
The Chronicle-Tribune/Associated Press
Don’t mess with Texas—especially not with its shoppers. As we reported, Texas Attorney General Ken Paxton on Thursday sued RadioShack in bankruptcy court over approximately $43 million in unused gift cards. In the lawsuit, Mr. Paxton says the retailer hasn’t notified gift-card holders that they need to file claims in bankruptcy in order to be repaid for the cards. He wants to the right to file such claims on behalf of Texas residents, a right he says should be extended to other states’ attorneys general. He also wants the claims to be given priority status when it comes time to dole out payments.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
Sale signs greeted customers walking to the now-closed RadioShack at Valley View Plaza in Marion, Ind., on Friday, Feb. 20.
The Chronicle-Tribune/Associated Press
Don’t mess with Texas—especially not with its shoppers. As we reported, Texas Attorney General Ken Paxton on Thursday sued RadioShack in bankruptcy court over approximately $43 million in unused gift cards. In the lawsuit, Mr. Paxton says the retailer hasn’t notified gift-card holders that they need to file claims in bankruptcy in order to be repaid for the cards. He wants to the right to file such claims on behalf of Texas residents, a right he says should be extended to other states’ attorneys general. He also wants the claims to be given priority status when it comes time to dole out payments.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
Members of Unite Here Local 54, which represents the Trump Taj Mahal and other Atlantic City, N.J., cooks, bartenders, waitresses and bellmen, protest benefit cuts along with members of other unions in front of the Trump Taj Mahal in Atlantic City on Wednesday, June 18, 2015.
Joseph Checkler
About 2,000 union workers lined the Atlantic City Boardwalk in New Jersey Wednesday, protesting deep cuts in health care and other benefits to Trump Taj Mahal workers, which they blame on soon-to-be owner Carl Icahn. The protesters, some holding colorful anti-Icahn signs, then marched in two separate groups around the Taj Mahal building, blocking the street where cars enter the casino’s property. About 75 workers in neon shirts then sat down in front of the entrance in an act of civil disobedience before Atlantic City police officers who were aware of the protest arrested all of them.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
Members of Unite Here Local 54, which represents the Trump Taj Mahal and other Atlantic City, N.J., cooks, bartenders, waitresses and bellmen, protest benefit cuts along with members of other unions in front of the Trump Taj Mahal in Atlantic City on Wednesday, June 18, 2015.
Joseph Checkler
About 2,000 union workers lined the Atlantic City Boardwalk in New Jersey Wednesday, protesting deep cuts in health care and other benefits to Trump Taj Mahal workers, which they blame on soon-to-be owner Carl Icahn. The protesters, some holding colorful anti-Icahn signs, then marched in two separate groups around the Taj Mahal building, blocking the street where cars enter the casino’s property. About 75 workers in neon shirts then sat down in front of the entrance in an act of civil disobedience before Atlantic City police officers who were aware of the protest arrested all of them.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
Authored by Robert E. Pinder of Rogers TowersThe banking industry has spent the last two years preparing for the Consumer Financial Protection Bureau’s implementation of the Truth-in-Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Mortgage Disclosures Rule – referred to by the acronym “TRID.” (78 FR 79730). TRID was scheduled to become effective on August 1, 2015 by implementing significant changes for lenders providing disclosures to consumers who are applying for, and closing, a mortgage loan.  TRID modifies three decades of federal law by changing the timing and format of disclosures made during the mortgage process. A key change under TRID is the requirement that two new consumer forms be used for the mortgage transaction (replacing four forms used under the old TILA/RESPA regime) – the new forms are the Loan Estimate and the Closing Disclosure. Acting under a mandate contained within the Dodd-Frank Act, the CFPB issued the final TRID rule in November 2013. The CFPB’s stated purpose for TRID was to “combine two existing disclosure regimes under TILA and RESPA and make mortgage disclosure easier for consumers to understand and use.” Despite repeated requests to delay TRID’s implementation date, the CFPB had refused to postpone the rule’s effective date.

Read More from: Florida Banking Law Blog

2 weeks 2 days ago

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