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In his new role at the nation's largest bank, Andrew Kresse will manage the business that serves companies with up to $20 million in annual revenue.

Read More from: BankThink

1 week 1 day ago

So-called performance-share units are pushing aside stock options as the preferred long-term incentive pay for bank executives. Many investors and regulators fear that options can encourage reckless conduct and have other shortcomings, though options still have supporters.

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1 week 1 day ago

Czyzewski v. Jevic Holding Corp., 580 U.S. ___ (2017)

In Official Comm. of Unsecured Creditors v. CIT Group/Business Credit, Inc. (In re Jevic Holding Corp.), 787 F.3d 173 (3d Cir. May 21, 2015), the Third Circuit Court of Appeals examined structured dismissals and whether the distributions provided for therein can deviate from the Bankruptcy Code’s priority distribution scheme.  It held that they could but only in the “rare case.”  Almost two years later, the Supreme Court has weighed in on the issue, disagreeing with the Third Circuit and holding that a bankruptcy court cannot approve a structured dismissal that provides for distributions deviating from the ordinary priority rules established by the Bankruptcy Code without affected creditors’ consent.  Op. at 11. Read More ›

Read More from: Delaware Bankruptcy Insider

1 week 1 day ago

In a recent decision by the United States Bankruptcy Court for the District of Delaware, In re Hercules Offshore, Inc., et al., Judge Kevin J. Carey confirmed Hercules Offshore’s plan over objections by the Equity Committee—including an objection to allegedly impermissible plan releases and exculpations.

Background

Hercules Offshore filed a joint prepackaged chapter 11 plan in its “chapter 22 case” approximately seven months after confirmation of the chapter 11 plan in its previous chapter 11 case.

Central to the deal culminating in the plan was a settlement agreement with the first lien lenders—approved by a special committee of independent directors—that, among other things, transferred all of the debtors’ assets to a wind down entity, permitted a 100% recovery to the general unsecured claimants, subordinated the first lien lenders’ claims to provide $15 million guaranteed payment to common stockholders, and reduced the amount of the first lien lenders’ claim by $32.5 million. The plan also provided lenders, directors and officers, and other third parties with releases from claims held by the debtors and releasing parties.

1 week 1 day ago
  One of the most vexing issues in bankruptcy is the continued liability for post-petition homeowners assessments on property the debtor is attempting to surrender, when the mortgage company refuses to timely foreclose on the property.  A court in Indiana has ruled that if a chapter 13 debtor surrenders the property in the plan, and has surrendered possession of the property before the case is filed, effectively all incidents of ownership are given up, thus even if the assessments are a covenant running with the land, the debtor is no longer personally liable for such assessments.  In re Hovious, No. 10-03917-JMC-13, 2017 WL 627370, at *4 (Bankr. S.D. Ind. Feb. 15, 2017).  
   The matter came on before the court on a complaint for violation of the discharge injunction against the association for post-discharge collection efforts against the debtor.  The Court denied this relief, finding that as the issue was novel and the association's position supported by a good faith interpretation of applicable law, there was no willful violation.

Read More from: Tampa Bankruptcy

1 week 1 day ago

Last month, Medill Reports Chicago covered a surprising source of bankruptcies in Illinois: expensive parking tickets. The report is a good reminder that while medical debt, credit card debt, and mortgage debt are common, the financial factors that can lead to bankruptcy are sometimes less obvious. Our Roseville bankruptcy lawyers explore some lesser-known sources of debt and spending in California.

1 week 1 day ago

New Jersey bankruptcy attorney

It’s not uncommon for a small business to struggle. Unfortunately, it happens pretty often. A bankruptcy for your business may be in order if you find that it has accrued a significant amount of debt. Under the right circumstances, declaring bankruptcy may save your business, eliminate your personal liability in terms of business debts and more.

Whenever someone hears the word “bankruptcy” they’re often thinking of Chapter 7 bankruptcy – most common type. But there are other options: chapter 7, 11, and 13 – each type of bankruptcy has its pros and cons and could apply to your specific situation in different ways.

1 week 1 day ago

On 6 April 2017, the new Insolvency Rules come into force which will affect creditors’You Snooze You Lose - Newspaper Headline rights in most insolvency procedures.

Read More from: eSQUIRE Global Crossings

1 week 1 day ago

Experian and Finicity have released a product that aims to speed up decisions on mortgage applications, using financial data aggregation technology.

Read More from: BankThink

1 week 2 days ago

Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world's largest banks, including Citigroup, Bank of America, and HSBC, the Guardian reported, citing a cache of financial records it reviewed.

Read More from: BankThink

1 week 2 days ago

The Justice Department files a court brief to give the president power to remove agency director at will; feud threatens bitcoin.

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1 week 2 days ago

President Trump’s proposed cuts to programs providing credit options for low-income and underserved communities would have a particularly negative effect in states that voted for him.

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1 week 2 days ago

U.S. bank regulators have tentatively agreed to ease an appraisal requirement that could help commercial real estate borrowers, said people familiar with talks among the agencies.

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1 week 2 days ago

The Office of the Comptroller of the Currency can give lenders relief from the effects of a recent court decision over interest rate authority, but only if the agency chooses to do so.

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1 week 2 days ago

On Dec. 31, 2016. Dollars in thousands.

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1 week 2 days ago

On Dec. 31, 2016. Dollars in thousands.

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1 week 2 days ago

Community bankers want a two-year span between exams for small banks in good standing. Regulators, however, are reluctant to revert to pre-crisis policies.

Read More from: BankThink

1 week 2 days ago

The rapid advancement of social media platforms into the payments and finance markets, as well as millennials' devotion to apps like Venmo, were major factors driving a 47% increase in the U.S. digital person-to-person payments market last year.

Read More from: BankThink

1 week 2 days ago

On Dec. 31, 2016. Dollars in thousands, except for average loan amount

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1 week 2 days ago

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