ABI Blog Exchange

Dish Network Corp Chairman Charles Ergen exits bankruptcy court in New York March 26, 2014.
Reuters
A judge on Tuesday said creditors can vote on LightSquared’s reorganization plan, but she urged the company to work on a new deal that would satisfy Dish Network Corp. Chairman Charlie Ergen, the company’s largest creditor and biggest opponent of the proposal. 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 our homepage, scroll to the bottom and click “try for free.”) Forcing Stockton, Calif., to remain in bankruptcy while an unhappy bondholder group protests the city’s plan to cut millions of dollars would unfairly delay payments to the city’s retirees, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 3 days ago
Dish Network Corp Chairman Charles Ergen exits bankruptcy court in New York March 26, 2014.
Reuters
A judge on Tuesday said creditors can vote on LightSquared’s reorganization plan, but she urged the company to work on a new deal that would satisfy Dish Network Corp. Chairman Charlie Ergen, the company’s largest creditor and biggest opponent of the proposal. 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 our homepage, scroll to the bottom and click “try for free.”) Forcing Stockton, Calif., to remain in bankruptcy while an unhappy bondholder group protests the city’s plan to cut millions of dollars would unfairly delay payments to the city’s retirees, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 3 days ago
Dish Network Corp Chairman Charles Ergen exits bankruptcy court in New York March 26, 2014.
Reuters
A judge on Tuesday said creditors can vote on LightSquared’s reorganization plan, but she urged the company to work on a new deal that would satisfy Dish Network Corp. Chairman Charlie Ergen, the company’s largest creditor and biggest opponent of the proposal. 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 our homepage, scroll to the bottom and click “try for free.”) Forcing Stockton, Calif., to remain in bankruptcy while an unhappy bondholder group protests the city’s plan to cut millions of dollars would unfairly delay payments to the city’s retirees, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 3 days ago
The federal government's recent decisions to lower annual premiums for new borrowers and reduce down payment requirements suggest it has little interest in making room for private capital in the mortgage market.

Read More from: BankThink

1 week 3 days ago
Breaking News This Morning ... Earnings: Fifth Third, U.S. Bancorp Receiving Wide Coverage ... SOTU from POTUS: Banking and finance played a lead role in President Obama's State of the Union address on Tuesday night. For one, Obama vowed to keep Dodd-Frank intact, saying the law's rules and the creation of the Consumer Financial Protection Bureau are protecting American consumers. However, Obama avoided direct bashing of banks, declining to take up the same rhetoric as Sen. Elizabeth Warren,...

Read More from: BankThink

1 week 3 days ago
In the past two months, four retailers have filed bankruptcy cases. RadioShack is rumored to be preparing a chapter 11 filing, and other retailers certainly appear to be struggling (see Stephen Lubben’s post here). But if you were counseling any of these retailers, would you recommend a chapter 11 filing? Okay, put aside the professional fees you might earn—would filing really be in the best interests of your retail client? (For a discussion of fees and costs in chapter 11, see Part IV.A.8 of the ABI Commission Report.)

Read More from: Credit Slips

1 week 3 days ago
Last week at the Brookings Institution, Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray described his greatest challenge as CFPB director as coordinating his agency’s response with those of other agencies whose responsibilities overlap with the CFPB. Although he didn’t mention the U.S. Department of Education (the “ED”) by name, perhaps he was thinking of them when he spoke, given the two agencies’ widely divergent responses to the ongoing Corinthian Colleges debacle. For those who aren’t aware, both agencies recently accused Corinthian Colleges of misleading students about their job prospects at graduation. But the agencies appeared to part ways on the appropriate response.  On first blush, the two agencies’ responses were not too different.

Read More from: Credit Slips

1 week 3 days ago
The Editorial Staff  at CommercialBankruptcyLitigation.com explores the interesting dynamics of an interest in a LLC in Chapter 11. Can the interest be sold over other members’ objection? Find out here!
1 week 3 days ago
In a Breaking News Alert  at CommercialBankruptcyInvestor.com, Chapter11Dockets.com notes that Versa Capital Management has offered to step in as a competing Plan Sponsor and provide DIP financing. Read more about this interesting development here
1 week 3 days ago
In a Breaking News Alert  at CommercialBankruptcyInvestor.com, Chapter11Dockets.com notes that The Wet Seal, Inc., a teen fashion store in malls across America filed chapter 11 this week! Learn more about the filing here!
1 week 3 days ago
The answer is a resounding “there is absolutely no guarantee”. I used a document preparer or bankruptcy petition preparer.  “Certainly they have obligations to keep my social security number confidential?”  Oh how wrong you are.  A document preparer, paralegal or bankruptcy petition preparer is not an attorney.  Unlike an attorney there is no obligation that a non-lawyer keep your information safe.  Nor, is there any legal protection of confidentiality between a document preparer and their “client”. You hire these folks to fill out the bankruptcy forms based on the information you provide.  Think about the information you are giving this stranger: all your financial information, your children’s names, bank accounts and your social security number.  You do this without the slightest guarantee that the information will be kept safe.  The paralegal or document preparer may share an office with a con artist who is skilled in identify theft.  They may leave files open on their desk so that cleaning people can see all your information or throw your financial information into a garbage can in the alley.  Some people respond with “my credit is toast so what difference does it make if they have my social security number or bank account?”   That person is very naive and may take the next 1o or 20 years trying to fix this one bad mistake.
1 week 4 days ago
Last week’s Supreme Court arguments on bankruptcy jurisdiction in Wellness Int’l Network Ltd. v. Sharif, No. 13-935 (S.Ct.), are enough to strike fear into the heart of any bankruptcy buff. What emerges from the transcript of the oral arguments is, in a word, confusion. This bodes ill for an early resolution of the upheaval created by the Supreme Court’s decision in Stern v. Marshall, ___ U.S. ___, 131 S.Ct. 2594 (2011), limiting the power of bankruptcy judges to decide certain matters that arise in bankruptcy proceedings. While it is foolhardy to predict the Court’s ruling based on questions asked in oral argument, the arguments raised a few interesting points. Everything Old is New Again.

Read More from: GT Restructuring Review

1 week 4 days ago
It's tax season and the scam artists are also out in force. Even our law office -- which specializes in tax matters -- recently got an email asking us to pay a phony tax bill! There are a number of scams out there with criminals pretending to be IRS agents and contacting persons by email and telephone trying to get them to pay up a phony tax debt. The single most effective rule to remember is this: IRS does not make initial contact with taxpayers by email. If there is a tax problem, you will be notified by mail. Period. Below is a press release from IRS warning taxpayers about telephone scams that are also common.
IRS Reiterates Warning of Pervasive Telephone Scam R-2014-53, April 14, 2014 WASHINGTON -- As the 2014 filing season nears an end, the Internal Revenue Service today issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent immigrants, as reported incidents of this crime continue to rise nationwide. These scams won't likely end with the filing season so the IRS urges everyone to remain on guard. The IRS will always send taxpayers a written notification of any tax due via the U.S. mail. The IRS never asks for credit card, debit card or prepaid card information over the telephone. For more information or to report a scam, go to www.irs.gov and type "scam" in the search box.
1 week 4 days ago
Authored by Jon Sacks and Heather S. Nasonand Jon Sacks and Heather S. Nason of Rogers TowersForeclosing mortgagees often wait until after a foreclosure judgment and certificate of title are issued to determine the extent of liability to a homeowners or condominium association for past due assessments.  But what if there is a dispute as to the amounts owed to the association after the mortgagee takes title to the property?  Can the parties return to the trial court for an order determining the amount due?  Recently, the Third District Court of Appeals ruled that the parties could not return to the trial court for this purpose because the foreclosing trial court lacked jurisdiction to settle the dispute.  Central Mortgage Company v. Callahan, No. 3D13-1672, 2014 WL 3455485 (Fla. Dist. Ct.

Read More from: Florida Banking Law Blog

1 week 4 days ago
As our loyal readers know, the Weil Bankruptcy Blog is running a series of posts discussing the various interesting topics covered in the American Bankruptcy Institute Commission to Study the Reform of Chapter 11 Final Report and Recommendations. In this installment, we cover the Commission’s review of rules relating to claims trading – discussed in section VI.D. of the Report. Claims trading is a hot topic. The claims trading industry has been growing exponentially in recent years. Indeed, the Report notes that in 2012, amid a slowdown in large corporate chapter 11 cases, distressed investors still bought and sold more than $41 billion in bankruptcy claims. With an inevitable change in the economic cycle on the horizon (and perhaps even closer for the currently-troubled oil and gas industry), any changes to rules governing claims trading will be of interest for a large – and growing – audience.
1 week 4 days ago
Sy Berger passed away on December 14th, at the age of 91. The New York Times obituary can be read here. A long time Topps executive, Berger is widely considered to be the father of the modern day baseball card. Why then, do we call him the inventor of a “classic financial mania”? Read more here.
1 week 4 days ago
From Ponzi schemes to fraudulent transfers, many Chapter 7 bankruptcy cases involve allegations of wrongdoing. Bankruptcy trustees, who stand in the shoes of the bankrupt entity in asserting claims, often bring actions against third parties alleging participation in, and orchestration of, fraudulent schemes. Because the alleged wrongdoing many times involves actions or transactions in which the debtor took part, defendants in such lawsuits frequently raise a defense based on the doctrine of in pari delictoRead More › Tags: 6th Circuit Court of Appeals, Chapter 7, Western District of Michigan

Read More from: Michigan Bankruptcy Blog

1 week 4 days ago
Those fascinated by the logic and limits of the Bankruptcy Clause, Article III courts, and bankruptcy courts power will want to check out the most recent issue of the Amercan Bankruptcy Law Journal (vol. 88, no. 4):
  • Kurt F. Gurynne, "Pandora's Box and Peace on the Darkling Plain: Setting the Article III Limits on Congress' Power to Assign Claims to Article I Bankruptcy Judges"
  • Randolph J. Haines, "The Conservative Assault on Federal Equity"
  • Adam M. Langley, Hon. David S. Kennedy & Hon. W. Homer Drake, "The Case for a Constitutional Bankruptcy Court"
  • Stephen J. Lubben, "Puerto Rico and the Bankruptcy Clause"

Read More from: Credit Slips

1 week 4 days ago
If you want to get the best result for your bankruptcy case, then you need to listen really closely to your bankruptcy attorney when he’s giving out his advice. If you fail to follow the advice, you may find yourself owing people money after your bankruptcy case is over. The most common example of this+ Read More The post Listen Closely To Your Bankruptcy Attorney’s Advice appeared first on David M. Siegel.
1 week 4 days ago
By: Arthur W. Zamosky, Esq. A motion for summary judgment […] The post Motions for Summary Judgment in Pennsylvania State Court appeared first on Bernstein-Burkley, P.C..

Read More from: Bernstein-Burkley, P.C.

1 week 4 days ago

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