ABI Blog Exchange

At John Rogers, Attorney at Law, we are proud of the customer service we provide our clients. We are happy to share reviews of our service below ! ” You have an excellent reputation in the local area. You are organized, professional and really know how to put a client at ease during a hard time in their life.  After seeing how unorganized some other attorneys were at court, I was thankful I had your office helping me and not someone else. Thank you all so much.” – Carol “Any questions I had I could always talk to someone directly.  I would recommend your office to other people. ” – Jeff “All questions were answered in a manner that we could understand.  We were never rushed and everyone we worked with was always kind and polite.” – Joe “(another attorney) said that John Rogers was the only one he knew who could sort out my difficult situation and that he himself could not help me. Thank you for being there for me.  You were my friends when I have been at my lowest. You helped me and encouraged me. God bless all of you. I am so thankful for you all.” – DKC “Someone was always able to answer my questions. I felt like everyone there actually cared about helping me with my situation and wasn’t just after collecting my money. ” -Julie “I will definitely recommend this office simply for the professionalism and understanding.”  -Melissa “The staff was very easy to talk to, as was Mr. Rogers, and very knowledgeable. We felt very comfortable.”  -Brent
1 week 4 days ago
Wall Street Journal Sen. Elizabeth Warren, D-Mass., isn't running for president (as of yet) but her presence is certainly being felt in the C-suites of the largest banks. Seven executives from JPMorgan Chase, Goldman Sachs and other banks met at Bank of America Tower in New York on March 31, or dialed into a conference call, to discuss how to counter the campaign-trail argument that banks are bad, according to unnamed sources and emails obtained by...

Read More from: BankThink

1 week 4 days ago
Credit card debt is one of the major reasons people get in over their head financially. In addition to medical debt – which actually ranks as the number one reason people are forced to file for bankruptcy – credit card debt can have you borrowing from Peter to pay Paul, as they say. You find yourself paying off one with the other, or borrowing more to pay one – only to rack up debt on the new one. Credit card debt is a vicious cycle, indeed. If you are already having a problem with credit card debt, contact a skilled debt negotiation lawyer who can take a closer look at your current situation and discuss your options. Bankruptcy may, in fact, be your only resort. However, it’s likely that there is an alternative that an experienced lawyer can employ to get you on the road to a healthier financial future. If you are thinking about ways to be smarter about your credit cards, consider these points:
  1. Read the fine print! Yes, we know, those disclaimers are long and boring. They are also extremely important. Too many people just sign on the dotted line. This is especially true when they have their eye on a new purchase or are trying to transfer a balance. Know what you are agreeing to before you accept the line of credit – or you could make your situation worse.
1 week 4 days ago
And the business model that will likely leave them unable to pay students, even if the students win in their ongoing litigation, over at Dealb%k.

Read More from: Credit Slips

1 week 4 days ago
Per www.globalinsolvency.com: Thu., May 7, 2015  Italian businessman Philippe Camperio is spearheading efforts to rescue troubled luxury hat maker Borsalino after it lost millions of euros in 2013, the company said on Wednesday, Reuters reported. In March the hat maker, which has helped clothe politicians, celebrities and movie stars the world over, said it was looking at ways to stay afloat after running into financial straits. "While there's still a lot of work to do, we are committed to tackle all the challenges and help conserve and further transform this famous Maison into a global brand," Camperio said in a statement issued by Borsalino. Camperio, co-founder of private equity Quest Partners, is the main shareholder of Haeres Capital which on Tuesday signed an agreement with Borsalino to relaunch the company and save the jobs of its 110 workers. Borsalino said it would draw up a plan to be presented in chapter 11-like proceedings under which Haeres would guarantee creditors and become the owner of the company. Haeres, a private equity investment company with real estate and luxury assets, had not revealed financial details of the deal, Borsalino said. The company, founded in 1857, is one of a series of small Italian fashion houses that have strong brands but lack the funds and skills to grow outside a stagnating domestic market.

Read More from: The COMI

1 week 4 days ago
This is the next post in Plan Proponent’s series on the confirmation-related recommendations in the ABI Commission Report (and, in particular, its Exiting the Case piece). In our prior ABI Commission post, we covered the Commission’s recommendations regarding “Exculpatory Clauses” in plans. In this post, we’ll cover the Commission’s recommendations regarding “Third-Party Releases” in Section E.3 of the Report. Third-party releases often go hand-in-hand, and are grouped close together, with exculpatory clauses in plans. However, they’re far more unsettled and controversial. The Commission attempts to sort out that controversy. Although third-party releases (“TPRs”) appear in plans in all shapes and sizes, they usually release a non-debtor from claims or causes of action that a third-party may have against the non-debtor. For example, in SE Property Holdings, LLC v. Seaside Engineering & Surveying, Inc., a recent 11th Circuit case, the TPR at issue provided as follows:

Read More from: Plan Proponent

1 week 6 days ago
Ten years after the passage of the “new” bankruptcy law we find a new class of Americans “the permanently insolvent”.    You won’t find reference to this group in any financial magazine.  But, hundreds of thousands of Americans are in a position of being hounded mercilessly by debt collectors, but unable to afford to file for bankruptcy. Their poor credit docs not allow them to obtain credit to buy a home, vehicle or even get a credit card.  They tend to be part of the group that uses payday loans or title loans.   By falling into the trap of using these high interest loans (sometimes as much as 750%) they are forever trapped. “The reform has generated a substitution, from formal bankruptcy to insolvency,” said Stefania Albanesi, lead author of “Insolvency After the 2005 Bankruptcy Reform,” a new study by economists at the Federal Reserve Bank of New York and Columbia University. “Since insolvents are unable to repay debt, they are subject to collection actions and financial judgments and have difficulties obtaining unsecured credit,” she said. “This is particularly bad for low income individuals, as they have little savings and sometimes rely on debt to face unforeseen expenses and the like.”
2 weeks 35 min ago
This week on The Broke and the Beautiful, two former Phillies traded barbs, a Super Bowl ticket seller didn’t have a super week, and the company that distributed “Ace Ventura” is on its way out of bankruptcy.
Lenny Dykstra in action during a spring training game in 1998 against the Cincinnati Reds at the Ed Smith Stadium in Sarasota, Fla.
Rick Stewart/Getty Images
Two former Philadelphia Phillies recently expressed some bitter pheelings toward each other. According to the New York Daily News, Mitch Williams and Bankruptcy Beat legend Lenny “Nails” Dykstra traded barbs during the Philly Sports Roast, an event that helps raise money for charity. The Daily News noted that the bad blood between the two started when Mr. Williams gave up a walk-off home run during a 1993 World Series game (skip to 2:47:55) against the Toronto Blue Jays, causing the Phillies to lose and to give the Blue Jays the championship.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 2 hours ago
This week on The Broke and the Beautiful, two former Phillies traded barbs, a Super Bowl ticket seller didn’t have a super week, and the company that distributed “Ace Ventura” is on its way out of bankruptcy.
Lenny Dykstra in action during a spring training game in 1998 against the Cincinnati Reds at the Ed Smith Stadium in Sarasota, Fla.
Rick Stewart/Getty Images
Two former Philadelphia Phillies recently expressed some bitter pheelings toward each other. According to the New York Daily News, Mitch Williams and Bankruptcy Beat legend Lenny “Nails” Dykstra traded barbs during the Philly Sports Roast, an event that helps raise money for charity. The Daily News noted that the bad blood between the two started when Mr. Williams gave up a walk-off home run during a 1993 World Series game (skip to 2:47:55) against the Toronto Blue Jays, causing the Phillies to lose and to give the Blue Jays the championship.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 2 hours ago
Over at Dealb%k I talk about the confusing state of affairs regarding Dodd-Frank Orderly Liquidation Authority and the FDIC's new "single point of entry" (SPOE) approach to OLA. In short, since OLA expressly excludes depository banks, it is not clear that a SIFI can be placed into OLA based on the failure of its insured bank. One way around that problem might be to use the "source of strength" doctrine to trigger a default at the parent-company level. Trick is that the the regulators have done nothing to develop the source of strength power Dodd-Frank gives them, and doing so is also in tension with their general disapproval of parent company guarantees and cross-default provisions. They argue that guarantees and cross-default provisions will undermine SPOE.

Read More from: Credit Slips

2 weeks 2 hours ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including how convenience may help banks beat out Silicon Valley and whether community banks can reduce their regulatory burden on their own.

Read More from: BankThink

2 weeks 3 hours ago
Joel Nunez had a problem – he owed $120,000 in private student loans for a flight school. Even worse, he hadn’t finished his education. Left in dire financial straits, he went to a bankruptcy lawyer. You’re probably thinking that Joel Nunez was a fool for thinking that he could wipe out his private student loans in bankruptcy. After all, we’ve been conditioned to think that wiping out student loans in bankruptcy is a Herculean feat that is accomplished only in the more dire of circumstances. But Joel’s lawyer did a little digging and found the most useful of loopholes. And in doing so, he realized that Joel didn’t actually have a student loan. Student Loans Not Automatically Wiped Out In Bankruptcy Certain student loans aren’t automatically wiped out under the US Bankruptcy Code. But in order to qualify as a student loan, the debt must be for: (A)(i) an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution; or (ii) an obligation to repay funds received as an educational benefit, scholarship, or stipend; or (B) any other educational loan that is a qualified education loan, as defined in section 221(d)(1) of the Internal Revenue Code of 1986, incurred by a debtor who is an individual.
2 weeks 3 hours ago
Want to place a bet on two Chicago-area horse-racing tracks? Balmoral Park and Maywood Park are going up for sale as part of a deal to end a legal fight with Illinois riverboat casino operators. The casino operators won an $82 million judgment against the tracks’ owners over an alleged bribery scheme involving disgraced ex-Illinois Gov. Rod Blagojevich. The tracks filed for bankruptcy in December to prevent the casinos from trying to collect that money. As part of a negotiated settlement between the gambling-industry competitors, racetrack officials face a June 29 deadline to hire an investment banker to help look for buyers, according to documents filed in U.S. Bankruptcy Court in Chicago. (The sale strategy still needs a judge’s approval.) Court papers didn’t indicate how much the two racetracks, which employ 240 people, are worth. Built in 1925 as Lincoln Fields, Balmoral Park’s harness horse racing facility has a one-mile track, seats for about 10,000 people and stables for more than 1,000 horses. The Maywood Park’s half-mile racetrack, located in Chicago’s Melrose Park suburb, has hosted harness races for 68 seasons in a row, which is the longest streak in state history. Races at both tracks are also broadcast to about 3,000 outside locations, including at offtrack betting parlors.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 4 hours ago
Want to place a bet on two Chicago-area horse-racing tracks? Balmoral Park and Maywood Park are going up for sale as part of a deal to end a legal fight with Illinois riverboat casino operators. The casino operators won an $82 million judgment against the tracks’ owners over an alleged bribery scheme involving disgraced ex-Illinois Gov. Rod Blagojevich. The tracks filed for bankruptcy in December to prevent the casinos from trying to collect that money. As part of a negotiated settlement between the gambling-industry competitors, racetrack officials face a June 29 deadline to hire an investment banker to help look for buyers, according to documents filed in U.S. Bankruptcy Court in Chicago. (The sale strategy still needs a judge’s approval.) Court papers didn’t indicate how much the two racetracks, which employ 240 people, are worth. Built in 1925 as Lincoln Fields, Balmoral Park’s harness horse racing facility has a one-mile track, seats for about 10,000 people and stables for more than 1,000 horses. The Maywood Park’s half-mile racetrack, located in Chicago’s Melrose Park suburb, has hosted harness races for 68 seasons in a row, which is the longest streak in state history. Races at both tracks are also broadcast to about 3,000 outside locations, including at offtrack betting parlors.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 4 hours ago
Authored by Heather S. Nason of Rogers TowersThis morning I received a call from a client and close friend of mine.  He told me that he was concerned because the county property appraiser had categorized his wife’s recent re-finance as a sale of her property instead of a mortgage transaction.  He was shocked when I pulled the quit claim deed from the county website where, as part of the re-finance, the property, previously owned solely by his wife, had been conveyed to both him and his wife.  The deed was signed by them both and was drafted as having been conveyed from them both back to themselves.  How had this happened?  My friend is intelligent, accomplished, has a law degree, and develops and sells commercial properties for a living.  How had he missed something as basic as the fact that he had received an interest in property?  He was confused and, I would venture to guess, a little bit frustrated.

Read More from: Florida Banking Law Blog

2 weeks 5 hours ago
On Monday, the U.S. Supreme Court affirmed the First Circuit Court of Appeals in Bullard v. Blue Hills Bank. In Part 1, we summarized the decision. Here in Part 2, we’ll provide some humble criticism. As a recap, the Supreme Court held that, unlike a confirmation or dismissal, an order denying confirmation of a Chapter 13 plan is not final because it doesn’t terminate the “entire process of attempting to arrive at an approved plan.” Although the Court’s view of finality seems to turn on whether an order results in the sort of “significant consequences” that justify immediate appeal, as of right, the Court adopts a rigid rule: Orders approving confirmation are final; orders denying confirmation are not final. It’s easier for us to criticize Bullard than propose a workable alternative to its rigidity. However, we have 5 problems with Bullard, especially in the Chapter 11 context where unsettled confirmation issues abound and tend to favor creditors. Problem 1: The “exclusive” right to freely amend plans is illusory.

Read More from: Plan Proponent

2 weeks 6 hours ago
Series: Private Company M&A Boot Camp 2015 This webinar will cover all that you need to develop and execute a comprehensive post-merger and acquisition integration. Read more here.
2 weeks 6 hours ago
From the New York Times: “Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million Americans.” read the full article here
2 weeks 6 hours ago
If you were looking to get up to speed on the unique aspects of restructurings for exploration & production companies in the oil and gas sector, you missed a great event last night with Akin Gump’s “Exploration & Production of an Oil & Gas Restructuring” in New York. Read more here.
2 weeks 6 hours ago
Victor J. Blue/Bloomberg News
This week in bankruptcy will kick off Monday as RadioShack Corp. seeks to sell the brand name that’s long represented electronics retailing. RadioShack will go forward with the auction since receiving qualified bids for its intellectual property, company spokeswomen Merianne Roth confirmed to The Wall Street Journal Thursday. Loaded with debt, RadioShack filed for chapter 11 bankruptcy protection in February and scrambled to shut down or sell its stores. The sale of its intellectual property is part of an effort to gather money to pay creditors in the case. Several parties in the case are expected to pay close attention to the auction. Standard General LP—the hedge fund that saved more than 1,700 RadioShack stores from closing and launched a revival in an alliance with Sprint Corp.—said it would make an offer on the name and some of the other assets but signaled that it is ready to move on without the iconic brand if the price gets too high. At one point in earlier court proceedings, Standard General said it might offer as much as $20 million for the RadioShack intellectual property.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 7 hours ago

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