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Receiving Wide Coverage ... Dodd-Frank, Five Years Later: On the five-year anniversary of Dodd-Frank, Barney Frank and Christopher Dodd sat down for a Q&A session. Dodd said he thinks Too Big to Fail is dead, in part because regulators are forced to "sit down together" at least four times a year to study the landscape. (In an interview with the Financial Times, Frank is adamant TBTF is dead and he disagrees with Sen. Elizabeth Warren's plan...

Read More from: BankThink

2 weeks 1 day ago
If you or your loved one has ever experienced a medical emergency, you know what a nightmare it can be. You’re dining out at a restaurant and someone has a heart attack, or they’re driving a car and they fall asleep behind the wheel, or they have a sudden stroke while watching a movie. The only thing you’re concerned about right now is keeping yourself or your loved one alive. You’re certainly not thinking about facing bankruptcy because one of the physicians working on you was outside your medical network. Sounds crazy, right? It’s not as crazy as you might think. A recent article highlighted three incredible but true medical billing nightmare stories and made it that much easier to see how so many people facing medical debt fall into bankruptcy. The article centered on a heart-attack patient who received a bill for $12,340; a family of a non-breathing newborn that was charged $24,000; and a skiing accident victim who was charged $73,000 after it was discovered some of the doctors working on him were not in his insurance network. While each victim did their due diligence in putting their claim through insurance, the bill came weeks later and took them completely by surprise. Stories like these, of which there are many more, have prompted the proposal of a law that would cap out-of-pocket medical costs for emergency situations and require disclosure of costs prior to any work being done.
2 weeks 1 day ago
A&P has filed for bankruptcy for the second time in less than five years. 
Bloomberg News
A&P returned to bankruptcy protection Sunday evening with plans to find buyers to save most of its stores. But the supermarket chain plans to immediately axe about two dozen underperforming stores. Could one of them be yours? Court papers filed Monday show that A&P is hoping to keep most of its stores open by closing “as many going concern sales of their 297 stores as possible.” But in the meantime, it’s asking a New York bankruptcy judge to let it quickly close 25 underperforming stores that have sustained “significant operating losses.” By closing the stores, A&P says it expects to obtain about $20 million in savings and generate about $48 million in sale proceeds. The 25 underperforming stores that A&P is seeking to immediately close are located in: Delaware
  • Claymont
  • Wilmington
New Jersey
  • Belleville
  • East Brunswick
  • Edison
  • Cliffwood
  • Clifton (Ackerman Ave.)

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
A&P has filed for bankruptcy for the second time in less than five years. 
Bloomberg News
A&P returned to bankruptcy protection Sunday evening with plans to find buyers to save most of its stores. But the supermarket chain plans to immediately axe about two dozen underperforming stores. Could one of them be yours? Court papers filed Monday show that A&P is hoping to keep most of its stores open by closing “as many going concern sales of their 297 stores as possible.” But in the meantime, it’s asking a New York bankruptcy judge to let it quickly close 25 underperforming stores that have sustained “significant operating losses.” By closing the stores, A&P says it expects to obtain about $20 million in savings and generate about $48 million in sale proceeds. The 25 underperforming stores that A&P is seeking to immediately close are located in: Delaware
  • Claymont
  • Wilmington
New Jersey
  • Belleville
  • East Brunswick
  • Edison
  • Cliffwood
  • Clifton (Ackerman Ave.)

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
A&P filed for chapter 11 protection for the second time in less than five years with plans to sell itself. Read the Daily Bankruptcy Review article via The Wall Street Journal. (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.”) As DBR reports via WSJ, the prime minister of the Bahamas wants to take over the not-yet-opened $3.5 billion Baha Mar Ltd. resort. Apple Inc. says former sapphire supplier GT Advanced Technologies Inc.’s bid to borrow $95 million from its bondholders threatens their settlement, DBR reports in WSJ. The Twin Cities archdiocese’s creditors committee wants more time for alleged sexual-abused victims to file claims, the Associated Press reports.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
A&P filed for chapter 11 protection for the second time in less than five years with plans to sell itself. Read the Daily Bankruptcy Review article via The Wall Street Journal. (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.”) As DBR reports via WSJ, the prime minister of the Bahamas wants to take over the not-yet-opened $3.5 billion Baha Mar Ltd. resort. Apple Inc. says former sapphire supplier GT Advanced Technologies Inc.’s bid to borrow $95 million from its bondholders threatens their settlement, DBR reports in WSJ. The Twin Cities archdiocese’s creditors committee wants more time for alleged sexual-abused victims to file claims, the Associated Press reports.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
With increased competition, sky high operating expenses, and little room to pass on any increased food costs, American grocery stores have long faced a tumultuous battle to survive. And yet, online food and delivery services are winning VC capital with no end in sight. It's difficult to imagine that online comestibles shopping will stultify grocery stores the way Amazon has for brick and mortar retailers. It is however, prudent for each food-related sector to learn survival tricks from the other. In regards to grocery stores, barring the recent Albertsons' IPO (which has its own turnaround story from the SuperValu days), news has been pretty dismal. There are reports that A&P is close to filing for bankruptcy protection for the second time in five years due to high debt payments, competition from Whole Foods & Trader Joe's, and high pension costs.
2 weeks 1 day ago
Per www.globalinsolvency.com:Mon., July 20, 2015Bahamas Prime Minister Perry Christie plans to take control of an unfinished $3.5 billion mega resort, currently tied up in a corporate bankruptcy process, and push it through to completion to help bolster his country's fragile economy, Reuters reported. Christie, in a speech Thursday night, called for liquidators to take control of the Baha Mar resort and casino project. A fully operational resort would employ about 5,000 people and boost the Bahamas' gross domestic product by more than 10 percent. "The completion of the Baha Mar resort is a matter of the utmost national importance," Christie said. "Baha Mar must open." Talks this week in Beijing between the project's main lender, China's export import bank, and the developer, Sarkis Izmirlian, have not resolved how to fund the resort's completion, Christie said. Izmirlian's Baha Mar Ltd said the move by the Bahamas government jeopardizes the resort's assets and future, according to a statement issued on Friday. Izmirlian's family has invested more than $900 million in the project.

Read More from: The COMI

2 weeks 1 day ago
Each state has a laws that govern real property (land, house, etc) rights and duties.  These laws include how secured interests (mortgages) are perfected, foreclosures completed or the rights of various parties as to the land.  Sometimes it is confusing for lenders or property owners what laws govern.   Arizona is no different.  Once a loan is placed on real property and recorded that loan established a priority position (a place in line as to rights over other loans or liens).  That loan stays attached until either the debt is paid or a court enters a judgment removing the loan as a lien on the real property. Can a lender just lay in wait for the real property to appreciate in value and then foreclose?  Trying to understand this can leave you feeling as though you are lost in a maze.  The answer is “perhaps” because it depends on the laws governing waiting to collect a debt.  These laws are called “statutes of limitation”.  Arizona has a six year statute of limitation to collect on a contract (presumably that applies to deeds of trust or mortgages). 12-548. Contract in writing for debt; six year limitation; choice of law A. An action for debt shall be commenced and prosecuted within six years after the cause of action accrues, and not afterward, if the indebtedness is evidenced by or founded on either of the following:
2 weeks 2 days ago
By Stephen W. SatherBarron & Newburger, P.C.Austin, TX One of the biggest challenges in unwinding a Ponzi scheme is figuring out who has to give back money and who gets to keep what they have.    Since promoters don't advertise the fact they are engaging in a Ponzi scheme, some people who thought they were dealing with a legitimate business end up being sued to recover so-called "fraudulent transfers."  The Golf Channel case is a perfect illustration of this problem.   Although the Fifth Circuit initially decided that the Golf Channel was ineligible to assert a defense that they provided value in good faith, they have decided to take a mulligan.   The panel has withdrawn its initial opinion and has certified the question to the Texas Supreme Court.    Janvey v. The Golf Channel Incorporated, No. 13-11305 (5th Cir.

Read More from: CLLA Bankruptcy Blog

2 weeks 3 days ago
This month's Fifth Circuit report doesn't have a lot of bankruptcy sizzle:  an interesting case on abstention and remand,  two unpublished cases about how not to reserve a claim under a plan and a case about suing a trustee.   However, there are some fascinating cases about lenders, liens, fraudulent transfers, the Texas Debt Collection Act and the Fair Debt Collection Practices Act.    The big news here is that the Fifth Circuit vacated its Golf Channel decision and instead certified the question to the Texas Supreme Court.   Here are June's decisions.   (Click on the style of the case to go to the actual opinions).  Bankruptcy; Abstention; Remand Firefighters' Retirement System v. Citco Group Limited, No. 14-30857 (5th Cir. 6/5/15) This case is significant because it is a rare case where an appellate court considered and vacated an order for abstention and remand.    The plaintiffs were Louisiana pension funds which invested in a feeder fund in the Cayman Islands that was part of another fund which was part of a master fund entity.    The plaintiffs filed suit in state court against various parties for violations of the Louisiana securities laws.  The case was removed to U.S. District Court because it was related to the Chapter 11 bankruptcy of the master fund and based on diversity.
2 weeks 3 days ago
  It’s pretty scary when a payday loan turns into an investigation by the Federal Crimes Bureau. Not only was the recipient of the letter  below being  investigated for crimes,  his Social Security number would be suspended, and a court case initiated against him immediately. At great cost and embarrassment. Unless, of course, he sent the writer money. The writer assures him that it will go so much better for him if he just pays up. Except, while the debt referenced may be real, the collector is not. This is a scam. How collection scam works The scammer  here got possession of enough information about a real debt to construct a scary threat.  If my friend who got this letter didn’t send them money, “before his legal file is downloaded inside the courthouse”, all kinds of ugly things would happen. And it managed to scare my friend, because he does have an unpaid pay day  loan. Because the debt referenced is real, it’s easy to conclude that the rest of this parade of horribles is real as well. The fake collector plays on guilt about not paying a real debt; on ignorance about how collection law works; and on fear of being exposed to friends and associates as a “bad person”. Signature features of scam Let’s look at each of the ways the scammer shaded the truth. Bad English
2 weeks 3 days ago
Today is the ninth anniversary of Credit Slips, which means we are now old enough for the fourth grade. Thanks for reading and for your support. The year we started, 2006, seems so long ago. The W was in the White House, and we were "Mission Accomplished" in Iraq for three whole years at that point. We had just experienced the second sitting vice president to shoot another person while in office. And, it was a year the St. Louis Cardinals would win the World Series (so some things change not so much). CFPB was just a nascent idea that one of our co-bloggers was promoting. I won't make any predictions about the next nine years lest I anger the Giant Robot Overlords who will be in charge by then.

Read More from: Credit Slips

2 weeks 3 days ago
50 Cent arrives at the Weinstein Netflix after party after at the 72nd annual Golden Globe Awards in Beverly Hills, Calif., on Jan. 11. The rapper, real name Curtis James Jackson III, filed for chapter 11 protection Monday.
Patrick Fallon/Reuters
Rapper 50 Cent filed for bankruptcy earlier this week to halt a sex-tape lawsuit, but that legal reprieve didn’t last long. On Friday, Judge Ann Nevins ruled that the 40-year-old rapper’s bankruptcy shouldn’t halt the 2010 lawsuit filed by Lastonia Leviston, who accused him of violating her privacy by posting a sex tape of her online. The posting in 2009 escalated the “rap war” between the rapper, whose real name is Curtis James Jackson III, and Rick Ross, Ms. Leviston’s ex-boyfriend. Mr. Jackson filed for chapter 11 protection on Monday, shortly before jurors were scheduled to determine whether he should pay additional damages on top of a $5 million award in the sex-tape dispute. Filing for bankruptcy automatically halts lawsuits, but Ms. Leviston’s lawyers asked Judge Nevins to grant an exception, arguing that judges have allowed lawsuits that are in “an advanced state” to continue in earlier cases.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 3 days ago
50 Cent arrives at the Weinstein Netflix after party after at the 72nd annual Golden Globe Awards in Beverly Hills, Calif., on Jan. 11. The rapper, real name Curtis James Jackson III, filed for chapter 11 protection Monday.
Patrick Fallon/Reuters
Rapper 50 Cent filed for bankruptcy earlier this week to halt a sex-tape lawsuit, but that legal reprieve didn’t last long. On Friday, Judge Ann Nevins ruled that the 40-year-old rapper’s bankruptcy shouldn’t halt the 2010 lawsuit filed by Lastonia Leviston, who accused him of violating her privacy by posting a sex tape of her online. The posting in 2009 escalated the “rap war” between the rapper, whose real name is Curtis James Jackson III, and Rick Ross, Ms. Leviston’s ex-boyfriend. Mr. Jackson filed for chapter 11 protection on Monday, shortly before jurors were scheduled to determine whether he should pay additional damages on top of a $5 million award in the sex-tape dispute. Filing for bankruptcy automatically halts lawsuits, but Ms. Leviston’s lawyers asked Judge Nevins to grant an exception, arguing that judges have allowed lawsuits that are in “an advanced state” to continue in earlier cases.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 3 days ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including ways to make megabanks pay for their Â"too big to failÂ" subsidy and how banks can help put an end to human trafficking.

Read More from: BankThink

2 weeks 4 days ago
This week on The Broke and the Beautiful, 50 Cent’s bankruptcy has stormed the Internet.
Rapper 50 Cent filed for bankruptcy on Monday.
Sebastien Nogier/European Pressphoto Agency
As Bankruptcy Beat first reported, 50 Cent filed for bankruptcy in Connecticut the same day he was to appear in court over a sex-tape lawsuit filed by Lastonia Leviston, rapper Rick Ross’s ex-girlfriend. 50 Cent, whose real name is Curtis James Jackson III, took to Instagram to joke about his financial state in bankruptcy and later spoke with Conan O’Brien about the filing (h/t Business Insider). “You get a bull’s-eye painted on your back when you’re successful,” he told the comedian, adding that “you become the ideal person for lawsuits.”

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 4 days ago
This week on The Broke and the Beautiful, 50 Cent’s bankruptcy has stormed the Internet.
Rapper 50 Cent filed for bankruptcy on Monday.
Sebastien Nogier/European Pressphoto Agency
As Bankruptcy Beat first reported, 50 Cent filed for bankruptcy in Connecticut the same day he was to appear in court over a sex-tape lawsuit filed by Lastonia Leviston, rapper Rick Ross’s ex-girlfriend. 50 Cent, whose real name is Curtis James Jackson III, took to Instagram to joke about his financial state in bankruptcy and later spoke with Conan O’Brien about the filing (h/t Business Insider). “You get a bull’s-eye painted on your back when you’re successful,” he told the comedian, adding that “you become the ideal person for lawsuits.”

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 4 days ago
You finally found it. Your dream home. You are ready to make an offer. What should you do to make your home offer stand out above the rest? You never know how many other offers you are competing against. If you are serious, your methods need to be serious. Below are 12 tips to make your offer to purchase irresistible.   Lake Geneva Real Estate Lawyer Lists Tips to Make Your Home Offer Stand Out 1. Make a Cash Offer. This tip is practically a given. All cash offers are normally accepted over mortgage offers. Why? The purchase is not contigent on approval of a mortgage. Therefore, there is less chance the purchase will fall through. The closing may occur faster as there may not be other requirements that take time, such as appraisals, surveys, and required inspections. 2. Obtain a Pre-Approval Letter. What’s a pre-approval letter? A pre-approval letter is a letter from a mortgage lender stating the buyer is able to obtain a loan. A pre-approval letter lets the seller know that there will be no issues obtaining a mortgage, thus decreasing the chances of the sale falling through due to mortgage issues. The bank has already stated to sellers in the letter that the buyer will be given the loan amount. A pre-approval letter also lets the seller know that a buyer is serious and has already gone through the “red tape” of acquiring a mortgage.

Read More from: Wynn at Law, LLC

2 weeks 4 days ago
The reforms to the Council Regulation (EC) 1346/2000 on insolvency proceedings and their impact on cross-border insolvency have been well documented.  By contrast, the European Commission’s recommendation on “a new approach to business failure and insolvency” has gone relatively unnoticed. However, that recommendation could have significantly wider ramifications for insolvency and restructuring proceedings in Europe – including English restructuring law which, despite the success of the English scheme of arrangement and pre-pack administration, arguably falls short of the minimum standards proposed. In this article, Andrew Wilkinson, Kirsty Ewer and Kate Stephenson  consider the Commission’s recommendation, market responses to it and whether the UK restructuring regime measures up to the recommendation’s minimum standards. This article was first published in the Butterworths Journal of International Banking and Financial Law.
2 weeks 4 days ago

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