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Deloitte recently published a 127-page report on SEC comment letter trends that companies may find useful as they prepare their annual 10-K disclosures. 
4 years 4 months ago
This photo shows transformers that are ready to ship at Oncor’s staging area in Lancaster, Texas, on Thursday, Dec. 5, 2013.
Associated Press
Energy Future Holdings Corp. moved Tuesday to restart the bidding on its stake in Oncor, the transmissions business whose prospects shook up the Texas company’s $42 billion bankruptcy. 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.”) Salus Capital Partners offered a $500 million bankruptcy loan to RadioShack Corp., WSJ reports.

Read More from: WSJ.com: Bankruptcy Beat

4 years 4 months ago
This photo shows transformers that are ready to ship at Oncor’s staging area in Lancaster, Texas, on Thursday, Dec. 5, 2013.
Associated Press
Energy Future Holdings Corp. moved Tuesday to restart the bidding on its stake in Oncor, the transmissions business whose prospects shook up the Texas company’s $42 billion bankruptcy. 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.”) Salus Capital Partners offered a $500 million bankruptcy loan to RadioShack Corp., WSJ reports.

Read More from: WSJ.com: Bankruptcy Beat

4 years 4 months ago
Beginning in 2012, a distinguished group of bankruptcy attorneys, academics and judges known as the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 (the Commission) held periodic meetings throughout the U.S. to analyze and discuss comprehensive reforms to chapter 11 of the Bankruptcy Code. The results of their analyses and recommendations were published on Dec. 8, 2014, in a written format, Final Report and Recommendations (the Report).[1] Not counting appendices, the Report is 331 pages long and covers just about every aspect of chapter 11 practice. For each topic, the Commission made specific recommendations to amend the Bankruptcy Code in an attempt to make chapter 11 more efficient and useful and generally to bring chapter 11 practice in alignment with the current realities of a 21st Century financial world. These recommendations included addressing intellectual property licenses.

Read More from: Insolvency Insights

4 years 4 months ago
By: Daniel R. Schimizzi, Esq. Section 363 of the Bankruptcy […] The post 11 U.S.C. § 363(m): Special Protection for a Good Faith Purchaser appeared first on Bernstein-Burkley, P.C..

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

4 years 4 months ago
Banks can be compliant with cybersecurity guidelines and still remain vulnerable to massive liabilities. One case in point: many financial institutions carry mandatory insurance policies that could leave them on the hook for six-figure losses from corporate account takeovers.

Read More from: BankThink

4 years 4 months ago
Receiving Wide Coverage ... Game On: MetLife is suing the U.S. government for designating it as a systemically important financial institution. The life insurer plans to file a lawsuit in the United States District Court for the District of Columbia Tuesday. MetLife is the first firm to try to shake off the systemically important label by going to court, the New York Times reports. An article in the Wall Street Journal sheds light on why company...

Read More from: BankThink

4 years 4 months ago
Ring v. First Niagara Bank, N.A. (In re Sterling United, Inc.), 519 B.R. 586 (Bankr. W.D.N.Y. 2014) – A chapter 7 trustee sought to recover as preferences payments made by the debtor to a lender and proceeds of collateral liquidation received by … Continue reading →
4 years 4 months ago
Payday loans are exceedingly expensive, often trapping borrowers into a cycle of rolling their loan over for many months while interest compounds. Postal banking has been suggested as a way to provide people with better access to less-expensive loans. And the CFPB has indicated that it intends to regulate payday and similar high-cost loans (maybe that will happen soon?). In the meantime, some churches apparently have taken matters into their own hands. A recent Washington Post article describes how churches in Virginia have helped some of their members secure manageable loans from the Jubilee Assistance Fund (very apt name) and the Virginia United Methodist Credit Union. ("Faith-based" credit unions exist across the country and also offer loans to churches. A few of these credit unions end up as creditors in churches' Chapter 11 cases). The article reports that similar church-run lending programs are sprinkled across the country, with churches in some states seemingly having more coordinated efforts.

Read More from: Credit Slips

4 years 4 months ago
The venue reform movement has focused on cases filed in Delaware and the Southern District of New York which are either not transferred (Enron and Energy Futures) or transferred at considerable time and expense (Patriot Coal).   However, a decision out of Texas denied a request to transfer an adversary proceeding to Delaware.    Think3 Litigation Trust v. Zuccarello (In re Think3, Inc.), No. 13-1081 (Bankr. W.D. Tex. 1/4/15), which can be found here.What Happened The Think3, Inc. case was unusual in more ways than one.    Think3 was incorporated in Delaware and had a large branch office in Italy.   An involuntary bankruptcy proceeding was filed against the company in Italy.   The Debtor filed a voluntary chapter 11 petition in Texas on May 18, 2011.   The Italian Trustee filed a Chapter 15 petition in Texas later the same year; however, recognition was denied and the petition was dismissed.   The voluntary chapter 11 case resulted in a confirmed plan with a Litigation Trust.    The Litigation Trust sued certain former officers and directors, four of whom were residents of other countries, primarily Italy.   The intrepid Litigation Trustee was able to serve the foreign defendants through the Hague Convention.
4 years 4 months ago
To get ready for the January 14, 2014 Supreme Court oral argument on Wellness International Ltd. v. Sharif, read this National Bankruptcy Conference report.

Read More from: Credit Slips

4 years 4 months ago
As part of the Weil Bankruptcy Blog’s series on the recently released ABI Commission Report, we previously discussed the ABI Commissions’ recommendations on management and oversight of cases in chapter 11. In this entry we turn to the often debated topic of professional fees and the costs of complex chapter 11 cases. Professionals and Compensation Issues
4 years 4 months ago
If you’re being harassed by collections agents, it’s quite possible that you might feel like throwing your hands up and declaring bankruptcy is the only way to make the harassment stop. However, what many people often forget (or just don’t know) is that there might be alternatives to bankruptcy that you may want to check […]
4 years 4 months ago
For years, pundits have declared that many law schools were on the verge of closing. In particular, low-ranked, stand-alone law schools operating in competitive marketplaces were repeatedly highlighted as being at the highest risk of closing. And with enrollment plummeting at law schools around the country, many were wondering which law school would be the first to keel over. Thomas Jefferson School of Law was often highlighted as a particularly likely candidate. But instead of closing, Thomas Jefferson recently restructured $127 million in bond debt, writing down $87 million and having the interest rate on its remaining $40 million reduced to 2%. In exchange, the school handed over the only significant asset it had on its balance sheet—its new law school building.

Read More from: Credit Slips

4 years 4 months ago
Back in November, I read a pair of stories on sports websites about two young, black, highly paid professional athletes, and the legal battles that have erupted between them and their respective parents and siblings over the money the athletes are making.  The media have framed these stories in a variety of ways beyond just being two more clichéd made-for-reality-tv  tales of dysfunctional families, or professional athletes who go broke.   Philly.com's  story on Philadelphia Phillies first baseman Ryan Howard, right from the opening paragraph, is an exercise in sympathy that presents him as a man suffering great psychological torment, implying quietly that these struggles may have affected his play in recent years.

Read More from: Necessary and Proper

4 years 4 months ago
In re Energy Future Holdings Corp., No. 14-10979 (CSS), 2015 WL 77416 (Bankr. D. Del. Jan. 7, 2015) In the chapter 11 proceedings of Energy Future Holdings Corp. and its affiliated debtors (the “Debtors”) pending before the Delaware Bankruptcy Court, the Court was asked to establish a bar date for “claims of unknown persons that have yet to manifest any sign of illness from exposure to asbestos” (the “Unmanifested Claims” or the “Unmanifested Claimants”) so that the Debtors and parties participating in the ongoing marketing process of the Debtors could understand the extent and nature of outstanding liabilities and, ultimately, seek to bar any claims not properly and timely filed. Read More › Tags: Bar Date, Notice

Read More from: Delaware Bankruptcy Insider

4 years 4 months ago
Customers affected by cyberattacks frequently direct their wrath at financial institutions, whether or not a bank is responsible for the breach. Therefore banks need to have a strategic communications strategy in place.

Read More from: BankThink

4 years 4 months ago
According to the Council of Institutional Investors (CII), the 2015 proxy season is off to an “explosive start” because of proxy access.
4 years 4 months ago
Today we welcome Matthew Bruckner as a guest blogger. Professor Bruckner teaches at Howard University School of law. I first became acquainted with him through his wonderful scholarship applying virtue theory to bankruptcy law. He teaches a variety of business and commercial law courses, including contracts and bankruptcy. Professor Bruckner has previously taught at St. John’s University School of Law and Cleveland-Marshall College of Law. His academic interests center on commercial bankruptcy issue and his most recent scholarship focuses on how to reduce the cost of professional representation in corporate bankruptcy cases. Prior to law teaching, Professor Bruckner was an attorney practicing in the areas of bankruptcy, bank regulatory, M&A, and other general transactional matters with Allen & Overy, LLP. Professor Bruckner also undertook a number of pro bono engagements for the Public International Law and Policy Group, where he led a team working on comparative constitutional law issues. After leaving Allen & Overy, Professor Bruckner clerked for the Honorable Allen L. Gropper of the United States Bankruptcy Court for the Southern District of New York. In a prior life, he was a stagehand at the Metropolitan Opera House in New York City. Welcome Matthew!

Read More from: Credit Slips

4 years 4 months ago
Bankruptcy laws don’t require a legal status or U.S. citizenship for a debtor in order to file for Bankruptcy. The U.S. Code, in its title 11 for Bankruptcy, chapter 1 § 109 titled “Who May be a debtor” states that: (a) Notwithstanding any other provision of this section, only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title. (1) Therefore, you can file Bankruptcy if you have resided in the United States and had obtained an ITIN (Individual Identification Tax Number). The Internal Revenue Service issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security Numbers (SSNs). (2) If you have used another Social Security Number to obtain a loan or credit, you should consult an Attorney because the debts might not be dischargeable. Also, Bankruptcy petitions are public documents, therefore it is important that you get advice from an Attorney to avoid further investigations related to identity theft for filing with a Social Security Number that doesn’t belong to you. If you would like to know if Bankruptcy can be an option for you, please see this link http://www.scholnicklaw.com/bankruptcy-intake-form/ for a Bankruptcy Intake in my website.  

Read More from: Scholnick Law

4 years 4 months ago

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