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In November, the American Bar Association issued a formal opinion that it was unethical for prosecutors to allow debt collectors to use prosecutorial letterhead when no member of the prosecutor's staff reviews the file to determine if it is likely a crime has been committed. The most amazing thing about the opinion is that it had to be said at all. I missed the story when it first came out, but Deepak Gupta was all over it at the Consumer Law & Policy Blog with a post and some screen shots of what these letters look like. Also, the ABA Journal has a story abou the ethics opinion.

Read More from: Credit Slips

3 years 7 months ago
Like many of our readers, we at the Bankruptcy Blog spent our holiday breaks curled up with our copies of the American Bankruptcy Institute Commission to Study the Reform of Chapter 11 Final Report and Recommendations, which by now are quite dog-eared. For those of you who had more exciting plans and (still nursing your eggnog hangovers?) have only a vague recollection of what we are talking about, we refer you to our post announcing the release of the report on December 8, 2014. In this post, we discuss some of the more interesting findings and recommendations relating to the first topic tackled in the report, the less-exciting, but nevertheless important, topic of management and oversight of chapter 11 cases. See Section IV. A.1 -8. Next week, we will discuss the somewhat more controversial issues relating to professionals and compensation. Debtor in Possession Model
3 years 7 months ago
Liquid alternative investments, also known as alternative mutual funds and ‘40 Act Funds, are commonly mutual funds and exchange traded funds that incorporate some successful hedge fund strategies.  Read more here.
3 years 7 months ago
“Crowdfunding, now considered an alternative asset class, is growing to co-exist with traditional banking and securities, and the industry as a whole is set to raise US$93 billion by 2025,” according to Aite Group. Read more here.
3 years 7 months ago
CommericalBankruptcyAlternatives.com posted a new article analyzing the ABI’s @Ch11Commission report on Chapter 11 Reforms. Read the in depth article here!
3 years 7 months ago
CommericalBankruptcyLitigation.com posted a new article analyzing current developments in Illinois’ efforts to reform its public pension obligations. Read about how a State court struck down the Illinois Legislature’s efforts here
3 years 7 months ago
Financial institutions need to have good digital offerings, but they also need to find ways to stand out from the crowd. That's why branches will remain a crucial home base.

Read More from: BankThink

3 years 7 months ago
In today's Short View Column, Dan McCrum examines falling oil prices and the futures market, and then concludes: But the point of this story is not that some think they know what will happen next. Rather, it is that the price of one of the most widely used and heavily traded commodities has been able to halve in a matter of months. The oil price is not some arcane derivative tied to dodgy mortgages, or a stake in an internet start up. It is the price of an industrial input paid by thousands of large and well-informed buyers. Low oil prices are not an unimaginable abstraction, merely something not seen for a while. So, a question presents itself: if financial markets can be so wrong about the price of oil, what else are they missing?  

Read More from: Credit Slips

3 years 7 months ago
In a Breaking News Alert  at CommercialBankruptcyInvestor.com, Chapter11Dockets.com notes that Newland International Properties Corp. – Developer of Panama’s Trump Ocean Club Int’l Hotel & Tower missed a principal payment to bond holders.  Missing a principal payment is never a good idea, especially if it is a developer int he context of an ongoing construction project! Learn more about this topic here!
3 years 7 months ago
In a Breaking News Alert  at CommercialBankruptcyInvestor.com, Chapter11Dockets.com notes that registered investment advisor NSB Advisors LLC filed a petition for relief under chapter 11 in the Southern District of New York. Learn more about the case here!
3 years 7 months ago
In a Radio Shack Bankruptcy Watch at CommercialBankruptcyInvestor.com, the Editorial Staff discusses a recent article by @matt_levine @BV concerning credit derivatives or credit default swaps in the context of Radio Shack’s financial difficulties. Read more about it here
3 years 7 months ago
Teen fashion retailer Deb Shops on Wednesday won court approval to launch going-out-of-business sales that will culminate with the closing of nearly 300 stores. 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.”) According to Bloomberg, some of Casears Entertainment Corp.’s senior bondholders are trying to make it tough for the casino owner to get enough votes on a bankruptcy plan. Shale oil producer WBH Energy filed for bankruptcy, Reuters reports.

Read More from: WSJ.com: Bankruptcy Beat

3 years 7 months ago
Teen fashion retailer Deb Shops on Wednesday won court approval to launch going-out-of-business sales that will culminate with the closing of nearly 300 stores. 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.”) According to Bloomberg, some of Casears Entertainment Corp.’s senior bondholders are trying to make it tough for the casino owner to get enough votes on a bankruptcy plan. Shale oil producer WBH Energy filed for bankruptcy, Reuters reports.

Read More from: WSJ.com: Bankruptcy Beat

3 years 7 months ago
Teen fashion retailer Deb Shops on Wednesday won court approval to launch going-out-of-business sales that will culminate with the closing of nearly 300 stores. 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.”) According to Bloomberg, some of Casears Entertainment Corp.’s senior bondholders are trying to make it tough for the casino owner to get enough votes on a bankruptcy plan. Shale oil producer WBH Energy filed for bankruptcy, Reuters reports.

Read More from: WSJ.com: Bankruptcy Beat

3 years 7 months ago
Mortgage denials in 2013 were comparable to those recorded a decade ago, analyses of HMDA data show, challenging perceptions about how easy lending really was during the era of "pulse" loans and "fog-a-mirror finance."

Read More from: BankThink

3 years 7 months ago
Receiving Wide Coverage ... Quitting Time: Standard Chartered is getting out of the institutional equities business, and analysts seem to agree the U.K.-based bank is making the right call. Its equity sales and research units was "unprofitable," according to the papers, and shutting them down will save the bank $100 million. Investors have been calling on Standard Chartered to restructure in order to boost earnings; the Financial Times' Lex team suggests that paring down the bank's...

Read More from: BankThink

3 years 7 months ago
If you are thinking of filing bankruptcy without an attorney, please be aware of the following: the bankruptcy clerk and the bankruptcy judges are going to hold you to the same standard as that of an attorney. This means that you must comply with all of the filing regulations as well as courtroom standing orders+ Read More The post Filing Bankruptcy Without An Attorney appeared first on David M. Siegel.
3 years 7 months ago
GNC employee Shianne Penoli walks past the future location of Wet Seal Tuesday, July 2, 2013, at the Mt. Shasta Mall in Redding, Calif. (AP Photo/Record Searchlight, Greg Barnette)
Associated Press
It’s been another bad week for women’s apparel retailers…and it’s only Wednesday. As snow began to dust Manhattan Tuesday morning, C. Wonder gathered employees at its headquarters in the Flatiron District and promptly told them that the stores, founded by Tory Burch’s ex-husband Chris, were shutting down, the employees told BuzzFeed. By afternoon, C. Wonder spokeswoman Daniela Maron was confirming the information, issuing a statement on behalf of the company and blaming its demise on “the highly competitive nature of the current retail environment.”

Read More from: WSJ.com: Bankruptcy Beat

3 years 7 months ago
GNC employee Shianne Penoli walks past the future location of Wet Seal Tuesday, July 2, 2013, at the Mt. Shasta Mall in Redding, Calif. (AP Photo/Record Searchlight, Greg Barnette)
Associated Press
It’s been another bad week for women’s apparel retailers…and it’s only Wednesday. As snow began to dust Manhattan Tuesday morning, C. Wonder gathered employees at its headquarters in the Flatiron District and promptly told them that the stores, founded by Tory Burch’s ex-husband Chris, were shutting down, the employees told BuzzFeed. By afternoon, C. Wonder spokeswoman Daniela Maron was confirming the information, issuing a statement on behalf of the company and blaming its demise on “the highly competitive nature of the current retail environment.”

Read More from: WSJ.com: Bankruptcy Beat

3 years 7 months ago
GNC employee Shianne Penoli walks past the future location of Wet Seal Tuesday, July 2, 2013, at the Mt. Shasta Mall in Redding, Calif. (AP Photo/Record Searchlight, Greg Barnette)
Associated Press
It’s been another bad week for women’s apparel retailers…and it’s only Wednesday. As snow began to dust Manhattan Tuesday morning, C. Wonder gathered employees at its headquarters in the Flatiron District and promptly told them that the stores, founded by Tory Burch’s ex-husband Chris, were shutting down, the employees told BuzzFeed. By afternoon, C. Wonder spokeswoman Daniela Maron was confirming the information, issuing a statement on behalf of the company and blaming its demise on “the highly competitive nature of the current retail environment.”

Read More from: WSJ.com: Bankruptcy Beat

3 years 7 months ago