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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 8 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 8 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 8 months ago
4 New Years Resolutions To Get Out Of Debt It’s a new year and so many of us in Mesa, Arizona and around the country have made resolutions for 2014. Lose weight. Get healthier. Exercise more. Quit smoking. Be a better father/mother/child and so forth. All of these are excellent resolutions and really something worth attaining. The trick of course is how to attain those this year and not just setting empty goals that don’t get met and “oh well, it’s another year, better luck next time.” For millions of Americans, whether you live in Mesa, Arizona or Portland, Maine, another, very important goal is to get out of debt. This is a resolution that carries a lot of impact. Debt is crushing and can create extreme stress that individuals and families who live with debt know all too well.

Read More from: My AZ Lawyers

3 years 8 months ago

4 New Years Resolutions To Get Out Of Debt

4 New Years Resolutions To Help Get Out Of Mesa, AZ Debt BankruptcyIt’s a new year and so many of us in Mesa, Arizona and around the country have made resolutions for 2014. Lose weight. Get healthier. Exercise more. Quit smoking. Be a better father/mother/child and so forth. All of these are excellent resolutions and really something worth attaining. The trick of course is how to attain those this year and not just setting empty goals that don’t get met and “oh well, it’s another year, better luck next time.”

For millions of Americans, whether you live in Mesa, Arizona or Portland, Maine, another, very important goal is to get out of debt. This is a resolution that carries a lot of impact. Debt is crushing and can create extreme stress that individuals and families who live with debt know all too well.

Read More from: My AZ Lawyers

3 years 8 months ago
Tax Debt? 2 IRS Rules You Need To Know A Little Known Fact… The IRS can’t chase you forever to collect a Tax Debt. It only has 10 years to collect and if it can’t, the “Clock” runs out, the debt is gone…erased forever. The Law that forbids collection after the 10 year period is commonly called the “Statute of Limitations on Collection”. You can find it here… IRC Section 6502 (a) (1). This 10 year limit on collection is one of the most effective tools we use in helping people reduce or eliminate IRS Debt, but as you may have already guessed, 10 years isn’t always “10 years”, at least not in the IRS’ world. There are two rules that determine when 10 years really means 10 years… Rule #1 – The Assessment Rule The 10 year period doesn’t begin until the tax is “assessed”. Assessment is just the IRS’ formal determination that the debt is owed by you and the placement of the amount owed in its system. The following example will show you why this is so important. Henry is a self-employed Plumber. He went through a hard patch in 2002 and didn’t pay any tax or file the 2002 return which was required to be filed in April of 2003. In March of 2005, things were better and he filed the 2002 return. The IRS received and assessed the tax debt from 2002 in April 2005.

Read More from: My AZ Lawyers

3 years 8 months ago
The financial crisis scarred many Americans. Now that they have given themselves permission to spend again, they will do so responsibly.

Read More from: BankThink

3 years 8 months ago
The new Scottish bankruptcy law which will take effect in April contains some great acronyms, including BADAS and BRO.    Unfortunately, the Bankruptcy and Debt Advice (Scotland) Act 2014 ("BADAS") is missing the second "s" which would make it a truly badass law.   From my brief review of an article by Rob Aberdein, the new Scottish law is a hybrid of Chapters 7 and  13 under BAPCPA.   However, it seems to cut out lawyers altogether, relying on a creature known as the Accountant in Bankruptcy ("AiB").Like BAPCPA, a Debtor must obtain a credit counseling briefing before having his estate sequestrated, which is the Scottish version of bankruptcy.   This must be obtained from an "approved money advisor."    Additionally, the Debtor must later take a "financial education course."One unique feature of BADAS is that much of the initial decisionmaking is delegated to the AiB, who may or may not be the same person as the Trustee.    According to Mr. Aberdein, 
The effect of the BADAS Act in this context is that the sheriff has been ‘pushed out’ of the sequestration process to the role of an appeal body where debtors or trustees seek review of a decision by the AiB.
(Note:  According to Wikipedia, in Scotland a sheriff is analogous to a judge and sits in a second-tier court called the Sheriff Court.
3 years 8 months ago
As all restructuring eyes turn to Oil & Gas as the industry most likely to keep us busy in the coming months, we at the Weil Bankruptcy Blog want to make sure our readers are ahead of the gas curve (pun intended) in understanding the key issues that arise in this sector. With that in mind, today is the first in a Weil Bankruptcy Blog series, “Drilling Down,” which will look at emerging issues at the intersection of the oil and gas industry and bankruptcy law. In Part One, we provide an overview of the oil and gas industry and a discussion of some of the unique challenges currently facing this sector. In Part Two, we will look at the treatment of specific oil and gas property interests in the bankruptcy context. In Part Three, we will look at the ability to assume, assign, or reject oil and gas “leases” under section 365 of the Bankruptcy Code. In Part Four, we will dive into the lessons of the ATP chapter 11 cases and specifically how certain financing arrangements specific to the realm of oil and gas raise questions requiring a “disguised financing” vs. “true sale of interests” analysis. As other relevant and interesting topics in this area come to light that we think will be valuable for our readers, we will publish additional blog articles. Part One: Overview of the Oil & Gas IndustryPlease God, send me one more oil boom. This time I promise not to blow it.” — 1980s Texas Bumper Sticker
3 years 8 months ago
In late December, the National Association of Manufacturers, the Chamber of Commerce and the Business Roundtable (the Appellants) filed a supplemental brief in the ongoing conflict minerals case, which we previously discussed here. The brief is in response to the Panel order granting rehearing in November to address certain discrete matters, which we listed here.
3 years 8 months ago
A group of well-known financial institutions settled a lawsuit brought by former MF Global Holdings Ltd. investors for $74 million. 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.”) William Nicklin’s troubled investment firm NSB Advisors LLC has filed for bankruptcy protection with a plan to sell its assets to Emancipation Management LLC, DBR reports in WSJ. Friendly’s franchise J&B Restaurant Partners of Long Island II LLC filed for bankruptcy, Reuters reports. Trump Entertainment Resorts Inc. sketched out a revised turnaround plan, DBR reports.

Read More from: WSJ.com: Bankruptcy Beat

3 years 8 months ago
A group of well-known financial institutions settled a lawsuit brought by former MF Global Holdings Ltd. investors for $74 million. 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.”) William Nicklin’s troubled investment firm NSB Advisors LLC has filed for bankruptcy protection with a plan to sell its assets to Emancipation Management LLC, DBR reports in WSJ. Friendly’s franchise J&B Restaurant Partners of Long Island II LLC filed for bankruptcy, Reuters reports. Trump Entertainment Resorts Inc. sketched out a revised turnaround plan, DBR reports.

Read More from: WSJ.com: Bankruptcy Beat

3 years 8 months ago
A group of well-known financial institutions settled a lawsuit brought by former MF Global Holdings Ltd. investors for $74 million. 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.”) William Nicklin’s troubled investment firm NSB Advisors LLC has filed for bankruptcy protection with a plan to sell its assets to Emancipation Management LLC, DBR reports in WSJ. Friendly’s franchise J&B Restaurant Partners of Long Island II LLC filed for bankruptcy, Reuters reports. Trump Entertainment Resorts Inc. sketched out a revised turnaround plan, DBR reports.

Read More from: WSJ.com: Bankruptcy Beat

3 years 8 months ago
The ideal digital bank would respect customers' privacy and relate to them as human beings while offering an array of simple, easy-to-use mobile and online apps.

Read More from: BankThink

3 years 8 months ago
Receiving Wide Coverage ... Fed Personnel: Bankers applauded President Obama's nomination of former Bank of Hawaii CEO Allan Landon to the Federal Reserve's Board of Governors. Former American Bankers Association CEO Edward Yingling said Landon's nomination has an "excellent" chance to be confirmed by the Senate, because a large number of lawmakers support having a community banker on the Fed board. Republicans, although they now control the Senate and would normally be hostile to an Obama...

Read More from: BankThink

3 years 8 months ago
Does a debtor remain in control of its assets while […] The post 5 Minute Legal Master Series: The Chapter 11 Process appeared first on Bernstein-Burkley, P.C..

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

3 years 8 months ago
In a recent decision by the Second Circuit, Lucas v. Dynegy Inc. (In re Dynegy, Inc.), No. 13-2581 (2d. Cir. Oct. 31, 2014), the court held that a class representative of a district court securities litigation against a chapter 11 debtor had no authority to act on behalf of the class in the debtor’s bankruptcy proceedings, in this case by objecting to the debtor’s plan and opting out of certain plan releases related to such litigation. Why? Because the class representative failed to invoke Rule 23 of the Federal Rules of Civil Procedure (the “Federal Rules”) and seek class certification by the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). In sum, the Second Circuit affirmed the ol’ saying, “No representation without designation”— defining the outer limits of a class representative’s powers in the context of a bankruptcy proceeding and underscoring the importance of following proper procedures. Background
3 years 8 months ago
It has often been said that you should never do business with friends or family. A bankruptcy court decision that was recently affirmed by the U.S. Court of Appeals for the Sixth Circuit is further evidence of this proposition.  Read More › Tags: 6th Circuit Court of Appeals, Chapter 11

Read More from: Michigan Bankruptcy Blog

3 years 8 months ago
Technology companies are wooing customers away from traditional financial institutions. If banks want to address this threat, they need to rethink their business models and stop chasing profits at all costs.

Read More from: BankThink

3 years 8 months ago
In a case of apparent first impression in the Tenth Circuit, the U.S. Bankruptcy Court for the District of Colorado recently held that the reopening of a closed case under § 350 does not result in the re-imposition of the automatic stay in the reopened proceedings.  In re Brumfiel, 514 B.R. 637 (Bankr. Colo. 2014). 

Read More from: Creditors' Rights

3 years 8 months ago