Mark Weidemaier & Mitu Gulati
Along with Ugo Panizza of the Graduate Institute in Geneva, we’ve put up a couple of posts in recent days asking whether Venezuela might have a legal basis for challenging its obligations on the PDVSA 2020 bond (here and here). A large payment of close to a billion dollars is due in a few weeks and there is no money to pay it. Most important, the bond is collateralized by a pledge of a majority stake in CITGO Holding.
The possible basis for the legal defense is that the bonds, and especially the pledge of collateral, were not properly authorized under Article 150 of the Venezuelan constitution. (This matter has also received press attention over the past few days—e.g., here and here).
Read More from: Credit Slips
Turns out, that’s not just a cheer, it’s shorthand for the rule on when you can file bankruptcy again.
And it points out that when you can file again depends on what kind of bankruptcy you filed last time.
Here’s how it works.
You are eligible to file another Chapter 13 case TWO years from filing an earlier Chapter 13. [ This had to be a drafting error since nearly all Chapter 13’s run at least three years. But I’ll take it.]
If you now want to file Chapter 7, you must wait SIX years.
Read More from: The Soap Box
As regulatory pushback against Facebook's Libra cryptocurrency has accelerated, keeping the project together has become a major challenge, with Visa, Mastercard, Visa, eBay and Stripe joining PayPal in leaving the project.
BofA’s do-no-harm approach to AI; looking at what comes next for Fannie and Freddie now that they get to keep their earnings; ruling cuts short debt collectors’ victory lap over CFPB proposal; and more from this week’s most-read stories.
Two new surveys have found that most consumers would prefer to stash their cash in traditional banks. But there's one group of savers who would be very comfortable opening accounts with tech giants if given the opportunity.
The Office of the Comptroller of the Currency found deficiencies related to the bank's holding period for "other real estate owned."
CFPB Director Kathy Kraninger announced the creation of a task force to research and identify potential conflicts in consumer finance law.
As apps like Uber and Lyft gain more traction, the need for new cars — and loans — is expected to diminish.
The Federal Reserve said it will begin buying $60 billion of Treasury bills per month to improve its control over the benchmark interest rate it uses to guide monetary policy after turmoil rocked money markets in September.
Federal regulators should amend a capital buffer requirements for certain derivatives to avoid economic damage.
Large banks will have less onerous capital rules and stress test requirements; the president’s main lender said it has other returns, but not the president’s.
Readers react to whether the next presidential debate will discuss banking, how California's financial policies are bleeding into other blue states, suggested reforms to the Community Reinvestment Act and more.
Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services.
In a move to tap into an underserved market opportunity — but with the potential for political backlash — Sallie Mae launched three different cash-back reward credit cards aimed at college students and young adults.
Despite a strong economy, volume in the agency's flagship loan program has declined for two straight years. Here's why.
The company has rolled out an online platform for firms considering marketplace loans as an asset class.
Institutions that offer fewer than 500 open-end lines of credit will get another two-year exemption from reporting requirements under the Home Mortgage Disclosure Act.
The central bank finalized a host of regulatory-relief changes mostly benefiting midsize and regional banks that hew closely to proposals issued in April and last fall.
The head of the firm's real estate investment arm pushed back at the idea that buildings with coworking companies as lead tenants are risky bets for lenders.
Any attorney who has practiced law in the State of Alabama for any length of time knows of the law firm of Rosen Harwood. It is well known and highly respected throughout the state. While in Tuscaloosa recently, I was able to sit down and spend some time talking to Bernard Harwood, one of the founders of this law firm. During his long and illustrious legal career, Mr.
Read More from: Bonds & Botes, P.C.