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SportCo Holdings, Inc., a Chaplin, South Carolina-based marketer and distributor of products for outdoor enthusiasts, filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11299), along with eight of its affiliates.  According to the First Day Declaration, the Debtors are seeking an orderly liquidation of their assets following operational declines.  The Debtors have proposed BMC Group to serve as their claims and noticing agent.  The Debtors report estimated assets of $0-$50,000 and estimated liabilities of $100,000,001-$500 million.  The cases have been assigned to the Honorable Laurie Selber Silverstein.

Contact Norman L. Pernick or G. David Dean for more information regarding this matter.

1 week 4 hours ago

The information the Consumer Financial Protection Bureau collects about customer problems can be valuable, but analysts need to move past the headline numbers.

Read More from: BankThink

1 week 4 hours ago

Treasury Secretary Steven Mnuchin was adamant that the Trump administration won’t just let Fannie and Freddie build up their capital buffers and then release the companies. He also said he backed an explicit government guarantee, something only Congress can do.

Read More from: BankThink

1 week 5 hours ago

On Mar. 31, 2019. Dollars in thousands.

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1 week 5 hours ago

On Mar. 31, 2019. Dollars in thousands.

Read More from: BankThink

1 week 5 hours ago

Despite tension between the U.S. and trading partners, bank are doing booming business in financing cross-border commerce; some Republican lawmakers are getting antsy at the pace of rollbacks for bank regulations, and are pushing regulators for a sense of urgency.

Read More from: BankThink

1 week 5 hours ago

Targeting consumers with poor or thin credit, Amazon is offering a secured card with rewards on par with those offered to mainstream cardholders.

Read More from: BankThink

1 week 6 hours ago

A dismissal is the termination of a court action or case verdict, or the act of voluntarily ending a lawsuit by either party. There can be some confusion surrounding whether or not dismissals appear on background checks. Here, criminal defense attorney Jeffrey Scholnick explains what a dismissal is and whether or not they show up on background checks.

What are Grounds for Dismissal?

A criminal procedure, or one of its causes of action, can be dismissed if a judge rules that the lawsuit or charge can be legally ended; a dismissal can also occur if a plaintiff settles the case. A dismissal with prejudice can be described as a dismissal in which a conclusion has been reached and cannot be refiled, while a dismissal without prejudice has the possibility of being reopened. In addition, a dismissal with leave means that there is the opportunity to refile, while a dismissal without leave means that there is not an opportunity for a party to refile.

Read More from: Scholnick Law

1 week 7 hours ago

Mortgage Closing Scams: How to protect yourself and your closing funds


YOUR MORTGAGE CLOSING CHECKLIST

By Melissa Yu – JUN 03, 2019, Consumer Financial Protection Bureau

Closing is one of the most important stages of buying a house. Learn how to prepare and what to expect so you can close with confidence.

1 week 1 day ago

FREEDOM MORTGAGE CORP SETTLES – PAYS $1.75 MILLION


6/5/19 – The Consumer Financial Protection Bureau (Bureau) announced a settlement with Freedom Mortgage Corporation (Freedom), one of the ten largest Home Mortgage Disclosure Act (HMDA) reporters nationwide.

1 week 1 day ago

Bored on my flight into Kerala, India’s southern most state, a few weeks ago, I picked up a newspaper lying on the empty seat next to me.  Most of the news was either about the Indian elections and how the nationalist BJP party had swept to power or about or India’s prospects in the cricket World Cup.  What caught my eye though was a little piece in the back section with a photo of luminaries from Kerala’s Marxist party at the London stock exchange. Kerala, for those who don’t know, has a long tradition of cycling between electing the supposedly anti-market Marxists and their pro-market Congress opponents. But here, I was seeing the Kerala Marxist party leaders at the London Stock Exchange.  My first thought was: This is a gag. Turned out not to be though.  The occasion was a five-year rupee denominated bond issued by Kerala, with a Canadian pension fund as its anchor investor (For more, see here).

Read More from: Credit Slips

1 week 2 days ago

The group behind Bank of St. George is looking to bring in up to $22 million in initial capital.

Read More from: BankThink

1 week 2 days ago

Are you behind on your car payments? Are you worried that your vehicle will be repossessed? Keep reading and learn what you can do to protect your car.

For a free consultation on how to quickly get your financial situation under control call The Law Offices of David M. Offen at 215-625-9600. They are located in Center City Philadelphia – and are very easy to reach from Philadelphia and the suburbs.

Call a Philadelphia Bankruptcy Lawyer

When you receive a notice that your car is going to be repossessed, your first thought probably won’t be “Do I need to file bankruptcy?” — but it should be.

Car repossession is a form of debt collection. And that means you have fallen behind on paying your car loan. What other bills have you not paid–or paid the minimum balance on, not even covering the interest? Losing your car may only be the tip of the iceberg. You have the ability to act and get your financial situation under control.

1 week 2 days ago

Freedom Northwest in Idaho hopes a proposal from the NCUA will help it bring in more deposits to fund a fast-growing mortgage business. Banks are crying foul.

Read More from: BankThink

1 week 2 days ago

The Enloe State Bank in Texas becomes the first bank to fail in 17 months; BB&T dangles promise of bonus payments to top executives if they stay; where JPMorgan Chase’s Finn experiment went wrong; and more from this week’s most-read stories.

Read More from: BankThink

1 week 2 days ago

Paramount Financial Technologies says its software can help banks answer key questions about their branch networks, including when it makes sense to expand them.

Read More from: BankThink

1 week 2 days ago

It’s the one consumer loan category where balances continue to fall, and disruption from nimbler fintechs is a big reason why. To win back market share, banks will need to beat the upstarts at their own game.

Read More from: BankThink

1 week 3 days ago

  In In re Serignese, 2019 Bankr. LEXIS 1730, Case #19-10724 (Bankr. S.D.N.Y. June 3, 2019) the Debtor's landlord and two investors and members of a business in which he had an interest (Casual Hospitality) filed  request for a 2004 examination of the chapter 7 debtor asserting 'under information and belief' that the debtor may have taken five wrongful actions: 1) wrongfully removed property from the premises; 2) may have defalcated in his duties as the tax matters partner and member of Casual Hospitality; 3) may have currently or previously had an ownership in other restaurants not disclosed in the bankruptcy; 4) may not have reported all income or assets; 5) alleges to have claims not identified in the bankruptcy.   While the attorney for the landlord had appeared at the 341 meeting, he asserted he did not have sufficient time to conduct a fulsome examination.

  Rule 2004(a) permits the examination of any entity upon court order.  The purpose of such examination is to assist a party in interest in determining the nature and extent of the bankruptcy estate, revealing assets, examining transactions, and assessing whether wrongdoing has occurred.  While finding that the movant's stated purpose for the 2004, to determine whether to file a complaint under §§523(a)(4) or (a)(6), is proper; the court found the movants failed to meet their burden of proof of showing good cause for the examination.

Read More from: Tampa Bankruptcy

1 week 3 days ago

The Financial Stability Board’s Task Force on Climate-related Financial Disclosures, commonly referred to as the TCFD, issued its second status report on June 5, 2019. This report, which follows its first status report in September 2018, states that the TCFD sees signs of progress in companies’ implementation of its recommendations on climate-related disclosures. Michael Bloomberg, TCFD Chair, commented that the TCFD is encouraged by the continued growth in the number of companies whose disclosures are aligning with its recommendations.

Nonetheless, the TCFD expressed in the report its concern that not enough companies are disclosing information on their climate-related risks or seeing the importance of incorporating climate-related information in their current business decisions.
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1 week 3 days ago

The CFPB issued a final rule late Thursday to delay the compliance date for mandatory underwriting provisions of the 2017 payday lending rule.

Read More from: BankThink

1 week 3 days ago

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