Read More from: eSQUIRE Global Crossings
The ISS annual global policy survey for 2018 includes only a few issues compared to prior years, but with more focus on the election of directors. The responses to the survey will inform the new policies that govern the 2019 meetings.
The survey is again being undertaken in two parts, one covering fundamental and high-profile topics which we address in this post, and another focused on details which we will describe in Part II.
The first set closes on August 24, and the second ends on September 21. You can access and respond to the survey here.
Auditors and Audit Committee. Continue Reading
Read More from: Davis Polk Briefing: Governance
The online lender’s president, Steve Allocca, shares how the company weathered scandal and hints at future plans to grow its product set.
U.S. authorities are forced to take action on some shady dealings up north; the Systemic Risk Council says weaker capital rules could deflate bank equity.
Read More from: Mediatbankry
Bankruptcy is intended to provide debtors with a way out of debt and fresh financial start. And while it is a quick and easy option, filing for bankruptcy might not actually be in your best interest. It depends on your individual circumstances, as well as other factors. That is why the decision to file for......
Read More from: The Law Office of Joel R. Spivack
The House Financial Services Committee has scheduled an FHFA oversight hearing for September in the wake of waste, fraud and abuse allegations.
In recent weeks, several banks and fintechs have added new branches or new units, and in the process brought aboard new leadership. Here's a roundup of key hires.
The Ohio special election is the latest sign that Democrats are well positioned to retake the House in midterm elections this fall.
While most acquirers are content to let cost savings trickle down to the bottom line, WSFS will use the purchase of Beneficial to reinvent itself.
They are disinclined to talk about it much yet, but the big three trust banks as well as JPMorgan and Goldman are said to be mulling custody services that would help shield wealthy bitcoin investors from theft. Here are the selling points and the risks.
Gateway Mortgage's owners plan to merge the mortgage lender into Farmers Exchange Bank.
Financial companies have less than a month to address a third round of cybersecurity requirements, the agency warned.
Voice assistants impress at tech demos, but new research shows bank customers aren't ready to ask a speaker about their accounts just yet.
Many individuals who owns taxi medallions that are “underwater” (the amount of the bank loan exceeds the value of the medallion) are interested in cramming down the taxi medallion loan so that the secured portion of the taxi medallion loan equals the value of the taxi medallion and the remainder of the taxi medallion loan would be treated as unsecured debt.
As discussed below, the secured portion of the taxi medallion loan would be paid in full and the unsecured portion would be paid pennies on the dollar, allowing the medallion owner to pay the bank less than the full amount of its loan and keep the medallion!
In the way of background, chapter 13 is not available to corporations or limited liability companies; pursuant to § 109(e) of the Bankruptcy Code, only individuals can file for chapter 13 bankruptcy. So, if a mini fleet was owned by a corporation or an LLC, a chapter 13 filing would not be permitted. The corporation or LLC could file for chapter 7 or chapter 11 bankruptcy (see our previous blog post on chapter 11 and cramdown).
Read More from: Shenwick & Associates
Read More from: Shenwick & Associates
A recent decision by the Bankruptcy Court for the Western District of Texas in In re Palmaz Scientific, 2018 WL 1036780, at *5 (Bankr. W.D. Tex. Feb. 21, 2018) serves as a cautionary tale of the importance of monitoring the plan confirmation process. In Palmaz, the bankruptcy court held that a chapter 11 bankruptcy reorganization plan would not bar investors from pursuing direct claims against the directors and officers of debtor. However, this was a hollow victory for the plaintiffs as the bankruptcy court went on to hold that the terms of the confirmed plan of reorganization prevented the plaintiffs from satisfying their claims from the proceeds from director and officers’ insurance.
On March 4, 2016, Palmaz Scientific Inc., a biomedical company that developed implantable devices used in treating diseases, filed a chapter 11 bankruptcy petition. The court approved the debtor’s chapter 11 plan on July 15, 2016. Palmaz Scientific’s plan transferred some of the debtors’ assets, including D&O claims, to a litigation trust. The plan defined D&O claims to include claims against the debtor corporation, but not against former directors and officers.
Read More from: Hughes Hubbard & Reed
The company says several banks and credit card issuers are interested in data sharing; rates may go even higher when corporate borrowers need to refinance.
The Delaware company plans to reinvest savings from the $1.5 billion acquisition to upgrade technology and delivery channels.