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On August 1, 2018, Chief Judge Christopher Sontchi issued the latest opinion in the Energy Future Holdings bankruptcy cases.  The opinion addresses the question whether failed purchaser NextEra Energy, Inc.'s ("NextEra") $60 million administrative expense claim related to its fees and expenses incurred in attempting to close the transaction with the Debtors for control of the Debtors’ economic interest in Oncor.  While the underlying factual background is complex and the amount sought is large ($60 million), the Bankruptcy Court discussed the established legal authority in denying the request for an administrative expense. A copy of the opinion may be found here.  

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1 week 4 days ago

Reinbold v. Thorpe (In re Thorpe), 881 F.3d 536 (7th Cir. 2018) – A chapter 7 trustee sought to avoid the interest of a debtor’s wife in property that was awarded to her in a state court divorce proceeding. This decision … Continue reading

1 week 4 days ago

UniCredit SpA stopped using Facebook Inc. for advertising, alleging the media giant hasn’t acted ethically, a move other large companies have also threatened to make.

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1 week 4 days ago

Bank organizers are picking one another's brains about hiring decisions, applications and raising capital as part of the monthslong effort to secure charters.

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1 week 4 days ago

The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.

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1 week 4 days ago

The skeptics keep waiting for investment in financial startups to dry up, but it doubled in the first half of 2018. KPMG's Safwan Zaheer explains why.

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1 week 4 days ago

N.B.C. Bancshares' deal for Bank of Cushing will give it two branches an hour outside of Tulsa.

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1 week 4 days ago

The biggest impact may be to focus the administration’s efforts on selecting a nominee to succeed Director Mel Watt, whose term ends in January.

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1 week 4 days ago

The mortgage giants Fannie Mae and Freddie Mac would have to draw as much as $78 billion in the event of a serious economic crisis, according to stress test results released Tuesday by the housing regulator.

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1 week 4 days ago

The bureau announced the creation of the Global Financial Innovation Network for regulators to discuss joint policy work and offer a cross-border product testing process.

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1 week 4 days ago

JPMorgan Chase, SunTrust and PNC are pressuring outside counsel to get more women and minority lawyers to represent them in court even at the risk of alienating the big, traditional law firms that they have done business with for years.

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1 week 4 days ago

The former Trump campaign chair got $16 million in mortgages from The Federal Savings Bank. His trial is shedding new light on what the bank's CEO allegedly received in return.

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1 week 4 days ago

There’s much for banks to like — and for consumer advocates to dislike — in a report on the industry's overdraft policies released Tuesday by the Center for Responsible Lending.

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1 week 4 days ago

The marketplace lender recorded an impairment charge tied to the acquisition of a specialty lending business and is still being hit with costs stemming from the scandal that toppled its previous CEO.

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1 week 4 days ago

Even Financial, which provides an intermediary API between banks and third parties for consumers to be matched with financial products, raised the funds from investors, including Goldman Sachs.

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1 week 4 days ago

I have seen a lot of clients recently who have had to file bankruptcy because they turned their cars in to the dealership.  They expected that this it would be a solution to the problem of a car payment they could not afford.  Nope.  Big, big mistake.

Turning in a car to the dealership is, for legal purposes, exactly the same as a repossession.  The dealer goes through the same steps.  The dealer takes the car to auction and sells it — usually to themselves — for way less than the amount of the outstanding loan.

The remaining loan balance — known as a deficiency — is usually the subject of a lawsuit against the borrower.  Most of the time, the borrower does not bother to contest the lawsuit. (There are few legal defenses to the lawsuit on the deficiency anyway.)  The result is a judgment against the borrower, often for tens of thousands of dollars.

1 week 4 days ago

Upcoming Committee Formation Meeting:  Thursday, August 16 10:00 AM

Case Name: 18-11801 (LSS)

Location:The Doubletree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

1 week 4 days ago

Upcoming Committee Formation Meeting:  Thursday, August 16 10:00 AM

Case Name: 18-11801 (LSS)

Location:The Doubletree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

1 week 4 days ago

Upcoming Committee Formation Meeting:  Tuesday, August 14 10:00 AM

Case Name: 18-11699 (MFW)

Location:The Doubletree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

1 week 4 days ago

Upcoming Committee Formation Meeting:  Tuesday, August 14 10:00 AM

Case Name: 18-11699 (MFW)

Location:The Doubletree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

1 week 4 days ago

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