Relativity Debtors are the “Masterminds” while Netflix sits in “The Disappointment Room” Faced with debts exceeding $1 billion and lacking liquidity, but hopeful that certain assets would bear bountiful fruit in due course,...Read Full Article
Gerchen Keller purchases a portion of the interest in proceeds of $213 million fraudulent conveyance judgment in innovative public sale. An interesting transaction took place on September 8, 2016. The chapter 7 bankruptcy trustee for Magnesium...Read Full Article
SALE OF TWO MALLS. Notice is hereby given that Pierce & Associates, on behalf of Development Specialists, Inc. as Liquidating Trustee appointed in the chapter 11 bankruptcy case of In re J&E Land Company, Inc., Case No. 13-02081 (Bankr....Read Full Article
Are “electronic document” provisions appearing in your commercial loan documents? This is the second in a series examining two provisions recently reviewed by me in commercial real estate transactions. Unfortunately, the two provisions have serious problems: for UCC Article 3 notes, making a copy of it will not clothe the copy with Article 3 protections. Copy & Trash the Original Note: No No & No Electronic...
It isn’t only the athletic-wear retailers going through bankruptcy (Sports Authority and Golfsmith), but retailers on the other end of the athletic spectrum – think t.v. and tobacco. Delivery Agent, a company which has developed technology focused on allowing television watchers to easily purchase any items they see in a television show or advertisement, has filed for bankruptcy protection in Delaware. Its formation...
Yesterday, August 31, President Obama appointed the 7 voting members of the oversight board for Puerto Rico under the law colloquially known as Promesa. The board has a broad charter and a ridiculously impossible task in front of it. Back in June, in a moment of weakness, I told a friend of mine at a hedge fund, “Sure, you can try to put my name on one of the lists of nominees.” Then came August and his liaison in...
Per www.npr.orgMay 5, 2016:Many credit card and loan agreements these days have in the small type what's called a "mandatory arbitration clause." Most people don't even know what that means. But by signing, customers agree not to sue the financial firm in a class action lawsuit. Instead, they agree to work out any problem with an arbitrator hired by the bank."The company can sidestep the legal system, avoid accountability, and continue to pursue...
A recent decision by the United States Bankruptcy Court for the Western District of Texas in In re Sanjel (USA) Inc. is a reminder that in a chapter 15 case, the U.S. bankruptcy court will not always apply the law of the foreign jurisdiction to U.S. creditors and U.S.-based claims. Specifically, the case adds a wrinkle to caselaw addressing the domestic application of foreign stays through chapter 15, and in particular whether it is...
The ability of a secured creditor to credit bid its debt in connection with a sale of a debtor’s assets received a strong boost in a decision last month in the Chapter 11 case of Aeropostale from U.S. Bankruptcy Judge Sean Lane of the Southern District of New York. Two recent decisions, Fisker Automotive and Free Lance-Star Publishing Co., had surprised many observers by narrowing the rights of secured creditors to credit bid,...
In an effort to reduce settlement times, the Loan Syndications and Trading Association (the “LSTA”) recently revised its standard par loan trading documents to penalize buyers who take too long to settle. Beginning September 1, 2016, buyers who fail to fulfill their obligations to timely settle par loan trades will forfeit the right to receive interest that accrues prior to the settlement date. The changes do not apply to loans...
John Dizard has a useful, and clearly written, piece on the lay of the land in this morning's FT. What puzzles me is why PDVSA, the national oil company, has not done a UK scheme of arrangement or a US prepack to exchange the bonds, instead of messing around with an exchange offer. But the entire situation is rather opaque.
Verengo, Inc., a well-known installer of residential solar power systems, filed for Ch. 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12098). Verengo attributes its filing to quality issues with its former operations in the eastern United States. Despite selling its northeast operations to NRG Energy, Inc. and restructuring its remaining lines of business, Verengo is unable to service its current...
JOINT NOTICE OF PUBLIC SALE BY THE SECURED CREDITOR AND ASSIGNEE FOR THE BENEFIT OF CREDITORS OF MIDWEST EXCHANGE ENTERPRISES, INC. 4012 MORRISON DR. GURNEE, IL 60031 SALE OF ASSETS: On Wednesday, September 28, 2016 Howard B. Samuels, not...Read Full Article
Editor’s Note: the August edition of The Bankruptcy Strategist and the September edition of the Equipment Leasing Newsletter, each ran a substantially similar article by the authors. We are pleased to run this version here. You...Read Full Article
NOTICE OF PUBLIC SALE – ALPHA ALUMINUM, LLC NOTICE IS HEREBY GIVEN that on Tuesday, September 13, 2016, at 10:00 a.m. (the “Date of Sale”) in the offices of Bryan Cave LLP, 161 North Clark Street, Suite 4300, Chicago, Illinois, the...Read Full Article
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Yahoo News takes a look at how Pandora came to buy Rdio, and the decision makers involved.
According to National Mortgage News, the Hope Now alliance reported that loan modification activity has fallen again on a monthly basis.
OilandGas360.com reports that more than 100 oil and gas operators have filed chapter 11 bankruptcy since 2015.
The Wall Street Journal reports that even as banks build new technology in response to threats from fintech upstarts, some of their existing systems are struggling to keep up with new regulations
According to USA Today, two former employees of Wells Fargo Bank have filed what could be the first of many cases against the bank.
Nearly 3.5 million Americans were able to advance above the poverty line last year, according to census data released this month, the New York Times reported.
According to the New York Times, New Yorks financial regulator wants information from Caliber Home Loans about its handling of distressed mortgages.
The Wall Street Journal reports that woes of private-equity investments are being felt by pensions and other institutional investors.
CNBC reports that a two-year downturn has pushed more than 100 U.S. energy companies into bankruptcy. But for some distressed drillers, a rebound could actually make things worse.
Yahoo Finance reports that Greenspan says he would like to see the Dodd Frank Bank Law repealed.
Richmond Business.com reports that a US bankruptcy court approves a settlement between HDL and LeClairRyan.
Bloomberg reports that American Idol sheds debt as its bankruptcy plan is approved.
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