ABI Blog Exchange

Lenny Dykstra: A Cautionary Tale of Fraud and Fear

Debtors have options when their assets exceed exemptions. They can file chapter 11 or chapter 13 and make a stream of payments to buy back their property’s surplus equity. They can file chapter 7 and negotiate a buyback from the trustee, or else just

Delaware Bankruptcy Court Finds Bonus Plan Was Created in the Ordinary Course of Business

On July 9, 2012, Judge Peter J. Walsh of the United States Bankruptcy Court for the District of Delaware issued a memorandum opinion (the " Opinion"), in the Blitz U.S.A. bankruptcy proceeding addressing whether an employee bonus plan is a

Lying to the Bankruptcy Court: What Can Happen

Bankruptcy Court Judge Robert Mayer nailed a guy named Jon Mays this past week. I was in the bankruptcy court on something else, and I saw it. There was excitement in the Alexandria bankruptcy court last Tuesday Mays was in trouble with the Office of

Why a Sole Proprietor Filing Chapter 7 Bankruptcy Had Better Retain a Good Bankruptcy Lawyer

If you own and operate a small business as a sole proprietor and are thinking about filing a personal Chapter 7 bankruptcy, I cannot stress enough how important it is that you first seek the advice of an experienced bankruptcy attorney. First, you

Bankruptcy and Credit: How Long Does Chapter 13 Stay on a Credit Report?

Bankruptcy & Credit: Confusion Bankruptcy and Credit create more confused advice than any other area of bankruptcy law. Many people believe that so long as a bankruptcy is being reported on their credit report they will have no hope of buying a house

Nothing in Life Is Freeh

Associated Press Louis Freeh Louis Freeh’s investigations pack a punch, but at $850 an hour the ex-FBI director doesn’t come cheap. The same day Freeh released his devastating report slamming Penn State officials for concealing sex abuse by ex

Today in Bankruptcy – 7-13-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 13, 2012 California’s Municipal Bankruptcies Sign of Stigma Waning California bankruptcies are only the beginning Peregrine files for

Target of Investigation “Discovers” that Section 1521(a)(4) of the Bankruptcy Code Permits Broad Discovery of a Debtor’s Property and Affairs

In a recent decision out of the United States Bankruptcy Court for the Southern District of New York, Judge Gropper required that the target of an investigation produce certain documents related to the investigation pursuant to section 1521(a)(4) of

Who Is John Galt?

Depending upon your political views, Ayn Rand’s revolutionary character John Galt is either friend or foe. But we can offer an objective answer: he’s a debtor. A company named for the protagonist of Rand’s 1957 novel “Atlas Shrugged” filed for

SDNY Bankruptcy Court Holds that Venue of Houghton Mifflin Case is Improper, But Delays Transfer

On June 22, 2012, Judge Robert E. Gerber of the United States Bankruptcy Court for the Southern District of New York granted the U.S. Trustee’s motion to transfer the chapter 11 cases of Houghton Mifflin Harcourt Publishing Company and its affiliates

CFPB Should Stand for 'Choking Financial Professionals and Businesses'

Due to ever-increasing compliance requirements, consumers have already lost free checking. Now, the Bureau's sights are set on general purpose reloadable prepaid cards.

The Broke and the Beautiful: The Rock Edition

This week on The Broke and the Beautiful, Dwayne “The Rock” Johnson is accused of being a fraud “co-conspirator,” and “Real Housewife” counterpart Tareq Salahi’s lawsuit was thrown out. Also, rapper Young Buck’s possessions will be auctioned by the

Management behind “Day Jams” Plans to File Chapter 7 Bankruptcy

Day Jams Camp announced on its website that it plans to file for Chapter 7 bankruptcy protection. In what may be seen as an abrupt move by the management company behind the camp, this may be seen as a surprise to many parents who had their children

Bankruptcy Fraud: Illinois Man Sentenced Five Months in Federal Prison for Concealing Assets

William Cecil Griffin, 62, of Ashland, Ill was sentenced to 5 months in federal prison after pleading guilty to concealing assets when he filed Chapter 7 bankruptcy in 2009. Griffin was also ordered to pay over $40,000 in restitution to creditors

The Daily Docket: Peregrine Outlines Liquidation Strategy

The trustee overseeing Peregrine Financial Group Inc. on Thursday outlined plans for the liquidation of the failed U.S. brokerage, seeking court permission to run the business and retain some staff. Read the Wall Street Journal story here. A

When Foreclosure Supplies Fall, the Bottom Falls Out of Housing

While many homes remain in the hands of borrowers fighting for loan modifications, the housing market enjoys a false bump from investors and first time homeowners scrambling to pick up bargains while prices remain low. This article predicts that this

Spotlight on Shareholder Proposals: Majority Voting

This is the second in a series of posts to discuss shareholder proposals during the 2012 proxy season.Not surprisingly, shareholder proposals on majority voting for uncontested director elections continued to garner support this year, averaging 62.5%

Spotlight on Shareholder Proposals: Majority Voting

This is the second in a series of posts to discuss shareholder proposals during the 2012 proxy season.Not surprisingly, shareholder proposals on majority voting for uncontested director elections continued to garner support this year, averaging 62.5%

Spotlight on Shareholder Proposals: Majority Voting

Spotlight on Shareholder Proposals: Majority Voting

This is the second in a series of posts to discuss shareholder proposals during the 2012 proxy season. Not surprisingly, shareholder proposals on majority voting for uncontested director elections continued to garner support this year, averaging 62.5