ABI Blog Exchange

The Daily Docket: Ocala Funding Enters Bankruptcy

Ocala Funding LLC, the mortgage-securities unit of defunct lender Taylor, Bean & Whitaker Mortgage Corp ., filed for Chapter 11 protection Tuesday in a bid to recover more than $800 million it said Taylor Bean’s now-imprisoned leaders looted from its

Delaware Court Applies Entire Fairness Standard to Director Equity Grants

In the midst of the focus on executive compensation litigation, a recent Delaware opinion serves as a reminder that stockholder approval of at least some portion of director compensation may be beneficial in subsequent litigation, particularly if the

Delaware Court Applies Entire Fairness Standard to Director Equity Grants

Homestead Exemption For Chapter 7 Clients' Motor Home

One of my Chapter 7 clients has an interesting living situation. The couple sold their home when the husband retired and purchased a motor home. The motor home which can park on a rental lot and hook up to utilities....

Celebrity Hard Times: Evander Holyfield and David Cassidy Victims of Foreclosure

Singer David Cassidy is forced to surrender his $1.35 million Ft. Lauderdale penthouse, while boxing champion Evander Holyfield packs up his Atlanta mansion after investors purchase at foreclosure for more than $7 million. Holyfield reportedly owes

Joliet Bankruptcy Attorney David Siegel Answers 2 Common Questions

Joliet bankruptcy attorney David Siegel states that the primary question is whether or not the person should file for bankruptcy protection. Really, that’s a case by case basis which is an important decision to explore with an attorney. I think in

Low Steel Prices, High Commodity Prices and a Lack of Cash Force RG Steel to File for Bankruptcy

On May 30, 2012, RG Steel, LLC and various related entities (collectively "RG Steel" or "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of the company's CFO

Four Reasons to file a Chapter 13 instead of a Chapter 7

In my previous post I went over the positives to filing a Chapter 7 and in today’s post I will be taking a look at why filing a Chapter 13 may be your best option. Chapter 13 can save your house or car. One of the biggest benefits of the Chapter 13

Madoff victims hope state drops refund opposition

Per www.northjersey.com: Attorneys for victims of Bernie Madoff's multi-billion-dollar ponzi scheme hope New Jersey will stop opposing requests for refunds of taxes paid on earnings and assets that turned out to be fictitious, after the state lost

Drydocks’ Debt Deal Okayed

Per www.globalinsolvency.com: Wed., July 11, 2012 Drydocks World, the shipbuilding and repair arm of Dubai World, has finally obtained the official go-ahead from creditors for its $2.2 billion debt-restructuring plan, the Khaleej Times reported. At a

U.S. Has Little to Fear, Much to Gain, from Chinese Banks

With new entrants from China, fresh capital could be made available to entrepreneurs and business owners who otherwise might fail to find financing. Also, remember the fears in the 1980s that the Japanese were buying up America?

Today in Bankruptcy – 7-11-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 11, 2012 Patriot Coal Files for Bankruptcy Protection in New York Schilling’s game company heads to bankruptcy court Phoenix-area

Prospecting for a Niche Commercial Borrower? An ESOP Loan Might Be Your Punch

“ESOP” loans can be both an “exit” strategy for a company in distress (and its lenders), and an “entrance” opportunity for lenders targeting the right prospect. Lending to an ESOP company can hit the mark coming (good times) and going (tough times)

Chapter 11 Fees Set to Rise

Getty Images Chapter 11 is getting more expensive, but top-dollar attorney fees aren’t the reason…this time. Starting Nov. 1, it will cost a company $1,213 to file a Chapter 11 petition, or nearly $200 more than the current filing fees. The extra

Seizing Underwater Mortgages: Unconstitutional and Dangerous

If the government could eliminate contract rights in this way, then it would be hard to imagine what contracts could not be set aside in the name of market efficiency.

Seventh Circuit Bankruptcy Ruling Is Big Win For Trademark Licensees

On July 9, 2012, the U.S. Court of Appeals for the Seventh Circuit issued its decision in Sunbeam Products, Inc. v. Chicago American Manufacturing, LLC, and in doing so handed a major victory to trademark licensees whose licenses are rejected in

Seventh Circuit Bankruptcy Ruling Is Big Win For Trademark Licensees

On July 9, 2012, the U.S. Court of Appeals for the Seventh Circuit issued its decision in Sunbeam Products, Inc. v. Chicago American Manufacturing, LLC, and in doing so handed a major victory to trademark licensees whose licenses are rejected in

Supreme Court Affirms Secured Creditors’ Right to Credit Bid at Plan Sales

On May 29, 2012, the U.S. Supreme Court in RadLAX Gateway Hotel v. Amalgamated Bank, its first significant Chapter 11 opinion in several years, affirmed the U.S. Court of Appeals for the Seventh Circuit’s decision in River Road Hotel Partners v

Understanding Your Rights under Bankruptcy Laws

While some may assume bankruptcy laws lean more toward helping debtors than creditors or vice versa, the fact is they are designed to protect both debtors and creditors. Rules and regulations in relation to bankruptcy laws, along with the rights of

The Daily Docket: Peregrine Files for Chapter 7

Peregrine Financial Group Inc. filed for Chapter 7 bankruptcy late Tuesday, a day after regulators alleged the brokerage misstated more than $200 million in customer accounts. Read the Daily Bankruptcy Review article here. A bankruptcy judge ruled