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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Where Was Auditor PwC When Its Client Barclays Gamed Libor?

PricewaterhouseCoopers failed to warn shareholders and the public about increased risk at Barclays. The auditor gave the British bank a clean report card on internal controls over financial reporting. We now know those controls were seriously

The Broke and the Beautiful: Hot Edition

This week on The Broke and the Beautiful, the trustee for Scott Rothstein’s law firm makes a slam dunk with a Miami Heat settlement, and college football coach John L. Smith may enter bankruptcy. Also, Thomas Kinkade’s wills won’t be in the dark

Lon Morris College Files Chapter 11 Bankruptcy Protection

Lon Morris, what is known as the oldest junior college in the state of Texas, has filed Chapter 11 bankruptcy. The filing is part of an effort to keep the school open while finances are restructured, according to the Chief Restructuring Officer Dawn

Attorney’s Fees Awarded in a State Court Support Proceding: Dischargeable in Bankruptcy?

The United States Bankruptcy Code clearly states that domestic support obligations such as alimony and child support are not dischargeable in bankruptcy. Section 523(a)(5) excepts from discharge a “domestic support obligation.” But what about

Strauss Auto Files for Bankruptcy for the Fifth Time

Per the American Bankruptcy Institute Daily Headlines: July 6, 2012 With its fifth bankruptcy filing on June 5, Strauss Auto may have filed the most chapter 11 petitions by a single company in the history of the U.S. Bankruptcy Code, the Wall Street

S.E.C. Names Director of Investment Management

Per the New York Times Dealbook: JULY 5, 2012, 2:56 PM S.E.C. Names Director of Investment Management By PETER LATTMAN The Securities and Exchange Commission on Thursday named Norman B. Champ III, a former hedge fund general counsel, as its director

California’s Harris Favors State, Madoff Trustee Says

Per www.bloomberg.com: By Linda Sandler - Jul 5, 2012 California Attorney General Kamala Harris would wind up helping her home state or “a select group” of investors if she is allowed to recoup illegal profits from the Bernard Madoff Ponzi scheme

Face Off With Secured Creditor

When faced with a disputed lien strip, don’t discount the possibility of compromise. I wrote last time about the seeming impossibility of compromising a §707(b)(3) action. Next to that, lien strips are easy. Yet I see attorneys all around me folding

Fletcher International Ltd., a bankrupt hedge fund managed by the investment firm of Alphonse “Buddy” Fletcher, sued some of its own Cayman Islands-based funds to block liquidators from selling its assets.

Per www.bloomberg.com: Fletcher Sues to Block Cayman Liquidation of Hedge Fund By Joe Schneider and Tiffany Kary - Jul 5, 2012 Fletcher International Ltd., a bankrupt hedge fund managed by the investment firm of Alphonse “Buddy” Fletcher, sued some

Volcker vs. Dimon: Who Do You Trust on Systemic Risk?

Even if we could trust megabanks to behave, there may be too much at stake to let systemically risky institutions live by self-imposed principles rather than hard and fast rules.

The Daily Docket: Dynegy Inc. Enters Bankruptcy

Bloomberg News Electrical components stand outside the natural gas fired 1200-megawatt Kendall Energy power plant, owned by Dynegy Inc., in Minooka, Ill. Dynegy Inc. filed for Chapter 11 protection, The Wall Street Journal reports. Subsidiary Dynegy

Bankruptcy Fraud: Lenny Dykstra Pleads Guilty to 3 Counts

Lenny Dykstra, former New York Mets outfielder, pled guilty this week to bankruptcy fraud counts in Los Angeles, according to federal prosecutors. Dykstra faces 3 counts of fraud that includes money laundering and concealment of assets. He may face

Non-Compete Agreements: Dischargeable in Bankruptcy, or Albatross Around Debtor’s Neck?

An employee can sometimes be asked to sign a non-compete agreement (also called a covenant not to compete) as a condition of being hired, or as a condition of being given a raise or promotion to a new position. A non-compete agreement is usually

SEC Loses Bid to Force SIPC Coverage for Stanford Investors

Per www.bloomberg.com: By Carla Main - Jul 5, 2012 The Securities Investor Protection Corp. isn’t required to begin a claims process in Texas for the victims of R. Allen Stanford’s $7 billion investment fraud, a federal judge ruled. U.S. District

In re McNeal: The Eleventh Circuit LetsDebtors Strip Off Second Mortgages

In a recent opinion, the Eleventh Circuit Court of Appeal held that second-priority mortgage liens may be eliminated completely (“stripped off”) in chapter 7 bankruptcy proceedings when the underlying collateral is worth less than the amount of the

In re McNeal: The Eleventh Circuit LetsDebtors Strip Off Second Mortgages

In a recent opinion, the Eleventh Circuit Court of Appeal held that second-priority mortgage liens may be eliminated completely (“stripped off”) in chapter 7 bankruptcy proceedings when the underlying collateral is worth less than the amount of the

In re McNeal: The Eleventh Circuit LetsDebtors Strip Off Second Mortgages

In a recent opinion, the Eleventh Circuit Court of Appeal held that second-priority mortgage liens may be eliminated completely (“stripped off”) in chapter 7 bankruptcy proceedings when the underlying collateral is worth less than the amount of the

In re McNeal: The Eleventh Circuit LetsDebtors Strip Off Second Mortgages

In a recent opinion, the Eleventh Circuit Court of Appeal held that second-priority mortgage liens may be eliminated completely (“stripped off”) in chapter 7 bankruptcy proceedings when the underlying collateral is worth less than the amount of the

Bankruptcy: How to talk about filing bankruptcy

Worried what people will think if you file bankruptcy? Sally pulls up to the red light, blinking furiously to fight back the flood of tears that threaten to overwhelm her. She’s just left her lawyer’s office and he has advised her that it is time to

GSE Debates Show How Little We've Learned

There are legitimate reasons to want to wind down Fannie Mae and Freddie Mac. Unfortunately, we haven't stopped talking about the specious ones.