ABI Blog Exchange

Crystal Cathedral, Part 2

Associated Press Paul Lips, left, and Jim Coleman, center, husband of Hope Center of Christ Pastor Sheila Coleman, greet worshippers to the church’s first service after breaking away from the Crystal Cathedral last week on Sunday. In an era of

Madoff Trustee Agrees To $162M Settlement With New York Mets’ Owners

NY Mets Owners Settle Case by Madoff Trustee

We and our Kelley Drye colleague, Ben Feder, have been following the saga of the case brought by Irving Picard, the trustee overseeing the Bernard Madoff bankruptcy liquidation proceeding, against the owners of the NY Mets, Saul Katz and Fred Wilpon

Attorney Who Wrote the Book on Ponzi Schemes Discusses Mets Deal

Bloomberg News Fred Wilpon, chairman and chief executive of the New York Mets, right, and president Saul Katz laugh while exiting a Manhattan federal court Monday. Monday’s $162 million settlement with the trustee recovering money for Bernard Madoff

Bahrain's Arcapita Files for Chapter 11 Protection

Per the American Bankruptcy Institute's daily headlines: Bahrain investment house Arcapita has filed for chapter 11 protection in the United States after it was unable to reach a $1.1 billion debt deal with creditors, Reuters reported today. Arcapita

Economic Recovery Still Needs TAG

As a state regulator who witnessed firsthand the role the TAG program has played in ensuring financial stability, I encourage Congress to continue TAG for at least two years.

The Decision Might Not Be “In Vogue,” But You Still Can’t Issue Criminal Contempt in the Fifth Circuit

Questions concerning the authority of bankruptcy judges (and magistrates, too) have been all the rage. Of course, we all are familiar with Stern v. Marshall and the trail of judicial inquiry into the constitutional authority of bankruptcy courts it

Legal Nightmare Ends for Mets' Owners. No Relief In Sight for Mets' Fans.

At the end of the day, Picard really did not have a case, but there was no way that Wilpon and Katz could risk a trial. It looks to be a fair and reasonable outcome. http://espn.go.com/new-york/mlb/story/_/id/7708498/new-york-mets-settle…

Don’t be Late, for That Very Important [Bar] Date!

On March 13, 2012 the Queen of Hearts in the Fifth Circuit Court of Appeals showed no sympathy for the White Rabbit’s plight and denied a creditor’s appeal of an order disallowing its late filed proof of claim in the DHL Master Land Holding LLC

Maybe You Already Knew…

I learned something new last week and it took the ***!#### means test to teach it to me. The case involved a couple where the non filing wife ran an interior decorating business. The income and expense information we were presented with showed “lots”

Secured and Unsecured Debt: Understanding the Difference in Bankruptcy

When you begin the bankruptcy filing process, you submit a list that includes all of your outstanding debt. Debts often fall into two categories: secured and unsecured. Understanding how debt is classified may give a better idea on how they will be

Money Market Funds Are a Ridiculous Target

I can actually understand and believe a money fund balance sheet. Just show me one bank anywhere whose balance sheet I could likewise rely upon.

Withdrawal of Extra-Statutory Concession C16 (ESC 16)

The Government has introduced new legislation into the Corporation Tax Acts covering Extra-Statutory Concession C16 (ESC C16) which took effect on 1 March 2012. Previously, with the prior consent of HMRC, distributions to shareholders as part of an

The Daily Docket: Mets Owners Settle with Madoff Trustee

The owners of the New York Mets baseball team and the trustee trying to recover money for victims of Bernard Madoff’s epic Ponzi scheme Jury settled as jury selection began. Read the story here in WSJ Law Blog. Bahrain-based investment firm Arcapita

Personal Bankruptcy's Effect Upon Debtor's Small Business

Many people who file Chapter 7 bankruptcy are self-employed owners of a small business. The business is not doing well, and the owners have accumulated substantial personal debt to support the business and pay personal living expenses while the

Is School Tuition a "Student Loan" and non-dischargeable?

Can a school withhold school transcripts until tuition is paid? A common scenario: our bankruptcy client owes school tuition and need a transcript from the school. The school was listed on the bankruptcy petition, but is withholding the transcript

Suze Orman Recommends Bankrupting Retiree – Without The Benefits

Bankruptcy is a last resort of course. But it is an option. Paying back debt when you barely have enough money to survive is usually a horrible alternative. Unless you are Suze Orman. Ms. Orman styles herself as a financial adviser to every day folks

Beware these 5 terrible tax surprises

Tax law is complex even for the experts. Find out how to avoid these typical tax traps.

Online banking: Is your money safe from hackers?

Banks are beefing up security for consumers who bank online. Protect yourself with these tips.

How long can that bad debt hang over me?

Old debt can hound you on your credit and in the courts, and for different time periods.