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

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Pemco World Air Services, Inc. Files for Chapter 11 Protection

On March 5, 2012, Pemco World Air Services, Inc. (“ Pemco”) and two affiliates, WAS Aviation Services Holding Corp. (“ WAS Holding”) and WAS Aviation Services, Inc. (“ WAS Inc.,” collectively with WAS Holding, the “ Debtors”) filed for Chapter 11

Pemco World Air Services, Inc. Files for Chapter 11 Protection

On March 5, 2012, Pemco World Air Services, Inc. (“ Pemco”) and two affiliates, WAS Aviation Services Holding Corp. (“ WAS Holding”) and WAS Aviation Services, Inc. (“ WAS Inc.,” collectively with WAS Holding, the “ Debtors”) filed for Chapter 11

Has the Fifth Circuit tipped its hand re: Stern v. Marshall?

On March 5, 2012, in Technical Automation, the Fifth Circuit sua sponte raised the issue of whether a magistrate judge had authority to enter a final judgment post- Stern on state-law claims. The statute pursuant to which the Magistrate Judge

Government Squares Off With Farkas Over Rare Car

Bloomberg News Lee Farkas is imprisoned at the Butner Federal Correctional Complex in Butner, N.C. Once the train of forfeiture is chugging down the tracks, it’s hard to stop. That’s the lesson Lee Farkas is learning as the former Taylor, Bean &

Update: Madoff Trustee Case Against Mets Owners Will Proceed

We have been following the lawsuit brought by Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”) against the owners of the New York Mets, Messrs. Katz and Wilpon. Yesterday, Judge Rakoff handed Picard a small victory

No Surprise: Bankruptcy Filings Jump in February

Bankruptcy filings rose in February, but the spike in filings keeps with historical trends. According to data from Epiq Systems, there were over 104,000 bankruptcies in February 2012. Spread over the 20 business days during the month, the daily

How to Wean Consumers from Cash to Debit Cards

They won't go cold turkey. Surprisingly, the more purchases consumers pay for with debit, the more cash they withdraw. Use ATM screens to get the word out about debit's benefits.

Is MF Global a Deadbeat Dad?

Reuters Just what kind of parent is MF Global Holdings Ltd.? To one customer in the commodities firm’s bankruptcy case, the answer is essentially “deadbeat.” In the Manhattan bankruptcy court Tuesday, a lawyer for commodities customer Adam Furgatch

Inherited IRA Protected Under Section 522(d)(12)

Joining the majority position, U.S. District Judge Walter Smith has ruled that inherited IRA accounts may be exempted as "retirement funds" under 11 U.S.C. Sec. 522(d)(12). Hill v. Studensky, No. W-11-CA-00214 (W.D. Tex. 2/22/12), which can be found

Loyola Chicago Law School Hosts Symposium on the Effects of Crisis

A couple weekends ago, I attended a conference at Loyola Chicago School of Law on the Effects of the Financial Crisis on Consumers. In one panel, Creola Johnson from Ohio State University Michael E. Moritz College of Law, gave a fascinating talk on

Anything But Ordinary: Debtor’s Severance Payment Obligations Were Neither Made in the Ordinary Course Nor Could Be Assumed as Part of an Executory Contract

We have previously blogged about the creative ways terminated executives of a debtor attempt to retain, postpetition, the severance packages they negotiated prepetition. An executive whose employment is terminated postpetition sometimes argues that

Lehman's Plan Goes Effective

Leaving one third of the historically significant insolvency case complete-ish (I count London and SIPA as the other bits). Download The Notice

CFPB to Share Information with Attorneys General

Carter Dougherty of Bloomberg reports this morning that the Consumer Financial Protection Bureau is entering into an information-sharing agreement with state attorneys general, that will help states enforce consumer protection laws. The agreement

A New Wrinkle With Client Age

This seems to have been my season for issues driven by testamentary, or pseudo testamentary transfers. I’ve encountered the post petition trust beneficiary; the client with an unanticipated prepetition interest in a probate estate; and the residual

The Daily Docket: JeffCo Can Continue Chapter 9

A Birmingham, Ala., judge ruled that Jefferson County can move forward with its Chapter 9 bankruptcy case—the largest municipal case in U.S. history—against the efforts of big Wall Street banks that argued that it should be thrown out because of fine

The Biggest Missteps of Filing for Personal Bankruptcy

When filing for personal bankruptcy, you might believe that only fraud can prevent you from successfully discharging your debts. However, there are a number of missteps you can take on the path to a clear financial slate. Therefore, if you want to

SEC Decides on Questions of Proof of Ownership Regarding DTC Participants for Shareholder Proposals

The SEC Staff made several recent decisions on questions of proof of ownership for submission of shareholder proposals, in light of the requirement under Staff Legal Bulletin 14F, which we previously discussed. SLB 14F makes clear that only DTC

SEC Decides on Questions of Proof of Ownership Regarding DTC Participants for Shareholder Proposals

The SEC Staff made several recent decisions on questions of proof of ownership for submission of shareholder proposals, in light of the requirement under Staff Legal Bulletin 14F, which we previously discussed. SLB 14F makes clear that only DTC

Non-Collusive Mortgage Foreclosure Held Preferential

By: Adam S. Cohen St. John’s Law Student American Bankruptcy Institute Law Review Staff In In re Whittle Development, Inc., [1] the Bankruptcy Court for the Northern District of Texas held that a pre-petition foreclosure action against real property

Minority Owner Exiting an Under Performing Deal? Don’t Need Lender Approval? Right . . . Wrong (or “oops”)

People don’t “connect” their ownership (even a minority ownership) with their liability under bad-boy or non-recourse carveout agreements (whether in the form of an indemnity, or as a guaranty). So, minority owners often transfer ownership without