Bankruptcy Blogs

Morning Scan: Libor Looms Over 2Q Results; In Swift We Must Trust

05/25/16

Wall Street Journal

JPMorgan Chase, Citigroup, Bank of America and other banks could take a hit to their second quarter profit from litigation charges and fines, as a Libor manipulation case revived earlier this week raised the possibility of liability for violation of antitrust laws. Such violations could require them to pay triple damages. But for now, it remains to be seen what, if any, penalties are incurred. Firms that choose to deal with the problem...

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Sports Authority Closing Sales to Begin as Soon as This Week

05/25/16

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Walmart's Focus on PIN in Card Debate Is Misguided

05/24/16

Everyone agrees that electronic transactions should be as safe as possible, but a PIN mandate will not prevent online or mobile fraud.

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Commentary: Municipal Bankruptcy, Atlantic City and Other Games of Chance

05/24/16

Atlantic City, N.J., is in the midst of a financial crisis that has been in the making for years. Increased competition and a host of unfortunate spending and hiring decisions have led to a state of affairs that currently features the nation’s highest home foreclosure rate, junk bond credit status an alarmingly large budget deficit. More recently, public officials have fought whether schools should be funded at the expense of shutting down city government, or vice versa, as if either would be an acceptable outcome.

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Living Wills: the Biggest Liquidity Rule of Them All

05/24/16

In guidance on banks' resolution plans, regulators effectively have made important policy decisions about liquidity transformation that were not subject to notice and comment.

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Morning Scan: BofA Libor Ruling Overturned; Swift Security

05/24/16

Receiving Wide Coverage ...

Overturned: A $1.27 billion penalty against Bank of America was overturned Monday by a federal appeals court. A three-judge panel said federal prosecutors failed to prove Countrywide Financial, later acquired by B of A, had defrauded Fannie Mae and Freddie Mac when it sold them troubled loans in 2007 and 2008. While it found Countrywide knew it was selling faulty loans there was a lack of evidence of intent to deceive at...

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Abuse Victims Say Twin Cities Archdiocese Shielded Assets

05/24/16

[wsj-responsive-image P="//art.wsj.net/api/photos/38210027/smartcrop?height=499&width=749" J="//art.wsj.net/api/photos/38210027/smartcrop?height=639&width=959" M="//art.wsj.net/api/photos/38210027/smartcrop?height=853&width=1280" caption="In this May 3, 2016 photo, the St. Paul Cathedral is pictured in St. Paul, Minn. It has been nearly three years since Minnesota opened a path for lawsuits by victims of long-ago childhood sexual abuse. The Archdiocese of St.

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Intervention Energy Holdings LLC Files for Chapter 11 Protection

05/23/16

Another North Dakota shale oil driller has filed for bankruptcy protection.  On May 20, 2016, Intervention Energy Holdings LLC, and its affiliates (“Debtors”) sought chapter 11 protection from the United States Bankruptcy Court for the District of Delaware.

Other Williston Basin, ND shale oil victims include Emerald Oil Inc., and Halcón Resources Corp., which indicated that it plans to file for chapter 11 protection if it can get enough creditors to sign off on a deal that would let it restructure more than $3 billion in debt.

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Coming and Going Concerns

05/23/16

Timothy Bennett has joined law firm Seyfarth Shaw as senior counsel in the firm’s corporate department. Mr. Bennett focuses on distressed and special situations sectors and has worked with brokerages, hedge funds and banks. He has experience in bankruptcy claims, loan portfolios and interests in liquidating funds. Mr. Bennett earned his law degree from Seton Hall University School of Law.

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