Bankruptcy Blogs

Don't Let EMV Quash Cardholders' Instant Gratification

12/14/15

Branches using technology to issue cards on the spot leads to increased card usage, so banks should aim to maintain instant issuing capability with the EMV conversion.

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Morning Scan: Rate Hike Fallout; How to Beat the Startups

12/14/15

Rate Hike Winners and Losers: With a rate hike announcement seen as all but inevitable by week's end, attention has focused on who will win and who will lose when interest rates rise. The obvious winners in the Wall Street Journal's book? Asset managers and online brokers. As an example, the paper points to Charles Schwab. While the company makes a great deal of its money in trading commissions, for the first three quarters of...

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Millennium Bankruptcy Judge Brushes Aside Plan Objections

12/14/15

A bankruptcy judge brushed aside objections to Millennium Health LLC’s chapter 11 bankruptcy plan, clearing a big hurdle for the drug-testing company.Read the Daily Bankruptcy Review article via The Wall Street Journal.

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Cubic Energy Files a Prepack Chapter 11 Petition

12/14/15

On Friday, December 11, 2015, Cubic Energy Inc. and affiliated debtors (“Debtors” or “Cubic”) filed a voluntary Chapter 11 with the United States Bankruptcy Court for the District of Delaware.  This is a prepack bankruptcy, with Cubic filing a proposed Chapter 11 plan of reorganization and disclosure statement on the same day it filed for bankruptcy.

In addition, Cubic filed the standard “first-day” motions, including a motion to approve use of cash collateral, motion to pay employee wages, motion to appoint claims agent, and a motion to schedule a confirmation hearing, etc.

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Duluth Diocese to Enter Mediation With Abuse Victims

12/11/15
This photo shows the Cathedral of Our Lady of the Rosary in Duluth, Minn..
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A New Glass-Steagall Would Be Too Good for Banks to Pass Up

12/11/15

A modern version of the Depression-era law would not only make banks safer, but it would also reduce compliance costs and erase the need for certain capital mandates.

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Next Week in Bankruptcy

12/11/15

Next week will be busy for the bankruptcy courts as bankrupt companies vie for sign-offs before the Christmas holiday break.

Energy Future Holdings Corp. on Wednesday will request permission from a Wilmington, Del., bankruptcy judge to pay up to $158 million in bonuses to hundreds of employees.

The Texas energy company would like to pay annual bonuses to rank-and-file employees next year, saying the bonuses are “are reasonable in cost, will generate substantial additional value in these chapter 11 cases and comply with all applicable provisions of the bankruptcy code.”

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Morning Scan: BofA Gets Fed OK on Stress Tests; Lehman Bonus Fight Goes On

12/11/15

Receiving Wide Coverage ...

BofA's Stress Test Stress: Bank of America cleared a major hurdle Thursday, as the Federal Reserve announced it had approved the bank's resubmitted capital plan. As a result, the bank can continue its annual dividend and stock buyback. The regulatory OK was a huge relief to the company's executives, including chief Brian Moynihan, who had been working for months to remedy issues in coordination between units, according to the New York Times....

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How Baseball Illustrates Absurdity of Second-Guessing Fed

12/11/15

Congress wouldn't intervene in a baseball manager's plan for his pitcher's strategy, which is prone to change. The same should be true for monetary policy decisions.

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