Bankruptcy Blogs

Data Privacy and AML Rules on a Transatlantic Collision Course

08/27/15

The contradictory nature of data privacy and anti-money-laundering rules in the U.S. and E.U. pose a big challenge for multinational banks. But the financial sector can help fix the problem by establishing industry standards that balance national security with individual rights.

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Morning Scan: Fed Pushes for Real-Time Payments Monitoring; BNY Mellon Software Glitch

08/27/15

Wall Street Journal

The Federal Reserve wants big banks to monitor payments in real-time and they want it done now. JPMorgan Chase will meet with Fed officials this week to discuss the bank's response to the Fed's demands; CEO Jamie Dimon has said JPMorgan has assigned 400 people to the project, known in banker parlance as "intraday liquidity." Bank of New York Mellon is also at the top of the Fed's to-do list. ...

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Corinthian Wins Liquidation Plan Approval

08/27/15

Defunct for-profit educator Corinthian Colleges Inc. won approval of a liquidation plan that will set aside some money for former students looking to discharge of loans, Daily Bankruptcy Review reports via The Wall Street Journal.

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Judge Silverstein’s First Published Opinion – Scarborough-St. James Corporation

08/26/15

On August 18, 2015, Judge Laurie Selber Silverstein of the Delaware Bankruptcy Court issued her first written opinion in the bankruptcy case Scarborough-St. James Corporation.  In her 17 page opinion, Judge Silverstein addressed a long-running dispute between a landlord and the debtor.

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Yep, 800,000 Bankruptcy Filings This Year

08/26/15

My blogging has been light the past few months as we have been working on the eighth edition of what will now be LoPucki, Warren & Lawless, Secured Transactions: A Systems Approach. For you secured transactions teachers out there, we have returned a first set of page proofs and everything looks on track for publication later this year well in advance of the spring semester.

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Venue (Again)

08/26/15

Some thoughts on the latest dustup over venue in big chapter 11 cases, on Dealb%k.

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Apache Railway Faces Nov. 30 Payment Deadline

08/26/15

Supporters of the bankrupt Apache Railway in rural Arizona face a Nov. 30 deadline to find $7.2 million to pay off investors who they say will pull the railroad’s steel tracks out of the ground and sell them for scrap.

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Morning Scan: Fannie Mae Program to Expand Loan Qualifications; The Return of QE?

08/26/15

Wall Street Journal

The paper has a story on Fannie Mae's revamped HomeReady program, designed to give help to low-income families in qualifying for low downpayment mortgages. Details of the program were outlined in American Banker on Tuesday.

Wells Fargo expects to implement the program, said executive Brad Blackwell. Wells believes the program will help minority groups, although it may take some time to start working. ...

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USA Discounters Enters Bankruptcy to Wind Down

08/26/15

Retailer USA Discounters Ltd., which has been accused of misleading U.S. service members, filed for chapter 11 bankruptcy protection to wind down, Daily Bankruptcy Review reports via The Wall Street Journal.

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Millennial Employees Are Key to Banks' Reputations

08/25/15

Whether it's in your branches, through your customer service lines, in your communities, or through mainstream or social media, it's your employees Â-- many of them millennials Â-- who can make or break your reputation with customers and prospects.

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