Bankruptcy Blogs

Next Week in Bankruptcy

08/28/15

Next week in bankruptcy, Patriot Coal Corp. will kick off a series of hearings on Monday, including a request to sell off its remaining mines and a trial over its bid to reject the labor agreements governing its union members.

Patriot has asked Judge Keith Phillips of the U.S. Bankruptcy Court in Richmond, Va., for permission to terminate a union contract that includes pension contributions and health benefits for its union miner retirees.

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Creditors Squeeze the Last Drop Out of Oil-and-Gas Companies

08/28/15
Bloomberg

Cash-starved oil-and-gas companies are getting a lot of mileage out of their assets these days.

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Do Financial Institutions Have Any Attorney-Client Privilege Left?

08/28/15

Banks need more clarity about the circumstances under which attorney-client privilege applies. Otherwise they may decline to ask questions about the legality of their actions, leading to even more compliance problems.

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Morning Scan: Mixed Opinions on Interest Rate Hike; BNY Mellon Glitch Update

08/28/15

Receiving Wide Coverage ...

Mixed Signals: The backlash to the backlash has begun. After the China-infused market meltdown, hopes were dashed for a September rate hike, with voices ranging from Larry Summers to William Dudley calling the timing into question. Now we hear voices calling out, according to reports in the Wall Street Journal, New York Times and CNBC, to quit dragging your feet and get on with it. ...

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Caesars Ruling Paves Way for Trial

08/28/15

A judge’s ruling Thursday paves the way for a trial in a lawsuit over Caesars Entertainment Corp.’s debt guarantees of its operating unit in bankruptcy, Caesars Entertainment Operating Co., Daily Bankruptcy Review reports via The Wall Street Journal.

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Women in Banking: Shih's UBS Success Story; Banking's Power Couples

08/27/15

UBS' Kathryn Shih attributes part of her success in wealth management to understanding that money is an emotional topic; #TheNew10: still not thrilled about Jackson > Hamilton; banking power couples; and more.

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Spa Days and Office Beers Won't Solve Your Bank's Talent Problem

08/27/15

Companies miss the mark when they try to woo top talent with tantalizing perks rather than a meaningful workplace culture.

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The Case of the Missing Bodybuilding Shake Ingredients

08/27/15

The top executive at Ultimate Nutrition Inc., which makes protein powder for bodybuilders, says he destroyed millions of dollars of the shake supplement ingredients and other raw materials before putting the company into bankruptcy last year.

Executives at TD Bank N.A., which has been fighting the Connecticut company over a $13 million loan, don’t believe it.

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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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