Carter Dougherty added last week to the many recent articles (here and here) on regulators who are cracking down on internet lending, both state and federal. First, the Justice Depart
The case of Quartemont v. Commissioner, T.C. Summary Opinion 2007-19 (Jacobs, J.) illustrates the tax consequences of the settlement of debt at less than the full amount and specifically addresses the calculation of "insolvency" for the insolvency exception to the discharge of indebtedness income provision of the Internal Revenue Code. 26 U.S.C. 108. In this case, the taxpayers negotiated with their credit card companies to pay a lesser amount than what was owed instead of filing for bankruptcy relief.
So today is Kodak's confirmation hearing, and when the plan is confirmed, as I expect it will be, Kodak will continue to exist, but it will no longer be a film company. That will take some getting used to.
Basel's barely noticed, but important paper on how to measure banks' equity-investments-in-funds risk signals its strong concern with how banks are interconnected to shadow financial firms.
Furniture Brands International Inc., one of the nation’s largest home furniture makers, has tapped restructuring lawyers and advisers to deal with its debt load, people familiar with the matter said. Read the Daily Bankruptcy Review article via The Wall Street Journal.
Receiving Wide Coverage ... JPM Déjà vu: JPMorgan Chase is having a hard time getting through the day without news of a probe surfacing. Following reports that the Securities and Exchange Commission was investigating whether the bank routinely hired the children of well-connected families in China, anony-mice told the Journal and, later, the FT that the Justice Department is now looking into whether JPM manipulated U.S. energy markets. Scan readers will recall that the bank agreed
Many people have suggested buying a car through a small business corporation they own in order to protect the car from personal creditors. One debtor found that this planning back-fired when he filed Chapter 7 bankruptcy because it disqualified him from claiming an exemption for the vehicle which he otherwise would be entitled if the vehicle were owned in his personal name.
