Bankruptcy Blogs

Garcia’s, Garfield’s Restaurants Tell Workers About Bankruptcy

02/01/13

Two national restaurant chains that quietly filed for bankruptcy and tried to keep the news from their 1,400 employees caught the attention of a federal court watchdog, which has growled out an order to notify them.

A representative from the U.S. Trustee’s Office instructed the owners of—drumroll, please—the Garcia’s and Garfield’s restaurant chains to notify creditors, including many employees, that the chain’s two holding companies had filed for Chapter 11 protection on the Friday before New Year’s Eve.

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The Daily Docket: Judge Approves MF Global Deal

02/01/13
Reuters

MF Global Holdings Ltd.’s bankruptcy judge on Thursday approved a key settlement among the failed brokerage’s three key constituents, opening up the possibility that the remaining money owed to customers could start flow

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Bonus? Barclays CEO Would Rather Not Get into It; London Whale as Whistleblower

02/01/13

Receiving Wide Coverage ...

Executive Pay: Morgan Stanley's CEO is receiving a higher base salary and performance-related bonus but an overall pay cut. Barclays' CEO is giving up his bonus this year to avoid "unnecessary public debate." If that were the only issue, we'd take the dough, and you could debate us all you like. Then again, Barclays has other things to deal with … like allegations that during the crisis it made an undisclosed loan...

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Products for Unhappily Banked Can Win Over Underbanked, Too

02/01/13

Young hipsters aren't the only ones who want to conduct business with mobile phones. The underserved are also heavy smartphone adopters, and likely to use them for banking and payments.

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Why Mary Jo White Is Right for the SEC

01/31/13

White's determination to succeed and legal competence will make her the most formidable chair of the Securities and Exchange Commission yet.

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Nortel’s U.S. Disabled Workers Looking to Cash In on Claim

01/31/13
Associated Press

For sale: one $26.6 million claim against Nortel Networks Corp.

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Challenge to CFPB Authority

01/31/13

In the wake of the D.C. Circuit's decision striking down recess appoints, Carter Dougherty at Bloomberg reports what may be the first example of a defendant raising the CFPB's lack of authority as a defense in an enforcement proceeding. Stay tuned.

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Beware Obama's 'Cops on the Beat'

01/31/13

The nomination of attorney Mary Jo White as SEC chairman and renomination of Richard Cordray as CFPB director indicate the White House's stance on key banking issues will create new challenges for financial institutions.

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High-Stakes Policy Decisions Loom in 2013

01/31/13

The biggest expansion of the banking rulebook is still on the horizon. The changes could lead to an overhaul of banking business models.

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