Bankruptcy Blogs

The collapse of a Washington, D.C.-area warehouse’s roof this summer has thrown a wrench into the wind-down of defunct law firm Howrey LLP.

Attorney Allan Diamond, who is overseeing Howrey’s bankruptcy liquidation, said in a case status report that the June 28 accident at the Recall document-storage facility is “hindering” his team’s effort to get confidential files back into the hands of Howrey’s former clients. (You can read the full status report, filed in bankruptcy court Monday, here.)

A federal charter for National Consumer Credit Corporations could help community bankers serve (and profit off) low-to-moderate-income consumers.

The Chapter 7 Trustee of Raving Brands, Inc.  filed on August 16, 2012 an adversary proceeding against several former owners, officers and directors of the Debtor, as well as several affiliated companies, alleging, inter alia, that the parties engaged in a widespread effort to deceive the public, its franchisees, the press, courts and its creditors.

Receiving Wide Coverage ...

Auditors Disappoint: Initial audits of the auditors who inspect the financial statements of brokerage firms didn't go so well. In a report issued on Monday, the Public Company Accounting Oversight Board said it found deficiencies in all 23 of the broker-dealer audits from the 10 firms it reviewed as part of new duties allocated by Dodd-Frank. The Journal says two firms didn't adhere to Securities and Exchange Commission rules requiring independence among...

Technologies like automated underwriting held great promise to manage risk while easing the pain of the mortgage experience for borrowers. But a lack of discipline ushered in an environment where simple rules decide who obtains credit.