Bankruptcy Blogs

Chapter 420?

07/27/12
Getty Images

Mother Earth’s Alternative Healing Cooperative Inc. is in some trouble.

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Barclays Goes for the Gold Medal in Terrible, Horrible, No Good, Very Bad Months

07/27/12

Receiving Wide Coverage ... Barclays' Baggage: Things just aren't getting better this month for Libor-gate poster child Barclays, which this morning reported a 76% year-over-year drop in profit for the first six months of 2012 and revealed that nope, it's not leaving the harsh spotlight at the center of the bank-scandal stage anytime soon. ...

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The Daily Docket: Lehman Boosts Cash Estimate to $40.5B

07/27/12
Reuters

Lehman Brothers Holdings Inc.

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Customers Want Free Checking, But Will Pay for Frills

07/27/12

While customers resent paying fees for traditional banking services, they are receptive to paying fees for emerging services that support their financial lifestyles.

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Show Me the Note !

07/26/12

The Chapter 13 Trustee for the Middle District of Tennessee (Nashville) is being sued by Bank of America for forcing the mortgage company to produce the underlying note to mortgages, or face being treated as an unsecured creditor in the bankruptcy pot or plan. Nashville Business Journal has the story here. This case will be interesting [...]

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Summer 2012 Edition Of Bankruptcy Resource Now Available

07/26/12

The Summer 2012 edition of the Absolute Priority newsletter, published by the Bankruptcy & Restructuring group at Cooley LLP, of which I am a member, has now been released. The newsletter gives updates on current developments and trends in the bankruptcy and workout area.

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Online Payday Lenders Seek More Respect and Less Oversight: Call Them What You Like, They are Still 1,000% Long-term Loans

07/26/12

On-line lenders who are not tribal or offshore claim that they need the same lack of oversight that the tribal and onshore on-line lenders are getting. Otherwise, it isn’t fair to them.  Hmmm….. Fairness is as fairness does. Keep in mind that these on- line loans:

- accrue interest at twice the rate of storefront payday  loans or about 800-1,000% per annum, and 

-are designed so the fee is paid automatically out of the customer’s bank account, …over and over again, but the loan principal is never repaid. 

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Anti-Money-Laundering Enforcement Gets Tougher and Smarter

07/26/12

As the HSBC hearings demonstrate, there's a growing expectation that individuals, not just institutions, will be held accountable. Recent enforcement actions also show a more risk-based, rather than rules-based, approach.

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Sen. Al Franken Talks Bankruptcy

07/26/12
Associated Press
Sen. Al Franken, (D., Minn.), center, accompanied by Sen. Frank Lautenberg, (D., N.J.), left, and Sen.
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Latest Visa Fraud

07/26/12

A heads up regarding the latest in Visa fraud. Royal Bank received this communication about the newest scam. This is hitting the midwest with a vengance and moving. The trick here is that they provide YOU with all the information, except the one piece they want. The callers do not ask for your card number; they already have it.  By understanding how the VISA & MasterCard telephone Credit Card Scam works, you can avoid this one.

The scam works like this:

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