Bankruptcy Blogs

Floating Values on Money Funds Would Be Useless and Harmful

03/16/12

The notion that forcing money market funds to abandon their stable $1-per-share value and "float" will make the financial system safer is a fiction.

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Ruling Confirms that Judicial Liens are Dischargeable in Chapter 7

03/16/12

Summary

In an opinion issued March 16, 2012, Judge Sontchi of the Delaware Bankruptcy Court ruled that unpaid debts subject to a judicial lien are dischargeable in bankruptcy. Judge Sontchi’s opinion is available here (the “Opinion”).  The Opinion, like all those published by Judge Sontchi, walks readers through the relevant law in making its final ruling; in this case determining what liens are dischargeable pursuant to the bankruptcy code.

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The Broke and the Beautiful: Sports Edition

03/16/12

The Broke and the Beautiful is feeling sporty this week, as the owners of the New York Mats go to bat in a trial related to the Madoff Ponzi scheme. Also, quarterback Michael Vick has paid off most of his debts, and the Spanish government is trying to address the tax debt that’s left its beloved football teams in the red.

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Debtor Can’t Avoid Judgment Lien That Attached Prior to Homestead Declaration

03/16/12

By: Alyssa Baer

St. John’s Law Student

American Bankruptcy Institute Law Review Staff

 

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The Challenge of Exclusivity Appeal of Original Equity Owners

03/16/12

By: Michael M. Harary

St. John's Law Student

American Bankruptcy Institute Law Review Staff 

 

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Money Market Fund Pricing is Truthful

03/16/12

Money market mutual fund shares price at a dollar on a daily basis because the underlying assets are required to meet very stringent credit quality, liquidity and maturity requirements.

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Sleaze Triumphs Over Fairness as Rakoff Rebuked in Citi Case

03/16/12

The appeals court ruling is likely to perpetuate the perverse situation in which banks view SEC legal settlements as a cost of doing business rather than a deterrent for fraud.

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Promoting Integrity in the UCC Article 9 Recording System

03/16/12

On January 1, 2011, Larry files a UCC-1 financing statement against David indicating David's equipment as collateral. At this point, David doesn't even know Larry, has not given him a security interest, and has not authorized this filing. On February 1, 2012, David meets and borrows money from Larry and signs a security agreement listing equipment as collateral (which, under UCC 9-509, automatically authorizes the filing of a financing statement against equipment). What is the relevant date for determining Larry's priority? The language of Article 9

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Banks with Inside Track Take Advantage of MF Global Mystery

03/16/12

Some banks must know where the missing customer funds are. Otherwise why would they be confident enough to bid as much as 90% of face value for customer claims?

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