Bankruptcy Blogs

Small Banks Need a Big Voice in the Primaries

08/10/11

If you live in one of the states that has an early presidential primary or caucus you need to be present at the town hall meetings and vocalize how the small banks are being hog tied by regulations.

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Change in California Deficiency Law

08/10/11

SB 485: No Deficiency Judgments After a Short Sale The California Legislature approved and the Governor has signed SB 458, which will eliminate any deficiency judgments that a holder of a Mortgage Loan may have against a Borrower after a...

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Book Deals And Movie Deals Are Not Part Of Bankruptcy Estate When Contract Is Signed

08/10/11

One of my new bankruptcy clients is a published author. His career stagnated. He piled up a large amount of unsecured debt to pay living expenses and keep his house. He just signed a substantial book deal to write a new book. His ship is not “in”, but he can see the sail on the horizon.

He has a signed contract with the publisher. When he completes his book the publisher will pay him big bucks. There is a small advance. The man wants to file Chapter 7 bankruptcy.

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Los Angeles Dodgers Filed Chapter 11 Bankruptcy – In Delaware?

08/10/11

And my own hometown Detroit company, General Motors, filed Chapter 11 in – New  York City. Texas based Enron filed in – Delaware. Delaware and New York are the courts of choice for big corporations filing Chapter 11. Why? Well, is is something of a cottage industry in Delaware, whose courts have extra judges and [...]

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How to Find Me

08/10/11

I've had a series of funny phone calls this week, in which the speaker expresses total shock that I answer the phone. While I am notorious for never answering my phone, the real cause of the callers' surprise is that the number where I answer is sometimes the third one they have called looking for me. Why?

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Consumers, Cast Your Vote

08/10/11

The Consumer Financial Protection Bureau has launched the first project in its "Know Before You Owe" initiative with the release of proposed mortgage disclosures. While the CFPB did its homework in designing these forms, including getting feedback from a wide variety of sources, it is taking field-testing to a new level by asking American consumers to review two proposed forms.

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Raiders Legend BANKRUPT Sells Super Bowl Rings

08/10/11

"NFL legend Ray Guy -- widely considered the GREATEST punter of ALL-TIME -- has been forced to sell off his three SUPER BOWL rings after filing for bankruptcy back in the spring. 61-year-old Guy -- a seven-time Pro Bowler --...

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Dodgers' merchandise vendor cries foul

08/10/11

"As the Dodgers operate under bankruptcy protection, their merchandise vendor has asked the U.S. Bankruptcy Court for protection from the Dodgers. With Dodger Stadium merchandise revenue down by 25% this season, Facility Merchandising Inc. (FMI) could face a "business-threatening event"...

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Fruehauf Opinion Illustrates that Despite a Preference to Allow Amendment of Pleadings, Courts Won't Always Allow Amendment

08/10/11

Summary

In a 23 page decision signed July 15, 2011, Judge Walsh of the Delaware Bankruptcy Court denied a motion to allow a plaintiff to file an amended complaint, holding that the amended complaint was too deficient to survive a motion to dismiss and therefore would not be allowed. Judge Walsh’s opinion is available here (the “Opinion”).

Background

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Fruehauf Opinion Illustrates that Despite a Preference to Allow Amendment of Pleadings, Courts Won't Always Allow Amendment

08/10/11

Summary

In a 23 page decision signed July 15, 2011, Judge Walsh of the Delaware Bankruptcy Court denied a motion to allow a plaintiff to file an amended complaint, holding that the amended complaint was too deficient to survive a motion to dismiss and therefore would not be allowed. Judge Walsh’s opinion is available here (the “Opinion”).

Background

[more]