CreditSlips

We get a chapter 11 case!

12/12/11

The Supreme Court has granted cert. in RadLAX Gateway Hotel, LLC, a case involving the right to credit bid when a sale is done as part of a chapter 11 plan. The Code clearly allows credit bidding in 363 sales, but the courts had split on the issue in the plan context.

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Don't give me whys and wherefores

12/11/11

Some initial musings on the ethics of chapter 11, over at Dealbook.

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Lies and Denial: the 2012 GOP Strategy

12/09/11

The last 24 hours have witnessed some remarkable historical revisionism on financial regulation coming out of the GOP.

First, we had one of the most bizarre and simply untrue attack ads I've ever seen, courtesy of Karl Rove's Crossroads GPS outfit. The ad calumnies Elizabeth Warren, claiming that first she was responsible for the TARP bailout and then set out to butter up bankers. Is this man on drugs? Rove seems to be confusing Elizabeth Warren with George W. Bush. 

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This-Is-It EU Summit Eupdate

12/08/11

A few quick thoughts as the Make-or-Break, Life-or-Death, Now-or-Never EU Summit gets going.

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Laboratories of Democracy and the Commissioners of Uniformity

12/08/11

States have passed a variety of changes to foreclosure laws and court rules in response to the foreclosure crisis, including new notice and mediation requirements to stimulate workouts between lenders and borrowers.  Some of these laws have been found effective in reducing foreclosures.  Subprime mortgages with delinquent payments are much more likely to end in foreclosure sales in nonjudicial foreclosures states, while states with both judicial foreclosure and s

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Big Banks Finance Payday Lenders: You Knew that but did you Know some also Make payday loans?

12/05/11

This video is totally worth you 2 minutes. It describes big banks in rather unflattering terms (as parasites, for example) but the main thing I got out of it is that big banks finance payday lenders.

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Occupiers Target Foreclosures

12/05/11

Occupy Wall Street have announced a national day of action around mortgage foreclosures and evictions, to be held on Tuesday December 6.  My comments on the protest and the current state of the foreclosure crisis at salon.com are here.

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Consumers Beware of Gas Well Leases, Especially Around the Holidays

12/03/11

For those contracts professors who teach Peevyhouse v. Garland Coal & Mining Co., 382 P.2d 109 (Okla. 1962), there is a modern version this 1962 case going on right now in the gas drilling context. In the venerable Peevyhouse case, Willie and Lucille Peevyhouse owned a farm that contained coal deposits, and entered into a contract with Garland Coal & Mining Co. allowing Garland to strip mine the coal, in return for a royalty. In the contract, Garland promise that the land would be restored once they were done.

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By the side of the ocean headed for Sunset

11/30/11

My initial thoughts on American Airlines, here.

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"The Wikipedia of Land Registration Systems"

11/30/11

Pretty amazing opinion in Culhane v Aurora Loan Services of Nebraska byJudge Young of the US District Court for the District of Massachusetts. Judge Young breaks out a fresh can of whoop-ass on MERS, which wasn't even a litigant. How are these choice lines:  "MERS is the Wikipedia of Land Registration Systems."  Now I like Wikipedia, but property title isn't do-it-yourself.

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