CreditSlips

First to File--Patent Thoughts

09/11/11

Congress just passed a bill overhauling the US patent system.  The most significant change appears to be shift from a first-to-invent to a first-to-file system.

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Oh, Just Stop!

09/10/11

Many have chided the financial press for the need to write entirely speculative articles about the prior day's market movements. But at least the financial press can be (somewhat) forgiven for their sins on the basis of tradition.

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Bankruptcy Filings Dropping More Rapidly Than Expected

09/09/11

According to the most recent data from Epiq Systems, there were 120,800 bankruptcy filings in August for a daily bankruptcy filing rate of 5,250. The August daily filing rate represents a year-over-year decline of 14.8% and a decline of 3.5% from July 2011.

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Saab in New York?

09/08/11

So the Swedish court's decision to deny Saab's reorganization petition gets me wondering if the company might not decide to file a US chapter 11 case. The only problem is that, best I can tell, Sweden has no provision for recognizing a foreign insolvency proceeding domestically.

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Credit Bidding in the Supreme Court?

09/08/11

My latest Dealbook post deals with the circuit spilt that has developed with regard to a secured lender's right to credit bid when a sale is conducted as part of a plan.

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Minnesota Attorney General Sues 5 Internet Payday Lenders for Automatically Extending Loans

09/07/11

The five lenders, Flobridge Group LLC, Silver Leaf Management and Upfront Payday, all of Utah; and Integrity Advance and Sure Advance LLC,  were each sued separately for violating Minnesota’s small loan laws.  The total U.S. market for Internet payday loans is estimated at $10.8 billion.

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Some Thoughts on Chapter 11 Venue

09/06/11

So Adam has come out in support of HR 2533, a bill which would force corporations to file in the jurisdiciton of their corporate headquarters.

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CDS News

09/06/11

I've got a Dealbook post up about an interesting dispute that has cropped up with regard to the definition of "Bankruptcy Credit Event" as used in the ISDA CDS definitions.

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Chapter 11 Bankruptcy Venue Reform

09/05/11

This Thursday, the House Judiciary will be holding a hearing on H.R. 2533, which would reform Chapter 11 venue and require corporations (which includes more than true corporations under the Bankruptcy Code) to file in the district in which they are headquartered or in the district in which a controlling affiliate has filed.  So no more bootstrapping of Eastern Airlines, Enron, or GM via tiny affiliates.  And no more Los Angeles Dodgers of Delaware.  

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Nevada AG: Securitization Fail

08/30/11

The Nevada AG is looking to reopen the 2008 AG settlement with BoA:  the AG alleges rampant and immediate non-compliance with the settlement.  The NYT coverage missed what is arguably the bigger story:  the Nevada AG came out and alleged a securitization fail.  The NY AG moved in this direction in his BNYM settlement action intervention, but was a little more oblique on that point.

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