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Bankruptcy

Texas Lawyer Blog

Bankruptcy law: adversary proceedings, fraudulent transfers, preferences, creditor representation.
By J. Michael McBride

Post Frequency: 6.9/day

Last Entry: March 29, 2011 at 11:47:27

Volvo Sale to Chinese Company Proceeds; CEO to Step Down

Posted on March 30, 2010
?Geely [Zhejiang Geely Holding Co.] is buying Volvo from Ford for $1.8 billion in the biggest overseas purchase by a Chinese automaker. Volvo?s leader will have to staunch plummeting sales to return the company to profit while tapping growth in China, which surpassed the U...

Treasury Department Announces Foreclosure Relief

Posted on March 25, 2010
?At a hearing Thursday morning before the House Oversight Committee, the Treasury’s TARP chief Herb Allison will announce new protections for homeowners in the modification process who also face a pending foreclosure. The protections are designed to eliminate much of the confusion and anxiety that many homeowners deal with in these situations...

Proposed Overhaul of Regulatory Legislation

Posted on March 23, 2010
In a recent Wall Street Journal editorial, Senator Dodd?s proposed overhaul of financial regulatory legislation was criticized: ?We already have an incredibly robust, time-tested “authority” to handle failing companies?the U.S. Bankruptcy Code...

NASCAR Sacrifices Safety for Ratings

Posted on March 12, 2010
In a move right in line with its new marketing campaign, NASCAR officials declined to issue a severe punishment to driver Carl Edwards for his intentional and life threatening ?bump? of fellow driver Brad Keselowski. Although some think the move was a deserved pay back for Keselowski?s own aggressive tactics on the track, the fact [...

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More Trouble in Greece

Posted on March 11, 2010
As has been noted, under pressure from the EU, the socialist government has begun the hard process of cutting government programs. This has resulted in a series of strikes from several sources, including the powerful unions. ?”Everybody is watching Greece to see the depth, intensity and sustainability of protests,” said Theodore Couloumbis, deputy head of [...

Lone Owner in 32 Story Condo

Posted on March 08, 2010
?But Vangelakos, who paid $430,000 for the home, closed in November 2008 and insisted on taking possession. He, his wife Cathleen, and their three children use the condo as a vacation home when he can get away from his job as a Weehawken, N.J., firefighter?...

Job Losses Continue

Posted on March 05, 2010
As we know, the real job loss figures are worse than those that typically make the headlines in two ways. Primarily, the numbers reported do not include those people who have jobs, but are way underemployed (the PhD. waiting tables) or those who have given up on looking for a job...

Dallas Federal Reserve President Fisher Calls for Break-up of ?Too Big to Fail? Banks

Posted on March 04, 2010
?Federal Reserve Bank of Dallas President Richard Fisher called for an international pact to break up banks whose collapse would threaten the financial system, a position that goes beyond other Fed officials. ?The disagreeable but sound thing to do? for firms regarded as ?too big to fail? would be to ?dismantle them over time into [...

Different Perspective on Gov. Perry?s Win

Posted on March 03, 2010
Yesterday, the Texas Republican voters chose Gov. Rick Perry over both Sen. Kay Bailey Hutcheson and Debra Medina to run against Bill White, the Democratic former Mayor of Houston. This makes sense given that Gov. Perry styled his campaign perfectly to fit the worsening mood of Americans in general and voters in the Republican primary [...

Ford Tops GM in US Sales

Posted on March 02, 2010
For the first time in many many years, monthly US sales of Ford products has topped that of GM products. ?Ford deliveries jumped 43 percent to 142,285 vehicles compared with 141,951 for GM. The Dearborn, Michigan-based company hadn?t topped GM in domestic sales since a strike idled the biggest U...

Deepening Mood Reflected in ?Funnies?

Posted on March 01, 2010
The public mood shift toward darker humor and the bear market tendency to find someone to blame for the worsening economic mess is perfectly exemplified by Sunday?s Doonesbury. It starts with a kid in college dreaming of ?making a difference? and cleverly takes him through his career as a banker ending with him making the [...

Hummer Sale Goes Sideways

Posted on February 26, 2010
The proposed sale of the Hummer brand from GM to a Chinese company has fallen through. Based on sliding sales, GM decided to sell the Hummer brand. The proposed buyer was a company named Sichuan Tengzhong Heavy Industrial Machines. Evidently the sale fell off the cliff when the possible buyer was not able to obtain [...

More Fodder for Conspiracy Theorists

Posted on February 22, 2010
?A new advisory being sent by America?s third largest bank to its account holders has stoked fears that major financial institutions could be preparing for old fashioned bank runs if the economy takes a turn for the worse. Originally reported by John Carney over at the Business Insider website, Citigroup is sending the following information [...

Greek Mess Continues

Posted on February 19, 2010
This is not a good situation. The European Union is making grave threats against Greek sovereignty unless it gets its economic house in order. The socialist Greek government is now making draconian spending cuts to rein in spending to get control of its economy...

How Does This Work?

Posted on February 19, 2010
I was just scanning the list of dates for the Jay Z concert tour. Get a load of this schedule: Feb 20, 22, 23, 25, 27, 28; March 2, 3, 5, 6, 7, 11, 12, 13, 14, 16, 18, 19, 20, 22, 24, 26 and 27! And each of these dates is in a different [...]

Greece Loses Voting Power in EU

Posted on February 17, 2010
According to the Socionomist, which is a newsletter I read, the enormous decline in the markets (which is just now starting) will be accompanied by much social rancor and polarization of all types (eg. By race, nation and region ? see, the move for Texas?s independence)...

Lone Voice Worries About the Debt Level

Posted on February 17, 2010
Because the Federal Reserve, the Treasury Department and the government generally has had one vision for combating the deflation which set in about a year ago and that has been to flood the system with new dollars, there has been little dissent within those organizations...

Greek Government Violates Proverb?

Posted on February 16, 2010
?about not biting the hand that feeds it! ?Greece on Friday unleashed a fierce attack on its European Union partners, accusing them of creating a ?psychology of looming collapse? a day after they pledged support for the country?s crisis-hit government?...

Greece Faces Strike, Will Riots Follow?

Posted on February 05, 2010
?Stock markets sank Thursday in Greece, Portugal and Spain amid worries over the European Union’s debt woes, with Greek customs and tax officials walking off the job in opposition to cutbacks aimed at digging the government out of a budget crisis that has shaken the entire EU...

Jingle Mail on the Rise

Posted on February 04, 2010
The idea of just sending the keys to your house or condo back to the lender would have been unthinkable just a year or so ago; now underwater owners are doing just that all over the country. This is especially true once they lose any hope for lender assistance in making their payments and realize [...

Early Draft of the Constitution Discovered

Posted on February 03, 2010
(This author will confess that he loves these kind of discoveries!) It was known that on the back of one draft of the Constitution was another text by James Wilson, but that version stopped abruptly. The rest of that early draft has now been ?discovered? and may be placed with the other drafts of the [...

New TARP Money for Small Businesses

Posted on February 02, 2010
A new initiative should be announced today which is to help small businesses grow and add employees. No doubt this is an effort to balance criticism that the bail out money has been more directed at saving the big banks and not the small businesses who made no risky investments, nor took fat bonuses for [...

Saab Lives On

Posted on January 27, 2010
?Spyker [the tiny exotic automaker who has long been negotiating for Saab ownership] has agreed to pay $74 million in cash and $326 million in preferred stock in a new Saab that will emerge from this deal. The Swedish government has agreed to guarantee a $563 million (400 million Euro) European Investment Bank loan for [...

Don?t Ya Hate it When This Happens?

Posted on January 25, 2010
Someone lost their balance, fell and ripped a Picasso at the Met. (I am so glad it wasn?t me?.) ?The accident occurred in a second-floor gallery of early Picasso works when a patron participating in one of the museum?s art classes lost her balance and fell on the canvas, the museum said...

Markets All Headed Down Fast And Hard

Posted on January 25, 2010
The best prognosticators I know of are at Elliott Wave. I have referred to their work here many times. If I have not made their views clear before, then I shall do so now. From their January 14, 201 Theorist: ?the fact that investors are still giddy ? which is an apt word for today?s [...

Polarization as Part of a Bear Market

Posted on January 25, 2010
As a follow up to the post on Jan. 19, 2010 regarding the increase in hate crimes and ?us versus them? mentality during a major bear market, which is what we are in now (according to the folks at Elliott Wave Int?l. ? the group I most respect on matters financial), news out today says [...

Policy Shift: Geithner Wanes, Volker Waxes

Posted on January 22, 2010
Here is a great article which provides insight into the new rules on banking: ?At its heart, Volcker’s plan restricts banks from making speculative investments that do not benefit their customers. He has argued that such speculative activity played a key role in the financial crisis...

Bail Out Success Story??

Posted on January 21, 2010
Goldman Sachs has announced that it ?earned? 13.4 billion in profit in 2009 and was set to pay 16.2 million in bonuses, which equates to around a half million per employee, although the bonus money will not be evenly spread around the firm. ?Since the financial crisis, all Wall Street banks have benefited from an [...

Harbinger of Things to Come

Posted on January 19, 2010
According to some of the authors I read, the coming economic melt down, which will dwarf the recent downturns we have experienced thus far, will be accompanied by massive social unrest and a return to an ?is verses them? social mentality. The latest monthly publication of The Socionomist states that: ?as the negative mood increases, [...

Donate to Red Cross Haiti Relief Fund

Posted on January 16, 2010
You can now text ?Haiti? to 90999 if you are a Sprint user to donate $10 to the red Cross for Haiti earthquake relief. At one time, the phone companies were getting 1,000 texts per second. So far these and similar donations made through cell phones have raised 10 million dollars...

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