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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

Must See video

Posted on September 22, 2009
In yet another ?you will only see it here? posting, here is a link (thank you Jeff) which was forwarded to me which is unbelievable and I recommend that you watch it: http://link.brightcove.com/services/player/bcpid1137883380?bctid=21337502001 Then you too can thank Jeff, who sent it to me! Michael

Banks to Bail Out FDIC?

Posted on September 22, 2009
In yet another interesting twist, there is now a proposal floating about that would have the big banks bail out the FDIC. ?Senior regulators say they are seriously considering a plan to have the nation?s healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors...

GM Board Approves Sale of Opal to Magna

Posted on September 11, 2009
Canadian auto part manufacturer, Magna, appears to be the winning bidder in the long running sale of the German auto maker, Opal, which is now owned by GM. This should be interesting as it progresses as Saturn?s showrooms are filled with Opal products...

Noises for a More Powerful Central Bank

Posted on September 08, 2009
Russia and China have both previously made noises about a new currency; however, now the United Nations has joined this chorus along with a proposal for a more powerful central bank. ?In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the [...

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Unemployment News,?Not Good.

Posted on September 04, 2009
The unemployment rate rose to 9.7% with about 216,000 more jobs lost during August. However, the actual rate is even worse when one accounts for those who have given up looking for a position and those who are working part time, but want full time employment...

Celebrities caught up in the 24 Percent Rise of Bankrutpcy Filings

Posted on September 03, 2009
Bankruptcy filings continue to grow to 119,874 in August from the previous year. “Consumers continue to turn to bankruptcy as a shield from the sustained financial pressures of today?s economy,” said Samuel Gerdano, the executive director of the American Bankruptcy Institute...

Kennedy Family Tree

Posted on August 26, 2009
With the passing of Senator Ted Kennedy, there is a renewed interest in that family. Here is a link to a family tree which was useful in tracing the family and informing the reader of the family members? present activities. Here is the link: http://www...

Court Rules Federal Reserve Must Disclose Borrowers

Posted on August 25, 2009
There is a trend to hold the Federal Reserve more accountable for its many actions taken in recent months in an effort to stem the economic downturn. Under a freedom of information action, news agency, Bloomberg, sought this information and stated as its basis the fact that the US taxpayer had become an involuntary investor [...

BBVT, a Spanish Bank, Buys Guaranty

Posted on August 25, 2009
Evidently, beating out two large private equity groups, Blackstone and Gerald ford?s Flexpoint, ?Banco Bilbao Vizcaya Argentaria SA won the bidding to take over ailing Texas lender Guaranty Financial Group Inc., people familiar with the matter said, in what will be the Spanish bank?s sixth U...

Taylor Bean, Mtg. Company, Files Bankruptcy Amid Questions

Posted on August 25, 2009
The large mortgage company Taylor Bean filed chapter 11 in the US Bankruptcy Court in Florida. It has stated that essentially all options are open as far as how to proceed, including a sale of its assets. The company is in talks with the FDIC. ?Closely held Taylor Bean does business across the U...

The Question that Topped the Google Trends List Today

Posted on August 24, 2009
On the show “Who Wants to be a Millionaire”, Kevin Basin was asked what Lyndon B. Johnson?s favorite drink was. “According to the show, LBJ had four buttons installed in the Oval Office so he could order his favorite beverages on demand...

Interesting Moves by Russia and China

Posted on August 21, 2009
Two interesting and unrelated moves by Russia and China are being reported today by the BBC. China, the largest holder of US debt, has reduced its holdings of US securities by 3% in July (25 billion). However, note that China?s overall holdings of US debt are 7% higher than they were in January of this [...

McCartney Concert

Posted on August 20, 2009
I had the privilege to attend the Paul McCartney concert at the new “Cowboys” stadium last night. I had no expectations as I knew from having heard other ?aging rockers? what can happen to the singing voice over the years. But I am here to report that it was a wonderful experience; McCartney?s voice was [...

Tarrant County New Car Sales Off

Posted on August 18, 2009
July was another down month for new car sales even in North Texas which has had a strong resilience to the current economic recession. ?Denton County dealers had the best performance, with sales down only 17.3 percent. Sales were down 35.5 percent in Tarrant County, 33 percent in Collin County and 40...

The next time you are behind a Bentley?

Posted on August 18, 2009
?in the drive through line to get your Chick-fil-A and the Bentley is too big to fit around the turn and gets stuck, don?t honk; don?t get out and for goodness sakes don?t get into a fight with the driver and his two sons! ?[A]bout 11 a.m. Saturday, a couple received their order from the [...

At the Checkered Flag: VW Wins Over Porsche

Posted on August 17, 2009
The battle between Porsche and VW has been a heated one, between distant but closely tied cousins no less. Perhaps only those of us who remember the Ewing clan of the TV show Dallas can truly appreciate this one! Previously blogged, Porsche tried to take over VW, failed and now VW is taking over Porsche...

Colonial Shuts, Sells, ReOpens

Posted on August 17, 2009
BB&T is now the owner of Colonial?s assets and some of its debts, but certainly not all. BB&T is based in Winston-Salem, N.C.; Colonial was an Alabama institution. ?The agency [FDIC] approved the sale of Colonial’s $20 billion in deposits and about $22 billion of its assets to BB&T Corp...

Chart of the Day: History of Bailouts

Posted on August 13, 2009
Here is a link to a very interesting chart listing all of the US bailouts and their cost in current dollars. http://www.propublica.org/special/government-bailouts Michael

Mortgage Companies/Servicers Get Blasted

Posted on August 13, 2009
Bankruptcy Judges and Trustees are weighing in on mortgage companies? and servicers? tactics and strategies and the results are not pretty. ?This May, Judge Elizabeth Magner in Louisiana said her review of multiple cases involving Ocwen Loan Servicing had shown the servicer regularly acted in ?bad faith...

Elliot Wave Calls a High, Expects Bear to Renew

Posted on August 11, 2009
The most accurate financial reporting that I read comes from the folks at Elliot Wave International. In the most current ?Theorist? which comes out monthly for subscribers, they are calling for the bear market to renew ? perhaps not right away, but shortly...

Overdraft Profits Exceed 38 Billion

Posted on August 11, 2009
It is reported that for some banks, the windfall reaped from overdraft fees, which frequently exceed the amount being covered by the bank, are their only source of capital. ?U.S. banks will collect a record $38.5 billion in overdraft fees this year, with nearly all the revenue paid by just 10% of customers, according to [...

Another Loan to Own ? Delphi

Posted on July 29, 2009
One method for obtaining ownership of a company in bankruptcy is to make a Debtor in Possession loan and then, as part or all of the purchase price, agree to forgive repayment of that loan in exchange for buying the company or its assets. This makes sense because the DIP loan would have to be [...

Good News on Home Sales

Posted on July 27, 2009
As the economy continues to falter overall, there are some bright spots. As reported earlier, Ford earnings increased and the company saw its first profit in some time. Now comes a report on gains for home sales. The question of course is whether this is part of a general and continuing trend upward or whether [...

Some Good News

Posted on July 24, 2009
Ford has returned to profitability, at least as reflected in its second quarter reports. According to the Wall Street Journal [ http://online.wsj.com/article/SB124834005025175293.html#mod=djemalertNEWS ], Ford reported a 2.3 billion profit for the second quarter, as compared to a loss of 8...

McBride Talks on Collecting Debts and Judgments Seminar

Posted on July 23, 2009
J. Michael McBride recently lectured at the University of Houston’s Collecting Debts and Judgments seminar. He spoke to audiences in both Dallas and Houston. Mr. McBride spoke on the timely subject of Foreclosures and Deficiencies. The Firm also published a lengthy paper in conjunction with the speech...

Asset Sales in Bankruptcy

Posted on July 20, 2009
As you may know I enjoy this topic as it is one area where there are plenty of rules/laws in place but the actual events which occur in a bankruptcy sale often push the limits of the rules and they are always unpredictable. (I even wrote a book on the topic of asset sales should [...

Unemployment Among Blacks in NY

Posted on July 13, 2009
Unemployment is rising throughout the US; however, among the black population in New York, it is rising at a much higher rate (four times as fast) than for the NY population as a whole. ?By the end of March, there were about 80,000 more unemployed blacks than whites, according to the report, even though there [...

Mortgage Crisis Continues

Posted on July 13, 2009
A short article in The Economist entitled: ?Can?t Pay Won?t Pay? states that ?HOUSE prices in America have fallen so far that as many as one in five households have mortgage debt greater than the value of their homes.? Moreover, some of the defaults on mortgage loans is what the author calls ?strategic? meaning that [...

GM Must follow Texas Law

Posted on July 08, 2009
Texas Attorney general won a victory against GM when the Bankrutpcy Court ruled that Texas law covering dealers still had to be followed even in the context of GM's reorganization. "Abbott's office said this week a U.S. bankruptcy court ruled that General Motors must comply with Texas state law and cannot use the government's 60 [...

Former Star Center Fielder Files Chapter 11

Posted on July 08, 2009
?Lenny Dykstra, the former star center fielder for the New York Mets and Philadelphia Phillies, has filed for Chapter 11 bankruptcy protection, court records show. Dykstra, 46, has no more than $50,000 in assets and between $10 million and $50 million in liabilities, according to a petition filed Tuesday with the U...

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