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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

June Unemployment Figures?More Bad News

Posted on July 02, 2009
The markets are reacting to the bad news concerning unemployment in the US which was reported today. At the time of this post, the Dow was down 186 points. ?Employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9...

FDIC Proposes New Strict Rules for Owners of Banks

Posted on July 02, 2009
In order to buy a failed banking institution, an equity fund will have to meet new criteria under newly proposed rules. Several people involved with the proposal have argued that these rules need to be scaled back in order to avoid ?scaring off money? which would otherwise be available to save a failed institution...

Changes to the Russian Bankruptcy Laws

Posted on July 02, 2009
I got this notice from a bankruptcy practitioner with the international firm of Salans (offices in France, United-Kingdom, Germany, Spain, USA, Poland, Russian Federation, Hungary, Ukraine, Czech Republic, Slovak Republic, Romania, Kazakhstan, Azerbaijan, Turkey, China) regarding the most recent changes to the bankruptcy laws in Russia...

U.S. Car Sales?

Posted on July 01, 2009
Overall, sales continue to decline, which is not a shock. Sales figures for Ford (off 11%), Honda (off 30%) and Nissan (off 23%) were all somewhat better than expected, although still clearly in the red. Sales for GM (off 34%), Toyota (off 32%) and Chrysler (off 42%) were all significantly worse than expected...

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Editorial on Federal reserve

Posted on June 30, 2009
The idea that the Federal Reserve should be granted even more power than it already has is raising the eyebrows of at least one observer: Eliot Spitzer. He writes: ?The United States should not lightly put our fate back in the hands of the very entity whose oversight of the economy and financial sector brought [...

More on the Billion Dollar Smugglers

Posted on June 19, 2009
?Whether the men are really Japanese, as their passports declare, is unclear but Italian and US secret services working together soon concluded that the bills and accompanying bank documents were most probably counterfeit, the latest handiwork of the Italian Mafia...

Fed Debt Skyrockets to 2 Trillion

Posted on June 19, 2009
The Federal Reserve has been the primary actor along, with the Treasury Department, in the bailing out of Corporate America, primarily its financial institutions. As a result, its debt has gone (by one report) from 900 billion in October of ?08 to over 2 trillion presently...

Eddie Bauer Bankruptcy Sale Proposed

Posted on June 18, 2009
Too much debt forced Eddie Bauer into bankruptcy and now an entity which owns several other retail chains is offering to buy its assets, maintain its corporate headquarters in Bellevue and continue current management. ?CCMP [the stalking horse] hopes to complete the sale within 45 days because a quick transfer of ownership would allow Eddie [...

Men Caught Carrying 134 Billion, with a ?B?

Posted on June 18, 2009
It is now trite to use the phrase ?never before in history? as it is applicable to so many activities, especially economic ones. But smugglers caught with suitcases holding 134 billion in US bonds?that has never happened before! ?Two Japanese men are detained in Italy after allegedly attempting to take $134 billion worth of U...

TARP Money Repaid

Posted on June 17, 2009
Some big banks are trying to extricate themselves from government interference with their corporate governance?read salary caps?by repaying TARP money. It is interesting that the Treasury Department had to approve the repayments (this being unlike normal loans, which is an understatement) and one wonders about the effect that this repayment has on the very public [...

China?s Continuing ?Hints?

Posted on June 17, 2009
China has made a series of statements about its (her?) concern regarding the US monetary policies. Basically, I surmise that China is concerned with the amount of national debt that is being racked up and the country?s ability to sell bonds at a rate adequate to finance the new spending...

Citi to Convert 58 Billion into Stock

Posted on June 11, 2009
Preferred shares are being converted into equity and the government will then be an owner of 34% of the company. ?Citi?s conversion is expected to flood the market with 18 billion new Citi common shares, diluting existing investors by 80 percent.? Since so many governmental/corporate actions fall into this category, it is no longer even [...

Russia and China to Start Moving out of Dollars

Posted on June 10, 2009
As has been previously noted, there is a move afoot for some countries to move out of US dollars. With the increasing need for sales of US bonds, to pay for all the newly created TARP debt, this is an important change, if it actually occurs. One question arises: since all countries and the IMF [...

Nation of Laws?

Posted on June 10, 2009
The US Supreme Court allowed the Chrysler sale to proceed, thus granting the current administration?s plan for the company?s assets to be sold to Fiat. (I still cannot wait to see how your local Chrysler service bay handles warranty work on a Fiat product, once they arrive...

Good Article on GM Filing

Posted on June 05, 2009
Here is a good article with several embedded links relating to the GM bankruptcy filing. ?General Motors, the leading U.S. automaker founded in Flint, Mich., in 1908, is making history again on Monday — the battered auto giant has filed for bankruptcy protection in a plan that will see the U...

More Noise About a ?new? Currency

Posted on June 02, 2009
??There?s been a lot of talk out of Russia about a new global currency, and that?s contributing toward this latest bout of dollar weakness,? said Henrik Gullberg, a currency strategist in London at Deutsche Bank AG, the world?s largest currency trader...

Van Cliburn Finalists

Posted on June 02, 2009
The Judges made their decisions ? and the finalists did include my two favorites the Bulgarian man, Bozhanov, and the Italian woman, Vacatello. Since you can see their performances online at www.cliburn.tv I suggest that you watch/listen to Bozhanov?s semi final recital and Vacatello?s preliminary recital...

Hyperinflation or Continued Deflation?or one followed by the other?

Posted on May 29, 2009
One of the economists which I read regularly is Marc Faber. He is not too well known, but always has an interesting ?take? on the US economy, as well as the world?s economy. I saw an article about his views and I thought that I would reveal to you his thoughts on the US economy: [...

When Government Controls ?Private? Businesses

Posted on May 28, 2009
The federal government?s control over GM and Chrysler brings with it many issues, as we are in uncharted territory. One such issue has to do with the intersection of partisan politics business decisions. Whether this story is true or not, it is an example of the types of issues which will always cloud the government?s [...

Van Cliburn Semi-Finalists Announced

Posted on May 27, 2009
Well, although I do not know how to play the piano and am totally uneducated, my two suggestions made earlier this week as to who to listen to on the ?Cliburn TV? web site (http://www.cliburn.tv/#) both made the cut and will continue forward in the competition...

Diamond Production Free-Falls 91%

Posted on May 26, 2009
?De Beers, the world?s largest diamond producer, reduced first-quarter output by 91 percent, according to Anglo American Plc, as the world economic slump cut demand for luxury goods. Production slid to 1.08 million carats from 11.8 million carats a year earlier, London-based Anglo, which owns 45 percent of De Beers, said in a statement today...

Next Wave of Foreclosures

Posted on May 26, 2009
According to a new study, which has been presented as a chart, prepared by Credit Suisse, the foreclosure tidal wave is not yet spent. In fact, the next wave of foreclosures will last until 2012, according to this study. ?These are the ultimate in “exploding mortgages...

Porsche Gambles on VW May Come Home to Roost

Posted on May 26, 2009
Using borrowed money and a series of options and related devices, Porsche engineered a take over of VW and made itself rich (on paper) in the process. However, that all may be changing. ?Recall that Porsche engineered a massive short squeeze of Volkswagen common stock (VLKAF...

Van Cliburn Piano Competition

Posted on May 26, 2009
Every four years Fort Worth hosts the Van Cliburn piano competition. We are now in the preliminary rounds. I have been able to attend some of these and the whole experience is wonderful. Now you can listen and watch via your computer. The sound quality is excellent ? so put on your good headphones and [...

Tracking Dying Malls

Posted on May 22, 2009
Another manifestation of the economic melt down is the decline and ultimate death of some underperforming malls. As noted in the article below, malls have been a central meeting place, like a town square for many cities. That may be changing at least as to some malls which will not be able to survive...

The Beat Goes On

Posted on May 21, 2009
The pattern is a) a government bail out of once private company followed by b) the need for more money by the target company followed by c) additional cash (read tax money) infused into target with the stipulation that the government will now have the ability (either immediately or at some future point) to own [...

Opal Sale at Gm Clouds Saturn?s Future

Posted on May 21, 2009
As previously noted, when GM closed Oldsmobile, it lost a division replete with good cars running great engines. Olds had bad marketing. Saturn was the polar opposite, great marketing even with far inferior cars. Rather than taking the Olds products and rebranding them as Saturns, GM kept selling the inferior Saturn products until it was [...

Getting the Heck out of Dodge Ad Campaign

Posted on May 20, 2009
Local Dodge dealer strikes back and the customer is the winner. Only a few months after agreeing to open/purchase a Dodge dealer, owner principal, Will Churchill, finds that his dealership is on the public list of Chrysler stores which are to close. Thus, he promptly offered all of cars for sale to wholesalers and then [...

Talk About Bad Timing

Posted on May 19, 2009
The administration?s new rules tightening regulations on greenhouse gases emitted by cars and increasing gas mileage could not come at a worse time for car makers. These rules while perhaps laudable in a perfect economic environment will increase the cost of the cars to be sold and will increase the cost of making those vehicles [...

GM Filing Nears?

Posted on May 18, 2009
?After 100 years in business and 10 months of frenzied but failed restructuring, General Motors Corp is weeks from the bankruptcy filing experts say will be required to complete the Obama administration’s bid to reshape a fallen icon of American industry...

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