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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

Circuit City and liquidators to sell off merchandise in remaining 567 US stores

Posted on January 16, 2009
Negotiations for the acquisition sale of Circuit City went past midnight Thursday, but were not successful. The electronic store stated Friday that is will go out of business and begin the liquidation process starting as early as Saturday with only a 70...

Top Attorneys - Fort Worth Texas Magazine

Posted on January 13, 2009
Congratulations to J. Michael McBride for being named as one of the best lawyers in the 2008 Top Attorney, in the Bankruptcy category, of the Fort Worth Texas Magazine - Top Attorney's list. Mr. McBride was nominated by his pers in this prestigious list which was published in the December issue of Fort Worth, Texas Magazine...

Foreclosures linked to 2005 Bankruptcy Reform law

Posted on January 13, 2009
For those readers not familiar with the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCA"), prior to October of 2005, unsecured debt (credit cards, for example) could be discharged under a Chapter 7 bankruptcy (liquidation) therefore allowing the debtor to use that money to make their mortgage payments...

Jobs Jobs Jobs

Posted on January 09, 2009
The news is really bad on the employment front. “Nearly 2.6 million jobs were lost in 2008, with 1.9 million destroyed in just the past four months, according to a survey of workplaces. It's the biggest job loss in any calendar year since 1945, when 2...

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Cars: Good News Bad News

Posted on January 05, 2009
Chrysler sales are higher this month than last – that’s the good news. The bad news is that Chrysler car sales fell in December by 59%. “Chrysler sold a total of 89,813 vehicles compared with 191,423 in the same month last year. Despite the drop, the month's sales were up about 5 percent from November levels...

Commercial Real Estate Defaults May Stress Big Banks

Posted on January 05, 2009
As all of the markets contract, some analysts are concerned about the impact of a looming number of commercial real estate defaults. “Banks and other financial companies have not had the problems with commercial properties in this recession that they have had with residential properties...

Comments on the Federal Reserve

Posted on January 05, 2009
Despite the unprecedented action taken by the federal reserve in the last year, there has been little debate over this exertion of federal power. Here is one article entitled “Fed has Abandoned Monetary Policy” which comments on that issue, to some limited degree...

One of my Favorite Gifts

Posted on December 30, 2008
This Christmas, I was delighted to get some very special gifts. Among them, the new book written by my sister-in-law, Nancy Lutkehaus. Nancy is a professor at USC and her book is a very interesting take on Margaret Mead. It analyzes the public perception of Ms...

It Pays to be an Exec?Even of a Failed Company

Posted on December 30, 2008
In a photo essay simply entitled “What They got Away With”, Newsweek covers 12 CEO’s of failed or bailed out institutions and chronicles what they received as their respective company’s were going down. Here is a link to this photo article: http://www...

Ok, the Cowboys?

Posted on December 29, 2008
Here is a first: I am so moved by Sunday’s Cowboy game that I discuss it on the firm blog! Poor Jerry Jones. He does not know what he is doing wrong. To him, it must seem as if he is doing everything right and yet, still losing…and losing badly...

More in Middle Class Using Payday Lenders

Posted on December 29, 2008
For consumers living paycheck to paycheck who have unexpected expenses arise, a payday lender might be an easy solution. These payday lenders, who did not exist in 1990, now account for 25,000 outlets today. Consumer groups advocate against these payday lenders due to the astronomical interest rates charged--up to 439% annually...

The Radio

Posted on December 23, 2008
Here is a pretty cool site for those music fanatics. You just have to be sure you have the name of the song right, including punctuation. Just type in any song that was ever played, and see what happens. Then, following the end of the song, it will keep playing songs of the same era forever...

How One Major Law Firm Closes

Posted on December 23, 2008
The economic crisis has drastically affected Wall Street law firms as well and those in the broader financial markets. One law firm, Thacher Proffitt & Wood, which has existed for 150 years will be winding down, having made a deal for 100 of its lawyers and many staff members...

Home Values Fall

Posted on December 23, 2008
In another “not since the Great Depression” moment, recent reports state that the value of homes in the US have fallen 13 percent. “The median resale price fell 13 percent from a year before, to $181,300, “probably the largest price decline since the Great Depression,” National Association of Realtors Chief Economist Lawrence Yun said in Washington...

Banks? use of TARP Money

Posted on December 19, 2008
Recall that when the bailout was announced at least one explanation of it related to “unfreezing the credit market” and getting money to banks so they could again feel comfortable lending money. Well, the money got to the banks but there was no provision to compel lending, so the banks have generally held on to the money to improve their balance sheets or they have used it to buy other banks...

Professor Warren, Appointed to Chair of Congressional Oversight Panel for Economic Stabilization

Posted on December 18, 2008
On November 14, 2008, Ms. Elizabeth Warren was appointed by United States Senate Majority Leader Harry Reid to serve on the five-member Congressional Oversight Panel (COPES) created to oversee the implementation of the Emergency Economic Stabilization Act...

More on the Federal Reserve

Posted on December 17, 2008
As noted yesterday, the Federal reserve has a limited number of tools and yesterday’s allowance of the rate to drop to zero a. was an acknowledgement of something that was already happening and b. made clear that this tool (the ability to adjust interest rates) has not worked to halt the economic slide nor does it have any more use at this point (one cannot go lower than zero)...

Fed Running out of Options

Posted on December 16, 2008
As the federal reserve takes the primary rate closer to zero, it will not acknowledge that it may soon run out of options. Instead, the Fed continues to expand its powers by “expanding liquidity (as if that had not been tried over the last year!)...

All I Can Say is That Car Companies Must Really Really Need the Money!

Posted on December 09, 2008
Two points about the car company bailout as it is presently proceeding. First, if the car companies are willing to accept a car czar from Washington who has real authority over the companies operations, then they must really need the bail out money. Second, there is once again a double standard in practice: one for the car companies and one for Wall Street...

Printing Trouble

Posted on December 08, 2008
Two stories today about troubles in the newspaper business. First, the venerable New York Times has had to mortgage its new building, which was completed last year. (Finished just at the top of the market it would appear.) “The New York Times Company plans to borrow up to $225 million against its mid-Manhattan headquarters building, to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits…...

PILGRIM?S PRIDE FILES CHAPTER 11 BANKRUPTCY CASE

Posted on December 08, 2008
The nation’s largest chicken producer, Pilgrim’s Pride, filed for Chapter 11 bankruptcy protection in the Northern District of Texas, Fort Worth Division, on December 1, 2008. The company is represented by the law firm of Weil, Gotshal & Manges of Dallas, and has been assigned to Judge D...

Further Report on Biased Inflation Numbers

Posted on December 08, 2008
We have noted this issue before – the government has jimmied with the inflation reporting numbers and it has given a false sense of security when actually there was a great amount of inflation. Here is an article which describes that phenomenon in detail...

Bailout Results

Posted on December 08, 2008
The bailout which at first was to be used to buy up toxic paper but then morphed into stock purchases has resulted in a net loss for taxpayers (if the options were exercised today) in a net loss of 9 billion dollars, according to a report prepared by the Associated Press...

Bad News Friday: Job Losses Up and Retail Spending Down

Posted on December 05, 2008
The number of jobs lost last month are the highest since December of 1974. ‘U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U...

So Where are the Chastened Wall Street Executives?

Posted on December 03, 2008
“Since there's one standard for automakers and another for bankers, the quickest way for GM to pick up some loose change would be to buy a few banks and thus get the company's mitts on some of the Treasury's $700 billion. If insurance companies are doing it, why not GM? A story on the Bloomberg wire on November 17 told us that four of the world's biggest insurers, including Transamerica and Hartford Financial Services Group, may buy some ailing S&Ls in trouble with the Office of Thrift Supervision for making shifty loans...

How Bad Was it?

Posted on December 02, 2008
The Dow dropped 680 points yesterday. How bad was that? “The Dow lost 679.95 points to close at about 8,149. There have only been three days in market history with bigger point losses for the Dow -- the Monday after the Sept. 11 attacks, and Sept...

As Detroit goes, so goes the US Economy

Posted on December 02, 2008
Here are some of the latest numbers on car sales. Two thoughts, one, it is bleak all over (including Honda and Toyota) and two, it is really bleak. “Honda Motor's U.S. sales dropped 32% to 76,233 as its two strongest vehicles, the Accord and the Civic, recorded drops of 38% and 30%, respectively...

Fed Programs to Continue

Posted on December 02, 2008
“The Federal Reserve has extended the life of key programs aimed at busting through credit clogs and restoring stability to financial markets. The Fed said Tuesday that the programs, originally slated to last through Jan. 30, will be extended through April 30...

GM?s Corporate Culture and History Reviewed

Posted on November 25, 2008
In a good, lengthy article, author Alex Taylor of Fortune Magazine reviews the GM corporate culture and the efforts at “fixing” the company which have been made over the last two decades or so. “After three decades of covering the auto industry, I've learned that Ford (F, Fortune 500) executives tend to be scrappers skilled at bare-knuckle office politics, while the top brass at Chrysler traffic in bravado and charisma...

Markets Responding to Recent Actions

Posted on November 25, 2008
Call it a honeymoon, call it a result of Obama’s known, solid choices of the members of his economic team, call it a statistical bounce resulting from an oversold condition. Whatever it is called, the markets are way up and headed further up, for a big pop...

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