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|Genco Shipping: Valuation Lessons Learned From "Underwater” Equity|
Michael S. Fox, Adam H. Friedman, Jordanna L. Nadritch; Olshan Frome Wolosky LLP;
September 23, 2014, previously published on September 11, 2014Valuation is a balance of art and science. In the bankruptcy context, valuation determines which constituents are entitled to a recovery and which are not, making it a centerpiece of the restructuring process. In In re Genco Shipping & Trading, Ltd. the federal bankruptcy court in New York...
|Bank Capital: Supplementary Leverage Ratio; Federal Banking Agencies Issue Final Rules Revising the Supplementary Leverage Ratio’s Exposure Measure Denominator|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 16, 2014 Earlier this month, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued final rules (the “Final SLR Rules”) that revise the definition and...
|Massachusetts Division of Banks Gears Up to Implement State Law Limiting Flood Insurance Requirements on Residential Properties|
Nancy R. Wilsker; Hinckley, Allen & Snyder LLP;
September 23, 2014, previously published on September 17, 2014On Thursday, September 11, 2014 the Massachusetts Division of Banks held a public hearing regarding regulations to implement Chapter 177 of the Acts of 2014, An Act Further Regulating Flood Insurance (the "Act"). The Division will continue to accept written comments concerning the...
|CFPB and FTC Stop Two Payday Lending Scams|
Thomas I. Elkind; Foley & Lardner LLP;
September 23, 2014, previously published on September 18, 2014In separate suits brought by the Consumer Financial Practices Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) federal courts have frozen the assets of two separate groups who allegedly defrauded consumers by creating unauthorized payday loans.
|Industry Canada Announces Online Deposit Tool to Register Security Interests Over Railcars or Rolling Stock in Canada|
Jennifer Wasylyk; Cassels Brock & Blackwell LLP;
September 23, 2014, previously published on September 19, 2014In previous publications, we provided an overview of the process for registering security interests over railcars or rolling stock in Canada and outlined considerations to be mindful of when taking railcar security in Canada, including considerations relating to the recent introduction of the...
|Using Interest Accrual as a Bargaining Tool|
Timothy Spencer; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 9, 2014 Creating incentives to entice responsible parties to pay outstanding nursing home debts is by no means easy. Particularly so in the nursing home arena, the mechanisms with which a nursing home facility may equip itself in order to encourage responsible parties to pay off owed debts often proves to...
|Borrowers Need to be Made Aware of Mortgage Relief Scams|
Larry R. Rothenberg; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 8, 2014 While the media places great emphasis on lawsuits alleging wrongdoing by mortgage lenders against homeowners, less emphasis has been placed on egregious frauds perpetrated against distressed homeowners by supposed providers of mortgage assistance relief services (MARS).
|The Marcotte Decision: The Supreme Court of Canada Rules Against Banks in Provincial Consumer Protection Class Action|
David T. Neave, Rebecca R. von Rüti; Davis LLP;
September 23, 2014, previously published on September 22, 2014On September 19, 2014, the Supreme Court of Canada (the “Court”) ruled in Bank of Montreal v. Marcotte (“Marcotte”) that Quebec’s consumer protection legislation is applicable to federally regulated banks such that it provides the basis for consumer class actions in...
|CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
September 22, 2014, previously published on September 18, 2014On September 17, 2014, the Commodity Futures Trading Commission (“CFTC”) voted to re-propose rules to impose initial and variation margin requirements on uncleared swaps entered into by swap dealers and major swap participants that are not regulated by a “Prudential...
|Prudential Regulators and CFTC Re-Propose Margin Requirements for Non-Cleared Swaps|
Maureen A. Donley, Elizabeth A. Mastrogiacomo, Mark D. Young; Skadden Arps Slate Meagher Flom LLP;
September 22, 2014, previously published on September 19, 2014Federal banking regulators (the Prudential Regulators) have re-proposed regulations to require certain dealers and major participants in the swap and markets to collect initial and variation margin for non-cleared swaps (the 2014 Proposal).