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|Nine Lessons From Detroit's Chapter 9 Case|
Corinne Ball, Bruce Bennett, Beth Heifetz, Heather Lennox, Evan Miller; Jones Day;
December 16, 2014, previously published on November 2014On November 7, 2014, Judge Steven Rhodes, the judge presiding over the City of Detroit's bankruptcy case, announced that he would confirm the City's proposed Plan of Adjustment (the "Plan"), including the creditor settlements contained within that Plan. A more detailed written opinion...
|Recent FDCPA Decisions of the Eleventh Circuit Provide Warning and Encouragement to Creditors and Debt Collectors|
Kevin R. Gowen, Suzanne Barto Hill; Rumberger, Kirk & Caldwell Professional Association;
December 16, 2014, previously published on November 24, 2014Recent opinions from the Eleventh Circuit change the legal landscape for creditors, their attorneys and debtors. Creditors filing bankruptcy proofs of claims will now be subject to the FDCPA, at least in the Eleventh Circuit, but there is renewed hope for certain defenses, such as the litigation...
|New Law Expands Property Tax “Uncapping” Exemptions for Family Cottage Transfers|
Benjamin J. Price; Foster, Swift, Collins & Smith, P.C.;
December 8, 2014, previously published on November 25, 2014The cottage - it’s a place where memories are made, special events are hosted, and traditions are sustained for many Michigan families. One of the challenges families often face, however, is keeping the family cottage in the family, as it is not always feasible to do so from a financial...
|Collection Actions Gone Awry: Michigan Court of Appeals Upholds Attorney’s Fee Award against Plaintiff for “Frivolous” Collection Efforts|
Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
December 8, 2014, previously published on November 25, 2014A lesson that many plaintiffs learn - the hard way - is that winning a judgment in a lawsuit is not the end of the battle. In many ways it’s just the beginning. The judgment simply gives license to pursue recovery of damages. And obtaining recovery can often be as, if not more, difficult than...
|CFPB Continues Crackdown on Real Estate Kickbacks|
Steven L. Owen; Foster, Swift, Collins & Smith, P.C.;
December 8, 2014, previously published on November 25, 2014Referrals are common in the real estate industry. Brokers and builders refer clients to mortgage lenders. Lenders refer clients to title companies. And so on. The real estate referral ecosystem is critical to moving real estate transactions along efficiently and effectively. Most clients need...
|Consumer Financial Protection Bureau - The Basics of the CFPB|
Brooks Bossong; Nexsen Pruet, LLC;
November 28, 2014, previously published on November 10, 2014Let’s begin—honestly—by acknowledging that the very words, “the Consumer Financial Protection Bureau” tend to make our eyes glaze over, whether you’re a supporter or opponent of the CFPB’s cause or work for an institution that’s subject to the...
|Business Judgment Rule Protects Board’s Decision to Maximize the Value of an Insolvent Delaware Corporation Even If It Puts Creditors at Risk|
A. W. "Chip" Phinney, Kevin J. Walsh; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
November 17, 2014, previously published on October 31, 2014Directors of an insolvent corporation face a host of difficult questions. Should they wind up operations or file for bankruptcy to preserve assets for creditors, or chart a riskier course that could lead the company back to profitability and possibly create value for shareholders? If they choose...
|Pennsylvania Amends Act 47 to Give the Commonwealth More Oversight and its Municipalities Less Time to Reorganize|
William W. Kannel, Adrienne K. Walker; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
November 17, 2014, previously published on November 7, 2014Pennsylvania’s legislature recently approved House Bill No. 1773, an overhaul to its Municipalities Financial Recovery Act, commonly known as “Act 47.” HB 1773 was signed into law by Governor Tom Corbett on October 31, 2014.
|Opportunistic Acquisitions: Buying Assets Through Bankruptcy|
Nicholas E. Williams; Foley Lardner LLP;
November 14, 2014, previously published on November 3, 2014Though often overlooked, bankruptcy sales can be a real boon to businesses looking for a great deal. Prospective purchasers must, of course, interface with the bankruptcy court, so these companies must understand the lay of the land when looking for a bargain. For example, in the last two years,...
|Connecticut Bankruptcy Court Rules on Issue of First Impression: Whether The Absolute Priority Rule Is Applicable In Individual Chapter 11 Cases|
Elizabeth J. Austin, Irve J. Goldman, Jessica Grossarth, Jonathan A. Kaplan; Pullman & Comley, LLC;
November 14, 2014, previously published on November 3, 2014Chief United States Bankruptcy Court Judge Julie A. Manning decided an issue of first impression in this District and the Second Circuit on September 4, 2014 in In re Richard and Stephanie Lucarelli and Lucarelli’s Executive Answering Service, LLC, Jointly Administered Case No. 13-30305...