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Documents on Bankruptcy, Banking & Financial Services
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|Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to Re-Characterize Debt as Equity|
Kevin W. Coleman, Valerie Bantner Peo; Schnader Harrison Segal & Lewis LLP;
May 20, 2013, previously published on May 2013Bankruptcy trustees and lenders to a potentially insolvent debtor — particularly any lender who has or intends to acquire an equity stake in the borrower — should take note of a recent decision by the U.S. Ninth Circuit Court of Appeals.
|Compliance Issues Remain a Hot Topic|
Alan C. Hochheiser; Weltman, Weinberg & Reis Co., L.P.A.;
May 20, 2013, previously published on May 15, 2013As with the past several months, our concentration continues to be on Compliance issues. It is the hottest topic in the collection and bankruptcy industries. The Consumer Financial Protection Bureau (CFPB) continues to be in the news. On April 23rd, Richard Cordray, Director of the CFPB, provided...
|CFPB’s Proposed Rule Regarding Non-Bank Student Loan Servicers|
Joseph M. McCandlish; Weltman, Weinberg & Reis Co., L.P.A.;
May 20, 2013, previously published on May 15, 2013On March 14, 2013, the Consumer Financial Protection Bureau (CFPB) proposed a rule that will allow it to supervise certain student loan servicers. “Under the rule, any non-bank student loan servicer that handles more than one million borrower accounts will be subject to CFPB supervisory...
|Alabama Federal Court Affirms Bankruptcy Court’s Holding That Filing a Proof of Claim on Time-Barred Debt Does Not Amount to an FDCPA Violation|
Rachel R. Friedman, Alan D. Leeth; Burr & Forman LLP;
May 17, 2013, previously published on May 13, 2013In a consolidated appeal of two cases from the United States Bankruptcy Court for the Middle District of Alabama, the United States District Court for the Middle District of Alabama held last week that the filing of a proof of claim in a debtor’s bankruptcy case does not amount to an FDCPA...
|Bankruptcy Court Approves Repayment of Aircraft Debt Without Payment of Make-Whole Premium|
Hollace Topol Cohen, Michael A. Karpen, Michael "Mike" A. Leichtling, Shawn D. Rafferty, Carolyn Peterson Richter; Troutman Sanders LLP;
May 16, 2013, previously published on May 15, 2013The recent decision of the bankruptcy court presiding over the chapter 11 proceedings of AMR Corporation (“AMR”) and its affiliated debtors (the “Debtors”) provides guidance on the impact that the filing of a chapter 11 case may have on the enforceability of a make-whole...
|Transfer $8 Million Out Of Accounts In New York? That Action Alone Is Not Sufficient To Establish Personal Jurisdiction|
Mark E. McGrath; Sheppard, Mullin, Richter & Hampton LLP;
May 3, 2013, previously published on April 30, 2013In Henkel v. Masiero, Index No. 650425/2012 (N.Y. Sup. Ct., N.Y. Cnty. Mar. 18, 2013) (the “Opinion”), the Supreme Court (J. Bransten) granted the defendants’ motion to dismiss for lack of personal jurisdiction on the grounds that one telephone call with a bank was not sufficient...
|Reports Of Late Payments To Credit Reporting Agencies While Bankruptcy Is Pending Do Not Violate Federal And State Fair Credit Reporting Laws|
Kronick Moskovitz Tiedemann Girard A Law Corporation;
May 3, 2013, previously published on May 2, 2013After filing for Chapter 7 bankruptcy, a consumer discovered that her credit report listed delinquent payments to a bank even though she had been current with her payments up to the date she filed. After disputing the report without correction by the bank, the consumer sued the bank for violations...
|The "Olympics of Restructuring:" Kevyn Orr Named Detroit’s EFM|
Tamar N. Dolcourt; Foley & Lardner LLP;
May 3, 2013, previously published on May 2, 2013Kevyn Orr, a University of Michigan Law School graduate and former partner at the law firm Jones Day, has been selected by Governor Rick Snyder as Detroit’s Emergency Financial Manager (EFM). As EFM, Orr will be responsible for overhauling Detroit’s finances and city services, including...
|Florida Appellate Court: Trial Court “Jumped the Gun” by Dismissing Bank’s Foreclosure Complaint with Prejudice|
John R. Chiles, Matthew J. Devine; Burr & Forman LLP;
April 30, 2013, previously published on April 29, 2013In Wells Fargo Bank v. Bohatka, et al., 38 Fla. L. Weekly D885a (Fla. 1st DCA April 22, 2013), the Florida First DCA reversed dismissal with prejudice of a residential foreclosure complaint. While the appellate court agreed that dismissal of the complaint was proper, it held that dismissal with...
|The Supreme Court Rules in Indalex: DIP Lenders Rank Ahead Of Pension Beneficiaries in CCAA Restructuring|
Josée Dumoulin, Francois Parent, Jean-Yves Simard; Lavery, de Billy, L.L.P.;
April 29, 2013, previously published on April 2013On February 1, 2013, the Supreme Court overturned a controversial decision of the Ontario Court of Appeal which granted pension beneficiaries priority over DIP lenders in the context of a restructuring under the Companies’ Creditors Arrangement Act (“CCAA”). The Court of...