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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

DID YOU KNOW???

Posted on January 15, 2010
Did you know that there is a Congressional Oversight Committee which is assigned the grim task of overseeing TARP money? It is headed by Elizabeth Warren, a Harvard Law Professor and prior to being a professor, a bankruptcy practitioner. She is bright and articulate and has loudly criticized the lack of the transparency on the [...

Our Forced ?Investment?

Posted on January 12, 2010
The government bail out money has recently been dubbed an ?investment? however, this is one investment which the taxpayers did not chose to make! The net result of these investments was to shift the loss from those who chose to take the risk (shareholders and stakeholders in failing businesses) to those who did not chose [...

Mall Vacancy Rates Soar

Posted on January 06, 2010
Large malls now have a vacancy rate not seen in 18 years. However, rental rates, while down, have yet to fall significantly. No doubt that will change as the retail situation continues to deteriorate. ?Many experts believe commercial real estate will be the next bubble to burst...

Ford Ends up on Top in 2009

Posted on January 05, 2010
At the end of 2009 looks like Ford came out on top. “Ford’s recent results have been the strongest of the Detroit auto makers. The company has posted back-to-back quarterly profits and said it would be “solidly profitable” in 2011...

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Visa?s Controversial Strategy to be on Top

Posted on January 05, 2010
Did you know that when you swipe your debit card and sign for your purchase the merchant pays your bank double than if you enter your four-digit code? “The difference is so large that Costco will not allow you to sign for your debit purchase in its checkout lines...

GM Deals, to Clear Pontiac and Saturn Lots

Posted on December 31, 2009
GM has announced a series of schemes which should help overall sales and also get rid of remaining Pontiac and Saturn products. ?In what is equivalent to a year-end fire sale, GM sent letters to dealers Dec. 23 saying it would pay them $7,000 for every new Saturn or Pontiac on their lot that is [...

Infrastructure Spending ? or Job creation

Posted on December 30, 2009
In our history there are many times that President?s attempt to create jobs with infrastructure projects. President Obama is thinking that he may need to be the next to do so. ?As historian Mark Rose has noted, in the mid-1930s, almost $3 billion, then a good share of an annual federal budget, was poured into [...

Tracking the Money

Posted on December 30, 2009
In a ?in for a penny in for a pound? move, the large mortgage lender GMAC will receive another chunk of the taxpayer?s money. This time, GMAC announced that it will receive an additional 3.5 billion dollars from the federal government. This is in addition to the 12...

Dave Berry?s Year in Review

Posted on December 30, 2009
Here are some snippets from Dave Berry?s review of 2009: ??In Afghanistan, U.N. investigators raise questions about the recent national election, noting that a third of the votes cast for President Hamid Karzai came from Palm Beach County. On the celebrity front, a remorseful David Letterman confesses to his stunned audience that he has been [...

Ford Selling Volvo; GM May Still Close Saab

Posted on December 23, 2009
Ford is selling Volvo to a Chinese company, Geely, and the terms of the sale are as yet unclear. There may be sharing of Ford parts in exchange for Ford gaining better access to the China car market, for example. ?The sale of Volvo to a Chinese firm is a sensitive issue...

GM to Close Saab

Posted on December 18, 2009
The talks with the tiny specialty automaker, Spyker, have failed ? so there is no buyer for long time Swedish car maker Saab. GM had previously announced plans to close the car company if it did not sell by the end of the year. Although no one has mentioned it in the business press, Saabs [...

Why Banks Are Re-Paying TARP Money

Posted on December 18, 2009
According to one author, the sudden desire to re-pay TARP money is all about the money baby. ?In October, Feinberg issued compensation guidelines for the companies receiving special assistance, including Citi and Bank of America. That, and the approach of the bonus season, lit a fire under executives at the largest remaining TARP recipients...

Giles for Alabama?s Attorney General

Posted on December 17, 2009
Greetings! I have just set up a cool link for ?instant donations? for Giles, who as you may know is running for Attorney General for the state of Alabama. He is a great brother-in-law and Uncle, often playing the role of host for English who is in her 2nd year at the University of Alabama (Roll [...

Year End Fun

Posted on December 16, 2009
There is a regular article on Slate.com magazine which answers more or less scientific questions. It is called ?the Explainer.? At the end of every year, they list the questions which were submitted that they chose not to answer. Then they ask readers to choose one which indeed will be answered at the first of [...

Best Headline:

Posted on December 09, 2009
NY Times gets the award for today?s best headline: ?Dubai Forced to Check Out of W Hotel.? The article covers the news that the state investment company Dubai World has lost its first large asset, the W Hotel in New York. The buyer at foreclosure was a mezzanine lender with a 2 million dollar loan [...

Greece Debt Downgraded

Posted on December 09, 2009
One member of the European Union ? Greece ? is having large financial troubles. ?Greece was jolted on Tuesday by the downgrading of its debt rating to the lowest level in the euro zone as worries grow about its public finances, driving bank shares, bonds and the euro down in its wake...

Did you happen to catch these articles?

Posted on December 08, 2009
They are interesting to me. ? whether that is an endorsement or not, I do not know. –whatever happened to the hole in the ozone layer? http://www.slate.com/id/2229859?obref=obinsite/ –whatever happened to the Exxon Valdez? http://www...

French Bank Prepares its Clients for Global Collapse

Posted on December 07, 2009
Societe Generale has issued a report for its customers preparing them for a major world-wide economic collapse. ?Ageing populations will make it harder to erode [enormous world-wide governmental] debt through growth. ?High public debt looks entirely unsustainable in the long run...

Interim CEO of GM Starts With a Bang

Posted on December 04, 2009
In a move which is sure to add credence to the rumor that he wants the job on a permanent basis, interim CEO of General Motors, who started just days ago, has announced a management restructuring and realignment. These steps will be greeted with favor for ?watchers? of the company since it looks like ?action? [...

Market Tops Always?

Posted on December 04, 2009
From what I have read, and on a more limited basis observed, there are certain behaviors which occur at the top of markets. For example, the top of a business may be marked by the building of a lavish headquarters only to be followed by the sale and partial leaseback of same from the new [...

GM Board Explains CEO Departure

Posted on December 02, 2009
?General Motors Chief Executive Officer “Fritz” Henderson resigned after the board of directors concluded he hadn’t done enough to fix the finances and culture of the biggest U.S. automaker, a person familiar with the matter said. On Tuesday, the board gave Henderson, 51, a 100-day review on his performance since GM’s bankruptcy exit, said the person, [...

Three Related Stories on Banks

Posted on December 01, 2009
One need not recite the history regarding the TARP and stimulus funds which went into saving the ?too big to fail? banks and brokerage houses. Now comes news that the big banks ?earned? 2.8 billion in the third quarter. Yet there are more banks on the ?about to fail? list compiled by the FDIC...

Now the Saab Buyer Bails Out

Posted on November 25, 2009
Hot on the heels of the Saturn buyer pulling out forcing the closure of that brand, GM has announced that its Swedish car maker, Saab, no longer has a buyer. Swedish firm Koenigsegg Group AB was set to make the purchase, but now says that timing is a problem...

Swindle on Wall Street? Naw?

Posted on November 19, 2009
Here is a hugely informative article on a monster swindle involving the Federal Reserve and certain anointed “too big to fail” banks. The allegations are that these folks got together and decided to buy massive amounts of puts on Bear Stears? stock ? yes, right before the Fed and Treasury let it fail...

Omen of Things to Come?

Posted on November 19, 2009
If the economy falls off a cliff starting tomorrow, then there will only be more of this kind of finger pointing and name calling between Washington and Wall Street. ?Treasury Secretary Timothy Geithner defended the Obama administration?s economic record and dismissed a call for his resignation from the senior House Republican on the Joint Economic [...

Gold Prices

Posted on November 18, 2009
The good folks at Elliot Wave note that ?[Gold]?s rise has now engendered back-to-back days of 97 percent bulls, the first time this has occurred in the 22 years of Daily Sentiment Index data that we have from MBH Commodity Advisors (trade-futures.com)...

OK, now this is Serious

Posted on November 18, 2009
There is a shortage of Eggo frozen waffles. Now I know that you can make and freeze your own pancakes and waffles, but do your kids really want those?? No. They want what they see on TV ads ? and now?they are out, due to a flood at the Eggo plant!! Here is a link to [...

Was AIG Bailout Botched Or???

Posted on November 17, 2009
A newly released report is highly critical of the Federal Reserve Bank of NY and its negotiations with insurance giant AIG. At the time of these analyzed negotiations, the Fed had already “invested” 85 billion into AIG and some say that it was too late to back out at that time...

An Insider?s View of TARP: Scary

Posted on September 25, 2009
Here is an interview with Neil Barofsky ?who [is] a special inspector general monitors a dozen separate bailout-related programs that now account for nearly $3 trillion in financial commitments.? He states in this interview that the TARP money has not compelled any new lending, that many if not most banks can indeed track where the [...

Let?s See?

Posted on September 23, 2009
Want a story with Muammar Gaddafi, Donald Trump, Libyans posing as Dutch diplomats (wonder why they got caught?), Diane Sawyer and a giant tent? Me too. Here it is: first, Muammar (can I call him that?) wants to come to speak to the United Nations, he wants to stay in his tent ? who wants [...

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