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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

Merrill Muzzles Blog

Posted on May 14, 2009
Merrill?s former chief economist, David Rosenberg, had some very negative comments about the much touted ?turn around? calling it the stuff of fairy tales. Some of his comments were published on a blog, causing his former employer to work hard to remove those posts! Here is a quote from an article about that effort: ?Rosenberg’s reports [...

General Growth Obtains Approval for DIP Loan/Cash Collateral Use

Posted on May 14, 2009
?General Growth Properties Inc., which filed the biggest real-estate bankruptcy in U.S. history, won court approval [over the objections of some of its other lenders] of a $400 million loan from a group led by Farallon Capital Management LLC and the right to use cash on hand to fund its operations...

Chrysler Files List of Dealer Closings

Posted on May 14, 2009
Here is a link to ?map? the Chrysler dealer closings, at least as they have been proposed by Chrysler in its bankruptcy case: http://money.cnn.com/news/specials/storysupplement/chryslerdealerclosings/TX.html Michael

Tough Decisions?

Posted on May 12, 2009
As I contemplate the government?s corporate preferences — GMAC yes; Chrysler Financial no (see one article on the forced switch: http://www.crainsdetroit.com/article/20090510/SUB01/305109961/1069 ) ? I am reminded of the recent Saturday Night live skit where ?President Obama? gives a speech on the government?s decisions about which companies will be allowed to continue and which will be [...

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Renewed Bear Markets

Posted on May 11, 2009
As previously noted, the authors who I read generally agree that we have been experiencing a bear market rally in the markets and that it will soon, or perhaps already has, resume its steep declines. Here is another advocate of that position. ?Merrill’s economist David Rosenberg left the firm Friday, May 8 (planned for several [...

Elliot Spitzer (Remember Him?) Opines On NY Fed

Posted on May 07, 2009
?The kerfuffle about current New York Federal Reserve Bank Chairman Stephen Friedman’s purchase of some Goldman stock while the Fed was involved in reviewing major decisions about Goldman’s future?well-covered by the Wall Street Journal here and here?raises a fundamental question about Wall Street’s corruption...

More on Chrysler

Posted on May 06, 2009
The attorney for some of the bond holders in Chrysler, Tom Lauria, (once a co-worker of mine) has pointedly stated that the White House has threatened his clients in order to get them to ?go along? with the deal which the Treasury Dept. and in particular, the car czar panel (no one car czar was [...

Best Morning Business Summary

Posted on May 06, 2009
Here is a link to an article from www.Slate.com ?s Big Money section which is an excellent overview of today?s financial news. Sample on Chrysler: ?Chrysler’s dive into bankruptcy protection means the U.S. taxpayer won’t be seeing the $7 billion in bailout money provided to the automaker ever again...

Administration Blasted for Pressure Exerted

Posted on May 06, 2009
The administration has been making decisions about what used to be called private businesses which are, in some quarters, coming under fire as being too invasive. On one hand though, if the tactics seem to be working (and the market?s present rise is one justification for this viewpoint), then the objecting parties may well keep [...

Interesting Pleading of the Day

Posted on May 05, 2009
Here is a link to a pleading which was filed in the Chrysler reorganization case now pending in NYC. It is filed by an Tom Lauria, who also worked at the Shank Irwin law firm in Dallas. To provide a flavor of the pleading, which is an objection to the Debtor?s sale motion: ?Among other things, [...

Cram Down Amendments Defeated in Senate

Posted on May 04, 2009
A new law, which would amend the Bankruptcy Code to allow the reduction, with court approval only, of a home mortgage to the amount of the home?s value, was defeated in the US Senate yesterday. The result of the law would have been to allow many homeowners to remain in their homes while making payments [...

Pontiac Joins Oldsmobile ?

Posted on April 30, 2009
First, fair disclosure: this author owns an Oldsmobile ? and a Pontiac! Second, in the ?what were they thinking category? GM decides to close Pontiac when ?[t]he division was still GM?s third-largest seller, with 278,000 sales last year, and it enjoyed the youngest average age of any GM brand...

Chrysler to File Today or Tomorrow

Posted on April 30, 2009
News reports now say that a negotiated resolution to Chrysler?s financial ills have stalled, causing the large automaker to file for chapter 11 as soon as today or tomorrow. ?The Chapter 11 filing, which sources said would be done in U.S. Bankruptcy Court in Manhattan, will send shock waves through the entire auto industry — [...

Local News?FWISD Closes

Posted on April 30, 2009
In response to one case of confirmed swine flu and the fear of more cases which are suspected but have yet to be confirmed, the Fort Worth Independent School District closed yesterday. The closing is through at least May 8th. That decision means 80,000 students from 144 campuses are confined to their houses; which means: [...

Define Your Terms

Posted on April 29, 2009
Here is a link to a site which defines financial terms, like the one for ?Credit Default Swaps?: http://www.investopedia.com/terms/c/creditdefaultswap.asp Plus there are links from that site to related articles which also discuss and define the term selected...

GM Restructures Ownership

Posted on April 28, 2009
In what is likely to be the first major restructure of a once private US company conducted by the Treasury Department, GM has announced its proposed ownership structure under the new plan. In a huge ?loan to own? move, the US government would swap its debt for equity, the unions would get a large share [...

Government Debt, Record Levels

Posted on April 28, 2009
?361 billion, for this quarter. That is how much that the Treasury Department now says it needs to borrow. It is a record amount. ?The administration is projecting the federal deficit for the entire budget year ending Sept. 30, will total a record $1...

?Empty Creditors?

Posted on April 27, 2009
This is a term to describe a certain type of creditor which is better off when its debtor files chapter 11 than if it agreed to an out of court workout proposal. While there have always been circumstances when a filing is actually advantageous to the lender, the new forms of financial instruments, i...

Amazing Interactive Map

Posted on April 27, 2009
Here is a link to a map/article which shows the job gains/losses on a monthly basis across the country from January 2007 until present. http://www.slate.com/id/2216238/ It is an amazing visual representation of the job losses which have occurred in this country since February of 2008 (4...

Chrysler First to go?

Posted on April 24, 2009
Evidently, the US government has made an agreement with the UAW which will then make a Chrysler bankruptcy more likely to succeed. So now the Treasury Department is ?preparing? a chapter 11 for Chrysler. And the Fiat merger will happen within the context of that filing...

Bank Lending Continues to Fall

Posted on April 23, 2009
As was noted here in the December 18 post, just because a bank takes TARP money does not mean that said institution will continue to loan money. The Wall Street journal confirms that this is the case in a recent article which notes: ?Leanding at the nation’s biggest banks has fallen more sharply than previously [...

Foreclosures Continue to Climb (46%), Car Sales Fall Locally (41%)

Posted on April 16, 2009
Despite the various governmental programs and packages, home foreclosures continue to climb steeply. ?Foreclosure filings ? default notices, auction sale notices and bank repossessions ? were reported on 341,180 properties in March, 46% more than a year ago and 17% above February’s total, RealtyTrac reports today...

After Firing its CEO, Treasury Dept Pushes GM to File Bankruptcy

Posted on April 13, 2009
While it may be the best idea for saving GM, some still wonder about the role of the federal government in compelling a ?private? company to file for chapter 11. ?WASHINGTON (Reuters) - The U.S. Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by June 1, even though the [...

More on New World Currency

Posted on April 09, 2009
The G20 Summit has quietly issued new currency. ?A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order. ? In effect, the G20 leaders have activated the IMF’s power to create money and begin global “quantitative easing”...

Deflation Risks Admitted

Posted on April 06, 2009
?Federal Reserve Vice Chairman Donald Kohn offered a sobering assessment of the economic landscape and warned in starker terms than he has before about the risk of deflation — a widespread drop in consumer prices that can sap the economy’s strength...

Stocks Should Continue to Rally

Posted on April 03, 2009
As I have said in prior posts, the folks at The Elliott Wave seem to do a great job of predicting the cycles of the stock markets, along with the prices of commodities as well. Here is a short quote from their latest ?Financial Forecast?: ?A Primary-degree bear market rally is underway and should last [...

Jobless Claims Soar

Posted on April 03, 2009
?The nation’s unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs. It’s fresh evidence of the toll the recession has inflicted on America’s workers, and economists say there’s no relief in sight...

Bail Out Costs Almost Equal GDP!

Posted on April 01, 2009
?The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s. New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp...

Russia and Ron Paul?

Posted on March 31, 2009
These two make for strange bedfellows indeed, but both are now calling for a return to a gold standard, to a greater or lesser degree. Both China and Russia have called for a new paper currency and now Russia is acknowledging that adding a tie between the paper and gold would help stabilize the new [...

A Tale of Two Companies

Posted on March 31, 2009
Car companies take government money and have unprecedented intervention in their corporate affairs. Financial companies just take government money. ?But the White House on Monday downplayed the difference between Obama’s treatment of the automakers and the less stringent conditions it has placed on the financial industry in return for financial infusions worth billions of dollars...

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