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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

Recent Article on Ethics

Posted on December 06, 2010
Here is a link to a very interesting article on an ethical conundrum faced by many bankruptcy lawyers. It is written by Gregory Duhl, who is a law professor from William Mitchell College. Abstract: Section 524 of the Bankruptcy Code divides the consumer bankruptcy attorney?s loyalties between the client and the court...

Ever Wonder Where Your Tax Dollars Go?

Posted on December 02, 2010
Well, the Federal Reserve has now revealed where some, not all, of the 3.3 trillion dollar bail out has gone. The recipients may surprise you. No doubt there will be further calls for an audit of the central bank as well as a few calls for its closure as a result of these disclosures...

Government Regulation Gone Bad

Posted on November 30, 2010
On one hand, human behavior needs some regulation, at some point. On the other hand, giving the government power to regulate means that there can and will be abuses by the regulators. Ed Wallace’s recent column points out the hazards of out of control regulators...

Fed Meeting Minutes Reveal Split

Posted on November 23, 2010
Reports indicate that although the Federal Reserve’s final vote on the newest effort to prime the pump showed only one dissenter, there was much wider concern among the members over the proposed (now approved) bond purchases. Call it TARP One or Two, under the Bush administration or the stimulus and now quantitative easing under the present [...

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The Markets?

Posted on November 17, 2010
As long time readers know, this author reads and subscribes to much of that produced by the folks at the ElliottWave. (www.elliottwave.com — paid subscription required for many of thier newsletters) In their latest Financial Forecast, Short Term Update, they state that the markets are just starting their downward trend...

MGM Files Pre-Packaged Bankruptcy

Posted on November 04, 2010
Major movie company MGM has filed a pre-packaged bankruptcy in New York. MGM has said that it will only be in bankruptcy a short while, 30 days or so. “Under the terms of the deal, major lenders Credit Suisse and JPMorgan (JPM, Fortune 500) will exchange $4 billion in outstanding debt for most of MGM’s [...

Racing at its Best

Posted on November 03, 2010
Leave it to the guys at Top Gear, here is motor sport racing (in this case, that is Extreme Motorhome racing) at its very best: http://www.youtube.com/watch?v=ohkAxbeMxVo Enjoy! Michael

Debt Collectors Reach New Low

Posted on November 03, 2010
Just when you thought that you had heard it all…. A debt collection agency in Pennsylvania has been accused by that state’s Attorney General of staging fake trials with a fake judge in a fake courtroom against people who allegedly owed debt...

Great Video to Watch

Posted on October 26, 2010
If you are, like me, a car nut, this is a fun video to watch (thank you Barry for this link!). It is about a company, Pursuit Systems, which makes cars to use in film making. As they say on the interview, these cars have to go faster (not to mention out handle) any car [...

Mega Church Files Bankrutpcy

Posted on October 20, 2010
Sagging under the weight of 43 million dollars in debt, the Crystal Cathedral has filed for chapter 11 bankruptcy (reorganization). The filing marks the economic downturn’s invasion into the mega church arena. Over the years, small churches have had economic trouble from time to time and the main issue with those work outs has to [...

Foreclosure Investigation

Posted on October 13, 2010
The question is: is this good politics or good legal practice… or both I suppose. “The attorneys general of all 50 U.S. states announced Wednesday that they are joining to probe mortgage loan servicers who are accused of submitting false affidavits, but they stopped short of calling for a national moratorium…...

US Bankers Get Record Pay, Again

Posted on October 13, 2010
For the second year in a row, US bankers have made record amounts of money! “US bankers are set for record compensation for a second consecutive year, shattering both the illusion of pay-reform and the expectation that bank bonuses would be tempered while the US economy remains weak...

Fed?s Seize 5 Million Cash

Posted on October 06, 2010
A couple who filed bankruptcy in 2004 have been charged with hiding assets and money laundering and income tax avoidance. But that may only be part of their trouble. Federal agents have seized over 5 million dollars in cash from their home in Colleyville, a DFW suburb...

Movies for the Coming Market Crash

Posted on September 27, 2010
This weekend, I watched a new movie, The Town, staring and directed by Ben Affleck. It was a well done action/suspense movie! Interestingly, however, it represents a shift in movies typical of a down market. First, it is violent, especially for a non-horror movie...

A Gem of a Story

Posted on September 24, 2010
Only on Friday would there be a story which involves: a Los Angeles Courtroom, the Brazilian jungle, an emerald as heavy as a horse, Las Vegas and hurricane Katrina. (And it’s not a long story!) An 840 pound emerald was dug up in Brazil (I added the jungle part, it seemed necessary) and then allegedly purchased for [...

BLockbuster: Going Bust?

Posted on September 22, 2010
Many of us with kids of a certain age know the Friday night ritual: take the kids to Blockbuster to rent a movie. That era may be going away as companies find that they no longer need expensive bricks and mortar stores to rent movies. Next up for Blockbuster regardless of the long term prognosis is [...

Hearst Mansion For Sale

Posted on September 22, 2010
The former Hearst mansion is up for sale. Asking price: 95 million which may sound like alot, until you hear it was on the market for 165 million a mere 3 years ago! “Called Beverly House, the 1920s mansion has had fairy tale moments. John and Jacqueline Kennedy honeymooned there...

Recession Over? Point / CounterPoint

Posted on September 21, 2010
Here?s some good news, the recession is over. Well, at least according to NBER, the National Bureau of Economic Research. “The recession ended in June 2009, making it the longest downturn since the Great Depression of the 1930s, the National Bureau of Economic Research said on Monday...

Under the Heading: ?What Could Possibly Go Wrong??

Posted on September 20, 2010
As a fish eater, this news was of interest: the FDA is considering allowing a new genetically enhanced salmon to be sold in our local supermarkets. Scientists have developed a growth hormone which makes salmon grow faster as it causes their system, which naturally only produces growth hormone at certain times of the year, to [...

Professor Elizabeth Warren to be ?Special Advisor? to New Consumer Protection Bureau

Posted on September 17, 2010
In an effort to avoid a contentious battle with the Senate, President Obama announced today that Professor Elizabeth Warren would be appointed as a special advisor to the newly created Consumer Protection Bureau. As head of the investigation into how TARP money was doled out by the Treasury Department and spent by banks and brokerage [...

Spain: Big Dreams ? Were Dreams

Posted on September 16, 2010
In the fourth largest economy using the Euro, Spain has become a poster child for shattered dreams. ?The decade through 2007 was a heady one for Spain. Flush with foreign investment and cheap credit that came with the arrival of the euro, it saw ambitious [real estate] projects sprout everywhere...

Interesting Comparison Between Japan and the US

Posted on September 15, 2010
In a recent article entitled: ?Actually it Looks like we are Japan? the author notes the similarities in our respective economies. The article which also has a series of 8 charts which tell the story best, the author notes: ?But there’s another area in which the two countries are very similar, one that could be [...

Japan Intervenes to Reduce Value of Yen

Posted on September 15, 2010
To stem the rise in the yen, Japan has taken steps not necessary since 2004 to change that course. ?In Japan, Finance Minister Yoshihiko Noda confirmed the country had intervened in currency markets for the first time since 2004, saying Tokyo was communicating with authorities overseas but indicating that it had acted alone...

New Kind of Auto Show: Worst of Show

Posted on September 14, 2010
“?Celebrating the oddball, the mundane and the truly awful of the automotive world,? is the slogan for the Concours d’LeMons auto show, held for the past two years during California’s Monterey Auto Week. Considered an antidote to the pristine collector cars shown at the Pebble Beach Concours d’ Elegance, the LeMons show lauds the offal [...

Beware of Credit Relief / Debt Settlement Agencies

Posted on August 06, 2010
Customers should beware of debt settlement companies that claim to significantly reduce debt in a short amount of time. Through the alleged ?debt settlement process,? the customer?s total debt may actually be increased, their credit scores lowered, they may be sued and may ultimately be forced into bankruptcy...

Rangers Confirmation Follows Late Night

Posted on August 05, 2010
Last night, the auction process continued until the wee hours of the morning, with Judge Nelms presiding. As an aside, the switch of Judges, from Lynn to Nelms, was done so that the parties involved with the auction could share information with the auctioning Judge which might otherwise prejudice the Judge overseeing the case and [...

10 Hours Later?.

Posted on August 05, 2010
The bid by local favorite Nolan Ryan - Chuck Greenberg seems to have carried the day — or should we say night since it wrapped up at about 3 a.m. in the Federal Courthouse in Fort Worth, Texas, with the other local Bankruptcy Judge presiding over the auction, the Hon...

Texas Rangers Auction

Posted on August 05, 2010
This link is to a blog from a reporter who is on the scene following the events in the Fort Worth Courtroom and posting information often by the minute. http://www.nbcdfw.com/news/sports/Live-Blog-Rangers-Auction-99939404.html That author, NBCDFW reporter Grant Stinchfield, makes a couple of observations about the process thus far in the following quotes: that the auction started some 5 hours [...

Time To Sell?

Posted on August 04, 2010
According to the newsletters that I read (in particular, those put out by the good folks at Elliott Wave), it is time to sell — sell all stocks, all bonds, all gold and get into T Bills only. The one caveat they might have would be only for an experienced player and that would be to [...

RANDOM BANKRUPTCY FACTOIDS - Part II

Posted on July 29, 2010
One creditor may file for an involuntary bankruptcy proceeding against a borrower, if the borrower has less than 12 creditors and the aggregate undisputed debts are $13,475 or less. If the debtor has more than 12 creditors and the aggregate total of undisputed debts is more than $13,475, then 3 creditors must jointly file for [...

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