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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

Despite Pricing, Credit Markets Still Frozen

Posted on October 21, 2008
Corporate bond debt is sold around the world. These bonds are priced based on the perceived risk of default. At this moment, there are some “once in a lifetime” deals as far as pricing is concerned; however, there are still no buyers for these well priced bonds...

Kerkorian Dumps Ford Shares

Posted on October 21, 2008
As Ford stock hovers around $2 per share, one major investor has had to sell his interests after suffering a major loss on his investment. “Billionaire Kirk Kerkorian may sell his Ford Motor Co. stake after the $1 billion holding lost two- thirds of its value and put his firm's casino investments at risk...

This Merger is Just Hard to Believe

Posted on October 20, 2008
It is hard for me to believe that GM would purchase Chrysler. I mean in America one grows up being fundamentally a Chevy guy or a Ford guy – with some blending off into Mopar territory when it shows up with a really good product (which happens every so often, like with the 300 sedan)...

Financial Crises Hits the Retail Sector

Posted on October 20, 2008
The meltdown of the financial market continues to impact other sectors as the credit crisis perpetually worsens. One of the most recent companies to succumb to the credit crunch is Mervyn’s, a 59 year old department store with over 149 locations across California and the Southwest that filed for Chapter 11 bankruptcy in July...

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Bears are Funny; Bulls are Serious

Posted on October 17, 2008
Among the articles I read, some cover the socio economic side of the markets. Evidently, there is even some socio economic research to show that jokes about the market only occur in a bear, since gains are serious business and no laughing matter. Here are 2 funnies along those lines: "Well, the market went down over 700 points today...

$72 Billion Pulled Out of Funds in a Month

Posted on October 17, 2008
With the market in the position that it is in now, many people have succumbed to make decisions with great haste. Of course fear drops into the picture of every share holder’s mind and over the course of the last couple of months it has lead to the impetuous pluck of over 72 billion dollars in September alone...

As Strong as a Swiss Bank??

Posted on October 17, 2008
There continues to be much news. I saw this analysis of the Swiss government’s actions in regard to UBS which is getting the government to take 60 billion in bad accounts in exchange for a 9% stake in the company and Credit Swiss which is raising 8...

Bank Screener

Posted on October 16, 2008
I have had several folks ask about this tool which I linked to some time earlier. Rather than make you search for it, here is the link again: http://www.thestreet.com/screener/index.html?src=ratingsindex&tab=3 MichaelPosted by the Law Offices of J...

Really Scary Numbers

Posted on October 15, 2008
Now, as long as everyone used the recent pop up in the markets to sell their stocks, except for the ETF inverse positions, then watching today’s market was not too upsetting. But if another 700 point drop in the Dow does not concern you, then here are some numbers which will! This is an article which explains how the derivatives market is valued at nearly 600 trillion dollars and the credit default swap market at 54 trillion dollars...

RECENT NORTHERN DISTRICT OF TEXAS BANKRUPTCY CASE DECISIONS

Posted on October 13, 2008
In re Michael S. Polly, Case No. 08-41506-DML-7. The issue in this case was whether a debtor in a Chapter 13 case has the absolute right to dismiss that case, even where a creditor’s motion to convert to Chapter 7 is pending. Despite the history in the 5th Circuit of denying that such a dismissal is made mandatory by the provisions of 11 U...

Dow Up 937 Points?

Posted on October 13, 2008
Here is your pop up, time to sell. If you are feeling adventurous, wait and see what tomorrow brings, it could be another good day. But overall, a good day, like today, in a bad week/month, like this week/month, is a great time to sell. I would not suggest selling any inverse funds, unless you just wish to take some partial profits...

British Take Over Banks, US Considers Purchases of Preferred Shares

Posted on October 13, 2008
We know A.) that this economic melt-down is a world wide problem and B.) over the weekend, there were meetings amongst the G7 to have a coordinated “attack “ on the problems. However, different countries are taking different steps to address the problem...

CREDIT DERIVATIVES AND THE WORLDWIDE FINANCIAL CRISIS

Posted on October 10, 2008
Last night, I attended a seminar presented by the Turnaround Management Association of Dallas/Fort Worth concerning credit derivatives and their role in the current financial crisis facing the U.S. economy, and by extension the economies of the rest of the world...

On Being Out of Control

Posted on October 10, 2008
I do not have to review too many subjects in my life to realize that I am not in control of much (maybe what I say, write and do). Here is a link to a sermon which I heard last Sunday on the subject of control, or one’s lack thereof. I thought that it was “just what I needed to hear” given the economic news, so here is the link to the video and audio version: http://www...

Stocks Drop 600 in Early Trading, to Recover

Posted on October 10, 2008
I said a few days ago that I thought that the markets were due for a big pop up and I still think that this will happen. Clearly, I was a few days and, oh, a 1000 points, off on that prediction. But I still think that there will be such a pop and that when that happens, it is time to sell any stocks which you may still own...

Another Perspective on Fed?s Purchase of Banks

Posted on October 09, 2008
All of these new and increasingly interventionist acts by the federal government will have multiple unintended consequences. Here is an article which discusses some of the risks and rewards of the newest proposal to come from Washington, whereby the federal government buys equity in not only unhealthy banks, but healthy ones...

Fed to Buy Interests in Banks, Healthy and Unhealthy

Posted on October 09, 2008
In yet another “not since the great depression” moments, the Federal Government, the Treasury Dept. In this instance, announced that it will use some of the money provided for in the bailout (200 billion out of the 700 billion, I gather) to buy interests in banks...

Iceland Faces the Big Meltdown

Posted on October 09, 2008
The country of Iceland now faces an enormous financial mess. The currency had fallen in value by half and their banks are generally closed, so no one can take their money out. The country has sought a loan from Russia, for 4.5 billion in an effort to set things right...

More on Citi vs. Wells vs. Wachovia vs?..

Posted on October 08, 2008
These multiple cases are in desperate need of a mediated settlement! As a trained mediator, I would say that most all suits fit into this category, but especially this mess where the patient may die on the table (Wachovia) while Nero fiddles (Citi and Wells fight)...

Some Perspective on the Markets

Posted on October 08, 2008
It is always helpful to get some longer term perspective on the markets’ daily machinations. Most of the time, these long term views make us feel better about whatever it is that just happened. Not so today. “U.S. stocks fell, sending the Standard & Poor's 500 Index below 1,000 for the first time since 2003, on speculation banks and real-estate companies are running short of money as the credit crisis worsens…...

More Shorts:

Posted on October 07, 2008
Market Not as Bad as it Could Have Been, Really: On one hand, the markets ended the day sharply lower. On the other hand, by the end of the day, they had all made up enormous ground from earlier points in the day when the markets were really really down...

Oh and the Dow Falls, Again

Posted on October 06, 2008
“Wall Street tumbled again Monday, joining a sell-off around the world as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The Dow Jones industrials skidded nearly 500 points and fell below 10,000 for the first time in four years, while the credit markets remained under strain...

Too Much News!

Posted on October 06, 2008
First, the fight between Citi and Wells over Wachovia. The two deals are starkly different. The Citi deal looks to have been “pretty sweet” for Citi (always depending on what Wachovia’s true liabilities turn out to be) and the Wells deal is “way better” for Wachovia shareholders...

Bank Run Causes Wachovia Deal, FDIC Acts Quickly

Posted on October 03, 2008
Quote: Inside Wachovia, executives started noticing customers withdrawing money on Friday morning, following the failure of Washington Mutual on Thursday. “The so-called silent run on the bank – it's real,” Carlos Evans, Wachovia's wholesale banking executive, said in an interview...

Wells Not Citi Buys Wachovia!

Posted on October 03, 2008
In a prompt about face, the assets of Wachovia will be acquired by Wells Fargo and not CitiGroup. The new plan evidently calls for a purchase of Wachovia for 15.1 billion in an all stock deal with no FDIC involvement. This contrasts starkly with the proposed Citi deal, which would have been an asset purchase, with only some of the Wachovia debts being transferred to Citi and would have required federal assistance...

Jobs, Jobs, Jobs

Posted on October 03, 2008
In the great depression, FDR created jobs, so that people could work and earn a living for their families. No one says that we are in recession, let alone a depression; however, here are the numbers on job losses and they speak for themselves. “There was a net loss of 159,000 jobs in September, the ninth straight month the U...

Mother of Money Market Funds Breaks the Buck and Closes Fund

Posted on October 02, 2008
The Reserve has stated that it will liquidate its Primary Fund, one of the original money market funds. The Reserve announced on September 16 of this year that its Net Asset Value of its Primary Fund had fallen below the standard for money market funds of $1...

Wachovia Freezes College Fund

Posted on October 02, 2008
Quote: “Wachovia Bank on Monday notified the institutions involved in the $9.3 billion Common Fund for Short Term Investments that, as trustee, it would be terminating the fund and distributing the assets. Commonfund of Wilton, Conn., manages investments for thousands of nonprofit institutions, including Baldwin-Wallace College, Oberlin College and the University of Akron...

Bank Safety Screener

Posted on October 01, 2008
Here is a link to a searchable database of banks which tells that institution’s safety rating: http://www.thestreet.com/screener/index.html?src=ratingsindex&tab=3 MichaelPosted by the Law Offices of J. Michael McBride.

FDR?s Inaugural Address, 1933

Posted on October 01, 2008
“... This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance...

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