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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

Lehman Stock Sinks

Posted on September 09, 2008
On news that Lehman Brothers’ discussions with a Korean Bank (for a cash infusion/takeover) had faltered, the shares of that venerable Wall Street firm have sunk to new lows. “The nation's fourth-largest investment bank had hoped to secure a deal with the Korean [government controlled] fund before announcing third-quarter earnings on Sept...

Bernake on the Health of Freddie and Fannie

Posted on September 09, 2008
One more interesting thing about the government’s takeover of Freddie and Fannie is that it flys in the face of the “happy talk “ which has been coming out of Washinton. Here is a quote from an article from July 16 of this year: “Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing...

BANKRUPTCY PROVISION FOUND TO VIOLATE LAWYERS? RIGHT TO FREE SPEECH

Posted on September 08, 2008
In the case of Milavetz, Gallop & Milavetz, et al. v. The United States of America, the Eighth Circuit Court of Appeals has ruled that a provision of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act violates the free speech rights of lawyers, stating the provision “prevents attorneys from fulfilling their duty to clients to give them appropriate and beneficial advice...

The US Government Takes Over Private Corporations and the Public ? Yawns

Posted on September 08, 2008
“Uncle Sam has just become the 800 pound gorilla in the U.S. mortgage market. The Bush administration's announced Sunday it was seizing troubled mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) in a bid to help reverse a prolonged housing and credit crisis...

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Fed Lending Stat?s for Last Week

Posted on September 05, 2008
Since the Federal Reserve has been responding to the credit crisis by adding more and more money to the money supply, the total amount of funds loaned to banks by the central banks has increased greatly. Here is a recent article which reports that banks have averaged just under 19 billion in daily loans for the last week...

Business News Roundup

Posted on September 04, 2008
Here is a link to an article which summarizes the latest business news. First up, indicted bankers – it is interesting to see prosecutors now deriding CDO’s, when not too long ago, the public was being told that they were the next big thing in banking (which they were, just the next big bad thing in banking)...

Insider Sales of McDonald?s Gets Attention

Posted on September 04, 2008
As you no doubt know, insiders who sell, or buy, stock must disclose that information. Subsequently, said purchase or sale is made public. Here is an article discussing the insiders’ sales of McDonald’s Corporation’s stock. “Conventional wisdom says McDonald’s should continue to have great success as the economy slows and consumers trade down restaurants just as they’ve been trading down to Wal-Mart for their shopping needs...

Caro?s Comments on Obama Give Historical Background

Posted on August 29, 2008
One of my favorite authors, Robert Caro, has dedicated his professional life in large part to a series of books on President Lyndon Johnson. They are an unblinking portrait of a flawed, yet powerful and in many ways (known and unknown) good man. Here are some quotes from an article he authored in yesterday’s New York Times: “As I watch Barack Obama’s speech to the Democratic convention tonight, I will be remembering another speech: the one that made Martin Luther King cry...

Bankruptcies Soar for Senior Citizens

Posted on August 29, 2008
This statement is from an analysis report based on bankruptcy filings between 1991 and 2007. According to this analysis, the number of senior citizens being forced into bankruptcy is 'soaring'. In 1991, filers over the age of 55 accounted for 8% of bankruptcy filings...

Interesting Science Site of the Day!

Posted on August 27, 2008
Here is a link to one very cool site: http://www.sciencedaily.com/ MichaelPosted by the Law Offices of J. Michael McBride.

New Documentary on New Orleans

Posted on August 25, 2008
Here is an article about a movie which I have not seen, but would like to see. It is about a woman who made a home movie of her neighborhood and hurricane Katrina, before and during and after it happened. She lives in the Ninth Ward and her story sounds like one of a community coming together to fight a major common problem when no one was there to assist them...

Evidence of the ?Credit Crunch?

Posted on August 21, 2008
In my mail this morning is the latest report from one of my favorite economists, Marc Faber, who writes monthly reports which may be found at his site: www.gloomboomdoom.com. In it he refers to a chart which I want to discuss further. If one is to understand the breadth and depth of the current credit crisis, one must read widely...

Predictions of a Big Bank Failure

Posted on August 19, 2008
Here is an article on the recent comments from Professor Kenneth Rogoff who is a former chief economist for the IMF. He predicts that there will be not only smaller banks failing in the US but also a large bank or investment bank. I do not disagree, however, another way to look at this gentleman’s comments would be to think about the fact that they are being made as indicative of a changing social mood rather than seeing them simply for what they are, an opinion of a large bank failure per se...

Foreclosures Continue to Increase

Posted on August 14, 2008
This is not exactly “new news” but the housing market continues to crater. “Banks repossessed almost three times as many U.S. homes in July as a year earlier and the number of properties at risk of foreclosure jumped 55 percent as falling prices made it harder to sell or refinance...

It?s Barely News, but?

Posted on August 12, 2008
The Federal Reserve has followed through with its plan for an auction of money with an 84 day term. This action by the Fed was once considered impossible but finding new and better ways to print and pump money into the economy, no matter the negative effect on the value of the dollar is now commonplace...

Gallery Collection Takes a Sabbatical at law firm

Posted on August 12, 2008
We are delighted to announce that the law firm of J. Michael McBride has celebrated it's 10th anniversary with a reception. On July 31, the offices held an open house. The offices were transformed for the event by the placement of new artwork throughout...

Further Update on Bond Insurers

Posted on August 06, 2008
We have previously noted the precipitous decline in the value of MBIA and Ambac, the companies which insure certain types of securities. Once again, the market had already given its opinion of the value of the companies by pushing their stocks into the basement before the ratings companies officially downgraded their credit...

Fed Opens Window Wider

Posted on August 06, 2008
The Federal reserve has made it even easier for banks to borrow money from the Fed. Specifically, the previous loans had to be paid back in 28 days and now that is being extended to 84 days under the current auction. There have been so many opportunities to say these words that we need not say them again, but … “never since the Great Depression” have we seen this type of intervention by the federal government...

Gallery Collection Takes a Sabbatical at law firm

Posted on August 06, 2008
On July 31, 2008, the law firm of J. Michael McBride, P.C., celebrated its 10th anniversary: The Art of Law by teaming up with local art gallery, Artspace 111. "A collection of works by nationally celebrated artists" are on display at the firm and these works "will grace the walls of the firm throughout the fall" while Artspace 111 takes its summer sabbatical...

OBAMA PROMISES CHANGES TO BANKRUPTCY LAWS

Posted on August 06, 2008
During a speech in Powder Springs, Georgia, on Tuesday, Barack Obama promised changes to the nation’s bankruptcy laws in an effort to help military families, senior citizens, and victims of natural disasters. Obama accused Senator McCain of backing the interests of the banking industry and credit card companies “at the expense of hardworking Americans...

Comment on the "Dark Knight"

Posted on August 05, 2008
Nice article on social mood and The Dark Knight. The line, “The general population’s dark mood which makes a movie like Batman so popular also drives markets down,” really hits the nail on the head. Best, Ben Hall Socionomics Coordinator Socionomics Institute www...

Shifting Sands Uncover Nazi Bunkers

Posted on August 04, 2008
In an great archaeological find, several Nazi bunkers have been uncovered. Their status since the war, covered in sand, has preserved the artifacts inside, making it a rare discovery for scientists. The bunkers were part of Hitler’s Atlantic Wall and are located off the Danish coast...

Too Good a Story to Pass Up

Posted on July 31, 2008
Amid all the “feel good” human interest stories about the athletes at the upcoming Olympics, I somehow doubt that this story will be so prominent. It deals with gender testing of the athletes. This is just too funny, especially for those of us who remember the character of unknown gender, “Pat,” from Saturday Night Live...

Merrill Writes Down 7.5 Billion and Sells New Stock to Singapore

Posted on July 29, 2008
Brokerage firm Merrill has announced that it has a third quarter write-down of 5.7 billion and at the same time, as part of this effort to raise capital and face these write-downs, it is selling 8.5 billion in new stock. The primary buyer of the new shares is the government fund of Singapore...

Used Car Prices Drop

Posted on July 29, 2008
Here is a link to a Business Week article with a fairly lengthy explanation of the drop in the used car market, which particularly discusses the used truck market. One “take away” from this article is that the correction we are now seeing may be too strong and it may thus be a good time to buy a used truck...

CONGRESS APPROVES MASSIVE HOUSING BILL

Posted on July 29, 2008
Congress approved a long-awaiting housing market rescue bill on Saturday, July 26th, 2008, and President Bush is expected to sign the bill promptly. The bill offers emergency financing to Fannie Mae and Freddie Mac, and creates a $300 billion fund to help distressed homeowners...

Fearing Trouble, Banks Tighten Lending

Posted on July 28, 2008
As has been previously noted here, the Federal Reserve can make money more available to lenders, which it has done, but it cannot force a bank to make a loan. So, in the current economy, lenders are raising their lending standards on all loans, especially loans to businesses...

Success of The Dark Knight, the new Batman Movie, Indicative of Social Mood

Posted on July 28, 2008
I am not the first one to make the connection between social mood and the markets. As we compare the success of the recently released and morally confused Batman movie to the current state of the markets, it is possible to see that the slide in the US economy is far from over...

U.S. FORECLOSURES DOUBLE AS HOUSING PRICES DECLINE

Posted on July 28, 2008
During the second quarter of 2008, U.S. foreclosure filings more than doubled from a year earlier, as falling home prices left borrowers owing more on mortgages than their properties were worth. According to RealtyTrac Inc., one in every 171 households was foreclosed on, received a default notice, or notice of a pending auction...

Judge References Texas Football in Court Order

Posted on July 21, 2008
In the case of Waggoner v. Wal-Mart, the estate of William Waggoner is suing Wal-Mart after Waggoner suffered fatal injuries while exiting a Wal-Mart in Marble Falls, Texas, through a faulty door. A dispute arose over the location of a deposition for a Wal-Mart representative...

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