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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

Six Flags Mall in Arlington Heads Into Bankruptcy

Posted on May 13, 2008
On May 5 the Six Flags Mall in Arlington filed for bankruptcy protection under Chapter 11 -- the same day the property was posted for foreclosure auction by three lenders. In the last six months lenders have had their foreclosure efforts averted five times...

UPDATE: Vallejo Avoids Bankruptcy

Posted on May 13, 2008
Last Tuesday the City Council unanimously agreed to the bankruptcy filing after the two-month long mediation sessions with unions failed to balance the fiscal plan long-term. Monday the unions proposed a $10.6 million salary reduction in a press conference that could avert the bankruptcy filing...

Accounting Firm Not Held Liable

Posted on May 08, 2008
The 7th Circuit Court of Appeals recently rendered a decision which held that an accounting firm would not be held liable for giving an auditing opinion involving a purchaser company shortly before it acquired a dot.com-based business. Before reviewing the decision itself it is quite interesting to read what the 7th Circuit stated about Trustee suits in general...

Big Banks Still Struggles for Cash

Posted on April 30, 2008
Despite the unorthodox moves by the Federal Reserves to open the federal lending window higher and make it available for more cash starved financial companies, not just banks, news comes today that Citicorp offered stock which raised 4.5 billion. "The sale [of stock today] represents about 3 percent of Citigroup's shares outstanding as of March 31...

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Housing Slump Showing No Signs of Letting Up

Posted on April 29, 2008
According to the S&P index, “the home price of 20 cities fell by 12.7 percent in February versus last year, the largest decline since its inception in 2001.” David Blitzer, chairman of the index committee at S&P said, “There is no sign of a bottom in the number” “noting that all 20 metro areas have declined for six straight months...

U.S. regulator fears wave of bank failures

Posted on April 24, 2008
“U.S. bank failures could be on the rise as a weakening economy puts pressure on badly underwritten loans.” John Dugan, who is the comptroller of the currency for about 1700 national banks, said “the growing problems for lenders follows a period of almost four years in which no institution regulated by its agency had failed...

Government?s Foreclosure Rescue Plan ? A Good Idea?

Posted on April 23, 2008
Rep. Barney Frank and Sen. Chris Dodd “calls for up to $300 billion in loan guarantees from the Federal Housing Administration to refinance loans that homeowners can't afford as long as the original lender reduces the principal on the loan to 85% of the home's current market value...

Now to Recapitalize the Smaller Banks

Posted on April 21, 2008
Now that foreign governments (through their funds usually called sovereign wealth funds) have come to the financial rescue of the big banks and brokerage firms, like Citigroup, Merrill Lynch and Morgan Stanley, it has become necessary to also recapitalize the smaller US banks as the credit crisis widens...

How to Survive the Downturn

Posted on April 16, 2008
Although the economy remains relatively strong in Texas, businesses that rely on the national economy need to be paying close attention to the national scene. In fact, it’s a good time for businesses of all types to review their contractual agreements and tighten up their internal controls to help ensure their business remains healthy...

Frontier Files for Bankruptcy

Posted on April 14, 2008
On Friday, Frontier Airlines became the fourth airline to file for bankruptcy in the past month. Unlike the previous three – Aloha, ATA, and Skybus - Frontier plans to continue normal operations while it reorganizes, with no cancellations. Factors other than the rising fuel costs and credit crisis affecting all airlines were apparently at work in Frontier’s filing...

In Memory of Robin Love Perkins McBride

Posted on April 11, 2008
Our office will be closed today in Memory of Robin Love Perkins McBride who passed away earlier this week. "Robin was born June 29, 1959, in Lufkin and graduated from Southern Methodist University with majors in English and dance. She enjoyed a successful 15-year career with Neiman Marcus, primarily in its human resources department...

Taking Tax Advantage of a Worthless Stock

Posted on April 08, 2008
With the declining dollar and values of corporate stock you might be encouraged to know that you can still offset some of your loss from a worthless stock. This means that the stock is totally worthless. You need to do some research to confirm this, however, because even if the stock is worth a few pennies it is not worthless as far as the IRS is concerned...

Ex-Sentinel execs: Settlement with trustee close

Posted on April 08, 2008
Sentinel Management Group, Inc., managed around $1.4 billion in funds for financial institutions and individuals. On August 17, 2007 Sentinel crumbed and filed for Chapter 11 bankruptcy protection in Chicago, Illinois. The firm is facing lawsuits from not only their clients but also the U...

Judge who faced charges files for bankruptcy

Posted on April 08, 2008
Although Judge Jeffrey Hoskins was acquitted of all 15 criminal charges (eight in December 2006 and the remaining seven in August 2007), he incurred numerous attorney fees. On March 26, 2008 Judge Hoskins and his wife filed for Chapter 13 bankruptcy protection in Ohio...

ATA Left Midway Passengers Stranded Without Even Polite Phone Call

Posted on April 08, 2008
The 35-year old company filed for bankruptcy protection under chapter 11 Wednesday, April 2, 2008, due mainly to high fuel prices and their loss of an agreement with Federal Express, which helped offset the company's fuel bill. The company had announced in a statement last month that all domestic flights out of Chicago's Midway Airport would cease on April 14 and all the international flights on June 7...

Allegations of a Rigged Christie's Auction and Gallery files for Bankrutpcy

Posted on April 08, 2008
Berry-Hill Galleries, a New York dealer in American art filed for bankruptcy under Chapter 11 on December 8th. The gallery's chief restructuring officer, Alan M. Jacobs said that the filing resulted from disputes with the gallery's lenders and with the auction house Christie's...

Ex-Sentinel execs: Settlement with trustee close

Posted on April 04, 2008
Sentinel Management Group, Inc. managed around $1.4 billion in funds for financial institutions and individuals. On August 17, 2007 Sentinel crumbed and filed for Chapter 11 bankruptcy protection in Chicago, Illinois. The firm is facing lawsuits from not only their clients but also the U...

New Article From Socio Times

Posted on April 01, 2008
There is an economic theory that the markets are all driven by social mood and not by events or economic news per se. Elliot Wave International is the largest proponent of this theory. It is a great resource and provides a unique perspective. ( Here is a link to that site: http://www...

Fair Debt Collection Practices Act Complaints on the Rise

Posted on April 01, 2008
Although in-house debt collector complaints are down by 6.5% in 2007 from the previous year, the complaints about third-party debt collectors increased by 2.4%. The top five complaints lodged in 2007 with the Fair Trade Commission were: 1. collectors attempted to collect on debts that consumers either did not owe or was larger than what was actually owed [27,393 complaints]; 2...

Fed Considering Quiet Nationalization of Banks?

Posted on March 31, 2008
At the same time as most of the proposed “solutions” to our current economic melt down include increasing the power of the Federal Reserve, an article appears today that states that the Fed may be considering a “Nordic style nationalization” of US institutions...

Insider View of Wall Street

Posted on March 28, 2008
Here is a great story which provides an inside look at the Bear Stearns bail out by focusing on the Chairman of JPMorgan Chase, Jamie Dimon. Quote: The Monday after a long working weekend, Jamie Dimon looked a little tired. His collar was unbuttoned, his tie loosened, and he was slouching slightly in his office chair...

Insider View of Wall Street

What Not to do as a Judge

Posted on March 27, 2008
On August 29, 2007 Public Defender Service attorney Liyah Brown had a criminal hearing before D.C. Superior Court Judge John Bayly, Jr. During the hearing the two entered into an argument about whether or not the Defendant was in deed "a homeless man"...

How Depression Era Entities are Still Used Today to Save Companies and Banks

Posted on March 27, 2008
Here is a great little article on the subject of how the quasi governmental entities set up by President Roosevelt in the 1930's are still being used today to save companies like Countrywide Financial. Now of course, the question remains: why do we want to save such a company when it is simply reaping the losses it sowed in bad loans? In any event, here are some quotes from this brief and yet interesting article: “Despite sustained efforts to tear down the New Deal—from the repeal of the Glass-Steagall Act in 1999 to President George W...

What Not to do as a Judge

How Depression Era Entities are Still Used Today to Save Companies and Banks

Capital One Bank being Sued Over Post-Bankruptcy False Credit Reporting

Posted on March 26, 2008
James Krider was a responsible individual who paid his bills, but when life happened he was forced into filing bankruptcy. Willing to live with the bankruptcy notation on his credit report for 10 years, he was not aware that one credit card company was still reporting his discharged credit accounts as delinquent...

Wall Street Bail-Outs Will Cost Taxpayers

Posted on March 26, 2008
There is an interesting article out today which attempts to make sense of the current Wall Street bail-out and its impact on taxpayers. Perhaps it is no surprise that shifting the losses in the Bear Stearns portfolio over to the Federal Reserve does not mean that those losses disappear...

Capital One Bank being Sued Over Post-Bankruptcy False Credit Reporting

Wall Street Bail-Outs Will Cost Taxpayers

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