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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

RANDOM BANKRUPTCY FACTOIDS

Posted on July 28, 2010
· The Means Test is the standard adopted in the 2005 amendments to the Bankruptcy Code to prevent individual high wage earners from filing a Chapter 7 liquidation. However, if more than half of the individual?s debt is related to a failed business, the Means Test may not apply, thus making them eligible to file [...

New Job for Professor Warren?

Posted on July 26, 2010
As part of the Wall Street reform which was recently passed, a new body was established. It is called the Bureau of Consumer Protection and Professor Elizabeth Warren is the person most frequently named as a possible chair for that Bureau. However, her appointment is opposed by those most affected by this new level of [...

Power of the Federal Reserve Waxes Rather than Wanes

Posted on July 21, 2010
Back in 2009, the Fed was harshly criticized for its inability to handle the looming economic crisis. Some, like Senator Chris Dodd, were calling for a vast reduction in the poser of the Federal Reserve. However, that has all changed. ?Far-reaching bank reform legislation has been approved on Capitol Hill that will be signed into [...

US Bail Out Now Stands at 3.7 Trillion?and mounting

Posted on July 21, 2010
The cost of the US bail out was 700 billion in the last year and overall the cost totals some 3.7 trillion of taxpayer dollars according to the Special Inspector General for the Troubled Asset Relief Program. He stated that: ?the increase was due largely to the government’s pledges to supply capital to Fannie Mae [...

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Man Decorates his Basement with Sharpies ? Must See

Posted on July 16, 2010
http://www.heraldleaderphoto.com/2008/09/18/man-decorates-basement-with-10-worth-of-sharpie/ Michael

A Reality TV Person Lies? Really?

Posted on July 16, 2010
Imagine the shock when the ?star? of reality series Desperate Housewives of New Jersey found out that to lie in your bankruptcy is a federal crime and can result in having your discharge (the flushing of all the debts) denied altogether. ?A court-appointed trustee has accused the bankrupt star of “The Real Housewives of New [...

New Bank Regulation Law ? a joke??

Posted on July 12, 2010
New Bank Regulation Law ? a joke?? Once again, I am impressed with local columnist, Ed Wallace. He has insight and perspective which I do not find in the main stream media. His latest column entitled ?Nothing has Changed? deals with banking reform, or the lack thereof...

You Mean You Can?t Do This?? Haha.

Posted on July 07, 2010
An Illinois attorney, with 35 years of experience and no prior history of discipline, has had his license to practice law suspended for six months for calling a Judge a ?narcissistic, maniacal, mental case, [who]? should not be on the bench.? While I suspect some lawyers have thought such things about their Judges (and Judges [...

Left Nostril Breathing

Posted on July 07, 2010
I do not make this stuff up folks! If you forget where you put your glasses, cell phone, etc. then here is a possible cure: ?It turns out that one of their simplest techniques ? left-nostril breathing ? improves spatial memory. That’s the kind that helps you remember where you put something...

Wall Street: Fraud, Lies and a Ponzi Scheme

Posted on July 01, 2010
Wow, where does one begin to describe this interview/article? Howard Davidowitz of Davidowitz & Associates shares his thoughts on the situation which created the Wall Street crisis (he asks: why have the accountants who were paid 25 million in fees and signed off on the fraudulent values of the derivatives not been sued?); the proposed [...

More on Backdoor Big Bank Bailout

Posted on June 30, 2010
As previously noted in linked articles, the way in which the government bailed out AIG indirectly saved the big banks and institutions such as Goldman Sachs from massive losses. More details of this back door bailout are now emerging: ?Unknown outside of a few Wall Street legal departments, the A...

3 Billion in Cash Flown out of Afghanistan

Posted on June 30, 2010
The WSJ reports that over 3 billion in cash, wrapped and bundled on pallets and in suitcases has been ?legally? flown out of Afghanistan. ?Officials believe some of the cash, if not most, is siphoned from Western aid projects and US, European and NATO contracts to provide security, supplies and reconstruction work for coalition forces [...

A Favorite Hymn

Posted on June 29, 2010
At church on Sunday, we sang one of my personal favorite hymns, Come Down, Oh Love Divine. When I got to a computer, I found several versions of it on you tube, but this one was unique, it is short and very different. I will leave it to you to watch rather than comment further...

Why We Fight Wars

Posted on June 29, 2010
One of my favorite columnists is Ed Wallace. He writes for the local paper ostensibly about cars, but his columns are invariably about the state of the US economy and often he treads on subjects others are too afraid to talk about, like why we are fighting in Iraq and Afghanistan...

RBS Warns of Money-Printing Machine

Posted on June 28, 2010
Federal Reserve Chairman, Ben Bernanke has written a manual on preventing deflation and has been implementing the steps contained therein. ?Entitled ?Deflation: Making Sure It Doesn?t Happen Here?, it is a warfare manual for defeating economic slumps by use of extreme monetary stimulus once interest rates have dropped to zero, and implicitly once governments have [...

Finally, Someone Lets Americans Get Jobs Illegals Take

Posted on June 25, 2010
Arturo Rodriguez, the president of the United Farm Workers of America, is tired of hearing that illegal immigrants take jobs that legal citizens would otherwise take. So, together with comedian Stephen Colbert, he is asking legal US citizens, including right wing pundits and elected officials in DC, to take the open farmworker jobs...

Massive Oil Spills in Nigeria Common

Posted on June 23, 2010
While the BP oil spill in the gulf is getting world wide attention, little has been reported until now about the almost constant environmental devastation caused by oil spills in Nigeria. ?The Niger Delta has suddenly become a cautionary tale for the US...

Sales of New Homes Hits Record Low

Posted on June 23, 2010
Monthly sales of new homes has fallen and is now (on an annualized basis) at a record low. ?The Commerce Department said sales dropped a record 32.7 percent to a 300,000 unit annual rate, the lowest level since record keeping started in 1963, from a downwardly revised 446,000 units in April...

Predicting the Fed?s Next Move

Posted on June 23, 2010
Well, this article and interview of financial analyst and chief market strategist at Delta Global Advisors, Michael Pento, actually predicts what the Federal Reserve will do in late summer, early fall when (as he says) the existence of the deflationary recession finally takes hold in the mind of the Fed...

Under the subheading: How will this child turn out?

Posted on June 18, 2010
Just the facts: Rapper P Ditty?s son turned 16. He cannot drive, as he has no license. His father threw him a party at Manhattan?s M2 Ultralounge. Rappers Fabolous, Lil’ Kim, and Jim Jones all performed. The cast from Jersey Shore attended the party (no doubt for a fee)...

Parasites at Goldman Sachs

Posted on June 18, 2010
Only on Friday do we report such interesting things as this. But it has been reported that there are parasites at Goldman Sachs ? literally. ?Employees at the company’s new 42-story office tower in Jersey City, N.J., were ordered out of the building last month as bedbug-sniffing dogs and exterminators came in to spray for [bedbugs]?, ABC [...

When Banks Can?t Pay? So Far Not Much Has Happened!

Posted on June 17, 2010
TARP was the first government stimulus program, pushed through by President Bush, with much vocal support of VP Dick Cheney. Now there are over 90 banks who got these cash infusions (in the form of a purchase of preferred shares of the bank?s stock) from the federal government who cannot pay the required dividend on [...

More Interesting Investing Advice

Posted on June 17, 2010
Here is an interview with Gary Shilling on how to invest. His advice: short the markets, go long on the dollar and treasury bonds. He mentions the ongoing deleveraging process and deflation as the main risks as well as explaining why inflation is not the highest present risk...

Another Sign of the Times

Posted on June 16, 2010
In yet another sign of the economic times in which we live, Fannie Mae and Freddie Mac are to be de-listed. This news alone is no shock: the companies have been on the government life line for some time now. However, it is worth recalling that not so many years ago, five at most, ownership [...

Stark Warning Re: Democracy in Europe

Posted on June 16, 2010
The President of the European Commission has issued the following warning: democracy could cease to exist in Greece, Spain and Portugal if the present economic crisis is not solved. Mr. Barroso (a former prime minister of Portugal) warned of countries running out of money, social services ceasing followed by riots followed by despotism which the [...

Saving Private Freddie (and Fannie)

Posted on June 14, 2010
The thing about all of the federal spending which has been done to prop up failing private companies is this: it does not work forever. This means that unless the influx of money was accompanied by large structural changes in the company?s debt structure (think GM and Chrysler who restructured in Chapter 11 and even [...

Cadillac Logo

Posted on June 11, 2010
Under the sub heading of ?did you know that??: ?The original Cadillac logo was based on the family arms of Antoine de La Mothe, Sieur de Cadillac, a minor aristocrat who founded Detroit in 1701. Mr. Cadillac?s own heraldry appears to have been borrowed or concocted, by some accounts...

Pentagon Hunts Hacker/Publisher

Posted on June 11, 2010
In one corner is an oft used claim of national security; in the other stands the First Amendment, assuming this contest ever made it to a Court of law. Previously reported was the arrest of the Army Intel officer who leaked information to a web publisher...

Ex-Justice Souter Explains Judicial Role

Posted on June 10, 2010
In a recent commencement speech at Harvard, Former Supreme Court Justice David Souter took the opportunity to explain the role of Judges in interpreting the U.S. Constitution, as he understands it. One can see this speech as an explanation of a judicial point of view different than that espoused by Justices Scalia and Thomas...

Why Did GM Save Buick, Not Saturn or Pontiac?

Posted on June 09, 2010
The answer to that question is a simple one: China. GM recently had some hard decisions to make. Would it kill off its last ?big new idea? which was to build from the ground up a small car line using new methods of factory operation (read Japanese methods)? Of course, this refers to Saturn, which [...

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