Getting Their Bench Broken; Landmarc Capital in Receivership in Arizona, Said to be Insolvent
By Joseph McDaniel, Esq.
The word "bankruptcy" comes from two Italian words, "banca rupta", meaning "broken bench".
The phrase came about because moneylenders in Venice worked sitting on "banca" in the public square.
I read an article about an Arizona company that was just declared insolvent by the State of Arizona, and couldn't help thinking that their bench was just broken.
The receivership was set up so that the business could be wound down with less expense than a bankruptcy, and I wonder, when the day is over, which technique of liquidation will look less expensive.
Receiverships are interesting animals: I've done a few, and they're particularly creative because you get to sort of write your own version of the Bankruptcy Code in the Receivership Order, as long as the Judge decides it's a legit order. On the other hand, the Bankruptcy Court has specific statutes dealing with preferences and fraudulent transfers, and a huge supply of what lawyers call "jurisdiction", so I can see good arguments for handling the Landmarc Capital case in State Court with a Receivership and in Bankruptcy Court, as either a Chapter 11 or a Chapter 7.
NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.
Hard Money Lender in AZ Seized, Declared Insolvent "State regulators have taken over one of the state's biggest hard-money lenders, Scottsdale-based Landmarc Capital & Investment Co., after declaring it insolvent. Arizona Department of Financial Institution's Superintendent Felecia Rotellini was appointed receiver for the lender by the state Superior Court on Wednesday...
The Swedes Didn't Use Receivership Paul Krugman has been pushing the Swedish model hard, so it's more than a little troubling that to discover that he doesn't understand what Sweden actually did:I was not saying ?nationalize all the banks?; I was saying do what the Swedes did ? in tandem with a guarantee on bank liabilities, take the banks with zero or negative capital into receivership...
Receiverships: Why Not Go to Bankruptcy Court I do not see anything I disagree with these paragraphs from Business Receivership - An Alternative to Bankruptcy about the benefits of a receivership:There are many benefits to business receivership over bankruptcy...
Fast & Furious Online AZ Legal Research! Arizona Revised Statutes Arizona Current Court Rules Arizona Supreme Court Opinions Arizona Court of Appeals, Division One Opinions Arizona Court of Appeals, Division Two Opinions Arizona Administrative Code Arizona Adminstrative Register Arizona Attorney General Opinions Arizona Governor’s Executive Orders Arizona Judicial Branch Arizona State Bar