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Claims Against Failed Banks Must Go Through the FDIC’s Administrative Claims Process

As described in a previous post, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) requires that anyone with a claim against a failed bank must file a claim with the FDIC within 90 days of being...more

What is an Irrevocable Trust? [Video]

Phoenix business law firm Jaburg Wilk's Estate Planning attorney Beth Cohn discusses irrevocable trusts. She talks about how people use them and the process involved with them. She explains what decanting is and the...more

Motor City Cruises Into Bankruptcy

On July 18, 2013, the City of Detroit, Michigan commenced a bankruptcy case under chapter 9 of the Bankruptcy Code as a result of over $18 billion dollars in accrued obligations and dwindling revenue sources. Since the...more

May the Trustee’s Personal Debt to the Trust Owed as a Result of a Breach of Trust be Discharged in Bankruptcy?

The U.S. Bankruptcy Code provides that a personal debt is not dischargeable if the debt had been occasioned by the debtor’s defalcation while acting in a fiduciary capacity. Courts of appeals had long disagreed about the...more

Judge Rules In Favor Of Stockton And Accepts Chapter 9 Petition

Round one of the fight between the City of Stockton, California and its creditors is finally over. On April 1, 2013, Bankruptcy Judge Christopher M. Klein held that Stockton satisfied the eligibility requirements for a...more

Crunched Credit - January 2013

Below are links to some recent CrunchedCredit posts,including a preview of next week’s CREFC conference inMiami. For more information or to subscribe, visit us atCrunchedCredit.com. You can also sign up to receiveemail alerts...more

Michigan Emergency Manager Bill Signed Into Law

This is a follow up to our recent blog post discussing then pending Michigan legislation known as the “Local Financial Stability and Choice Act” or Public Act 436 (the “Financial Stability Act”), which will replace Public Act...more

UPDATE: Court Rejects CalPERS’ Efforts to Lift Stay In San Bernardino Case

In a ruling predicted by the Restructuring Review Blog last month, Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California rejected arguments by CalPERS that the Bankruptcy Court should lift...more

Using Letters Of Credit For Tenant Credit Enhancement

I. Introduction. Cash security deposits (typically in the amount of one or two month’s rent) have been the traditional form of tenant credit enhancement required by commercial landlords. However, in instances where...more

BLG Monthly Update for December 2012

UGG boots, thieving drug addicts, misappropriated sheep and the usual neat contracts cases: all this and more in the BLG Monthly Update for December....more

Federal Gift Card Bill Would Significantly Affect Promotional and Loyalty Gift Card Programs

On December 10, 2012, Sen. Bob Casey (D-PA) announced his joint sponsorship of Senate Bill 3636, known as the "Gift Card Consumer Protection Act of 2012," which was originally introduced and referred to the Senate Committee...more

Detroit's "Fiscal Cliff" and Michigan's Response

Detroit’s increasingly distressed financial condition has created a dynamic and rapidly evolving situation where the potential of a Chapter 9 filing appears to be the subject of renewed discussion and legislative attention. ...more

Trust Me – A Security Trustee’s Duties to Subordinated Creditors Examined

The recent judgment of Saltri III Ltd v MD Mezzanine S.A. Sicar & Ors1 relates to the 2010 non-consensual restructuring of the Stabilus Group. The judgment provides a helpful overview of the way fiduciary relationships...more

What the Local Government Center’s Reorganization Means to Communities (And Taxpayers)

This New Hampshire Public Radio Broadcast features Bernstein Shur Attorney Andru Volinsky. The on-going fight between the state of New Hampshire and one of the nation’s largest insurance risk pool managers is an...more

California Dreaming? CalPERS Seeks Payment in Full of All Pension Obligations During Pendency of San Bernardino’s Chapter 9 Case

California has seen a string of three Chapter 9 filings this year and faces a long line of distressed municipalities. Given this backdrop, the California Public Employees’ Retirement System (“CalPERS”) figures to play a...more

Labor Issues on Tap for U.S. Bankruptcy Commission

This Reuters Article features Bernstein Shur Attorney Robert Keach. Dec 3 (Reuters) - A commission to explore major changes to U.S. bankruptcy rules said on Monday that labor and benefits will be key issues during a host...more

Mortgage Foreclosure Crisis

Who is to blame for the foreclosure crisis? The question comes down to did homeowners overreach and go beyond what they could afford or did banks prey on naive consumers?...more

Fannie Mae and Freddie Mac Announce New Guidelines for Management of Law Firms

On November 9, Fannie Mae and Freddie Mac announced new, coordinated requirements with respect to the management of law firms for default servicing, bankruptcies, and related litigation. ...more

Inside the Mind and Behind the Numbers: Ponzi Schemes

John Hanson, a former FBI Agent and practicing forensic accountant, takes you inside of his mind and behind the numbers of a Ponzi Scheme to answer the universal question: "Where did all that money go?" Based on actual...more

PBGC Announces Formal Policy Reducing Impact of ERISA Section 4062(e) on Creditworthy Plan Sponsors

The Pension Benefit Guaranty Corporation (PBGC) has announced a new pilot program that should substantially modify its enforcement strategy regarding pension liability for facility closures under ERISA Section 4062(e). Under...more

The Latest Reforms to the Bankruptcy Law: The Law No. 134/2012

(A) Introduction - The law no. 134 of 7 August 2012, published in the Official Gazette on 11 August 2012 (the “Reform”), has signed into law, with amendments, the Law Decree no. 83 of 22 June 2012, the so called “Law...more

Renewable Energy Update -- October 23, 2012

In This Issue: Renewable Energy Focus - BP off-loads assets as it withdraws from China's solar markets; Solyndra presses for bankruptcy plan OK over US objection; Fracking boom boosts water treatment business;...more

A New Kind of PIN: Essential Requirements for Recording Deeds of Trusts in North Carolina

The Fourth Circuit Court of Appeals recently ruled in the case of In Re: McCormick that a recorded North Carolina deed of trust indexed in a county’s grantor/grantee index may nevertheless be avoided by a trustee in...more

Local Governments Facing Tough Times, Bankruptcy

What do Stockton, San Bernardino and Mammoth Lakes,California have in common? If you were thinking about warm weather, plenty of sunshine and the California lifestyle, you might be right, but that’s not the answer we’re...more

Self-Funded Plans Need to be Careful in Enforcing Subrogation Rights

A recent Eighth Circuit Court of Appeals decision considered the situation of a participant covered under a self-funded ERISA plan who sustained injuries in a slip and fall accident. The plan paid health benefits for that...more

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