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Bridging the Week - May 2016 #2

FiNCEN Finalizes Rules Requiring Banks, Broker-Dealers, FCMs, Mutual Funds and IBs to Help Verify Beneficial Owners of Certain Accounts: The Financial Crimes Enforcement Network finalized rules requiring banks,...more

Financial Services Weekly News - March 2016 #4

Regulatory Developments - FHA Revises Loan-Level Certification Form - On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more

Orrick's Financial Industry Week in Review - December 10, 2013

Council of EU Publishes UK Issues Paper on MLD4 - On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more

Bill on Bankruptcy: Make-Whole Premiums, Lehman, ResCap

July 17 (Bloomberg Law) -- Bankruptcy Judge Sarah A. Hall in Oklahoma City is this week's "Judge of the Week" on the new video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle. In the...more

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock

May 2 (Bloomberg Law) -- Eastman Kodak Co. filed a Chapter 11 plan that cratered the stock and bumped up the unsecured notes, although the plan may be revised to pay off second-lien debt fully in cash, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss on their video. Next, Rochelle and Pacchia address a decision by a Delaware bankruptcy judge in the reorganization of School Specialty Inc. apparently holding that no make-whole premium will ever be too large for approval. The third item concerns a doctrine known as equitable estoppel, often used to stymie appeals from bankruptcy court approvals of reorganization plans. Whether it's a valid theory remains undecided, now the U.S. Supreme Court declined to review a decision dismissing an appeal from a confirmation order approving the Charter Communications Inc. Chapter 11 plan. The final item is an opinion telling lawyers for consumer bankrupts how they can violate ethical rules when signing clients to flat-fee arrangements.more

Bill on Bankruptcy: Stockton May Win the Battle, Lose the War

April 2 (Bloomberg Law) -- Although Stockton, California established the right to be in a Chapter 9 municipal bankruptcy, the judge warned the city that victory may be short-lived if bondholders prove that pensioners must take a haircut along with other unsecured creditors. The second item on the new Bloomberg bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle uses the Eurofresh Inc. tomato bankruptcy to explain an emerging theory that secured lenders can't use bankruptcy for their sole benefit while leaving Chapter 11 expense unpaid. Also, Rochelle predicts there may soon be a settlement in the Archdiocese of Milwaukee Chapter 11 case now that bankruptcy judge cut off attorneys' fees. The video ends with discussion of a pivotal opinion by Circuit Judge Richard A. Posner in Chicago who explained why buyers of bankrupt businesses might find themselves liable for predecessors' labor law violations.more

Weglarz v. JP Morgan Chase Bank, N.A., and National Collegiate Trust

Complaint--Class ActionIllinois

National Collegiate Student Loan Trust is being sued on a class action basis for its improper, fraudulent use of the LIBOR index on its promissory note private student loans. This is just another defense of contract when being sued by these trusts when consumers default. I understand that borrowers are now defaulting en mass on these agreements.more

Community Banking Excellence - April 2012

In This Issue: - Interview with a Community Banking Professional: Mark Williamson, President of High Point Bank - Creditors' Rights: Top 10 Bankruptcy Truths Bankers Should Know by Rayford K. (Trip) Adams III - Regulatory: The Consumer Finance Protection Bureau: What Community Banks Need to Know by R. Scott Adams - Regulatory The JOBS Act Provides Opportunities for Community Banks by Hugh B. Wellons - The Drive-Thru Excerpt from - Interview with a Community Banking Professional: Mark Williamson, President of High Point Bank Q: High Point Bank is a family-owned bank. Has that offered special advantages to your bank during the recession? If so, what are they? Any disadvantages? A: High Point Bank is fortunate. We were founded in 1905 and since then we have had very patient capital behind the bank. Our shareholders are in it for the long haul, so they are not looking at the numbers exclusively from quarter to quarter. Additionally, our shareholders have been very smart in their appointment of the Board of Directors. The bank is blessed to have a very capable, smart and patient Board at the helm. Please see full newsletter below for more information.more

MF Global - U.S. Update as of November 7, 2011

SIPC Trustee Takes First Steps to Thaw Frozen Customer Securities Accounts On November 4, 2011, the SIPC Trustee took his first steps toward transferring frozen customer securities accounts held by MF Global Inc. ("MFGI") when he announced that he will be accepting proposals for the transfer of all customer securities accounts of MFGI (the "Securities Accounts") to another member of the Securities Investor Protection Corporation. This action is in addition to the steps the Trustee took last week to transfer certain segregated commodities accounts from MFGI to other futures commission merchants. All prospective transferees of the Securities Accounts are required to sign a nondisclosure agreement prior to conducting due diligence on the Securities Accounts and must be prepared to exhibit their financial capability to fund their proposals and handle the Securities Accounts going forward through, inter alia, current FOCUS Reports, balance sheets, and bank references. Upon receipt of executed nondisclosure agreements, the Trustee will notify prospective transferees of the procedures for making proposals. Please see full article below for more information.more

Securitization and Loan Modification

Securitization Trusts & Loan Modifications At Odds Filed under: Bankruptcy,Loan Modification A major factor complicating private, voluntary loan modification efforts is securitization. The vast majority, somewhere upwards of 80%, of residential mortgages are securitized. Understanding securitization is key to understanding why private, voluntary efforts at mortgage modification will inevitably fail and why bankruptcy modification presents the only sure method of preventing preventable foreclosures.more

Dodd-Frank Act Creates Significant Changes in Bankruptcy Law Affecting Derivatives and Other Trading Counterparties

After months of negotiations and conferences among key legislators, President Obama signed into law a final version of regulatory reform legislation on July 21, 2010. More than 2,000 pages long, the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the Act) provides new legal guidelines for both “financial companies” and non-financial companies and instructs federal agencies to develop a myriad of regulations to enforce the concepts provided in the Act. The Act also addresses the ability of federal regulators to step-in if state regulators fail to take action in certain liquidation and rehabilitation scenarios. Among the many areas in which companies now face a new legal and regulatory landscape, the Act makes a handful of significant changes to existing bankruptcy law. The Act creates new statutes that will arise infrequently, but that will likely have a significant effect on the rights of creditors and counterparties on the occasions when they are triggered. Please see full alert below for more information. more

White Paper Exposing Abuses of Wall Street On Subprime Mortgage Industry

First paper to define predatory lending and also create the terms "predatory servicing" and "predatory mortgage servicing" as well as "predatory securitization." A must read for anyone involved in litigation in subprime mortgage scandals and Wall Street's failure and fall!more

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