Breaking News This Morning ... B of A Earnings, Etc.: Bank of America reported a $276 million loss compared with a $1.48 billion profit a year earlier, largely due to legal expenses. (In case you may have missed it, Bank of America has been on a bit of settlement tear of late. And, the Journal notes this morning that the bank has settled mortgage-backed securities claims with the monoline insurer Financial Guaranty Insurance Co., which isÂ...

BankThink
(posted 1 week 15 hours ago)

By Peter J. Ashcroft, Esq. I was recently involved in […]The post The Tax Sale Redemption Period Cannot be Extended in Bankruptcy appeared first on Bernstein-Burkley, P.C..

Bernstein-Burkley, P.C.
(posted 1 week 17 hours ago)

I had the pleasure of participating in this weekend's very successful Research Symposium on Student Loans organized by Kathleen Engel of Suffolk Law School and Deanne Loonin of the National Consumer Law Center (NCLC) (NCLC, by the way, is looking to hire three attorneys!). In this post I want to mention some of the highlights.

Credit Slips
(posted 1 week 1 day ago)

Today-In-Bankruptcy (1)Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for April 15th, 2014 Apollo’s Momentive Performance Files for Bankruptcy Brass Instrument Maker S.E. Shires Files for Bankruptcy Mt. Gox founder won’t appear in U.S. for questions about bankruptcy case

AllmandLaw
(posted 1 week 1 day ago)

Coldwater_CreekWomen’s clothing retailer Coldwater Creek has filed for bankruptcy.  The business, originally known as a catalog business 30 years ago, recently filed Chapter 11 bankruptcy protection in Delaware. Coldwater had over 300 store locations in operation but cited declining sales and the downturn of the economy.  At one point, the company had revenue peaking at […]

AllmandLaw
(posted 1 week 1 day ago)

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The post Protected: A conversation today with Adolph Hitler about Ukraine and Putin appeared first on .

Los Angeles Bankruptcy Blog
(posted 1 week 1 day ago)

CNBC reports that the City of Detroit has reached agreement with its retired police and firefighters on revised pension terms.  The City apparently went in, asking for 6% cuts in annual payouts and an end to cost-of-living increases.   The retirees apparently went in, asking for no concessions.  With the assistance of mediators, they seem to have settled at: no cuts, but "reduced" cost of living increases, and "As part of the deal, Detroit has reportedly agreed to increase the projected return on its pension funds to 6.75 percent, up from 6.25 percent and 6.5 percent, according to USAToday." 

Now that is definitely not a solution anyone has ever thought of before in relation to pension shortfalls -- assume investment performance will compensate for the gap between what the employer pays in and what the retirees are promised to receive.  This is really an approach that everyone should be able take to a difficult financial situation.  For example, why didn't GM or Chrysler think of it? 

Banker: "I am worried that your cash flow is not going to be enough to enable us to meet our obligations to creditors on time."
CEO: " Yeah, I can see how our forecasts might lead you to think that. Let's fix that by just assuming we sell more cars at higher prices."
Banker: "Oh, wow! I never thought of that. I can see why you deserve to be CEO."

And then the banker can employ this solution with regulators, too. 

Necessary and Proper
(posted 1 week 1 day ago)

The goal is to meet the financial education needs of everyone in the community Â-- whether itÂ's the tech-savvy second-grader, the recent high school graduate getting her first checking account or a retiree learning how to stick to a fixed income.

BankThink
(posted 1 week 1 day ago)

I am attaching a link to the Missoulian article about the closure of the Coldwater Creek stores in Billings and Missoula.
http://missoulian.com/business/local/coldwater-creek-announces-bankruptcy-all-stores-to-close/article_b8bb904c-c400-11e3-bded-0019bb2963f4.html
 
 

(posted 1 week 1 day ago)

Bankruptcy attorney James Selbach is used to being told he’s overreacting.
That’s because Mr. Selbach, based in upstate New York, spends his days pursuing creditors for legal infractions, like asking someone who has already filed for bankruptcy protection to pay an overdue $80 bill.
Since 2006, Mr. Selbach has focused his practice on defending individuals who are being hounded to pay debts that are in the process of being reduced or discharged in bankruptcy.
His specialty, Mr. Selbach says, is “greatly misunderstood,” mainly because creditors don’t like being dragged into court over something they often claim was an unintentional mistake. They also don’t understand why, after agreeing to stop sending the overdue bills, they are told to pay Mr. Selbach’s $275-an-hour legal tab.
Defense of the so-called automatic stay in bankruptcy, which shields debtors from creditors’ payment demands, comes with a fee-shifting provision that requires losing creditors to pay their opponent’s legal bill. Mr. Selbach argues that without the rule, aggrieved debtors would have no recourse, because the legal bills often end up dwarfing the amount of recovered money.

WSJ.com: Bankruptcy Beat
(posted 1 week 1 day ago)