The NACTT Academy is conducting a free webinar for anyone who participates in the mortgage loan modification process.  Speakers Robert Branson, Esq., and Bill Mitchell, VP Lending Manager at Wells Fargo Home Mortgage, will discuss multiple loan modification options and products.  The live webinar will be October 27, 2014 at 2:00 Eastern.  You may register at the Academy website at http://considerchapter13.org/.

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The 2005 Amendments to the Bankruptcy Code ushered in section 503(b)(9) of the Bankruptcy Code, which grants trade creditors an administrative expense for goods sold to the debtor in the ordinary course of the debtor’s business and that the debtor received within 20 days prior to the commencement date. Trade creditors also may face preference litigation for payments they received prior to the petition date, but may be able to reduce or eliminate their preference exposure by asserting a “new value” defense under section 547(c)(4) of the Bankruptcy Code (one of the more frequently raised defenses to preference liability). To reduce or eliminate preference liability under a new value defense, the creditor must have given unsecured new value to the debtor by selling goods or providing services on credit terms after the alleged preference payment but prior to the petition date. If these conditions are met, the creditor can subtract the value of those goods from the preference amount.

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Community bankers can get ahead of the competition by building strong and profitable relationships with their customers. They should start by keeping products simple and explanations forthright.

BankThink
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There has been much discussion about the changes that may be coming in the wake of the recent SEC Investor Advisory Committee meeting, where they considered changing the definition of the term Accredited Investor. In Episode 2 of Accredited Investor Markets Radio, Alicia Purdy explores what this proposal means with guest, Robert Rapp. Robert, a partner in the Securities and Capital Markets Practice of Calfee, Halter & Griswold, LLP, weighs in on the impact of changing this definition, the thought process behind it and what to expect moving forward.
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Check out this episode!

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Episode 1 with Vanessa Schoenthaler
In the debut Episode of Accredited Investor Markets Radio our host, Chris Cahill, explores the significance of new changes in the JOBS Act with guest, Vanessa Schoenthaler. Vanessa, a New York securities attorney and founder of firm Qashu & Schoenthaler, explains what it means to be an accredited investor and weighs in on the importance of lifting the ban against general solicitation.
Listen to the episode here!

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  This is the bankruptcy case study for Todd, from Steger, Illinois, and his wife Emily. The couple is considering chapter 7 or chapter 13 bankruptcy, but is not sure which chapter is best for them. Let’s explore the details. The couple owns a home in Steger, Illinois with a market value of approximately $110,000.+ Read More
The post Can We Save Our Home With Bankruptcy? appeared first on David M. Siegel.

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Cal Poly fullback Akaninyene Umoh, front left, congratulates linebacker Johnny Millard after Cal Poly’s 42-14 victory over Northern Colorado in November 2013.
David Zalubowski/Associated Press

A bankruptcy trustee’s quest to recoup money for investors defrauded by a Ponzi scheme has left a major California university in an uncomfortable situation.
For five years, the scoreboard at California Polytechnic State University’s football stadium has prominently displayed the name of Moriarty Enterprises—a onetime financial services firm run by Al Moriarty, a former Cal Poly athlete and longtime supporter of the university.
Now, as the San Luis Obispo Tribune reported, Mr. Moriarty is serving out a five-year prison sentence after pleading no contest to seven felony fraud charges tied to an illegal scheme that prosecutors say cost investors millions of dollars.

WSJ.com: Bankruptcy Beat
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Apple Pay's impact will be mitigated by the limited availability of near-field communication terminals and by consumer concerns about the safety of NFC technology.

BankThink
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MF Global’s creditors, who have waited nearly three years to get paid, will have to wait a little longer after a bankruptcy judge Monday held off approving its bid to repay them $295 million. Read the Daily Bankruptcy Review article in The Wall Street Journal.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
A federal judge’s recent ruling blocking Medicaid officials from cutting off a struggling nursing home could help troubled health-care facilities survive using bankruptcy, according to restructuring professionals. WSJ has the DBR article here.
The smooth ride for hedge funds holding certain claims tied to Lehman Brothers Holding Inc. hit a speed bump last month as a court ruling brought hedge funds their first losses, DBR reports via WSJ.

WSJ.com: Bankruptcy Beat
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IMG_4527Just back from European Law and Economics, where the big topics at the coffee breaks were the Scottish vote, until that was resolved, sort of, Argentina, which is widely seen as a self-created mess for the U.S. courts, and the Air France strike, which caused presenters and chairs to miss sessions at random throughout the conference.

Credit Slips
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