Popular Shoe Retailer Bakers Footwear Seeks Bankruptcy ProtectionWomen’s shoe retailer Bakers Footwear files for Chapter 11 bankruptcy protection this week in St. Louis after reports of declining sales.  The retailer is known for having over 200 store locations across the United States that sell private labels and national brands.  The filing will help the shoe retailer restructure their finances while contemplating store [...]

AllmandLaw
(posted 1 year 46 weeks ago)

Even in light of the litigious and adversarial nature of some matters nowadays, many parties are willing to engage in mediation to attempt to resolve matters or various sub-issues.  I have heard from several practitioners, however, that while the mediation process allowed their clients to tell their stories through caucusing and/or facilitative discussions with the other side, the mediation did not yield any significant movement in their interests.  As a result, they left the mediation table still touting their positions and had not moved closer to settlement.  In fact, a few practitioners have stated that they wished the mediator was more helpful in getting their client to understand the weaknesses in their position.  Well, the parties and the mediators in those situations were likely approaching the mediation from different perspectives; perhaps they were respectively viewing the process through evaluative and facilitative lenses (or some other lens).
There are several forms of mediation.  For an effective mediation process, it is important for practitioners to understand each method, agree on an approach for the mediation and communicate the same to the mediator.  So, what types of mediation exist?  There are four widely recognized approaches, although the methods and approaches are not just limited to the following.

Mediation Banca Rotta
(posted 1 year 46 weeks ago)

Most customers want to spend less time on their finances, not more. They will flock where they are rewarded for transacting conveniently, rather than for counting their pennies through PFM.

BankThink
(posted 1 year 46 weeks ago)

A recent Press Release from the American Bankruptcy Institute confirms that bankruptcy filings are on a downward trend.  In September of 2011, a total of 110,410 noncommercial bankruptcy cases were filed in the United States.  In September of this year, 87,492 noncommercial bankruptcy cases were filed, which represents a 21% decrease.

Bankruptcy filings in the Western District of Kentucky followed the national trend.  In September of 2011, a total of 900 bankruptcy cases were filed in the Western District of Kentucky.  In September of this year, 734 bankruptcy cases were filed, which represents an 18% decrease.

Kentucky Bankruptcy
(posted 1 year 46 weeks ago)

NORTH OF THE BORDER UPDATE
This article has been contributed to the blog by Andrea Lockhart and Tracy Sandler. Tracy Sandler is a partner and chair of the insolvency and restructuring group of Osler, Hoskin & Harcourt, LLP, and Andrea Lockhart is an associate in the group.

(posted 1 year 46 weeks ago)

Receiving Wide Coverage ...

Bluebird Alights: The Bluebird debit card Walmart rolled out Monday marks another phase in the retailing giant's aggressive push into financial services, the Journal reports. The Bluebird card doesn't have a monthly maintenance fee, annual fee or activation fee, whereas other prepaid cards carry fees of $5 or more a month, as well as a nest of other charges, notes the Journal, which adds that Bluebird arrives as checking account fees reach...

BankThink
(posted 1 year 46 weeks ago)

Pinnacle Airlines Corp.'s thousands of pilots and flight attendants are objecting to the airline’s bid to scrap their contracts, a move the regional carrier says is necessary to exit bankruptcy protection. Read the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review and DBR Small Cap are daily newsletters 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.”)
According to The Wall Street Journal, traffic is falling at American Airlines parent AMR Corp. , with total traffic declining 2.8% in September compared to a year ago.

WSJ.com: Bankruptcy Beat
(posted 1 year 46 weeks ago)

Financial institutions can avoid negative headlines by monitoring feedback via social media, continually educating staff on how to talk to customers and making reputation risk a major part of their enterprise risk management program.

BankThink
(posted 1 year 46 weeks ago)

The State Budget Crisis Task Force has issued a report that highlights many of the issues that are placing increasing financial pressure on municipalities.

The report outlines the forces that have converged to limit state revenue at the same time that states are facing an increased demand for social services and escalating costs.

Decreased sales and income tax revenues, cuts in federal funding to states, increasing Medicaid enrollment and costs, underfunded pension and health benefit obligations and overdue investment in education and infrastructure have combined to elevate state budgetary concerns to crisis levels.

The report details how states have been unwilling to take steps to combat (or even admit) the structural nature of their budget challenges using accounting tricks, one-time revenue raisers, spending cuts and deferred payment of mandatory spending commitments to delay the inevitable financial reckoning.

The pressure on state budgets eventually (and inevitably) trickles down to the municipal level, compounding the woes of localities already facing their own intractable budget shortfalls.

MuniBK
(posted 1 year 46 weeks ago)

Vanderbilt Mortgage & Finance, Inc. v. Higgason (In re Pierce), 471 B.R. 876 (B.A.P. 6th Cir. 2012) – Proper perfection of a lien is critical because typically an unperfected lien can be avoided in a bankruptcy using the strong arm powers in Section 544 of the Bankruptcy Code.  In Pierce a lender provided purchase money financing [...]

(posted 1 year 46 weeks ago)