Los Angeles Bankruptcy AttorneyI’m a Los Angeles Bankruptcy Attorney. I see the misery so many people have because of Money, Money, Money! I find that people want to pay their debts. If people had the money, they would pay. When they don’t have the money, they can’t pay. When it reaches the stage of “can’t pay” certain things happen. Your phone starts ringing with calls from rude and heartless bill collectors. Your mailbox gets full of bill collector “hate mail”.  The letters threaten you with lawsuits and a wage garnishment. We never see clients who could pay their debts. Every Los Angeles Bankruptcy Attorney will tell you the same thing.  People who file bankruptcy are honest, well meaning folks. They don’t want to file bankruptcy. They would rather pay their debts. But they just haven’t got the money.
Anyone who has ever received a late notice hates the feeling. You feel trapped and helpless. You do have a way to handle debts that you can not pay.  As a Los Angeles Bankruptcy Attorney I can probably help.

Los Angeles Bankruptcy Blog
(posted 1 year 50 weeks ago)

has seen signs
of revival in its urban core
following the near-death experiences of GM and
Chrysler. Unfortunately, its municipal finances remain beaten down by the
city's long and precipitous decline over the past several decades. Labor
and legacy costs, incurred when the auto industry thrived and the population
well exceeded a million citizens, are now heavy shackles on a city whose
population has dropped to 700,000. Those costs, combined with a
dysfunctional municipal government that has been unable to make necessary

(posted 1 year 50 weeks ago)

If customers are more likely to find you through an Internet search than by noting your actual existence along their commutes, well, good luck with that.

(posted 1 year 50 weeks ago)

The Great Workout begun in 2008 grinds on, and resolution of large numbers of underwater mortgages continues to be controversial.  Deleterious effects of underwater mortgages and mass-foreclosure on communities where they are concentrated has been widely reported, and the efficacy of private, loan-by-loan bankruptcy, foreclosure and workout solutions has been criticized, yet no consensus has emerged around a large-scale restructuring solution.  Dissatisfaction with the pace of addressing this problem has led to proposals out of academia and in particular communities to use eminent domain to seize and restructure these mortgages.  But can the power of eminent domain be exercised to seize, not a physical property, but a financial instrument?

(posted 1 year 50 weeks ago)

Centennial Liquors Selling 13 Stores
Centennial Beverage Group LLC, a 75-year old company, has scheduled a hearing on Jan. 4 to obtain authority from the Court to sell 13 of its once 70 locations to Cheers Spirits & Liquors LLC. for $650,000, including 8 closed locations. Sales for the year ended in November were $158 million.Gross revenue was down 50 percent year-over-year, according to a court filing.  Prepetition liabilities included a $17.4 million secured revolving credit loan held by Compass Bank,  $20.5 million in unsecured debt. In re Centennial Beverage Group LLC, 12-37901, U.S. Bankruptcy Court, Northern District of Texas (Dallas).

Richard G. Grant, P.C.
(posted 1 year 50 weeks ago)

Creditors of A123 Systems Inc. are seeking to hire a lobbying firm in an attempt to stop political forces—including opposition from the battery maker’s “jilted stalking horse bidder”—from derailing a $256.6 million sale deal. 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.”)
Tribune Co. exited Chapter 11 bankruptcy protection, The Wall Street Journal reports.
LodgeNet Interactive Corp. plans to file for bankruptcy and will be able to access $60 million in new capital under a prepackaged Chapter 11, WSJ reports.

WSJ.com: Bankruptcy Beat
(posted 1 year 50 weeks ago)

The combination of 4 speaking engagements and working on 4 new (or revived) lending products buried me during the last several months.  Fortunately, I’ve navigated the course, and it is a new year.  It is time to take a look back at 2012, and step out with some comments on 2013.
New commercial real estate lending started to come back in 2012.  Finally.
Here are my observations on the distinctive attributes of this come back, and my prediction of what it will look like in 2013:
Lessons from 2012:

Tough Times for Lenders
(posted 1 year 50 weeks ago)

Avoid a change if your bank lacks the ability or resources to implement it successfully. Instead, consider accepting low growth, managing the institution for cash and returning the excess capital to shareholders.

(posted 1 year 50 weeks ago)

On December 20th, ISS issued two extensive FAQs on their voting policies. A separate blog will cover the compensation items.
The non-compensation FAQs cover old ground in many respects, including ways to correct factual errors, engagement with ISS, policies related to poison pills and additional information on ISS’ specific definitions of director independence.
A few items worth noting include:

  • Steps issuers can take to reverse negative recommendations, and the necessary timing of such actions (page 5);

  • The factors that determine whether ISS believes an executive or director has pledged a significant amount of stock, the potential impact on director elections and how to mitigate a negative vote, including adopting a forward-looking anti-pledge policy and reducing the amounts pledged over time (pages 10-11); and

  • The types of responses to majority-supported shareholder proposals that ISS believes to be sufficient implementation with respect to popular governance proposals that sometimes pass, such as declassification, independent chair, majority voting, right to call special meetings, right to act by written consent and elimination of super-majority voting provisions.

(posted 1 year 50 weeks ago)