As the U.S. and Europe impose sanctions against Russia, western banks are keeping closer tabs on their business dealings in the country. JPMorgan Chase's temporary hold on a Russian Embassy payment and the disruption of VISA services for SMP Bank could be just the tip of the iceberg.

BankThink
(posted 2 days 14 hours ago)

In previous blogs, I have written introductory information about the basic process in chapter 13 bankruptcy. In this next series of articles, I will discuss some of the issues surrounding chapter 13. In order to file chapter 13, you must be an individual with regular income. There are limits to the amount of debt you can have and still be eligible to file chapter 13. As of April 1, 2013 the limits are now $1,149,525.00 for secured debt and $383,175.00 for unsecured debt. These numbers are adjusted every three years. If you are close to these numbers, be sure and contact our office to get the current applicable limitations.The post Chapter 13 Bankruptcy appeared first on Tucson Bankruptcy Attorney.

(posted 2 days 14 hours ago)

If Huey Shen Wu, a U.S. research scientist who stole corporate secrets from his ex-employer,  is operating true to form, he fled to China before Delaware’s Court of Chancery, in an unprecedented move, issued what amounts to a warrant for his arrest.
Or he may still be hanging around, in Newark, Del., his last known residence, or in California, where he is believed to have family. For all anyone knows, Dr. Wu could be in Biscayne Bay, where, as Steely Dan once noted, the Cuban gentlemen sleep all day.
“It is unprecedented for the Court of Chancery to have to go to these lengths to enforce its orders,” said Martin Lessner, one of the lawyers pursuing Mr. Wu on behalf of high-tech fabric developer W.L. Gore & Associates, Inc. “It just doesn’t come up.”
Two lawyers who have represented Dr. Wu in the last leg of his ten-year run from the corporate law didn’t respond to invitations to comment on the incarceration order signed last week by Vice Chancellor Donald Parsons, a long-time member of a tribunal considered one of the nation’s premier business courts. One lawyer said his firm had joined the string of firms that no longer represent Dr. Wu. Dr. Wu could not be reached for comment.

WSJ.com: Bankruptcy Beat
(posted 2 days 14 hours ago)

NORTH OF THE BORDER UPDATE
This article has been contributed to the blog by Caitlin Fell and Jamie Rosenblatt. Caitlin Fell is an associate in the Insolvency & Restructuring group of Osler, Hoskin & Harcourt LLP and Jamie Rosenblatt is an articling student at Osler, Hoskin & Harcourt LLP.
In Re Colossus Minerals Inc. (2014), 2014 CarswellOnt 1517, 2014 ONSC 514 (Ont. S.C.J.), a debtor company filed a notice of intention to make a proposal under section 50.4(1) of the Bankruptcy and Insolvency Act (the “BIA”). Pursuant to section 65.13 of the BIA, the Ontario Superior Court of Justice approved the debtor’s proposed sale and investor solicitation process (the “SISP”). The Court also granted the other relief sought, including: a DIP Loan and DIP Charge, an Administration Charge, and a Directors’ and Officers’ Charge.
Proposals under the BIA

(posted 2 days 15 hours ago)

“They play easily, evenly and in tune, but foremost, have a great ‘traditional’ sound.”

Legendary trumpeter Doc Severinsen performing with his S.E. Shires horn
Mark Wood

That’s what musician Stephen Shires told a judge about the trombones and trumpets made by the Hopedale, Mass., business that he founded in 1995 and put into bankruptcy last week.
In court papers, Mr. Shires told a bankruptcy judge that instrument maker S.E. Shires Inc. has a purchase offer worth more than $1 million from an Eastman Music Co. division that intends to keep the business operating. The 40-worker company filed for protection in U.S. Bankruptcy Court in Worcester, Mass., last week after tax collectors—in pursuit of unpaid debts—went after the company’s bank account.

WSJ.com: Bankruptcy Beat
(posted 2 days 15 hours ago)

Bankers are kidding themselves if they think bank-like supervision will ultimately catch up with nonbanks. Expect to compete on the current playing field, however uneven it may be.

BankThink
(posted 2 days 18 hours ago)
Robert Galbraith/Reuters

Hundreds of former Dewey & LeBoeuf employees last week took one step closer to recovering money from the remains of the bankrupt law firm.
In a Thursday ruling, Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan concluded that Dewey did not give its employees adequate written notice of mass layoffs in the weeks before its May 2012 closure.
The decision keeps alive a class-action lawsuit brought on behalf of 430 former employees in New York and Washington, D.C., alleging Dewey violated the federal Worker Adjustment and Retraining Notification, or WARN, Act.
Under the law, companies with more than 100 employees must give 60 days’ written notice of impending layoffs. (Some states, including New York, have their own version of the law with a lower employee threshold or longer notice period.)

WSJ.com: Bankruptcy Beat
(posted 2 days 18 hours ago)

Momentive Performance Materials Inc., a silicone and quartz producer owned by Apollo Global Management LLC, filed for Chapter 11 bankruptcy Sunday on the eve of a $60 million interest payment it couldn’t afford to make. Read the Daily Bankruptcy Review article via 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.”)
According to Reuters, Brazilian businessman Eike Batisa is being investigator for alleged insider trading while leading his oil and shipbuilding companies that are in bankruptcy.
Bloomberg looks at the struggle ahead for Mary Barra, the chief executive of General Motors Co., which failed to respond to auto-safety complaints for more than a decade.

WSJ.com: Bankruptcy Beat
(posted 2 days 19 hours ago)

Breaking News This Morning ...

Citi Earnings: Citigroup reported a 4% rise in quarterly profits year-over-year, besting analyst estimates. Similarly to Wells Fargo, however (see below), revenue at Citi fell slightly year-over-year. Wall Street Journal, New York Times Receiving Wide Coverage ...

Wells, JPM Earnings, Take Two: A few news outlets are out with second takes on Friday morning's bank earnings. (Quick recap: Wells was up; JPMorgan Chase was down.) "Wells Fargo's ascension punctuates the industry upheaval that...

BankThink
(posted 2 days 19 hours ago)

A group of investors representing over $13 trillion in assets and led by Ceres’s Investor Network on Climate Risk recently submitted recommendations to various global stock exchanges for a uniform mandatory stock exchange standard on corporate environmental, social and governance (ESG) reporting. These recommendations follow Ceres’s April 2013 consultation paper on this topic.

(posted 2 days 19 hours ago)