Effective tomorrow, October 16, 2014, the filing deadline for pleadings filed with the United States District Court for the District of Delaware will be 6:00 p.m. prevailing Eastern Time. Per the letter from Chief Judge Leonard Stark, “the 6:00 p.m. Eastern Time deadline applies to every filing and service deadline in every case in the District of Delaware, other than initial pleadings.” The new rule also applies to exchanges of discovery requests and discovery responses, even if hand-delivered.
Bankruptcy practitioners should be advised that, per Chief Judge Stark, the new deadline DOES APPLY to bankruptcy appeals and any other bankruptcy-related cases to the extent those cases are on the District Court’s docket.

(posted 6 days 10 hours ago)

ISS has published its draft 2015 voting policies for public comment, which are due on October 29. The final release is expected around November 7 and any new updates will apply for meetings taking place on or after February 1, 2015.

(posted 6 days 13 hours ago)

Rhode Island’s Donald W. Wyatt Detention Facility has struggled since officials at U.S. Immigration and Customs Enforcement pulled out their detainees in 2008, following the death of a Chinese national held there. That pullout happened shortly after the facility expanded to hold 770 detained people.
The detention center, which owes about $97.3 million in bonds, was taken over by an outside financial professional earlier this year.
The facility is supposed to kick in money to the city of Central Falls, R.I., which had its own financial problems and eventually filed for bankruptcy in 2011. When the city’s lawyers redrew revenue forecasts as part of its financial revival, lawyers pointed out that they hadn’t been getting—nor did they expect to receive—payments from the facility, which takes in detained people from Rhode Island, Connecticut, Massachusetts, New Hampshire, Maine and Vermont, according to its website.
An article in Wednesday’s Wall Street Journal shows how some cities and states that took on risk to build jails or prisons are hurting after crime unexpectedly fell and the inmate population declined.

WSJ.com: Bankruptcy Beat
(posted 6 days 13 hours ago)

Co-hosts Chris Cahill and Alicia Purdy are joined each week by a guest to discuss the basics of angel investing, crowdfunding, private equity, venture capital, hedge funds, and other investment vehicles beyond publicly traded securities. The program, which premiered on September 25th, is available through iTunes; Stitcher, or on Libsyn.
Past and confirmed guests include investment advisors, attorneys, fund managers, and founders of such companies as Ace Portal; Early Shares; Fund Wisdom; InvestedIn; Loquidity; Realty Mogul; OfferBoard; The Soho Loft; and Sprott Global.
AIMkts Radio is the audio sister to AccreditedInvestorMarkets.com, the Internet’s most comprehensive and unbiased educational resource about crowdfunding, angel investing, venture capital, private equity, private shares, and other investment classes beyond publicly traded stocks and bonds. Unbiased and beholden to no one, AIMkts Radio does not accept advertising from financial advisors, brokers, or issuers.
About Financial Poise Radio Productions: Financial Poise Radio Productions is a wholly owned subsidiary of DailyDAC, LLC. DailyDAC, LLC owns and operates a growing suite of web-based properties devoted to providing education and news to investors, private business owners, C-level executives, and their respective trusted advisors

(posted 6 days 13 hours ago)
Marc Dreier
Associated Press

Marc Dreier won’t be leaving prison after all.
As Bankruptcy Beat has detailed, the disgraced former lawyer was scheduled to appear later this month in a New York courtroom to testify in a lawsuit tied to the bankruptcy of Mr. Dreier’s defunct law firm.
The suit, against a hedge fund that allegedly profited from Mr. Dreier’s long-running fraud, was settled Wednesday. The deal means Mr. Dreier can stay in the low-security federal prison in Minnesota where he’s serving out a 20-year sentence—the outcome he had been hoping for all along.

WSJ.com: Bankruptcy Beat
(posted 6 days 14 hours ago)

The risk that a trader will mistakenly enter an incorrect stock order is on the rise as mobile- and cloud-based platforms become more popular.

(posted 6 days 14 hours ago)
Tundra, the wolf grabs a popsicle made of chicken broth at Oatland Island Wildlife Center in Savannah, Ga., on July 2, 2014.
Steve Bisson/Associated Press

A Colorado wolf sanctuary filed for bankruptcy, blaming the devastation from the High Park wildfire that scorched roughly a third of the 162-acre property where its 30 wolves roam.
Sanctuary officials had to leave the nonprofit’s LaPorte, Colo., property for nearly a month after the fire broke out in June 2012, said W.O.L.F. Sanctuary (Wolves Offered Life & Friendship) executive director Shelley J. Coldiron.
The fire—one of the worst in the state’s history—burned about 87,000 acres and destroyed more than 250 homes. The sanctuary lost several sheds and storage facilities to the blaze and is still fighting an insurer to pay for $60,000 to cover the damage. The property has also flooded; some of the fire-scorched earth no longer absorbs water.

WSJ.com: Bankruptcy Beat
(posted 6 days 15 hours ago)

This article has been contributed to the blog by Ziyi Shi. Ziyi Shi is an associate cross-appointed to the Corporate Group and the Insolvency Group of Osler, Hoskin & Harcourt LLP.
In lengthy insolvency proceedings, interest accrued on existing claims during the “post-filing” period can represent a substantial portion of the debtor’s estate. In Re Nortel Networks Corporation et al, 2014 ONSC 4777, the Ontario Superior Court (the “Court”) ruled on whether the holders of unsecured bonds of the now-defunct Nortel group (“Nortel”) could assert a claim to post-filing interest in proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”).
The ensuing decision, in which Justice Newbould of the Court rejected the post-filing interest claim on the basis of the Canadian “interest stops” rule, could be of consequence for future rulings under both the CCAA in Canada and Chapter 11 proceedings in the US.

(posted 6 days 15 hours ago)

The Office of the Circuit Executive for the United States
Third Circuit announced today that Laurie Selber Silverstein, Esq., of Potter
Anderson Corroon LLP, has been tentatively selected to fill Judge Walsh’s
vacant seat on the Delaware Bankruptcy Court following His Honor’s retirement
at the end of this year.  Ms. Silverstein currently heads the Bankruptcy
and Corporate Restructuring practice of Potter Anderson and has over 27 years
of experience in the field. Read More ›
Tags: Announcements

Delaware Bankruptcy Insider
(posted 6 days 15 hours ago)

facebookHistorically, people who have experienced crushing debt have faced seemingly endless harassing phone calls from debt collectors.  Consumer protections are in place to help limit the worst of these calls.  Debt collectors have now moved on to a new technology to attack Americans who struggle to make ends meet.  Now the collectors have taken to social media.
Debt Collectors on Facebook?
The Pittsburgh Post-Gazette reported on the case of a man who says his experience with a collection agency that was hired to collect his student debt went from being merely annoying to borderline cyber-stalking.  The man’s student debt had ballooned well into six-figures due to non-payment, so in 2012 he hired an attorney and accountant to set up a payment plan.  He thought he was taking the proper steps to resolve the situation, and that harassment from collectors would stop.

(posted 6 days 15 hours ago)