Many active-duty service members are unaware that they are eligible to postpone mortgage payments under the Servicemembers Civil Relief Act. A group of major financial services companies have pledged to improve communication about this option, according to the Financial Services Roundtable's Tim Pawlenty and John Dalton.

(posted 6 days 23 hours ago)

Stanziale v. Heico Holdings, Inc. (In re Conex Holdings, LLC), Adv. No. 13-50941 (CSS), 2014 WL 3883712 (Bankr. D. Del. Aug. 8, 2014)
In this short Memorandum Opinion, the Bankruptcy Court dismissed a chapter 7 trustee’s claims for breaches of fiduciary duties against certain officers and directors under Texas common and statutory law.  In doing so, Judge Sontchi held that the trustee failed to plead facts with any specificity as to how each officer and director breached his duties.  However, the Court allowed the trustee leave to amend his complaint within 30 days to allege more specific allegations. Read More ›
Tags: Fiduciary Duties, Pleading Standards

Delaware Bankruptcy Insider
(posted 1 week 38 min ago)

Pride, greed, sloth and envy are just a few of the potential stumbling blocks in the management of banks' bond portfolios, writes David G. Barnes.

(posted 1 week 1 hour ago)

Mercator Minerals Ltd.’s Mineral Park Inc. unit filed for Chapter 11 bankruptcy protection Monday, seeking a buyer for assets that include a producing copper-molybdenum mine near Kingman, Ariz. Ready the Daily Bankruptcy Review article here.
(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.”)
Some of the country’s largest financial institutions say Lehman Brothers Holdings Inc. needs to set aside $12.14 billion to settle claims over certain soured mortgage loans, DBR reports via The Wall Street Journal. Bankruptcy Beat
(posted 1 week 2 hours ago)

Receiving Wide Coverage ... Sued: Several hedge funds have sued Bank of New York Mellon over its trustee role in overseeing payments from bonds on which Argentina defaulted in 2001. The suit, filed in London, seeks access to the interest payments the funds claim they are owed, after a federal judge blocked the payments last month. Wall Street Journal Â...

(posted 1 week 3 hours ago)

Authored by J. Ellsworth Summers, Jr.and Scott St. Amand of Rogers TowersIn numerous previous posts, we have noted that the purpose of the Bankruptcy Code is to help the “honest but unfortunate debtor.”  Like gerrymandering, certain “creative” debtors have attempted to classify their non-dischargeable debt as a separate, special class of unsecured creditors.  In a recent case out of the Eighth Circuit, In re Copeland, the court summarily dismissed the debtors’ argument that they had not unfairly discriminated against their other unsecured creditors.

Florida Banking Law Blog
(posted 1 week 3 hours ago)

In re 2408 W. Kennedy, LLC, 512 B.R. 708 (Bankr. M.D. Fla. 2014) – A commercial landlord sought relief from the automatic stay so that it could complete prepetition eviction proceedings against the debtor. The debtor objected, arguing that it … Continue reading →

(posted 1 week 5 hours ago)

The smart investor is always on guard against potential fraud. Thorough due diligence is the best way to protect yourself against falling prey to an unscrupulous or deceptive investment opportunity, but you don’t have to go it alone.
What resources are available to help? Plenty.
AIMkts Managing Editor, Adam Schlagman, explores the fraud resources available to investors. Read the full article here.

(posted 1 week 7 hours ago)

Editor’s Note: Each state has different laws when it comes to enforcement of money judgments, including those relating to private student loans. This article works with the laws of the State of California; if you live anywhere else, talk with a lawyer in your state about your individual situation.
After the private student loan lawsuit comes the judgment. For California residents, this could be better or worse – depending on your situation.
We’ve talked about why a student loan lawsuit may not be a bad thing, but you should weigh your options before allowing the private student loan debt go to judgment.
How Long Is A Judgment Valid?
Under California law, a money judgment is valid for a period of 10 years from the date of entry.
The judgment may be renewed for an additional 10 years, but only if the application for renewal of the judgment is filed before the expiration of the 10-year period of enforceability.
Once the first renewal is made, the creditor can renew again for successive 10 year periods of time.
All in all, the private student loan judgment can be renewed for as long as you live.

(posted 1 week 8 hours ago)