In re Joan Fabrics Corp., 508 B.R. 881 (Bankr. D. Del. 2014) – The buyer of assets in a bankruptcy sale sought to enforce its asset purchase agreement against a county that was seeking to collect personal property taxes arising … Continue reading →

(posted 1 week 4 hours ago)

A quick note on a couple of events today that might be of interest to Slips readers:
First, I'm participating in an ABI webinar about "chapter 14" and related topics.
Second, I'll be testifying in front of the House Judiciary Committee on proposed legislation to add a subchapter V to chapter 11, for financial institutions.
Otherwise, resume your summer and I'll bother you no more.

Credit Slips
(posted 1 week 6 hours ago)

This is a very important question if you have Student Loans that you still owe.  It may have been a long time since you took out the Student Loans or the name of the company to whom you are writing the check may have changed.
But, this is a very important question to ask.  The reason why this is so crucial is that there are certain flexibilities and programs to alter the terms of your payments that are only available on Federal Loans.  If you have a Private Student Loan, you will not be eligible for these reductions in payments.
So, how do you know if the loan giving you so much trouble is a Federal Loan or a Private Loan?
Simply go to this website-  WWW.NSLDS.ED.GOV and put in the information requested when requested at the followinga page, including your PIN-  https://www.nslds.ed.gov/nslds_SA/SaFinLoginPage.do
(If you cannot remember your PIN, go this webpage to retrieve or change it-  https://pin.ed.gov/PINWebApp/pinindex.jsp  )
Once you have entered the information on the NSLDS page, including your PIN, you will receive a list of all of your Federal Student Loans.  If the loan giving you the difficulty is not on that list, it is a Private Student Loan.  How to resolve your dilemma or default will be greatly different depending on whether you are dealing with a Federal Loan or a Private Student Loan.

Scholnick Law
(posted 1 week 11 hours ago)

Sherman passed in late March, 2014 in Leawood, Kansas.
He attended Case Western Reserve University in Cleveland where he obtained his BA in Journalism and History and his LLB and JD Law degrees. After graduation he worked at the Department of Labor in Washington, DC and then formed his own law firm in Cleveland, OH. He later pursued business management and consulting in the Kansas City area. He also taught graduate level classes in marketing and business management at Webster University and authored several articles and business publications focused on family-owned business.
Sherman was a long-standing member of The Temple, Congregation B’nai Jehudah and Leo Baeck Temple, Los Angeles, CA. He served for many years on B’nai Jehudah’s Board of Trustees and also served on several other community Boards.
He was preceded in death by his parents and a daughter, Stacey Titens Wizig, in 2010.
Sherman is survived by his wife of 55 years, Peggy Titens, of the home; son and daughter-in-law: Michael and Stacey Titens, Dallas, TX; daughter: Joan Titens, New York City, NY; son-in-law: Howard Wizig, Leawood, KS and three grandchildren: Marissa Wizig, Hayley Wizig and Josh Titens.

(posted 1 week 13 hours ago)

Valuation Fights in Bankruptcy Webinar is now available on demand.
The key battles in Chapter 11 often revolve around valuation disputes.  Valuation comes up early in a case, in the context of lift stay and financing motions.  It typically comes up again near the end in the context of confirmation battles.  And, valuation plays an important role in between.  This webinar will provide an overview of the varying contexts where valuation is a key driver and will discuss how courts arrive at decisions regarding value in various circumstances.
This webinar is produced in conjunction with The Commercial Law League of America and offers CLE credit for attending.
Click here to register for this webinar. Cost for this one-hour webinar is $100.

(posted 1 week 13 hours ago)

How to Lift the Automatic Stay premieres on July 15, 2014 at 12pm CT.  The automatic stay is one of the most potent remedies a bankruptcy offers but it is not absolute. A creditor can ask a bankruptcy court to “lift” the automatic stay to permit the creditor to proceed as if the bankruptcy didn’t happen. When and how does a creditor do this? This webinar will provide a comprehensive overview of the automatic stay, procedural rules, and practical applications of stay relief in a variety of contexts.
The expert panel will include:

  • Jonathan Brand, LakeLaw
  • James Hays, Gonzalez, Saggio, & Harlan LLP
  • Ashley McDow, BakerHostetler
  • Adam Nach, Lane & Nach, P.C.

Click here to register. Cost for this one hour webinar is $100.00.
This webinar is being produced in conjunction with The Commercial Law League of America and will offer CLE credit.

(posted 1 week 13 hours ago)

This is the third post in our Bitcoin Bankruptcy series on the Weil Bankruptcy Blog.  In the spring of this year, the shutdown of Japanese bitcoin exchange Mt. Gox made us think about what might have happened if Mt. Gox were a U.S.-based bitcoin exchange.  We began the series by taking a general look at what bitcoins are and how they work, and then we started to consider whether a hypothetical U.S.-based bitcoin exchange would be eligible to file for chapter 11 relief.

Our last Bitcoin Bankruptcy post concluded that a U.S.-based bitcoin exchange likely would be eligible for chapter 11 relief unless it were a stockbroker, commodity broker, or a bank that is not a multilateral clearing organization.  Today, we examine whether a bitcoin exchange might constitute a “stockbroker” under the Bankruptcy Code.
The Text of the Bankruptcy Code

(posted 1 week 21 hours ago)

A recent report from the Center for Responsible Lending finds that debt settlement companies frequently fail to settle the bulk of their clientsÂ' debts, leaving them in even weaker financial positions.

BankThink
(posted 1 week 22 hours ago)
A Coldwater Creek store in downtown Seattle.
Associated Press/Elaine Thompson

Last week’s auction of Coldwater Creek’s store leases raised an extra $1.7 million for creditors of the bankrupt women’s clothing chain. But who bought them?
Court papers show that fellow retailers J. Jill, Forever 21, Lane Bryant and Maurices were among the winning bidders at the July 8 auction.
J. Jill Group Inc., a women’s clothing chain that targets the same demographic as Coldwater Creek did before its shutdown this spring, scooped up leases to four stores for $125,000. The leases are to stores located in Arlington, Texas; Hunt Valley, Md.; Sacramento, Calif.; and Southlake, Texas.

WSJ.com: Bankruptcy Beat
(posted 1 week 23 hours ago)

diana kanderDiana Kander is a successful entrepreneur, having founded and sold a number of ventures, and is a Senior Fellow at the Ewing Marion Kauffman Foundation, the largest non-profit in the world dedicated to entrepreneurship and education. A Georgetown-educated attorney, Diana draws on her experience as a founder, investor, and academic to design and implement curriculum in educational institutions and the private sector. AIMkts recently sat down with Diana to discuss her latest venture, “All in Startup” and what entrepreneurs are thinking, that investors should know.
Read the entire interview, here.

(posted 1 week 1 day ago)