In re MacKeyser Holdings, LLC, No. 14-11550 (CSS) (Bankr. D. Del. Aug. 7, 2014) [Transcript Ruling]
In the recently filed chapter 11 proceedings of MacKeyser Holdings, LLC and its affiliated debtors (“Debtors”), the Debtors sought to retain Hammond Hanlon Camp (“H2C”) as their exclusive investment banker under sections 327 and 328 of the Bankruptcy Code.  H2C’s proposed engagement agreement included a provision disclaiming its role as a fiduciary to the Debtors.  More specifically, it provided that “H2C shall act as an independent contractor under this Agreement and not in any other capacity including any fiduciary capacity.” Read More ›
Tags: Employment and Retention, Insider's Scoop

Delaware Bankruptcy Insider
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Though leveraging credit prescreening can be complicated, organizations that are proactive in developing clear policies and processes can safely market themselves to desirable customers, according to consultant Rich Walker.

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A small hospital in Bloomington, Ind., has filed for bankruptcy with an eye-popping $134 million worth of debt.
Officials at Monroe Hospital, which has 32 beds but only cares for an average of eight patients, told a federal judge that the hospital owes about $121.8 million to a real estate investment trust that is both its landlord and lender.
The 315-worker hospital is located in the college town’s (home of Indiana University) southern suburbs on land owned by an affiliate of publicly traded Medical Properties Trust Inc., which also extended a loan to the hospital, according to documents filed Friday in U.S. Bankruptcy Court in Indianapolis.
For such a small facility, the hospital is carrying quite a debt load, experts said.
“This is an enormous amount of debt,” said Mary Lane, a bankruptcy attorney with Mitchell Silberberg & Knupp LLP in California who specializes in health-care reorganizations. Another expert in that area, Dawn Gideon of the Huron Consulting Group , agreed that the debt amount “appears to be an extremely high number” for the hospital’s size.
An official for Medical Properties Trust declined to comment, though hospital officials provided a few details in court papers on where the numbers came from: Bankruptcy Beat
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The Council of Institutional Investors (CII) sent a letter to Keith Higgins, the director of the SEC Division of Corporation Finance, related to the Dodd-Frank requirement for the SEC to promulgate rules for disclosure of the link between executive pay and company performance. Companies must provide a “clear description” of the relationship between executive compensation “actually paid” and the “financial performance of the issuer, taking into account any change in the value of the shares of stock and dividends of the issuer and any distributions.” These highlighted areas represent several challenges for interpretation in formulating rules.

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Embattled for-profit education company Corinthian Colleges Inc. will likely need to raise more money in order to complete its plan to sell the majority of its Everest, WyoTech and Heald campuses during the next six months, the company said Wednesday. Read 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.”)
Detroit creditor Syncora Guarantee opposed the city’s bankruptcy plan, the Associated Press reports.
The company that bought Saab out of bankruptcy is now facing its own financial threats, The Wall Street Journal reports. Bankruptcy Beat
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Receiving Wide Coverage ...

What Housing Rebound? That must have been a dream. Two reports in Wednesday's papers served as ice-cold buckets of water on any hope you may have had that the value of your home was surging. First, the Journal reported on a National Association of Realtors release, which said single-family housing prices rose 4.4% in the 12 month-period that ended in the second quarter; that's the slowest annual pace since 2012. In sum,...

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Mark your calendars for the annual Montana Bankruptcy Section CLE to be held September 4-5, 2014 in Missoula.  Guests will include Judge Frank Alley from Oregon, Judge Ralph Kirscher from Montana and Judge Rosemary Ganbardella from New Jersey.  Many other interesting panels and experts will be doing presentations.  For those that are interested in bankruptcy, Andy Patten and April Boucher will be presenting a panel on bankruptcy basics.  There will be a panel of experts discussing Morrow v. Bank of America.  You can find the brochure here.Bankruptcy_CLE_brochure1

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A consumer facing a insurmountable financial burden many times pursue either a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy provides a consumer relief in the form of what is known as a discharge from a good portion of his or her debts. On the other hand, relief in a Chapter 13... Read more »
The post I Just Received a Motion for Relief from Stay: What Do I Do? appeared first on AllmandLaw.

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When my clients ask, "Why is the trustee looking so closely at my bankruptcy case?" I tell them about trustee appointments.  Chapter 7 trustees are private attorneys appointed to a panel by the Department of Justice.  Trustees are paid only $65.00 per case according to statute and that is the full payment for approximately 95 percent of their cases.  By looking closely at benkruptcy schedules, in about 5 percent of their cases, trustees are able to identify assets.

Drescher Law
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There is a right way and a wrong way to deal with debt.  The right way requires courage to take action.  This article provides an effective plan to determine whether filing bankruptcy is the right answer.   
1. How Many Months to Become Debt Free?
The answer to this question is essential and requires work.  We need to know household income and household expenses.  The left over money is used to pay credit card and medical bills.  Bankruptcy may be the solution if it will take too many months to become debt free.     

Fresno Bankruptcy Law Blog
(posted 1 week 2 days ago)