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Bankruptcy

Texas Lawyer Blog

Bankruptcy law: adversary proceedings, fraudulent transfers, preferences, creditor representation.
By J. Michael McBride

Post Frequency: 6.9/day

Last Entry: March 29, 2011 at 11:47:27

Misleading Articles/Coverage

Posted on June 08, 2010
As much as I can see how the storyline is compelling (evil BP secretly manipulates the internet searches of millions of people), the way this story is being told is totally wrong. OK, first the story: it has been reported that “BP has bought the phrase “oil spill” on google and yahoo”...

22 Yr Old Army Intel Analyst Arrested

Posted on June 07, 2010
?[A]n Army intelligence analyst who boasted of giving classified U.S. combat video and hundreds of thousands of classified State Department records to whistleblower site Wikileaks?? He was turned in by a man, Adrian Lamo, described as a former hacker, with whom he shared stories of his actions...

Ten Things to Know Before the Opening Bell

Posted on June 07, 2010
Although US trading has begun for the day/week (at the start of the day, markets started up slightly and are now sliding, but not dramatically), here is an article with a good list of things to watch: (paraphrased, with link below) Asian markets down; BP costs to contain up (at 27 mil per day); UK [...

Countrywide Financial Corp., Settles with Homeowners

Posted on June 07, 2010
The Federal Trade Commission has announced today that Bank of America will “provide refunds to homeowners who were overcharged before July 2008, when” Countrywide Financial Corp., “the company was bought by Bank of America”. “The agency began investigating the loan-servicing business of the company, since acquired by Bank of America, in 2008 amid complaints about fees [...

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Is Hungary the Next Domino to Fall?

Posted on June 04, 2010
Whether it is Hungary or Italy or some other European country, the Greek crisis is clearly not a Greek crisis, but a world wide debt crisis. The European powers, read Germany, came to Greece?s rescue and there has been a predictable cooling off period since that rescue package was announced and implemented...

It Arrives, the Oil Spill That is

Posted on June 02, 2010
“The U.S. Gulf Coast state of Alabama closed its oyster beds on Tuesday and discouraged swimming on its barrier island resort of Dauphin Island due to the presence of spilled oil, state authorities said.http://www.reuters.com/places/mexico oil spill was threatening more of the U...

Medical Tip of the Day

Posted on June 02, 2010
Avoid hospitals in July. ?Summer hospital horror stories aren’t just medical lore: The adjusted mortality rate rises 4% in July and August for the average major teaching hospital, according to the National Bureau of Economic Research. That means eight to 14 more deaths occur at major teaching hospitals than would normally without the turnover...

Their Debt is Downgraded to Junk

Posted on June 02, 2010
But it is not some foreign country enmired in an economic crisis of its own making. These issuers of now junk debt are 7 American cities. ?Think Greece and Spain are drowning in debt? Look a little closer to home. Seven U.S. cities recently had their municipal bonds downgraded below investment grade...

Social Trends for the ?Coming? Recession

Posted on May 26, 2010
We have all heard about the correlation between hemlines and the stock market, the lower the market goes the lower hemlines go. However, the good folks at The Socionomist (they can be found at www.socionomics.net ) have added things like baby names and colors of clothes and design and color of cars as well as [...

Triggers of US Upheaval

Posted on May 24, 2010
One author has reported that if the US economy experiences a precipitous drop, the trigger for such action could be some event seemingly unrelated event in a smaller European country. ?If the trouble starts — and it remains an “if” — the trigger may well be obscure to the concerns of most Americans: a missed [...

25 Companies Most Likely to Default

Posted on May 19, 2010
Here is an interesting article on the 25 companies which, according to the author, are most likely to default. Interestingly, along with several Greek institutions, four of those are Chinese companies. Here is a link: http://www.businessinsider.com/25-banks-default-2010-5#25-assured-guaranty-corp-1 Michael

Mad as Hell

Posted on May 19, 2010
Here is an amazing and troubling story. Angry crowds protest with signs and bullhorns, telling their story of economic woe to all who will listen?no, not in Thailand or Greece, but in DC. The protesting crowds of over 700 people surrounded the home of Bank of America deputy general counsel Gregory Baer...

Same Song, Different Composer

Posted on May 18, 2010
Here is a note from another respected Wall Street advisor saying the same thing that the folks at Elliottwave have been saying, as previously noted here: sell, sell, sell. ?WHOA! Richard Russell, the famous writer of the Dow Theory Letters, has a chilling line in today’s note: Do your friends a favor...

GM Earns Profit

Posted on May 17, 2010
Based on an increase in sales of its cars and cost reductions a result of its bankruptcy and other cost cutting moves, GM reported a profit of 865 million for last quarter, on revenue of 31.5 billion dollars, which was up 40%. Note that for the same period, Ford (which avoided bankruptcy and government loans) [...

A Case Against Kagen

Posted on May 13, 2010
Here is an interesting article which presents a cogent case against Supreme Court nominee Elena Kagen, but what makes this interesting and rare is the author?s perspective. Here is a sample: ?Second, I believe Kagan’s absolute silence over the past decade on the most intense Constitutional controversies speaks very poorly of her...

1 Trillion Euro Bail Out

Posted on May 10, 2010
In a move described as a financial shock and awe bail out package, European governments together with assistance from the Federal Reserve announced a bail out for weak European governments of over 1 trillion Euros. ?Stock futures skyrocketed Monday after European leaders agreed to a nearly $1 trillion rescue plan to avoid a major debt [...

Europe Tries to Solve Greek Debt Problem

Posted on May 07, 2010
In trying to convince markets (and themselves) that the Greek debt problem is a localized issue and not really spreading, European governments, which include the weaker ones, like Portugal and Italy, have a agreed to an initial bail out for Greece. Essentially, they will make Greece?s debt payments, so it does not default...

Dow Falling

Posted on May 06, 2010
At one point, the Dow fell almost 1,000 points while creeping back ?up? to a loss of only about 450 points. The papers are blaming the riots in Greece, but there are many studies which show that sometimes the same event will be blamed for a loss in a market and credited for an increase [...

Number of Bankruptcy Filings are Falling

Posted on May 05, 2010
According to the data compiled by Automatic Access to Court Electronic Records, the numbers indicate a decrease of personal and business bankruptcy filings. “The record for bankruptcy filings was 2.1 million in 2005. About 630,000 sought protection from creditors in U...

When Everyone is Super Optimistic?.Sell

Posted on April 28, 2010
Here is an example of one headline/article showing how everyone is highly optimistic. Under the Headline: ?Rosy earnings show that corporate America is back? the article says: ?The turnaround has yet to produce a dramatic increase in hiring, which isn’t expected until 2011 or later...

Euro Countries Argue Over Greek Bail Out Terms

Posted on April 27, 2010
Greece needs more bail out money to service its debts. Rich European governments, read Germany, agreed despite discontent from their population. Now German Chancellor Angela Merkel wants to discuss the banks who loaned large amounts of money to Greece (was that ever a wise thing?) taking a small haircut since they are now guaranteed payment [...

Ford Posts 2.1 Billion in Profits

Posted on April 27, 2010
In an exciting report, Ford announced that in the first quarter, it earned 2.1 billion in profit. Recall that only Ford was able to stay out of bankruptcy by selling (at a loss) its European car line (including Jaguar and Range Rover) and thus bulking up its cash position...

Deals on Houses

Posted on April 26, 2010
With the falling prices on housing, there are more deals to be had overall, but finding the right city/neighborhood is still a challenge. Here is an article which lists specific houses that are available (with pictures) that are good deals. Here is one example: ?Rowlett, Tex...

More Troubles for Greece, harbinger of things to come?

Posted on April 22, 2010
Troubles continue for Greece, where that country?s credit ratings have just been cut (http://www.businessweek.com/news/2010-04-22/greece-aid-fails-to-cut-downgrade-risk-moody-s-says-update2-.html ). ?Eurostat, meanwhile raised Greece’s budget deficit in 2009 to 13...

America.. a Plutonomy

Posted on April 20, 2010
One of my favorite columnists, Ed Wallace, explains in a recent article that America is a plutonomy, which CitiCorp defined in 2006 as: "A political economy, in which economic growth is powered and consumed mostly by a wealthy minority; as such, the economic growth of that society becomes dependent on the fortunes of that same [...

Lehman Sale Details Exposed, it had 1.2 billion in losses?

Posted on April 15, 2010
The Examiner appointed by the bankruptcy court overseeing the liquidation of Lehman Brothers has obtained permission from the court to open the records regarding the sale of Lehman?s assets. Among other things, it reveals that Lehman had a loss in excess of 1...

Dow Hits 11,000; Time to Sell

Posted on April 12, 2010
While the mood is still up and the Dow (perhaps only amongst markets) is high, everything I read says: Sell. From the folks at www.elliottwave.com : ?the market?s new recovery high ? extends the life of the bear-market rally, but the impetus for further gains is clearly waning...

Daimler (Mercedes) and Nissan/Renault to ? Create an Alliance (but not merge exactly)

Posted on April 08, 2010
Recall that Mercedes said not that many years ago that it was “merging” with Chrysler ? then once all the American born executives at Chrysler were moved out in lieu of German born ones, some people acknowledged that it was more of a purchase not a merger...

GM Loses 4.3 Billion?After Bankruptcy

Posted on April 08, 2010
GM lost 4.3 billion in the 6 months after it emerged from Chapter 11 reorganization, which it undertook to fix its debt problems. One can only respond to the news of GM?s post bankruptcy losses with: ?that?s never good.? One ?automotive turn around expert? responded to the news ? by blaming the ?bankruptcy stigma? ? [...

Best.Car.Ad.Ever

Posted on April 05, 2010
Unfortunately it was only shown in China. Cadillac V-Day : enjoy! http://www.youtube.com/watch_popup?v=SbuDRA4zNbw Michael

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