| President Obama Asks For GM’s Shakeup and Issues Chrysler An Ultimatum |
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March 30, 2009 Link
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President Obama is expected to make a formal announcement later today about his plans for the auto company’s request for additional bailouts, which have already been given some $17.4 billion in bailout funds. Submitted by Eliot G. Bastian.
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| Plan Confirmation Denied When Only “NO” Vote Came From An Oversecured Creditor |
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March 30, 2009 Link
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The debtor was a residential real estate development business. The land to be developed into 92 lots was worth an estimated $22,000,000. When the debtor could not pay or refinance its $12,000,000 first mortgage debt, a single asset bankruptcy case was initiated. Submitted by Vincent E. Mauer.
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| Secured Creditor/The IRS/Nondischargeability |
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March 30, 2009 Link
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The Sixth Circuit Bankruptcy Appellate Panel recently reminded secured creditors of two opportunities they have to improve the situation when a borrower pays to the Internal Revenue Service money generated by accounts receivable on which the secured creditor had a perfected security interest. Submitted by Vincent E. Mauer.
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| Recent Decision Reinforces the Importance of an Accurate UCC Financing Statement |
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March 23, 2009 Link
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Creditors have long known the importance of filing an accurate UCC financing statement. Nearly any error on such a financing statement can lead to the loss of the creditor’s priority to a subsequent creditor. Submitted by Matthew J. Horwitz.
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| TARP and Bank Directors and Officer Liability |
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March 20, 2009 Link
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Did your bank take or reject TARP funds? No matter how you answer that question, you may have a new interesting personal risk problem on your hands, if you are an officer or a board member. Submitted by William T. Repasky.
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| The Fourth Circuit Court of Appeals Reverses Bankruptcy Court’s Decision Which Narrowly Defined "Commodity Forward Agreement" |
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March 16, 2009 Link
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In a recent decision, In re National Gas Distributors, LLC 1, the U.S. Court of Appeals for the Fourth Circuit reversed and remanded a ruling of the U.S. Bankruptcy Court for the Eastern District of North Carolina, which had narrowly defined the term “commodity forward agreement”. Submitted by Joseph B. Wells.
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| Proposals Before the Ohio Legislature To Change Procedures in Foreclosure Actions on Residential Properties |
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March 6, 2009 Link
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With the number of mortgage foreclosures setting a new record (85,733 in 2008 according to the records of the Ohio Supreme Court), the Ohio Legislature will have several new bills to consider in an effort to protect both homeowners and tenants. Submitted by Gerald L. Baldwin.
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