In 2013 yieldcos began their exponential climb as a financing vehicle for energy projects. Yieldcos were touted as a transformational vehicle for unlocking value in electric generation assets and reducing capital costs. In 2015 the yieldco market crashed down to earth, dropping 43 percent in average value. The tailspin has continued into 2016.

On January 1, 2016, the Uniform Voidable Transactions Act (UVTA) was enacted in Kentucky and can be found at KRS 378A.005 e seq.  The UVTA replaces KRS 378, which contained KRS 378.010, the Kentucky fraudulent conveyance statute, and KRS 378.060, the Kentucky preference statute.  Nationally, the UVTA will replace the Uniform Fraudulent Transfer Act (“UFTA”).  According to the Conference of Commissioners on Uniform State Laws, California, Georgia, Idaho, Minnesota, New Mexico, North Carolina, and North Dakota have joined Kentucky in enacting the UVTA. 

Much has been written of late about data breaches and the liabilities for the unauthorized acquisition of Personally Identifiable Information (PII) from institutions, including financial institutions. But what about when the alleged “breach”--the release of information --is voluntarily and/or legally compelled? What are the risks for creditors who take collateral, in security for the repayment of debt, containing PII data? What are the risks to businesses when they transfer assets that include PII? What liabilities do they face? What are the rights of customers?

Much has been written of late about data breaches and the liabilities for the unauthorized acquisition of Personally Identifiable Information (PII) from institutions. But what about when the alleged “breach”--the release of information --is voluntarily and/or legally compelled? What are the risks to businesses when they sell assets that include PII? What liabilities do they face? What are the rights of customers?

Radio Shack – The pioneer of PII data collection

Judge Rhodes has approved the plan of adjustment for Detroit to emerge from bankruptcy.  More analysis to come, but most critically for our purposes it affirms the Grand Bargain and the security of the collection of the Detroit Institute of Arts.  We’ll post the full opinion when it’s published, but notably, Nathan Bomey at the Detroit Free Press reported from the courtroom that Judge Rhodes praised the decision not to sell the DIA collection: “Maintaining the art at the DIA is critical to maintaining the feasibility of the city’s plan of adjustment and the city’s future.

BACKGROUND

Throughout the Detroit bankruptcy and the attendant speculation about what role, if any, the collection at the Detroit Institute of Arts that is owned by the city should play, a parallel parlor game has been to try to guess what Emergency Manager Kevyn Orr’s endgame and motivation really was.  He has dropped hints a

The Supreme Judicial Court of Massachusetts has answered a lingering  question about the interpretation of Massachusetts’s fine art consignment  law, G.L. c. 104A, § 2. Laying to rest any doubts about whether a written  agreement is required at the time of delivery to create a consignment  under the statute, the SJC has interpreted the 2006 amendments to the  law for the first time and clarified the roles of everyone involved.

After Syncora Capital settled its objections to the Detroit bankruptcy plan of adjustment, it looked like the battle over the Detroit Institute of Arts collection would subside.  Not so fast, it turns out.  A major contest looms next week with a remaining creditor, Financial Guaranty Insurance Corporation, over the valuation of the collection.  Just to recap, the creditors (including both Syncora and FGIC) submitted a valuation of the entire DIA collection that put the value between $8 billion, performed by Victor Wiener Associates, while DIA and the city advanced an appraisa

On Monday, we released three new research indices tracking distress in U.S. financial markets.   

The indices use Chapter 11 bankruptcy filing data to signal underlying financial distress which may not be reflected in broader stock market averages.  The indices and the full quarterly report can be found at www.distressindex.com.

The “FBT/TrBK Distress Indices” comprise three different measurements based on Chapter 11 filings: