On Friday, the Office of Thrift Supervision closed Imperial Savings and Loan Association, headquartered in Martinsville, Virginia, and appointed the FDIC as receiver.
A recent 7th Circuit Court of Appeals decision shows the risks of dealing with an entity known to be insolvent and demonstrates that claimants, however deserving, can expect little sympathy from the courts. (Fusion Capital Fund II, LLC v. Richard Ham and Carla Aufdenkamp No. 09-3723 decided August 2, 2010)
Yesterday, a federal judge preliminary approved a $125 million cash settlement for former shareholders of New Century Financial Corp. (“New Century”). New Century was the second largest subprime mortgage originator before it filed for bankruptcy in April 2007. In February 2008, Michael J.
On Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Ravenswood Bank, headquartered in Chicago, Illinois, and appointed the FDIC as receiver for the bank.
On Friday, the Oregon Division of Finance and Corporate Securities closed LibertyBank, headquartered in Eugene, Oregon, and appointed the FDIC as receiver for the bank.
On Friday, the OTS closed Bayside Savings Bank, headquartered in Port Saint Joe, Florida, and the Florida Department of Financial Regulation closed Coastal Community Bank, headquartered in Panama City Beach, Florida, and the agencies appointed the FDIC as receiver for the banks.
On Friday, the Georgia Department of Banking & Finance closed NorthWest Bank and Trust, headquartered in Acworth, Georgia, and appointed the FDIC as receiver for the bank.
On Friday, the Washington Department of Financial Institutions closed The Cowlitz Bank, headquartered in Longview, Washington and appointed the FDIC as receiver.
The following is a list of some recent larger US bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
GAMING
Riviera Holdings Corp., owner of Las Vegas’ Riviera Hotel & Casino, has filed for Chapter 11 protection.
RAZORS AND BLADES
Last week, the Federal Trade Commission announcedamendments to the Telemarketing Sales Rule (TSR) relating to the telemarketing of debt relief services, including new restrictions on advance fees charged by debt relief companies.