Yesterday, the FDIC announced that it had entered into a purchase and assumption agreement to assume the assets and deposits of the recently created Independent Bankers’ Bank Bridge Bank (IBBBB). IBBBB was created by the FDIC on December 18, 2009, to take over the operations of The Independent Bankers’ Bank, headquartered in Springfield, Illinois.
CIT Group Inc.
Yesterday, the OCC closed Flagship National Bank, headquartered in Bradenton, Florida, and the FDIC was named as receiver.
On Friday, the OTS closed Bradford Bank, headquartered in Baltimore, Maryland, and named the FDIC as receiver.
On Friday, the new General Motors (GM) began operations with a new corporate structure, and is now primarily owned by the governments of the U.S., Canada and Ontario, along with the UAW Retiree Medical Benefits Trust. The result of an asset sale approved by the bankruptcy court on July 5, the new GM will narrow its focus to four core brands (Chevrolet, Cadillac, Buick and GMC). Also, the number of U.S.
The Securities and Exchange Commission announced yesterday that it has filed civil fraud charges against several entities and individuals who operate the Reserve Primary Fund, including its founder Bruce Bent and his son Bruce Bent II, “for failing to provide key material facts to investors and trustees about the fund’s vulnerability after as
On January 6, 2009, Senator Richard Durbin (D-IL) re-introduced H.R. 200, “Helping Families Save Their Homes in Bankruptcy Act.” First introduced in the fall of 2007 by Durbin in the Senate and by Rep. John Conyers (D-MI) in the House, this bill has been the subject of three hearings, but faces opposition primarily from Republicans and representatives of the mortgage industry.
A & F Enterprises, Inc. v. IHOP Franchising LLC (In re A & F Enterprises, Inc.), 2014 WL 494857 (7th Cir. 2014)
The Seventh Circuit has explicitly adopted the Second Circuit’s broad interpretation of the terms “transfer” and “settlement payment” in the Bankruptcy Code’s safe harbor provisions. See Peterson v. Somers Dublin Ltd., No. 12-2463, --- F.3d ----, 2013 WL 4767495 (7th Cir. Sept.
The usual Friday release of a large number of letter rulings by the IRS included several rulings of interest on reorganizations and consolidated return issues.