On March 8, the CFPB issued a final rule updating technical aspects of the upcoming periodic statement requirements for borrowers in bankruptcy under Regulation Z.

On March 8, 2018, the Consumer Financial Protection Bureau (CFPB or Bureau) finalized certain changes to its mortgage servicing rules. The Bureau issued a final rule1 to provide mortgage servicers with more flexibility and certainty regarding requirements to communicate with borrowers under the CFPB’s 2016 mortgage servicing amendments. 

Background

Bellflower Funding, LLC and Wall 123, LLC, two affiliates of the Woodbridge Group of Companies, LLC, have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case Nos. 18-10507 & 18-10508).

Orexigen Therapeutics, a biopharmaceutical company focused on the treatment of obesity based in La Jolla, CA, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-10518). According to the Petition, as of November 30, 2017, Orexigen had $265.1 million in assets and $226.4 million in liabilities.

In a unanimous ruling, the Supreme Court in Merit Management Group, LP v. FTI Consulting, Inc., 2018 WL 1054879 (Feb. 27, 2018) has made it easier for bankruptcy trustees to claw back money received as part of certain transactions, while emphasizing that bankruptcy law still protects the financial institutions that facilitate those transactions. The transfers at issue in Merit Management were not a debtor’s ordinary loan payments to a lender.

The Walking Company Holdings, a Santa Barbara, CA-based designer, manufacturer and retailer of comfort footwear and casual apparel, has, along with its wholly owned subsidiaries The Walking Company, Big Dog USA, Inc. and FootSmart, Inc., filed

Preference Claims: Elements: A preference is a transfer of property of a bankruptcy debtor that (1) was to or for the benefit of a creditor; (2) was on account of an antecedent debt; (3) was made while the debtor was insolvent; (4) was made within 90 days of the filing of the bankruptcy petition; and (5) allowed the creditor to receive more than the creditor would receive if the payment had not been made but the creditor receives what it would receive in a liquidation of the debtor.

"In God we trust. All others must bring data.” — W. Edwards Deming

With data being the new “coin of the realm,” those who control and exploit data have a winning advantage over competitors. This piece focuses on control of data in the unique situation of a cloud hosting provider’s bankruptcy.

HCR ManorCare, Inc., a national provider of short-term, post-hospital services and long-term care based in Toledo, Ohio, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-10467). HCR’s Petition estimates both its assets and liabilities to be between $1–$10 billion.

Jet Midwest Group, LLC, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-10395). The petition estimates the debtor’s assets and its liabilities to be between $10–$50 million. A claims and noticing agent has not yet been proposed.