On Friday, American International Group, Inc. (AIG) released its results for the fourth quarter and full year 2009. AIG reported a Q4 net loss of $8.9 billion, bringing 2009’s total net losses to $10.9 billion.
On Friday, the Florida Office of Financial Regulation closed Premier American Bank, headquartered in Miami, Florida, and the FDIC was named receiver.
Yesterday, the Missouri Division of Finance closed Gateway Bank of St. Louis, headquartered in St. Louis, Missouri, and the FDIC was appointed as receiver.
On Friday, the FDIC was named as receiver for two failed subsidiaries of Irwin Financial Corporation, headquartered in Columbus, Indiana.
Yesterday, the Oregon Division of Finance & Corporate Securities closed Community First Bank, Prineville, Oregon, and named the FDIC as receiver.
Today, after an extended auction, the OTS closed BankUnited, FSB, headquartered in Coral Gables, Florida and named theFDIC as receiver.
As required by the terms of the emergency assistance provided by Treasury last December, General Motors Corp.
Over the past several weeks, several additional Lehman Brothers affiliate entities filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. For procedural purposes, these bankruptcy petitions will be jointly administered along with the petition filed by Lehman Brothers Holdings, Inc., the lead debtor. These entities include:
Changes may be coming to the Bankruptcy Code’s safe harbor provisions.[1] In 2012 the American Bankruptcy Institute established a Commission to Study the Reform of Chapter 11 (the “ABI Commission”), composed of many well-respected restructuring practitioners, including two of the original drafters of the Bankruptcy Code, whose advice holds great weight in the restructuring community.