This article was first published on the Practical Law website and in the PLC Magazine in June 2016.
Challenger banks, which are set up to compete with the larger traditional banks, have seen rapid growth in the wake of increased openness to change in the banking sector and a desire for more consumer choice. Their clever targeting of niche markets is opening up plenty of scope for growth. While this opportunity does not come without difficulties, the rewards for challenger banks that succeed can be considerable.
As Dr. Seuss once famously wrote (Marvin K. Mooney, Will You Please Go Now), “THE TIME HAS COME, THE TIME IS NOW”. Good faith efforts to bargain with Chapter 9 of the Bankruptcy Code in the foreground must begin now if we want to emerge from this financial crisis.
As attention shifts from the global financial crisis of 2008–2009 to the global sovereign crisis that currently is affecting much of Europe, lawmakers are scrambling to create new laws and regulations designed to stave off the next financial crisis.[1] Meanwhile, a different threat quietly has been growing in America's states, cities, towns, municipalities, and other political subdivisions.
Introduction
The Supreme Court’s 2010-2011 term began in October, and it is expected to conclude by the end of April. We have been monitoring the decisions of our nation’s highest court and you may have already read some of the summaries of the major decisions written by Larkin Hoffman attorneys. This update provides a brief look at some of the cases that have been scheduled for oral argument since our last update in November.
© 2011 Bloomberg Finance L.P. All rights reserved. Originally published by Bloomberg Finance L.P. in the Vol. 5, No. 12 edition of the Bloomberg Law Reports—Bankruptcy Law. Reprinted with permission. Bloomberg Law Reports® is a registered trademark and service mark of Bloomberg Finance L.P.
We've all heard of Chapter 7 and Chapter 11 of the Bankruptcy Code, but what is Chapter 9? Chapter 9 provides a municipality protection from its creditors while it develops a plan to resolve or adjust its debts. Adjustment of a municipality's debt involves refinancing such debts to (i) extend the time to pay debt obligations or (ii) reduce the amount of interest on such obligations.
In its recent opinion in Jerome Listecki, as Trustee of the Archdiocese of Milwaukee Catholic Cemetery Perpetual Care Trust v. Official Committee of Unsecured Creditors, 2015 WL 1010089 (7th Cir.
Recently, Corinthian Colleges, Inc., one of the United States' largest for-profit educational conglomerations with 72,000 students across 107 campuses, filed (along with 25 affiliated subsidiaries) a chapter 11 voluntary petition for bankruptcy protection. Corinthian reported $19.2 million of total assets and US$143.1 million of total debts, and plans to liquidate.
On May 4, 2015, one of the largest for-profit post-secondary education companies in the United States and Canada, Corinthian Colleges, Inc., and 24 of its affiliates, filed voluntary chapter 11 petitions in the Bankruptcy Court for the District of Delaware. The cases are docketed as case no. 15-10952 and have been assigned to the Honorable Kevin J. Carey. The petition lists assets of approximately $19.2 million and liabilities of $143.1 million.