Much has been written of late about data breaches and the liabilities for the unauthorized acquisition of Personally Identifiable Information (PII) from institutions. But what about when the alleged “breach”--the release of information --is voluntarily and/or legally compelled? What are the risks to businesses when they sell assets that include PII? What liabilities do they face? What are the rights of customers?
Radio Shack – The pioneer of PII data collection
Illinois legislators are considering a bill that would amend the Illinois Municipal Code to allow municipalities and other local government entities to file for bankruptcy. Representative Ron Sandack (R-Downers Grove) has called it a “measure of last resort” for municipalities with increasing debts, including police and firefighter pension obligations. Governor Rauner has indicated previously that he supports the concept, and local leaders are evaluating the need for such protection in light of dire fiscal projections.
Clients always ask what to bring to their 341 Meeting of Creditors. This question is often asked multiple times by the same person. The 341 Meeting of Creditors is often an unknown. Most of my clients, it is their first time filing bankruptcy and they are nervous about the meeting. Never fear. When attending your 341 Meeting of Creditors, you need to bring with you:
Two recent decisions of the US District Court for the Southern District of New York may complicate future debt exchange offers. The cases address the validity, under the Trust Indenture Act of 1939, as amended (the Act), of indenture amendments that delete substantive covenant protections in the context of out-of-court debt restructurings. Such amendments are a common feature of debt exchange and cash tender offers and are often essential to achieve a restructuring outside of bankruptcy court.
On April 7, 2015, Everyware Global, Inc. and 12 affiliates filed a prepackaged chapter 11 case in Delaware. Affiliates include such names as Oneida, Anchor Hocking, Kenwood Silver, Sakura and Universal Tabletop. The case is docketed as case no. 15-10743 and has been assigned to the Honorable Laurie Selber Silverstein. A chapter 11 plan and disclosure statement has been filed with the petition.
A recent decision by the Bankruptcy Court for the Southern District of New York may enhance the ability of bankruptcy trustees and creditors committees to challenge allegedly fraudulent transfers that could qualify for protection under the “safe harbor” of section 546(e) of the Bankruptcy Code.
What if I Forget to Bring My Social Security Card?
If you were to happen to forget to bring your Social Security card to your 341 Meeting of Creditors and I am your attorney, my head will spin around exorcist style and fire will come out of my mouth. Just kidding, maybe. Honestly, if you were to forget your Social Security card or misplace it prior to the meeting (both have happened to my clients, multiple times) it is not the end of the world…or your bankruptcy case.
The bankruptcy case of Energy Future Holdings (EFH) and its affiliates has already provided the Delaware bankruptcy court occasion to tackle a number of important bankruptcy questions, including the propriety of using tender offers to settle noteholder claims during the pendency of the case.