Trustee in Opus East Bankruptcy Files Preference Actions in Delaware
Posted on January 23rd, 2012
Last month, Jeoffrey Burtch, the Chapter 7 Trustee (the “Trustee”) in the Opus East bankruptcy filed approximately 90 preference actions against various defendants. As stated in his complaints, the Trustee “seeks to avoid and recover … all preferential transfers of property made for or on account of an antecedent debt made to or for the benefit of the Defendant by the Debtor during the ninety-day period prior to the filing of the Debtor’s bankruptcy petition under 11 U.S.C. sec.
Tags: Actions, East Bankruptcy, Opus East Bankruptcy, Preference Actions
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Timeless Financial Wisdom in Honor of Chinese New Year
Posted on January 17th, 2012
If you thought your New Year’s revelries were over for the next 12 months, think again! Chinese New Year is Jan. 23, and around the world billions of people will celebrate the arrival of the 4,710th year in the Chinese calendar.
Anything that’s been around for that long probably has some wisdom to impart, don’t you think? Here are a few timeless tidbits of Chinese wisdom – and our thoughts on how they can apply to your financial life as you celebrate Chinese New Year:
- Count not what is lost, but what is left – This one may be particularly appropriate if your investments had a rough time in 2011! It may also ring true for you if you indulged in some overspending this past holiday season. Instead o
Tags: Chinese New, Chinese New Year, New Year, Year
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Decision in Crucible Materials Requires Preference Claims to Contain More Than Just Recitations of the Code
Posted on January 3rd, 2012
Summary
In a 12 page decision signed July 6, 2011, Judge Walrath of the Delaware Bankruptcy Court granted a motion to dismiss, holding that a complaint that sets forth only conclusory allegations parroting the statutory language of the Bankruptcy Code is insufficient. Judge Walrath’s opinion is available here (the “Opinion”).
Background
Crucible Materials Corporation (“Crucible”) produced steel products, primarily for automotive manufacturers. Following the disruption in the American auto industry, Crucible filed for bankruptcy. Judge Walrath confirmed the plan of reorganization of Crucible and certain of its affiliates (the “Debtors”) on August 26, 2010. At the same time, Richard D. Caruso was app
Considering Purchasing A Work-At-Home Program? The FTC’s Business Opportunity Rule Is Here To Help
Posted on December 12th, 2011
The Federal Trade Commission (FTC)s Business Opportunity Rule has been approved for changes that will ensure consumers have information needed when considering buying a work-at-home program or other similar business opportunities.
Now simplified are the disclosures that business opportunity sellers must provide to prospective buyers. The disclosures will help consumers considering a purchase of such a program to asses the risks of buying a business opportunity and minimizing compliance burdens on businesses.
The Final Rule will be effective March 1, 2012 and applies to business opportunities previously covered under the Rule but will now effect and apply to work-at-home offers such as envelope stuffing and craft assembly opportunities.
The final Rule requires business opportunity sellers to give consumers specific information to help them evaluate a business opportunity.
Tags: Business Opportunity, Business Opportunity Rule, Opportunity Rule, Rule
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Watch Out! Top Holiday Identity Theft Scams
Posted on December 6th, 2011
Tis the season to be jolly, right? Identity thieves sure seem to think so. You can just imagine them chuckling evilly to themselves while they thought up this years crop of holiday identity theft scams.
Every year, cyber crooks take advantage of holiday shopping and holiday spirits to scam people out of their hard-earned cash. Some advanced warning and increased vigilance can help you ensure the holidays stay bright for you and yours rather than for the bad guys.
Watch out for these popular holiday identity theft scams:
Shoulder Surfing
Who surfs in the winter? Identity thieves, thats who! When youre paying for your holiday goodies with a credit or debit card, be aware of whos standing behind or beside you.
Tags: Holiday Identity, Holiday Identity Theft, Identity Theft, Theft
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Bankruptcy Reaffirmation Agreements: What You Should Know
Posted on November 28th, 2011
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When a Chapter 7 bankruptcy case is pending, a reaffirmation agreement can be drawn up and entered into that stops the particular debt it applies to from being discharged or replaces it with a new agreement. In simpler terms, the debtor enters into a contract with an obligation to repay that debt after the bankruptcy case is completed. The debtor forfeits bankruptcy protection in exchange for the creditor promising not to repossess the property.
Reaffirmation isn’t always the best idea and should be entered into with a firm understanding of what is expected of you as well as the creditors options if you do not meet your obligations. Reaffirmation agreements only apply to secured debt because such agreements allows the debtor to retain the collateral and preserves the right of the creditor to enforce the debt according to contractual or modified terms.
If a debtor defaults on a secured obligation, the debtor can view that as a default. Many contracts have acceleration clauses where the entire amount can be considered due upon default. If you are unable to pay the creditor may try to repossess the collateral (i.e. your
Tags: Bankruptcy
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