Financial Recovery Law
"Activities of the federal and local governments along with private industry to survive the economic downturn by investment, recapitalization, restructure or bailout."
Author: Donna Chmura and Thomas Bowden are counsel at Sands Anderson Marks & Miller. Chmura is based in Raleigh, N.C. and also authors North Carolina Law Life. Bowden is based in Richmond, Va.
Blawg Related Categories: Bankruptcy Law • Financial Crisis
Recent Posts from Financial Recovery Law
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Pre-Packaged Filing for CIT Makes Sense
Just this week, another big financial company — CIT Small Business Lending Corporation — filed bankruptcy. CIT filed a “prepackaged” filing, in which terms for restructuring are negotiated before the bankruptcy case is filed. In…
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First Provisions of Credit Card Reform Act Implemented
The first two provisions of the Credit Card Accountability, Responsibility, and Disclosure (“CARD”) Act of 2009 went into effect Thursday, August 20, 2009. The CARD Act is designed to protect consumers from unfair and deceptive…
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Déjà Vue all over again?
It is the mid-1980’s. Savings & Loan institutions are failing at an alarming rate. So many are insolvent, in fact, that the Federal Savings & Loan Insurance Corporation (FSLIC), the deposit insurer of thrifts at…
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Can It Get Any Worse?
In Wednesday’s Business Week, Ben Steverman’s anaylsis of the possiblities of upcoming bankruptcy activity indicates that filings, rather than slowing as the economy gains its footing again, will instead swell with the failure of numerous…
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Has the Recovery Come to Your Block?
“We may be seeing the beginning of the end of the recession,” President Barack Obama said yesterday in Raleigh. Indeed, parts of the country are starting to experience some economic stability, according to the latest…
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How to Build a Kitchen Cabinet You Trust
As a business attorney, I tell clients they should have a trusted “kitchen cabinet” of professionals to go to for advice: attorney, accountant, insurance agent and financial planner. It is nice to know someone and…
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How Fast Is Too Fast?
Although they said it could not be done, headlines now proclaim that Chrysler and General Motors have navigated the bankruptcy process in record speed. Indeed, new companies have “emerged” from each bankruptcy case. However, both bankruptcy…
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Sale of GM Assets Pending for Friday
Federal Bankruptcy Court Judge Robert Gerber approved the sale of most General Motors assets to a new corporation to be owned by the governments of the United States, Canada and the province of Ontario, the United…
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Investigating the Bank of America-Merrill Lynch marriage
Federal Reserve Chairman Ben S. Bernanke is testifying today to a joint hearing of the House Oversight and Government Reform Committee, and House Domestic Policy Subcommittee. The purpose of the joint hearing is to examine…
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The New Financial Regulatory Framework
For nearly two years, the credit markets have been tightening, making it difficult for consumers and businesses to get credit for purchases and operations. Several financial institutions declared bankruptcy or were on the brink of…