The Nation's Financial Condition

[Farfromgeneva]

For the attorneys around here, how is this Travelport deal that Kirkland (double dipping on clients, let it not be said Wall Street is the only sector that plays is loose with conflicts of interest) backed off and was used in J Crews last restructuring a couple of years ago not slam dunk fraudulent conveyance?

https://www.wsj.com/articles/law-firm-k ... 1591762991

Seems from my simplistic grad school (MBA req.) business law but that this is basically the definition of it. I mean intangible assets comprise the equity and then some for many of these businesses, not tangible assets like cash, plant, property, equipment or other. Especially in businesses that just get traded between PE shops and occasionally bump around publicly for a stretch only to go back private (J Crew or basically anything Leonard Green partners has ever owned). How do they just move intellectual property into a clean SPV/BRE and allow new creditors to prime legacy creditors? This seems shady as anything I’ve ever seen done on Wall Street and I once worked with a guy who ran a rate swaps desk involved in yield burning around the bid rigging in public finance that rolled up to five or six top banks through a shop called CDR.

[Farfromgeneva]

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Skip Navigation LinksHome / News / Chapter 11 U.S. Commercial Bankruptcies Up 43% in June

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Chapter 11 U.S. Commercial Bankruptcies Up 43% in June
July 06, 2020, 09:00 AM
Filed Under: Bankruptcy
Related: Bankruptcies, Chapter 11

Commercial Chapter 11 filings are up 43% over June of last year, with 609 new filings, up from 424 from the same period last year, according to Epiq, a global leader in legal services. For the first half of 2020, total commercial Chapter 11 filings are up 26% with 3,604 new filings, up from 2,855 from the same period last year.

“As expected, U.S. companies are seeking bankruptcy protection while the markets are recovering from the early stages of the global pandemic,” says Deirdre O’Connor, managing director for corporate restructuring at Epiq. “In challenging economic environments, companies attempt to file at the right time to capture the best outcomes at the end of the lengthy process.”

The new law for Subchapter V of Chapter 11 of the Bankruptcy Code went into effect on February 19, 2020 as a result of the 2019 Small Business Reorganization Act (SBRA). The law was designed to help small businesses move through the bankruptcy process more quickly and with lower costs. Since its introduction, there have been 506 Code Subchapter V filings, with 133 of those occurring in June. Although Subchapter V was not created to respond to the COVID-19 crisis, the arrival of this new option may be the lifeline that small businesses need to survive it.

Overall, U.S. bankruptcy filings across all Chapters are down 30% over June of last year, with 42,411 new filings, down from 61,100 from the same period last year. For the first half of 2020, total new U.S. bankruptcy filings across all Chapters are down 23% from the same period last year with 298,077 new filings, down from 369,006 from the same period last year.

“The market is anticipating a wave of new filings related to the high unemployment rate,” says Chris Kruse, senior vice president at Epiq AACER. “However, we expect to see overall filings continue to trend down until the government programs that inject liquidity into the economy for companies and individuals come to an end.”

Epiq, a global leader in the legal services industry, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters

[Peter Brown]

Market en fuego. Tesla rocking. America is exceptional.

In the face of all the lazy leechy Democrats, we still excel.

Excellent!!!

Nasdaq all time high.

[Jim Malone]

Deceased Former Wage Earner Trustee/Chapter 13 Standing Trustee Claude Rice founded EPI (Electronics Processing Inc) in the late 70s early 80s the predecessor EPIQ as the Chapter 13 trust accounting application for trustees using an early database from which he created the application.

EPI went public and became EPIQ then was brought back to private. Rice then created another trust accounting application for Chapter 13 Trustees, TSI (Trust Services Inc) to employ his heirs which subsequently was acquired by EPIQ.

EPIQ still provides to many Chapter 13 Standing Trustees of the 171 trustees EPI's updated trust accounting application used to account for debtor plan payments and creditor payments under approved plans.

Filings have gone from 100 + a month past few years to less than 20 a month for the Chapter 13 Trustees I provide accounting services to.

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Skip Navigation LinksHome / News / Chapter 11 U.S. Commercial Bankruptcies Up 43% in June

Share
Email icon - Send a Message on ABL AdvisorEmail Print
Chapter 11 U.S. Commercial Bankruptcies Up 43% in June
July 06, 2020, 09:00 AM
Filed Under: Bankruptcy
Related: Bankruptcies, Chapter 11

Commercial Chapter 11 filings are up 43% over June of last year, with 609 new filings, up from 424 from the same period last year, according to Epiq, a global leader in legal services. For the first half of 2020, total commercial Chapter 11 filings are up 26% with 3,604 new filings, up from 2,855 from the same period last year.

“As expected, U.S. companies are seeking bankruptcy protection while the markets are recovering from the early stages of the global pandemic,” says Deirdre O’Connor, managing director for corporate restructuring at Epiq. “In challenging economic environments, companies attempt to file at the right time to capture the best outcomes at the end of the lengthy process.”

The new law for Subchapter V of Chapter 11 of the Bankruptcy Code went into effect on February 19, 2020 as a result of the 2019 Small Business Reorganization Act (SBRA). The law was designed to help small businesses move through the bankruptcy process more quickly and with lower costs. Since its introduction, there have been 506 Code Subchapter V filings, with 133 of those occurring in June. Although Subchapter V was not created to respond to the COVID-19 crisis, the arrival of this new option may be the lifeline that small businesses need to survive it.

Overall, U.S. bankruptcy filings across all Chapters are down 30% over June of last year, with 42,411 new filings, down from 61,100 from the same period last year. For the first half of 2020, total new U.S. bankruptcy filings across all Chapters are down 23% from the same period last year with 298,077 new filings, down from 369,006 from the same period last year.

“The market is anticipating a wave of new filings related to the high unemployment rate,” says Chris Kruse, senior vice president at Epiq AACER. “However, we expect to see overall filings continue to trend down until the government programs that inject liquidity into the economy for companies and individuals come to an end.”

Epiq, a global leader in the legal services industry, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters

[Farfromgeneva]

Deceased Former Wage Earner Trustee/Chapter 13 Standing Trustee Claude Rice founded EPI (Electronics Processing Inc) in the late 70s early 80s the predecessor EPIQ as the Chapter 13 trust accounting application for trustees using an early database from which he created the application.

EPI went public and became EPIQ then was brought back to private. Rice then created another trust accounting application for Chapter 13 Trustees, TSI (Trust Services Inc) to employ his heirs which subsequently was acquired by EPIQ.

EPIQ still provides to many Chapter 13 Standing Trustees of the 171 trustees EPI's updated trust accounting application used to account for debtor plan payments and creditor payments under approved plans.

Filings have gone from 100 + a month past few years to less than 20 a month for the Chapter 13 Trustees I provide accounting services to.

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Skip Navigation LinksHome / News / Chapter 11 U.S. Commercial Bankruptcies Up 43% in June

Share
Email icon - Send a Message on ABL AdvisorEmail Print
Chapter 11 U.S. Commercial Bankruptcies Up 43% in June
July 06, 2020, 09:00 AM
Filed Under: Bankruptcy
Related: Bankruptcies, Chapter 11

Commercial Chapter 11 filings are up 43% over June of last year, with 609 new filings, up from 424 from the same period last year, according to Epiq, a global leader in legal services. For the first half of 2020, total commercial Chapter 11 filings are up 26% with 3,604 new filings, up from 2,855 from the same period last year.

“As expected, U.S. companies are seeking bankruptcy protection while the markets are recovering from the early stages of the global pandemic,” says Deirdre O’Connor, managing director for corporate restructuring at Epiq. “In challenging economic environments, companies attempt to file at the right time to capture the best outcomes at the end of the lengthy process.”

The new law for Subchapter V of Chapter 11 of the Bankruptcy Code went into effect on February 19, 2020 as a result of the 2019 Small Business Reorganization Act (SBRA). The law was designed to help small businesses move through the bankruptcy process more quickly and with lower costs. Since its introduction, there have been 506 Code Subchapter V filings, with 133 of those occurring in June. Although Subchapter V was not created to respond to the COVID-19 crisis, the arrival of this new option may be the lifeline that small businesses need to survive it.

Overall, U.S. bankruptcy filings across all Chapters are down 30% over June of last year, with 42,411 new filings, down from 61,100 from the same period last year. For the first half of 2020, total new U.S. bankruptcy filings across all Chapters are down 23% from the same period last year with 298,077 new filings, down from 369,006 from the same period last year.

“The market is anticipating a wave of new filings related to the high unemployment rate,” says Chris Kruse, senior vice president at Epiq AACER. “However, we expect to see overall filings continue to trend down until the government programs that inject liquidity into the economy for companies and individuals come to an end.”

Epiq, a global leader in the legal services industry, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters

Interesting, have seen the name around and worked on some restructurings or workouts in my life from the finance/banking side but didn’t know the history.

Love how guys have a liquidity event from their business, wait out a non compete, build a new business and then sell it to their predecessor business. Have seen that in printing, raw food processing and other industries and it cracks me up. They keep or pull one or two major customer contracts into the new business and then sell it again. PE guys don’t care because it’s just more Capitala deployed from which to charge their AUM fees.

[Peter Brown]

Market en fuego. Tesla rocking. America is exceptional.

In the face of all the lazy leechy Democrats, we still excel.

Excellent!!!

Nasdaq all time high.

Why are Democrats so snitty on a day when the stock market roars like today?

[Typical Lax Dad]

Market en fuego. Tesla rocking. America is exceptional.

In the face of all the lazy leechy Democrats, we still excel.

Excellent!!!

Nasdaq all time high.

Why are Democrats so snitty on a day when the stock market roars like today?

Where is your 27,500+ post from a couple of weeks ago?

[jhu72]

Market en fuego. Tesla rocking. America is exceptional.

In the face of all the lazy leechy Democrats, we still excel.

Excellent!!!

Nasdaq all time high.

Why are Democrats so snitty on a day when the stock market roars like today?

… its concern for the bronze elk.

[a fan]

Market en fuego. Tesla rocking. America is exceptional.

In the face of all the lazy leechy Democrats, we still excel.

Excellent!!!

Nasdaq all time high.

Why are Democrats so snitty on a day when the stock market roars like today?

You're going to wake up to the fact that most of the folks posting here are doing fairly well financially, right?

There are two things at work here, both of which you laughably ignore, because it messes with your fake worldview.

1. Bailouts are what's holding up the market. Full stop. Without Big Government handouts, the market would have crashed and stayed crash. But of course, you and the rest of the fake American conservatives ignore this obvious fact, and pretend like it was elbow grease and raw capitalism that kept the country running. Nope. It was socialism and government handouts.

2. The bottom 50% of earners aren't enjoying Pete Brown's success. They don't cater to the 1% the way you do, and they don't have a life coach like you do. I'm happy for your success, but the bulk of Americans are really struggling right now.

Btw, your life coach called. He told me to tell you to put yourself in someone else's shoes for a change......

[dislaxxic]

AF (Bluto) addressing PB's (Popeye) rightwingnut POV...



..

[Peter Brown]

Market en fuego. Tesla rocking. America is exceptional.

In the face of all the lazy leechy Democrats, we still excel.

Excellent!!!

Nasdaq all time high.

Why are Democrats so snitty on a day when the stock market roars like today?

You're going to wake up to the fact that most of the folks posting here are doing fairly well financially, right?

There are two things at work here, both of which you laughably ignore, because it messes with your fake worldview.

1. Bailouts are what's holding up the market. Full stop. Without Big Government handouts, the market would have crashed and stayed crash. But of course, you and the rest of the fake American conservatives ignore this obvious fact, and pretend like it was elbow grease and raw capitalism that kept the country running. Nope. It was socialism and government handouts.

2. The bottom 50% of earners aren't enjoying Pete Brown's success. They don't cater to the 1% the way you do, and they don't have a life coach like you do. I'm happy for your success, but the bulk of Americans are really struggling right now.

Btw, your life coach called. He told me to tell you to put yourself in someone else's shoes for a change......

You'd think they'd be happier on a day like today...they are positively miserable, like a fat kid when someone steals their lunch money.

[a fan]

And you'd think that a guy like you who swears that socialism and handouts are bad would be livid at Trump and Congress for making our economy entirely dependent on Big Government.

Have you not read farfromgeneva's posts? The Federal government is taking positions in companies to keep them from going under. You should be horrified....but you'd rather worry about some powerless fake hippies in Seattle, claiming they'll be running the country in no time....

[Farfromgeneva]

Just gave dough to five airlines from a program that Boeing felt was too onerous and decided to instead float $25Bn in debt....

[njbill]

Pete has a life coach?

Pete, is it too late to get your money back?

[Peter Brown]

Pete has a life coach?

Pete, is it too late to get your money back?

He helps me see the 'light'.

Don't you boys have some Jefferson memorials to graffiti?!?!? Also when does W&L get the protests?!?

[CU88]

I guess none of us should be surprised:

Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress

Almost 90,000 employers also appear to have received money despite not saying they would retain jobs
https://www.washingtonpost.com/business ... oans-data/

“Among the loan recipients, 48,922 reported “0” as the number of jobs they would retain with the money & 40,506 appeared to leave that blank. 10 other companies received between $5 million & $10 million but reported retaining only 1 job with the money.”


No wonder Wall Street is humming along...

[CU88]

PERFECT


The Ayn Rand Institute received a PPP loan of between $350K and $1 million.

[Andersen]

and this:

https://slate.com/news-and-politics/202 ... virus.html

[a fan]

The entire----entire------ fake libertarian "small government" Americans' entire reason for existing is built on a big, fat pile of steaming *hit.

Been saying it for 20+ years. Tea Party, my *ss. You will find no other group more self-delusional than this group.

And here at the new Water Cooler? Pete Brown is leading this charge. Socialism is bad. Laziness is bad. Handouts are bad.

And by "bad" they mean: only they are allowed to get handouts, tax cuts, free money, government backed loans. If "anyone else" wants one? Oh, well those are communists, obviously.

So. full. of. *hit. Every one of them.

[Typical Lax Dad]

The entire----entire------ fake libertarian "small government" Americans' entire reason for existing is built on a big, fat pile of steaming *hit.

Been saying it for 20+ years. Tea Party, my *ss. You will find no other group more self-delusional than this group.

And here at the new Water Cooler? Pete Brown is leading this charge. Socialism is bad. Laziness is bad. Handouts are bad.

And by "bad" they mean: only they are allowed to get handouts, tax cuts, free money, government backed loans. If "anyone else" wants one? Oh, well those are communists, obviously.

So. full. of. *hit. Every one of them.

Was on a call with some PE guys that want to recut a deal. Closed on an acquisition last August and want to take government money to lower their cost of capital. Deal will have more risk and they will shift the burden to tax payers. Wanted to replace pro money with dumb government money. They have been licking their chops taking free money.