Trouble in Mortgage Servicer Land

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Weekly Justia Case Roundup (7th Cir.)

Weekly Summaries Distributed July 29, 2011

  • In re Golf 255, Inc.
    Bankruptcy
    U.S. 7th Circuit Court of Appeals
  • In re XMH Corp. 
    Bankruptcy, Business Law, Contracts, Intellectual Property, Trademark
    U.S. 7th Circuit Court of Appeals

Orlando bankruptcies down

The Orlando Sentinel reports that personal bankruptcy are down 13% this year.  Interestingly the article mentions a potential cause being the slow down in foreclosures.  This seems to agree with the previous blog posting, which also mentions the pace of foreclosures as a bankruptcy factor.

Bankruptcy filings down

According to a NY Times article, bankruptcy filings are down.  There are projected to be between 5 and 10% few filings this year.  There are a number of factors cited: access to credit, amount of consumer debt, and economic factors (unemployment and foreclosures).

Jefferson County Alabama – Bankrupt?

Jefferson County Alabama is struggling under $4.2 Billion in debt and is contemplating filing Bankruptcy under Chapter 9.  A large part in the debt is due to bonds issued on a $2 Billion sewer project than the county has had difficulties refinancing.  Kenneth Klee is currently working with the county to help them explore their potential options.  Klee has worked many large bankruptcies, including Orange County CA.  Original articles found here and here.

Ultimate Electronics seeks $420K from Apple

Ultimate Electronics was recently forced into bankruptcy.  Now they are seeking $420,00 back from Apple as preferential transfers.  Those reading this blog are probably all too familiar with preferences.  No creditor wants to have to give back money, especially after they have probably lost money to the debtor.  Original article can be found here.

Borders – RIP

Borders announced it was closing its remaining stores and would not emerge from bankruptcy.  This probably doesn’t come as much of a surprise.  I didn’t realize Borders was still around.  Full article here.