Weltman, Weinberg and Reis Co. LPA; Cleveland
Mortgage Electronic Registration Systems Inc. (MERS) is the leading electronic registry for mortgage lenders, and is linked more and more each day to the foreclosure crisis. MERS has been recently challenged in state foreclosure actions, frequently to different ends creating a “patchwork of conflicting laws and court decisions in different states.”[1]
MERS is a nationwide database that facilitates the buying, selling and transfer of mortgages. It is a member-based service that allows the tracking of servicing and ownership of more than 30 million loans[2] and nearly 60 million homes. As a central registry for loans, MERS allows borrowers to locate servicers and track the owners of their note. It also assists public servants in determining who is responsible for vacant properties and in the detection of mortgage fraud.
Read the full article.
AlixPartners LLP; Dallas
In September 2008 as Lehman Brothers Holding Inc. was reaching a state of crisis, it looked like the company might be able to avoid bankruptcy by completing the sale of certain assets to Barclays PLC. The sale would have provided Lehman with much-needed capital and additional time to plan for an orderly wind-down. After days of frenzied negotiations involving Lehman, Barclays and U.S. regulatory entities, a deal was agreed to in principal. Only one critical step remained: obtaining regulatory approval of the Financial Services Authority (FSA)[1]. The FSA given little detail or time to review the proposed transaction and facing its own issues domestically, was concerned that the deal might leave Barclays undercapitalized. The FSA indicated that it would not be able to approve the deal without further review. The FSA’s refusal effectively ended any hope Lehman had in avoiding bankruptcy and the company filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York the next morning.
Read the full article.
Register now to attend the Complex Financial Restructuring Program at Fordham University School of Law in New York City this Thursday, October 5, 2011. Now in its eighth year with a unique format, the Complex Financial Restructuring Program promotes an understanding of the role of investment bankers and financial advisors in insolvency and restructuring. A case study will be presented to dramatize the various perspectives of parties in interest as they examine strategic alternatives and seek the highest value for a troubled company. Leaders in the industry will play the role of the major constituents as they work through the case study in this day-long program. This year’s featured speaker for the annual Schnelling Lecture will be Paula R. Reynolds, the former CRO of AIG. All registrants will receive the case study in advanced and a free copy of the ABI publication, “Pre-bankruptcy Planning for the Commercial Reorganization: A Brief Guide for the CEO, CFO/COO, General Counsel and Tax Advisor, Second Edition.” Written by ABI members, this publication is also available for purchase in the bookstore. Click here to view CLE/CPE information.
Register for the 8th Annual Complex Financial Restructuring Program.
ABI has been busy this summer creating new online products with the goal of saving you time and resources. The newest addition to this lineup is Search - search.abi.org. This new member resource searches more than 2 million keywords across all the ABI information platforms. The search covers every issue of the ABI Journal since 1997 and every ABI Law Review since 1995, in addition to all books, CLE conference materials and other exclusive ABI content. This search feature is also available on your smartphone or tablet.
Get up-to-speed and in the know quickly with Search - search.abi.org. Don't just Search. Find!
ABI is pleased to announce the launch of another new product, materials.abi.org. At this new conference educational materials website members can sort resources dating back to 2005 by conference, speaker or keyword. Exclusively for our members, files will be downloaded to your device in PDF format. This new website is also accessible on your smartphone or tablet, and all documents are newly formatted to be compatible. Click here to view the new materials website.
The Midwestern Bankruptcy Institute and Consumer Forum was held in September in Kansas City. At the conference there was a session titled "Ethical Standards: Where Do You Find Them, and Who Monitors Them?," which included a variety of relative topics such as moral and ethical obligations, environmental effects on these obligations, enforcement of the standards and possible outcomes of being caught in ethically questionable practices. The session was lead by David A. Lander of Gallow Johnson & Neuman, L.C. in St. Louis. Click here to view "Ethical Standards: Where Do You Find Them, and Who Monitors Them?" educational materials.
ABI's and Georegetown Law CLE's Views from the Bench was held at the Georgetown University Law Center in Washington D.C. in September. From the event, the session titled "Intercreditor Issues: Trends in tranche warfare, mezzanine lender issues, syndicated loans and standing for certificate-holders" covered a variety of timely topics. Marc Abrams of Willkie Farr & Gallagher LLP in New York moderated the session and Michael L. Bernstein of Arnold & Porter LLP in Washington D.C. acted as the facilitator. Panelists included Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York in New York City, Hon. Rosemary Gambardella of the U.S. Bankruptcy Court for the District of New Jersey in Newark and Hon. Jason M. Peck of the U.S. Bankruptcy Court for the Southern District of New York in New York City. Click here to view "Intercreditor Issues: Trends in tranche warfare, mezzanine lender issues, syndicated loans and standing for certificate-holders" educational materials.
Click here to view the new materials website.
Click here to view all materials related to the Secured Credit Committee.
