There have been many articles on what is now being called Black Monday, for the large number of “pink slips” which were issued yesterday.  Iceland’s government also fell, in an amazing sign of the times.  I found one article which seems to have a good overview of the news from Monday and also links to [...]

Yesterday we posted an article on the subject of the federal government taking control over Citi and BoA.  Here is a follow up to that story which argues that these banks have now already been effectively nationalized.
“ ‘When the Treasury tells a bank to pay a penny a share vs. its old dividend, you know [...]

In another ponzi scheme, dating from 2003, two lawyers have recently been arrested in Florida.  Evidently, they were both socially involved, respected lawyers.  Trial to follow. Their lawyers are taking the position that their work for their corporate client was innocent legal work for a client gone bad.  Here is a quote from the NY [...]

TEX-LINK COMMUNICATIONS, INC. V. MARTIN CRUZ LOPEZ (IN RE LOPEZ), Case No. 08-41563, Adversary No. 08-04120
In this Chapter 7 case, Tex-Link filed an adversary proceeding and properly served the debtor with a summons and a copy of the complaint, but failed to serve the debtor’s attorney with a copy of the summons, as required by [...]

We have all seen the news today about housing starts being down to levels not seen since 1959, but the real question which no one is saying is: why would anyone be building much of anything right now at all.  I mean look at this another way, in this weird economy, builders started 30,000 new [...]

There has been much discussion, although not as much press, about whether the federal government should or will be forced to nationalize some banks, specifically mentioned are Citi and BoA.  Evidently in the UK, this process is proceeding rapidly, although no one expects it to occur here at least short term.  Here are two links, [...]

With all the recent discussion in the news about Bernard Madoff’s involvement in what has been termed the biggest “Ponzi scheme” in history, I began to wonder where the term originated. A quick Google search yielded some interesting facts about the original Mr. Ponzi.
Charles Ponzi was an Italian immigrant who arrived in America in 1903, [...]

When her million dollar villa did not sell, one owner resorted to having a raffle.  The tickets to own this Austrian villa went for $128 per ticket and in total, the owner “raised” 1.28 million, well over the value of the property (which was not selling in the first place).  It seems like a great  [...]

Negotiations for the acquisition sale of Circuit City went past midnight Thursday, but were not successful. The electronic store stated Friday that is will go out of business and begin the liquidation process starting as early as Saturday with only a 70.5% return on merchandise. Although the retailer had closed 155 of its [...]

Congratulations to J. Michael McBride for being named as one of the best lawyers in the 2008 Top Attorney, in the Bankruptcy category, of the Fort Worth Texas Magazine - Top Attorney’s list. Mr. McBride was nominated by his pers in this prestigious list which was published in the December issue of Fort Worth, [...]