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Bankruptcy Law

LEGAL MATERIALS

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JPMorgan Chase Bank N.A. v. Johnson (E.D. Ark.)

OPINION – JPMorgan Chase is a national bank chartered by the Comptroller of the Currency. It is authorized to do business in Arkansas, and that is all that is needed for it to avail itself of non-judicial foreclosure proceedings in Arkansas. The bankruptcy court’s determination that JPMorgan improperly performed non-judicial foreclosures is reversed.

In re Matter of: Lothian Oil Inc. (2nd Cir.)

BRIEF – Appellants commenced state common law actions against debtor prior to bankruptcy. Appellants argue that their state actions against non-debtor third parties could not be enjoined or subject to contempt sanctions. Thus, the district court erred in enforcing the bankruptcy court’s contempt order.

In re Young (Bankr. E.D.N.C.)

ORDER - Debtor could not claim exemptions in deceased wife’s retirement accounts; as wife’s slayer, he was barred from ownership of accounts.

Ally Financial sign, Charlotte, N.C. File photo. REUTERS Chris Keane

Ally not looking to sell U.S auto lending, says CEO

5/15/2012

The former in-house financing arm for General Motors plans to sell some international operations at the same time that its Residential Capital mortgage unit filed for bankruptcy protection.

American Airlines REUTERS John Gress

AMR pilots see $130 mln savings from US Air merger

5/15/2012

The lead labor negotiator for AMR Corp pilots said a merger would lower the projected annual cuts from the Allied Pilots' Association, which represents 10,000 pilots.

Hedge fund manager Philip Falcone, file. REUTERS Steve Marcus

Philip Falcone's LightSquared files for bankruptcy

5/14/2012

The hedge fund manager's dream of bringing another wireless network to the United States appeared to collapse when the telecommunications company he bankrolled filed for Chapter 11 protection.

Ally Financial logo, Charlotte, N.C. File photo, REUTERS Chris Keane

Ally aims to end mortgage woes with ResCap filing

5/14/2012

Ally, the former lending arm of General Motors Co, has been besieged in the past few years by losses at ResCap, which was once a major subprime lender and profit engine.


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