The Third Circuit order leaves intact a ruling barring the Pennsylvania capital's petition for Chapter 9 municipal protection.
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.
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.
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.
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, 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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