San Antonio Attorney Blog

Lehman sues Intel over alleged violations of a swap agreement back in August 2008, before the failed investment bank filed for bankruptcy. Intel gave $1 billion to one of Lehman’s derivatives unit to acquire 50.5 million shares of Intel, scheduled on Sept. 29, 2008, based on the filing made in a bankruptcy court in New [...]

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AMR Files Bankruptcy Exit Plan

by San Antonio Attorney

AMR Corporation filed a bankruptcy exit plan on Monday, taking its proposed merger with US Airways Group a step closer to reality. The parent company of American Airlines filed a reorganization plan, which specifies some executive payment and details measures for shareholders and creditors, an essential move before AMR and US Airways can come together [...]

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An 78-year old woman who was an HSBC cardholder was sued by Midland Funding seeking to collect her $6,185 unpaid debt. The debt was incurred by purchases that she can no longer recall. After her effort to create a repayment plan failed, she tried to disregard phone calls from unfamiliar numbers. Time went by, and [...]

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A federal appeals court rejected a proposed settlement for a class action lawsuit that would have paid out consumers who claimed to be targets of Midland Funding’s unfair debt collection practices. It would have settled three class action lawsuits against Midland Credit Management Inc., Midland Funding LLC, and Encore Capital Group Inc. over robo-signing practices. [...]

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Debt buyer Midland Funding faces a consumer’s claim that it is involved in misleading practices at the time of litigation in order to collect debt payments, according to a judge’s ruling. For the first time ever, a New York state court had allowed a consumer to file a counterclaim against a debt buyer in accordance [...]

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Once again, Residential Capital LLC is under attacked by the bankruptcy watchdog of the Department of Justice over a proposal to pay the top executives of the unprofitable mortgage company up to $3.3 million in incentives. Based on court documents filed by the U.S. Trustee, there is insufficient information provided by ResCap to show that [...]

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The names of town and city governments in New York State that are experiencing major financial troubles will be published in the weeks to come. The list of names will be released by the financial watchdog of the state, utilizing the latest monitoring system developed to prevent extreme measures like external oversight or bankruptcy. Villages, [...]

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Ambac Reaches Settlement Deal with IRS

by San Antonio Attorney

Bond insurer Ambac Financial Group Inc said it has agreed with a $101.9 million settlement deal with the Internal Revenue Service to fix a dispute, a significant development in the company’s effort to leave bankruptcy. The arrangement with the government agency involves a $1.9 million payment by Ambac, and $100 million payment by Ambac Assurance [...]

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American car maker Fisker Automotive could declare bankruptcy within the week considering that the government is pressuring the company to repay almost $200 million in loans. The Department of Energy appears to be pressing a bankruptcy filing by Fisker, according to various sources familiar with company. Bankruptcy papers have been drawn up by the company [...]

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Struggling American automaker Fisker Automotive fired a majority of its rank-and-file workers in as a last resort to save money and avoid a bankruptcy filing. The maker of hybrid automobiles received $200 million government backed loans and amassed $1.2 billion from investors. Fisker has around $30 million cash available, according to a person who knows [...]

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