16 Top Bankruptcy Lawyers Poised to Earn Millions As the Economy Turns

  • Corporate bankruptcies have hit rock bottom, with just 143 filings this year as of May.
  • But inflation, rising rates, and the “crypto winter” are creating a financial strain.
  • Here are 16 lawyers who may benefit as more companies negotiate with lenders and restructure their debt.

Lawyers who specialize in bankruptcies and debt restructurings have not seen many new cases in court for more than a year — but some are betting that’ll soon change.

Bankruptcy filings, which have been on a downward spiral since last year, continue to slump.  As of May, there were just 143 corporate bankruptcy filings, putting bankruptcies on pace for a record low. In 2021, there were just 410 filings, down from 640 in 2020, according to an S&P Global Market Intelligence report in June.

But there are pockets of activity, and more than a dozen top restructuring practitioners told Insider they expected more out-of-court workouts and new Chapter 11-protection filings over the next year. Conference-room negotiations between companies and their lenders, which tend to precede filings, are picking up speed, the lawyers said. 

Supply-chain problems, the uncertainty of the COVID-19 pandemic, inflation, and a decline in consumer confidence are likely to

… Read the rest
August 6, 2022 by ATTORNEY

Flood insurance hikes will drive 1 million people from market, FEMA report says | Business News

ST. LOUIS — When questioned by members of Congress, the Federal Emergency Management Agency said its new update to the nation’s flood insurance program will prompt more people to sign up for coverage, even though many will pay more for it.

But in a FEMA report obtained by The Associated Press under the Freedom of Information Act, the agency estimates 1 million fewer Americans will buy flood insurance by the end of the decade — a sizable number of people at risk of catastrophic financial loss.

As climate change drives increased flood risk in many parts of the country, FEMA has updated its flood insurance program to more accurately reflect risk, but also make the program more solvent. It’s a response in part to criticism that taxpayers were funding big payouts when coastal mansions in risky locations flooded.

But nine senators from both parties expressed “serious concerns” about the new pricing system in a letter last September, after hearing that the agency’s internal numbers predicted policies would drop off by 20%. The next month FEMA told the AP those figures were “misleading” and “taken out of context” and that on the subject of how many people will be insured “there

… Read the rest
August 3, 2022 by INSURANCE

Revlon Stock: Fasten Your Seatbelts, It’s Going To Be A Bumpy Bankruptcy (NYSE:REV)

Revlon Stock: Fasten Your Seatbelts, It’s Going To Be A Bumpy Bankruptcy (NYSE:REV)

Revlon Stock: Fasten Your Seatbelts, It’s Going To Be A Bumpy Bankruptcy (NYSE:REV)

Justin Sullivan

Trading in bankrupt Revlon (NYSE:REV) stock has had a bumpy ride over the last few weeks and I expect that their entire Ch.11 bankruptcy process is going to have an extremely bumpy ride because of the complexities of this case. Of course, actual Revlon future operating results are critical for stakeholders, but there are some future judicial decisions that could have dramatic impact on investors holding Revlon’s debt and stock. This article is an update to my prior Revlon bankruptcy article.

Official Equity Committee

As expected, some shareholders filed a request with the U.S. Trustee for an appointment of an official equity committee. (Seeking Alpha broke this story on July 13.) I have reached out to the Office of the U.S. Trustee, but I have not received any official response, but since a committee has not been appointed yet, I am assuming that it was denied at this point. The next step would be for these equity holders to file a request with the bankruptcy court requesting Judge Jones to instruct the U.S. Trustee to appoint an official equity committee. Since he is a very new judge, he has no history on this issue.

Official equity

… Read the rest
August 2, 2022 by ATTORNEY

Easterday bankruptcy divides millions among dozens. What some expect to get paid

Easterday bankruptcy divides millions among dozens. What some expect to get paid

After more than a year of negotiations, the Easterday bankruptcy settlement is nearing a conclusion for dozens of businesses owed money.

At a recent hearing, lawyers and Judge Whitman Holt of the Federal Bankruptcy Court in Yakima discussed the latest in a proposed claims schedule for 65 businesses with claims ranging from $300 to $4 million.

In all the claims add up to $10.76 million and represent the bulk of the debts for the Easterday Farms portion of the lawsuit.

The Easterday Ranches portion is still ongoing and includes more than $260 million in claims by Tyson Foods and Segale Properties.

Easterday bankruptcy divides millions among dozens. What some expect to get paid

A former Easterday Ranches North Lot cattle feedlot on Blanton Road near Eltopia in rural Franklin County.

So far Rabo Agrifinance is the lone holdout, in its attempt to get more than $1 million owed from property loans.

Attorneys for many of the other businesses reported that their clients voted and approved the tentative settlement amounts, most with more than 90% approval by voting parties.

Judge Holt said that while Rabo could “throw a grenade” on the settlement, it probably isn’t the best course of action. Instead language in a recent filing was added that will allow

… Read the rest
August 1, 2022 by ATTORNEY

Florida warns of chaos for homeowners if 17 property insurance companies have ratings downgraded

(WFLA) — In four days, a ratings agency plans to downgrade 17 property insurance companies in Florida, according to state officials.

State leaders warn financial chaos will follow and millions of Floridians could be impacted.

8 On Your Side Investigator Mahsa Saeidi reached out to several agencies to obtain the list of at-risk companies. As of Friday night, the state is not disclosing the list.

If the downgrades happen as planned, millions of Floridians will be in default of their mortgage requirements.

Insurance brokers told 8 On Your Side homeowners will be given a few months to find acceptable coverage.

If they can’t, their mortgage company would force them to accept a new policy with a new carrier.

Bottom line — homeowners will end up paying twice the price for half the coverage, multiple insurance experts said.

Ronald Assise CIC, CPRM is an insurance broker.

“With force-placed insurance, the only party protected is the mortgage company,” he said. “So you’re paying an outrageous premium and basically getting no coverage.”

If Demotech doesn’t back down under pressure can anything be done? That’s the question 8 On Your Side had for State Sen.

… Read the rest
August 1, 2022 by INSURANCE
January 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031