Burr & Forman - Banking & Financial Services E-Note - JD Supra
October 2016 Eleventh Circuit Affirms That a Debtor's Surrender in Bankruptcy Means Just That — You Must Surrender
Making Headlines New Rules Will Require Banks to Toughen Cybersecurity Practices (Source: CFO.com, 2016-10-20) SBA Asks CFPB to Reconsider Payday Lending Rules (Source: CBS News, 2016-10-07) Online Lenders Seek to Set Regulations Without Government Help (Source: The New York Times, 2016-10-20) Use of Chip-Enabled Cards Rises, But Complaints Still Abound (Source: USA Today, 2016-10-03)
Burr & Forman lawyers won a significant victory in the Eleventh Circuit earlier this month. In the case In re: David A. Failla, the U.S. Court of Appeals for the Eleventh Circuit affirmed that a person who agrees to "surrender" his house in bankruptcy pursuant to 11 U.S.C. § 521(a)(2) may not oppose the creditor's foreclosure action in state court. Burr was one of the first to advance this argument, and many, but not all, of the bankruptcy judges in Florida agreed with our interpretation of surrender under the bankruptcy code and related case law. Read more about the opinion here. For more information on issues related to bankruptcy surrender litigation, please contact John R. Chiles, Christine Irwin Parrish, and Jonathan M. Sykes. Dodd-Frank Act Update October 2016 Edition
Start-Up, Global Banks Complete Cross-Border Blockchain Test (Source: Reuters, 2016-10-20)
Burr Opens Delaware Office with Veteran Attorney to Bolster Creditors’ Rights and Bankruptcy Practice Rick Robinson has joined Burr & Forman as a partner in the firm’s Creditors’ Rights and Bankruptcy practice. Based in Wilmington, Delaware, Robinson, an experienced and nationally recognized bankruptcy attorney, boosts the Am Law 200 firm’s capabilities and geographical reach to support clients with needs in Delaware, a hub for corporate activity. Robinson has more than 25 years of experience in counseling corporate clients in connection with Chapter 11 cases and insolvency matters. His experience in numerous industries, including key service areas for Burr & Forman, such as health care, financial services and manufacturing, makes him an excellent match for the firm. His national client base has given him the opportunity to practice in bankruptcy courts in Delaware, New York and throughout the country. Burr Boosts Real Estate Practice with Addition of Nashville Counsel John F. Rogers, Jr. has joined the firm’s Real Estate practice as Counsel. His addition is part of Burr & Forman’s continued expansion in Nashville, where it has nearly tripled its attorney count over the last 18 months. Last month, the firm announced its plans to relocate to SoBro in early 2017 with a thirteen-year lease commitment in the emerging downtown neighborhood, thanks to its aggressive growth record. Rogers has practiced for approximately 27 years in Kentucky and Tennessee and primarily counsels private and publicly traded clients in commercial real estate transactions. Rogers has experience handling matters relating to undeveloped and developed land, office, industrial
and retail property acquisitions and divestitures, portfolio transactions, commercial property leasing transactions, payment-in-lieu of taxes transactions and financing transactions (including workouts). Rogers has experience negotiating asset purchase agreements and other business acquisition and divestiture agreements. David Elliott, Kristen Watson, Jordan Teague and Christina Olivos have published their quarterly DoddFrank Act Newsletter. The Newsletter, available here, highlights the latest case law, news and developments related to the DoddFrank Wall Street Reform and Consumer Protection Act. SCOTUS to Resolve Circuit Split on Interplay of FDCPA and Bankruptcy Code On October 11, 2016, the Supreme Court of the United States granted cert in Johnson v. Midland Funding, LLC, to resolve a split among the Circuits as to the FDCPA’s prohibition against deceptive collection practices in the context of filing proofs of claim for debts where a collection action would otherwise be time-barred. Read the full alert here. For more information, please contact Kasee Heisterhagen. Due Diligence on a Shopping Center Acquisition: Erin Hewitt Presenting On October 26-29, Atlanta Partner Erin Hewitt will be speaking at the International Council of Shopping Centers’ U.S. Shopping Center Law Conference Dine Around in Hollywood, Florida. Erin will discuss “Due Diligence on a Shopping Center Acquisition.” For more information, please click here. Bond Financing: The Best-Kept Secret for Nashville’s Nonprofits
Erich Durlacher Named to the “Who’s Who in Law & Accounting” List by Atlanta Business Chronicle Erich N. Durlacher was named to the Atlanta Business Chronicle’s “Who’s Who in Law & Accounting” list. The annual list recognizes the 100 most prominent individuals in the legal and accounting professions in Georgia. The list includes representatives from the Top 25 Accounting Firms and Top 25 Law Firms from the Chronicle’s most recent Book of Lists. The article highlights Durlacher’s career at Burr & Forman, discussing how he “has been a partner with Burr since 2006 and has served as managing partner of the firm’s Atlanta office since 2008. Durlacher maintains a full-time practice assisting companies, banks and other financial institutions in the resolution of complex commercial issues.” At Burr & Forman, Durlacher serves in the firm’s Creditors’ Rights and Bankruptcy Practice Group. He assists companies, banks and other financial institutions in the resolution of complex commercial issues, the restructuring of performing and distressed credit facilities and swap agreements, and the maximization of debt and collateral recovery. "Protecting Your Shopping Center from Going-Out-of-Business Sales," International Council of Shopping Centers In an article published in the October 2016 issue of International Council of Shopping Centers, Graham Stieglitz provides insight for how a retailer who is approaching bankruptcy should handle their business. He begins by informing retailers that they need to perform an analysis of which leased store locations are not profitable and ultimately which of the merchandise will be liquidated. Stieglitz explains the six step process the retailer will go through: (1) approval of an agreement with the liquidator; (2) the ability to conduct GOBS at certain stores; (3) permission to establish auction and bid procedures for the assets; (4) permission to sell the inventory at the closing stores free and clear of liens and claims; (5) a waiver of debtor’s compliance with various state and local laws that would prohibit or otherwise restrict a GOBS; and (6) a waiver of any restrictions in the underlying lease that forbid or diminish the debtor's ability to conduct GOBS as proposed. Tom Potter Featured in Comstock's Magazine: In Whom We Trust In an article published on October 25, 2016 by Comstock's Magazine, Tom Potter provides guidance on how a new federal rule is about to change the business of retirement financial aid. The article explains the future of retirement, “Soon all planners who give retirement investment advice will have to adopt an additional designation, one that won’t appear behind their name: fiduciary. That means they’ll be legally bound to act in their clients’ best interest, not their own.” The article addresses how MetLife sold its entire retail sales force, to
In an article published on October 19, 2016 by the Nashville Business Journal, Joshua Ehrenfeld and Brian Watson provide guidance on taxexempt and taxable bond financing options that nonprofit organizations should be utilizing. Bond financing offers an alternative way for nonprofits to obtain long-term financing for capital projects. They explain that the benefits of bond financing include lower interest rates, resulting in payments substantially less than those on conventional financing, and, unlike traditional construction loans, bonds generally do not require subsequent conversion to permanent financing. They also address that the first step for any organization considering the use of bond financing should be to consult with professionals wellversed in the process, such as lawyers and/or municipal advisers.
which Potter responded, “The rule change is huge. It’s a game-changer as far as the brokerage industry goes.” Potter also provides insight to what the future is bringing, “A few sectors can expect the new regulation to bring in new clients. For attorneys specializing in benefits law, business is going to be very good.” Rachel Cocciolo Recognized at Annual Mayor’s Environmental Awards Luncheon Rachel Cocciolo was recognized at the 24th annual Mayor’s Environmental Awards Luncheon for her involvement and efforts with Scenic Jacksonville. Cocciolo, along with the other Scenic Jacksonville Board members and the Duval County School Board, all received the first-ever Scenic Jacksonville Award for Civic Engagement & Environmental Stewardship for their efforts in introducing bill 2016-487. This bill appropriates City funding to plant one tree at each of Duval County’s 160 public schools to help improve the visual appeal of communities, reduce energy costs, remove air pollutants and more. Read about the Mayor’s Environmental Awards Luncheon here. At Burr, Cocciolo serves in the firm's Creditors’ Rights & Bankruptcy Practice Group. She focuses her practice on the areas of Commercial Litigation, Construction Litigation, Labor & Employment Litigation, and Governmental Law.
Southern District of California Holds Charge for Incoming Call Does Not Create Standing to Assert TCPA Claim The Southern District of California held that a Plaintiff lacked standing to assert their TCPA claim and dismissed the case. The plaintiff filed suit, claiming that the cell phone Defendants called was “assigned to a cellular telephone service for which Plaintiff incurs a charge for incoming calls.”
CONSUMER FINANCE LITIGATION ENVIRONMENTAL LAW MATTERS INTERNATIONAL BUSINESS NON-COMPETE & TRADE SECRETS SECURITIES LITIGATION TCPA ADDENDUM TENNESSEE BUSINESS LITIGATION
Joshua Threadcraft has details on Burr & Forman's TCPA Addendum Blog.
Burr & Forman Banking & Financial Services E-Note is a monthly e-mail service provided by Burr & Forman LLP. The physical address for correspondence related to this newsletter is: 171 17th Street, NW, Suite 1100, Atlanta, GA 30363. (404) 815-3000. You are subscribed to this list as: Please note: This electronic newsletter is provided to clients and friends of Burr & Forman. The information described is general in nature, and may not apply to your specific situation. Legal advice should be sought before taking action based on the information discussed. Applicable State Bar or Attorney Regulations May Require This Be Labeled as "Advertising."
Making Headlines New Rules Will Require Banks to Toughen Cybersecurity Practices (Source: CFO.com, 2016-10-20) SBA Asks CFPB to Reconsider Payday Lending Rules (Source: CBS News, 2016-10-07) Online Lenders Seek to Set Regulations Without Government Help (Source: The New York Times, 2016-10-20) Use of Chip-Enabled Cards Rises, But Complaints Still Abound (Source: USA Today, 2016-10-03)
Burr & Forman lawyers won a significant victory in the Eleventh Circuit earlier this month. In the case In re: David A. Failla, the U.S. Court of Appeals for the Eleventh Circuit affirmed that a person who agrees to "surrender" his house in bankruptcy pursuant to 11 U.S.C. § 521(a)(2) may not oppose the creditor's foreclosure action in state court. Burr was one of the first to advance this argument, and many, but not all, of the bankruptcy judges in Florida agreed with our interpretation of surrender under the bankruptcy code and related case law. Read more about the opinion here. For more information on issues related to bankruptcy surrender litigation, please contact John R. Chiles, Christine Irwin Parrish, and Jonathan M. Sykes. Dodd-Frank Act Update October 2016 Edition
Start-Up, Global Banks Complete Cross-Border Blockchain Test (Source: Reuters, 2016-10-20)
Burr Opens Delaware Office with Veteran Attorney to Bolster Creditors’ Rights and Bankruptcy Practice Rick Robinson has joined Burr & Forman as a partner in the firm’s Creditors’ Rights and Bankruptcy practice. Based in Wilmington, Delaware, Robinson, an experienced and nationally recognized bankruptcy attorney, boosts the Am Law 200 firm’s capabilities and geographical reach to support clients with needs in Delaware, a hub for corporate activity. Robinson has more than 25 years of experience in counseling corporate clients in connection with Chapter 11 cases and insolvency matters. His experience in numerous industries, including key service areas for Burr & Forman, such as health care, financial services and manufacturing, makes him an excellent match for the firm. His national client base has given him the opportunity to practice in bankruptcy courts in Delaware, New York and throughout the country. Burr Boosts Real Estate Practice with Addition of Nashville Counsel John F. Rogers, Jr. has joined the firm’s Real Estate practice as Counsel. His addition is part of Burr & Forman’s continued expansion in Nashville, where it has nearly tripled its attorney count over the last 18 months. Last month, the firm announced its plans to relocate to SoBro in early 2017 with a thirteen-year lease commitment in the emerging downtown neighborhood, thanks to its aggressive growth record. Rogers has practiced for approximately 27 years in Kentucky and Tennessee and primarily counsels private and publicly traded clients in commercial real estate transactions. Rogers has experience handling matters relating to undeveloped and developed land, office, industrial
and retail property acquisitions and divestitures, portfolio transactions, commercial property leasing transactions, payment-in-lieu of taxes transactions and financing transactions (including workouts). Rogers has experience negotiating asset purchase agreements and other business acquisition and divestiture agreements. David Elliott, Kristen Watson, Jordan Teague and Christina Olivos have published their quarterly DoddFrank Act Newsletter. The Newsletter, available here, highlights the latest case law, news and developments related to the DoddFrank Wall Street Reform and Consumer Protection Act. SCOTUS to Resolve Circuit Split on Interplay of FDCPA and Bankruptcy Code On October 11, 2016, the Supreme Court of the United States granted cert in Johnson v. Midland Funding, LLC, to resolve a split among the Circuits as to the FDCPA’s prohibition against deceptive collection practices in the context of filing proofs of claim for debts where a collection action would otherwise be time-barred. Read the full alert here. For more information, please contact Kasee Heisterhagen. Due Diligence on a Shopping Center Acquisition: Erin Hewitt Presenting On October 26-29, Atlanta Partner Erin Hewitt will be speaking at the International Council of Shopping Centers’ U.S. Shopping Center Law Conference Dine Around in Hollywood, Florida. Erin will discuss “Due Diligence on a Shopping Center Acquisition.” For more information, please click here. Bond Financing: The Best-Kept Secret for Nashville’s Nonprofits
Erich Durlacher Named to the “Who’s Who in Law & Accounting” List by Atlanta Business Chronicle Erich N. Durlacher was named to the Atlanta Business Chronicle’s “Who’s Who in Law & Accounting” list. The annual list recognizes the 100 most prominent individuals in the legal and accounting professions in Georgia. The list includes representatives from the Top 25 Accounting Firms and Top 25 Law Firms from the Chronicle’s most recent Book of Lists. The article highlights Durlacher’s career at Burr & Forman, discussing how he “has been a partner with Burr since 2006 and has served as managing partner of the firm’s Atlanta office since 2008. Durlacher maintains a full-time practice assisting companies, banks and other financial institutions in the resolution of complex commercial issues.” At Burr & Forman, Durlacher serves in the firm’s Creditors’ Rights and Bankruptcy Practice Group. He assists companies, banks and other financial institutions in the resolution of complex commercial issues, the restructuring of performing and distressed credit facilities and swap agreements, and the maximization of debt and collateral recovery. "Protecting Your Shopping Center from Going-Out-of-Business Sales," International Council of Shopping Centers In an article published in the October 2016 issue of International Council of Shopping Centers, Graham Stieglitz provides insight for how a retailer who is approaching bankruptcy should handle their business. He begins by informing retailers that they need to perform an analysis of which leased store locations are not profitable and ultimately which of the merchandise will be liquidated. Stieglitz explains the six step process the retailer will go through: (1) approval of an agreement with the liquidator; (2) the ability to conduct GOBS at certain stores; (3) permission to establish auction and bid procedures for the assets; (4) permission to sell the inventory at the closing stores free and clear of liens and claims; (5) a waiver of debtor’s compliance with various state and local laws that would prohibit or otherwise restrict a GOBS; and (6) a waiver of any restrictions in the underlying lease that forbid or diminish the debtor's ability to conduct GOBS as proposed. Tom Potter Featured in Comstock's Magazine: In Whom We Trust In an article published on October 25, 2016 by Comstock's Magazine, Tom Potter provides guidance on how a new federal rule is about to change the business of retirement financial aid. The article explains the future of retirement, “Soon all planners who give retirement investment advice will have to adopt an additional designation, one that won’t appear behind their name: fiduciary. That means they’ll be legally bound to act in their clients’ best interest, not their own.” The article addresses how MetLife sold its entire retail sales force, to
In an article published on October 19, 2016 by the Nashville Business Journal, Joshua Ehrenfeld and Brian Watson provide guidance on taxexempt and taxable bond financing options that nonprofit organizations should be utilizing. Bond financing offers an alternative way for nonprofits to obtain long-term financing for capital projects. They explain that the benefits of bond financing include lower interest rates, resulting in payments substantially less than those on conventional financing, and, unlike traditional construction loans, bonds generally do not require subsequent conversion to permanent financing. They also address that the first step for any organization considering the use of bond financing should be to consult with professionals wellversed in the process, such as lawyers and/or municipal advisers.
which Potter responded, “The rule change is huge. It’s a game-changer as far as the brokerage industry goes.” Potter also provides insight to what the future is bringing, “A few sectors can expect the new regulation to bring in new clients. For attorneys specializing in benefits law, business is going to be very good.” Rachel Cocciolo Recognized at Annual Mayor’s Environmental Awards Luncheon Rachel Cocciolo was recognized at the 24th annual Mayor’s Environmental Awards Luncheon for her involvement and efforts with Scenic Jacksonville. Cocciolo, along with the other Scenic Jacksonville Board members and the Duval County School Board, all received the first-ever Scenic Jacksonville Award for Civic Engagement & Environmental Stewardship for their efforts in introducing bill 2016-487. This bill appropriates City funding to plant one tree at each of Duval County’s 160 public schools to help improve the visual appeal of communities, reduce energy costs, remove air pollutants and more. Read about the Mayor’s Environmental Awards Luncheon here. At Burr, Cocciolo serves in the firm's Creditors’ Rights & Bankruptcy Practice Group. She focuses her practice on the areas of Commercial Litigation, Construction Litigation, Labor & Employment Litigation, and Governmental Law.
Southern District of California Holds Charge for Incoming Call Does Not Create Standing to Assert TCPA Claim The Southern District of California held that a Plaintiff lacked standing to assert their TCPA claim and dismissed the case. The plaintiff filed suit, claiming that the cell phone Defendants called was “assigned to a cellular telephone service for which Plaintiff incurs a charge for incoming calls.”
CONSUMER FINANCE LITIGATION ENVIRONMENTAL LAW MATTERS INTERNATIONAL BUSINESS NON-COMPETE & TRADE SECRETS SECURITIES LITIGATION TCPA ADDENDUM TENNESSEE BUSINESS LITIGATION
Joshua Threadcraft has details on Burr & Forman's TCPA Addendum Blog.
Burr & Forman Banking & Financial Services E-Note is a monthly e-mail service provided by Burr & Forman LLP. The physical address for correspondence related to this newsletter is: 171 17th Street, NW, Suite 1100, Atlanta, GA 30363. (404) 815-3000. You are subscribed to this list as: Please note: This electronic newsletter is provided to clients and friends of Burr & Forman. The information described is general in nature, and may not apply to your specific situation. Legal advice should be sought before taking action based on the information discussed. Applicable State Bar or Attorney Regulations May Require This Be Labeled as "Advertising."
