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Non-Compete Clauses Survive Chapter 7 Bankruptcy of a Business Owner-Seller

August 3, 2018

A recent court decision has found that the buyer of a company can enforce a non-compete violation by the seller that occurs after the seller files for bankruptcy and is also fired by the buyer.  The court held that this claim is not discharged in bankruptcy, because it arose after the bankruptcy filing of the seller.  The court further held that the claim was not released in bankruptcy due to any arguably automatic rejection of the buy-sell contract, as this contract was fully performed once the buyer fired the seller, thus rendering it not rejectable.  For more information on planning the purchase or sale of a business, please feel free to reach out to us.   For more detailed information on this court decision, please review the following article.

 

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“Toddlers play in sandboxes. Adults play by the rules!” Will proposed fintech sandboxes be effective?

August 1, 2018

The Treasury Department recently released proposals for regulating financial technology that could greatly influence the emerging industry.  The recommendations endorse “regulatory sandboxes,” which would allow companies to experiment with new services that push the boundaries of current law.  New York’s Department of Financial Services Superintendent Maria Vullo has blasted this charter and the regulatory sandboxes.  These proposals seek to eliminate a pay-day lending rule to protect borrowers from illegally high interest rates, as well as eliminate state usury laws in favor of federal law which endorses high rates.  We are happy to provide further advice.  For the remainder of the report, please review the following article.

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The Pension Hole for U.S. Cities & States Is the Size of Japan’s Economy

July 31, 2018

Government workers face reduced or cancelled pensions as cities and states are hit with financial distress and bankruptcy.   Government leaders are dealing with the difficult choice of solving the problem one of 3 ways: increase taxes, divert funds from pensions, or persuade workers to relinquish money they are owed.  More often than not, it is the workers who must give up their promised retirement salve.  State and local pension plans in the U.S. now have less than three-quarters of the money they need to meet their promised payouts, their lowest level since at least 2001. For more advice on protecting your pension in the event of bankruptcy, please feel free to reach out to us.  Please also review this article for more detail on this topic.

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In a novel ruling, condominium fees are discharged in a chapter 13 bankruptcy case!

July 12, 2018

Condominium fees accruing post-bankruptcy must be paid perpetually by a debtor until the condo is sold by the foreclosing lender. A novel court decision has discharged condo fees in a chapter 13 case, based on the absence of the legal language that prohibits such discharge in a chapter 7, 11 or 12 case.  This ruling brings hope to financially distressed condo owners who cannot afford to make these payments on a property in which they do not have possession.  For additional questions, please feel free to reach out to us, and for a brief review of this issue, please see the following article.

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Student debt now taken on by TV show – winners’ debt is paid!

July 10, 2018

For those seeking a way to have their student debt paid off, you now have the opportunity to participate in a game show that will pay off the student debt of the winner.  The founders of this show are seeking to bring awareness to the student debt crisis.  For more information, please see the following article.

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How can blockchain help with day-to-day business, consumer and government operations?

July 6, 2018

Blockchain is an innovative mechanism that has many societal uses and has already been benefitting private business and government.  Supply chain management, Stock issuance, Overseas welfare distribution, Micro-Bond borrowing and more are all made more efficient, secure and trustworthy in execution by this technology.  Please see the following article by Kevin Werbach of Wharton’s Legal Studies and Business Ethics Department on the many positive outcomes that we can achieve, while managing any corresponding risks.

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Cryptocurrency Demystified!

July 3, 2018

As blockchain and cryptocurrency gain traction in our ecosystem, there are many uses and adaptations in all areas of commerce and other fields that are growing in scalability.  For an on-target overview of this space, please consult the following article.

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Beware of Phantom Debt Collectors!

July 3, 2018
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Pennsylvania is joined by California in suing Navient on behalf of student borrowers

June 29, 2018

Pennsylvania is one of 4 states suing the loan servicer Navient on student loan borrowers.  For more information on such suits, please see this article from the New York Times.

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Regulators grant payment company Square a BitLicense allowing New Yorkers to trade cryptocurrency on the rapidly growing Cash app.

June 25, 2018

Payment company Square got the green light from regulators Monday allowing New Yorkers to trade cryptocurrency on the rapidly growing Cash app. They had approval in most states but New York was by far the biggest one where you couldn’t trade bitcoin.  For more information, please see the attached news release.

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