Brokers News 

Global Brokerage’s bankruptcy case triggers stay of legal actions brought by investors, ex-clients

“At this hearing, the Bankruptcy Court will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Prepackaged Plan for Chapter 11 bankruptcy” reports financefeeds.com. A number of legal actions against Global Brokerage Inc (NASDAQ:GLBR), formerly known as FXCM Inc, are stayed as a result of the filing of a bankruptcy petition by the broker on December 11, 2017.On Thursday, Counsel for Global Brokerage filed documents about the bankruptcy with the New York Southern District Court, thus informing all parties in the cases of the start of…

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Brokers News 

Bankruptcy Judge grants Global Brokerage’s Motion to pay Trade Claims

“In the ordinary course of business, Global Brokerage incurred various fixed, liquidated, and undisputed payment obligations (Trade Claims) to various third-party providers of services (Trade Creditors)” reports financefeeds.com. For the 12 months prior to filing the bankruptcy petition, Global Brokerage’s average aggregate monthly payment to Trade Creditors was about $250,000.At this hearing, the Bankruptcy Court will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Prepackaged Plan for Chapter 11 bankruptcy. Source: financefeeds.com Share This:

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Crypto News 

Mt Gox Creditors File Petition to Demand Recovery Payments in BItcoin

“Mt Gox creditors have filed a petition in Tokyo to begin a civil rehabilitation process to collect payments in bitcoin” writes unknown author for cryptocoinsnews.com. The Tokyo District Court will consider the creditors’ petition and is expected to make a decision in early 2018.Under current proceedings, Mt Gox is expected to have a surplus of over 200 billion yen ($1.764 billion) after payments to its creditors – in fiat yen.Creditors of Mt Gox have filed a petition with the Tokyo District Court seeking to halt bankruptcy proceedings and switch over…

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Brokers News Stocks 

Global Brokerage announces Dec 28, 2017, as last day of trading of its shares on NASDAQ

“There was no update from Global Brokerage on how its plans to file for Chapter 11 bankruptcy progress” reports financefeeds.com. Global Brokerage says it has not arranged for listing or registration of its Common Stock on another national securities exchange.In a move in line with previously announced plans, Global Brokerage Inc (NASDAQ:GLBR), formerly FXCM Inc, today announces that it has informed Nasdaq of its intention to delist its Class A common stock from the NASDAQ Capital Market.This happens about a month after Nasdaq approved Global Brokerage’s application to transfer its…

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News 

Michael Vick makes final payment on debt from bankruptcy deal

“Michael Vick has made his final payment to creditors stemming from when he filed for bankruptcy in 2008” reports sportingnews.com. According to ESPN, with his $1.5 million payment made Thursday to creditors, Vick has now paid back $17.4 million of the $17.6 million he owed.Vick filed for Chapter 11 bankruptcy back in 2008, which gave him the option of paying back all the money he owed.Had he decided to file Chapter 7 bankruptcy he would have had all of his debt erased. Source: sportingnews.com Share This:

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Crypto News 

Twice burned – How Mt. Gox’s Bitcoin customers could lose again

“Based on the current price of bitcoin, Mt” writes Min Read for reuters.com. Gox bankruptcy.Gox bankruptcy, dated Sept. 27, as trustee he has received 163.7 million yen, or about $1.4 million, in fees since his appointment.Ver was also a customer of Bitcoinica, a New Zealand bitcoin exchange where he said he stored nearly 25,000 bitcoins.That involves getting a majority of the creditors – more than 12,000 – to support the plan, according to Japanese bankruptcy law. Source: reuters.com Share This:

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Brokers News 

What’s in store for Global Brokerage under Chapter 11?

“Bankruptcy under Chapter 11 is also called reorganization bankruptcy and companies often manage to emerge from Chapter 11 after a given period of time” reports financefeeds.com. The peculiarities of Chapter 11 of the United States Bankruptcy Code became widely known in 2008 along with the filing for Chapter 11 bankruptcy protection by Lehman Brothers.A Chapter 11 case typically commences with the filing of a petition with the bankruptcy court serving the area where the company has a domicile or residence.One thing is apparent: the future of Global Brokerage now hinges…

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News 

Medicaid expansion saved 50,000 people from bankruptcy in 2 years

“Medicaid is the government-funded health insurance program used by 73.5 million low-income children, families and seniors whose household income is below 138% of the federal poverty level” writes Kari Paul for marketwatch.com. Other studies have shown Medicaid provides financial protection for consumers, especially because those who are recently eligible for Medicaid are lower income and poised to benefit most from coverage.Medical bills can send low-income families into a downward financial spiral, past studies have shown: Healthy people make 28% more over their lifetimes than unhealthy people, and medical bills are…

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Mattel crashes after missing big on earnings and suspending its dividend

“The suspension of its quarterly dividend of 15 cents a share is expected to save $50 million per quarter, the world’s biggest toymaker said” writes Gayathree Ganesan for businessinsider.com. The retailer is set to receive $3.1-billion debtor-in-possession financing, which is likely to help the toy retailer pay some of its suppliers such as Mattel and keep 1,600 stores in operation for the crucial holiday season.Shares of the company, which also reported disappointing third-quarter results on Thursday, fell by as much as 27% in after-market trading.The bankrupt toy retailer, which contributed 11 percent…

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The Weinstein Company, Bankruptcy Inevitable, But Company Says BS

“The Weinstein Company, Bankruptcy Inevitable, But Company Says BS The Weinstein Company is in financial freefall thanks to the misdeeds of Harvey Weinstein and bad management, and the company is expected to file for bankruptcy within weeks … this according to sources who have had access to the company’s financial records, but TWC says that’s not the case” reports tmz.com. A spokesperson for TWC tells us, “Any suggestion that The Weinstein Company is on the verge of imminent bankruptcy is complete fiction.As one informed source put it, “There’s an unstoppable…

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