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Our Subscribers Say...
"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
- Victoria Artis, Director of Customer Financial Services, Pfizer, Inc.
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The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services
"As a corporate credit manager with over two decades of experience, I consider Credit Today to be one of the best credit newsletters. Whether it is because of Credit Today's management, its distinguished panel of advisors, or the caliber of Credit Today's subscribers, it would be fair to say that some of the best and brightest minds in our profession are represented. The credit issues, technologies, news, credit department profiles, etc. are interesting and useful. Credit Today is a valuable reference and communications tool which I look forward to reading each month."
Paul Brunner
Corporate Credit Manager
Mitsubishi Electric Automation, Inc. |
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Bankruptcy Resources For Credit Managers
Here we've compiled a resource center on bankruptcy issues for trade credit managers - everything you'll need to know to face that unfortunate occurrence.
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Heading Off Bankruptcies - And Worse
"People have really become acclimated to home equity loans," notes another West Coast credit manager. "They can put all their debts together and deduct the interest from their taxes. Instead of having . . .
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Reaffimation
Charlie Brand, of Brand Farm Equipment, was delighted when he received Phil White's monthly payment on his tractor. Phil had just filed for bankruptcy, and Charlie had anticipated the usual struggle o . . .
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When Is a Committee Not a Committee for Bankruptcy Rule 2019 Purposes? Courts Are Split 3 to 3 And The Debate Continues...
February 5, 2010
Although 2010 is still young, the bankruptcy courts have been busy interpreting Rule 2019 of the Federal Rules of Bankruptcy Procedure as it applies to ad hoc groups of creditors in bankruptcy cases. A ruling issued on February 4, 2010, in In re Philadelphia Newspapers, LL, Case No. 09-11204 (Bankr. E.D.Pa.) found Rule 2019 applies to ad hoc groups. The score is now tied at three to three. While each of the six courts that have considered Rule 2019 based their decisions on the "plain meaning" of the rule, they are split on exactly what is Rule 2019's "plain meaning." . . .
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Dealing With Involuntary Bankrupts
It happens at least once a year. I find out after the fact that a customer that owes me money has been placed into involuntary bankruptcy (Chapter 7 bankruptcy) by its creditors. Trade creditors not . . .
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Involuntary Bankruptcy Petitions
"Harry, have you had any luck getting money out of Joe Prichard?" "Funny you should ask me that, Pete. I was just about to call him to see what was going on." Harry Dunn ran an engine repair bus . . .
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Company Name Changes Can Be Costly
"Thank you for calling Top-Notch Textiles, how may I help you?" "Oh, I'm sorry," stammered Tess Jenkins. "I must have dialed the wrong number. I thought I was calling Cross Manufacturing." "You . . .
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Pension Plan Termination Premium Claims May Not Be Dischargeable in Bankruptcy
December 21, 2009
The Supreme Court declines to review a circuit court decision in Oneida Ltd., which held that a debtor cannot discharge in bankruptcy, as a prepetition claim, premiums it owes to the Pension Benefit Guaranty Corporation in connection with the termination of a pension plan. Introduction
Many companies seeking Chapter 11 protection in the recent economic downturn included among their woes large unpaid defined benefit pension obligations. These woes were compounded by the employers' inability to stay current with ongoing pension contributions owed to their tax-qualified pension plans. Benefit obligations under most tax-qualified pension plans are insured up to . . .
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Intercreditor Agreements: Cementing Priorities and Silencing Objections
December 8, 2009
Corporate capital structures now commonly incorporate multiple tiers of secured debt. First-, second-, and third-lien secured tranches take the place of traditional, single-layer secured debt followed by varying tiers of unsecured and subordinated instruments. Absent a contractual arrangement allocating rights across the capital structure, the lien priorities of the various classes of secured creditors will determine their relative rights. This presents an opportunity for conflict when . . .
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What's a Notice of Election Form?
December 4, 2009
We are a creditor in a multi-state, bankruptcy that has been put into SEC Receivership. We have a secured claim in excess of 50K. I have been asked to complete a "Notice of Election Form." Can anyone offer some insight? . . .
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I am looking for a collection attorney that covers the following states -- CA, NV, HI and AZ, preferably the most aggressive team of lawyers that have good reputations for winning their cases.
December 4, 2009
I am looking for a collection attorney that covers the following states -- CA, NV, HI and AZ, preferably the most aggressive team of lawyers that have good reputations for winning their cases. I have some past-due balances that we have exhausted with collection agencies and would like to start legal proceedings immediately. However, I would prefer to have them work on contingency. They get paid when the case is won. I also have a company with a Note agreement that may not pay and I want to get ready just in case they do not pay. We really need a "pit bull" attorney that knows the ins and outs of commercial collections, UCC, security, note agreements, PMSI, bankruptcy. Please let me know if you know of a firm that may be able to assist me. . . .
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Wrong Names on Financing Statements
Credit Manager Sam Seeley saw no reason for alarm when Jones Tire went bankrupt. Sam's company had sold Jones a forklift six months before, and Jones still owed more than $12,000 on it. But Sam was a . . .
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The Right to Set Off
When Rick Harold was downsized out of his corporate marketing position and set up his own consulting operation, he needed some sophisticated software developed in a hurry. And he knew that his old fri . . .
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This month's topic: Processing of Credit Applications
Click here to participate!
We're examining:
- What information is being captured on credit applications
- What additional information is being requested during the credit app process (such as personal guarantees, financial statements, resale certificates, etc.)
- What the primary challenges are relative to the processing of credit apps
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March 2010
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