“The Force” was strong on a recent Saturday at Hillsides main campus in Pasadena when more than 40 members of Star Wars costuming clubs gathered together to entertain the children of Hillsides. The children experienced some galactic fun when for three hours the campus was filled with the likes of Jedi Knights, Stormtroopers, Sith Lords, Rebel pilots, Bounty Hunters, Jedi Knights, and a perennial crowd favorite, R2-D2.Several local Star Wars costume clubs participated in the event, including those from The Dark Empire, the 501st Legion, the Rebel Legion, the Rogue Rebels, Mandalorian Mercs, and the Jedi Assembly. The costumers wowed with children with a character parade and a light saber skit. Each child also received a specially designed Star Wars patch, a Star Wars activity book, and a Star Wars toyâ€œThis is the fourth year that the costuming fan clubs have visited Hillsides, and it is one of the childrenâ€™s favorite activities of the year,â€ said Laura Kelso, Hillsides director of community resources. â€œWe are so grateful for everyone who attended from â€˜a galaxy far, far away,â€™ and look forward to seeing them again next year.â€Hillsides, headquartered in Pasadena, is a premier provider dedicated to improving the overall well-being and functioning of children, youth, and families throughout Los Angeles County. For more information on Hillsides, please visit www.hillsides.org. faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Donald CommunityPCC- COMMUNITYVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Make a comment Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Subscribe Community News Star Wars Costuming Clubs Take Hillsides by ‘The Force’ From STAFF REPORTS Published on Thursday, August 28, 2014 | 11:52 am Community News Business News Name (required) Mail (required) (not be published) Website Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Your email address will not be published. Required fields are marked * Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Community News First Heatwave Expected Next Week EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS HerbeautyA 74 Year Old Fitness Enthusiast Defies All Concept Of AgeHerbeautyHerbeautyHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeauty10 Questions To Start Conversation Way Better Than ‘How U Doing?’HerbeautyHerbeautyHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeautyHerbeautyDo You Feel Like Hollywood Celebrities All Look A Bit Similar?HerbeautyHerbeautyHerbeautyGained Back All The Weight You Lost?HerbeautyHerbeauty More Cool Stuff Top of the News 19 recommended0 commentsShareShareTweetSharePin it
According to the U.S. Courts website, the fundamental goal of the Federal bankruptcy laws enacted by Congress is to give debtors a financial “fresh start” from burdensome debts and provides for “liquidation” in a Chapter 7 filing—the sale of a debtor’s property and the distribution of the proceeds to creditors.The Question Is, Does It?Bankruptcy was created to give individuals a legal vehicle to settle debts or negotiate manageable terms. In general, trustees do a great job working with debtors to resolve the vast majority of their debt. However, when real estate is involved, the options outlined in the federal bankruptcy laws are rarely followed, creating greater burden, hampering, or making it impossible for debtors to truly receive a “fresh start.”Bankruptcy law is well defined and offers several solid solutions for both the debtors and creditors, but in most cases, these options are never allowed. It seems hard to believe, but if you dive into the process and the structure of how cases are administered, both the law and the intent of the law take a back seat to reality.In Chapter 7 bankruptcy, a trustee is appointed to administer the case. The primary role of the U.S. Trustee Program is to serve as the “watchdog over the bankruptcy process.”As stated in the Mission Statement: The mission of the United States Trustee Program is to promote the integrity and efficiency of the bankruptcy system for the benefit of all stakeholders—debtors, creditors, and the public. For this service, the trustee receives a fee for administering the estate and a percentage of any assets sold.Although the Trustee must be fair to the debtor, their interests aren’t always aligned.The Trustee Handbook states: “The Chapter 7 Trustee is the representative of the estate. 11 U.S.C. § 323(a). The Trustee is a fiduciary charged with protecting the interests of all estate beneficiaries—namely, all classes of creditors, including those holding secured, administrative, priority, and non-priority unsecured claims, as well as the debtor’s interest in exemptions and any possible surplus property.”The statement seems pretty straightforward and relatively simple, but where does everything go wrong?Let’s Break It DownWhen an individual files Chapter 7 bankruptcy and they own real estate, they either “retain” or “surrender” the property.If the individual elects to “retain,” they intend to keep their home and negotiate or eliminate the other debts. However, if they chose to surrender, this is where things go astray.When a debtor surrenders a property, the trustee becomes the legal administrator/seller and has a fiduciary to sell the property or give it back to the secured creditor to settle the debt. In most cases, this does not happen.If the trustee sells the property, then they are fulfilling their duty to both secured and unsecured creditors, and will apply proceeds from the sale to unsecured creditors (medical bills, credit cards, etc.) in the estate.Alternatively, the trustee can choose to abandon the property, which removes it from the bankruptcy estate. There are several reasons why a trustee might decide to abandon a property from the bankruptcy. Suppose the property sale didn’t bring enough meaningful value to the estate, the property had title issues, or they could not generate meaningful compensation for the trustee’s time spent working on the case.Often a trustee shies away to avoid scrutiny from governing authorities such as the United States Trustees’ office, which regulates the trustees’ activities. Also, their local judge in the district may have a different view on selling assets because they may be over-encumbered assets.These are all valid issues which stem from a broken system. Trustees, creditors, and even creditors’ counsel become adversarial rather than working together to align all parties’ interests for a positive outcome.Most debtors and their legal counsel believe that once an asset is surrendered, they are off the hook. The onus to resolve the lien falls back on the debtor. The secured creditor has few options when this happens, and if the debtor does not workout financial arrangements with the creditor, they mainly file foreclosure and eventually take possession of the property.This creates emotional turmoil and long-lasting financial hardship on the debtor when their intent was to work out a solution for the surrendered property.To make matters worse, a foreclosure has a much more significant impact on a debtor’s credit future. Bankruptcy or a short sale will impact a credit score about 85–160 points (higher scores have the most significant impact), but this is only short-term, providing the debtors the ability to reestablish their credit in 18-24 months and the ability to buy another home.Foreclosure, on the other hand, stays as a negative mark on a credit report for seven years, preventing the debtor from housing credit and much more. Even after that time passes, a new mortgage will still be at a much higher rate.If a trustee abandons the property and the real estate lien is not resolved while in bankruptcy, the debtor loses the benefit of bankruptcy, suffering total financial hardship, and robbing the debtor of the ability to receive that “fresh start” that is the goal of a bankruptcy.For the secured creditor, selling property in bankruptcy versus foreclosing saves an average of $49,000 on a $250,000 home—a preferable outcome for a creditor to save money and complete a non-foreclosure outcome, but when the secured creditor is denied their right to have the home sold in bankruptcy the mortgage creditor suffers that loss. The courts will argue that they have remediation options outside of bankruptcy.However, since selling in bankruptcy is a much better option and elected by the debtor to have the home sold; not allowing this sale to occur creates significant financial hardship for both the debtor and creditor. This is not the intention bankruptcy law was intended to provide.Why does this happen?Well, several issues lead to this result.The Role of the TrusteeThe trustee is commissioned to administer the debtor’s estate and receives $60 for this service plus a percentage of funds distributed to other creditors in the estate.Trustees are appointed by and report to “The Office of the United States Trustee” (UST). The UST is an executive branch agency that is part of the Department of Justice. Its responsibilities include monitoring the administration of bankruptcy cases and detecting bankruptcy fraud.Trustees are under constant examination from the UST’s office and can be sanctioned for any malfeasance, both real or perceived. The focus is primarily on potential fraud from the trustee receiving fees for the services they provide and rarely is the focus on the benefits to the debtors and creditors. This perceived scrutiny that comes with the sale of an asset often discourages a Trustee from completing their fiduciary duty.Court DistrictsBankruptcy law is federal law; however, it is governed by approximately 94 court districts across the country and differs on its application from district to district.Bankruptcy law clearly defines how real estate assets are sold in section 11 U.S.C. §363. The law goes into great detail for over-encumbered assets, giving the trustee several options depending on the circumstances and the consent of all stakeholders. Today, there are several districts that “do not allow” the sale of “short sales” (over-encumbered assets) either by the UST’s office or the judge.The reasons that short sales are not allowed in certain districts range from differing applications of the law on the transactions. The most common misconceptions are that these transactions are fraudulent and don’t help the debtor, short sales never help the creditor, or that these transactions will only benefit paying professionals and the trustees. These misconceptions by the courts and the trustees are at the heart of the issue. In a proper 11 U.S.C. § 363 transaction, none of these generalizations are founded.This makes you question if the law allows debtors and creditors their rights under section 11 U.S.C. § 363, why are they denied court approval for the sale if they abide by the rules governed by the law?Good Question?Where this doesn’t make much sense is when a debtor elects to surrender their property to be sold and the Secured Creditor (mortgage servicer) has agreed to accept a short payoff, and they agree to pay the trustee a carve-out fee to administer the sale, creating meaningful value to the estate and unsecured creditors.This follows Bankruptcy Code, yet the UST or judge denies the sale. Doesn’t that violate their rights?The law is also clear that when selling fully encumbered property, the trustee must administer the sale to avoid a diminution of funds otherwise available for unsecured creditors, 11 U.S.C. § 704, 28 U.S.C. § 586. The trustee has a fiduciary duty to ensure the law is followed and should sell an asset to settle the debt to protect and preserve funds available to the unsecured creditors. However, this rarely ever happens as the system is broken. Bridging the gap between mortgage servicers, their counsel, and trustees results in a far better outcome for all parties involved.So, how do we fix the process to ensure debtors and creditors can exercise their rights and utilize bankruptcy for the benefits it is intended to provide? It seems this is never a topic for discussion and why most creditors consider bankruptcy as a “black hole.”It might be time to reassess and improve the process.Some potential solutions might be:Modifying the bankruptcy trustee’s compensation to ensure the requirements in bankruptcy are fulfilled.Having a different focus from governing authorities to ensure the law is followed and not focused only on fees and compensation.Ensuring that when all parties consent and are within the law, they have the legal right to proceed with a sale.Bankruptcy is one of our legal rights and one of the greatest benefits of our financial, legal system. Over time, regulation, process, and interpretation have turned the bankruptcy process into a black hole for creditors and the end of the road for debtors, resulting in a lose-lose for all stakeholders.Is It Time to Fix the Process and Restore the Rights of Debtors and Creditors?We have come a long way since we started on this mission, but there is still a long, long way to go. Today, there is a large portion of the country where trustees will not entertain a “short sale” in bankruptcy even though the trustee has a fiduciary responsibility to administer the sale. Ultimately, the debtors and creditors should have the legal right to request the sale. Print This Post Demand Propels Home Prices Upward 1 day ago Demand Propels Home Prices Upward 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 1 day ago Data Provider Black Knight to Acquire Top of Mind 1 day ago Share Save Tagged with: Bankruptcy Bankruptcy Code Brad Geisen Chapter 7 Creditors Foreclosure Brad Geisen, CEO of BK Global, is a 35-year veteran of the default real estate industry and a serial entrepreneur, always focusing on creating smart solutions with better outcomes. He is known for creating online real estate solutions such as Foreclosure.com, HomePath.com, HomeSteps.com, TaxLiens.com, HUDHouses.com, and many more. He developed and ran a pilot program forHUD, which became the highly effective HUD M&M Program. Geisen created the first online offer management platform, which has become the industry standard used by mortgage servicers and the GSEs. in Daily Dose, Featured, Government, Journal, News Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Is Chapter 7 Bankruptcy Broken? Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 1 day ago 18 days ago 755 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brad Geisen Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 1 day ago Previous: Sky’s the Limit for SFR Market Next: Are Smaller Homes the Cure to Inventory Concerns? Home / Daily Dose / Is Chapter 7 Bankruptcy Broken? Bankruptcy Bankruptcy Code Brad Geisen Chapter 7 Creditors Foreclosure 2021-05-12 Eric C. Peck
The venerable Marco Benevento has released his 7-song live Woodstock Sessions EP via Royal Potato Family and Woodstock Sessions today. The session was recorded in one take at Applehead Recording studio in Woodstock, NY in front of a live audience. Benevento, along with bassist Karina Rykman and drummer Andy Borger, performed a set that spanned the keyboardist’s entire solo catalog.The set starts off with three songs from his most recent studio album, The Story of Fred Short, including “Dropkick,” which sounds like a 50’s pop rock tune that could be heard on an old-school diner jukebox over a cheeseburger and some soda pop. The 22-minute opus “The Story of Fred Short” is a futuristic indie-sounding number, cut into various sections, that bears witness to a wild build segment of jamming from the trio, before making its way into a dance-inspired finale.“Bus Ride” from 2008’s Invisible Baby makes an appearance in the set with some heavy synth work from Benevento on keys, showcasing his masterful skills. He beseeches the crowd to “Make some noise….now or never” as the group goes into the 2014 track “At The Show” from Swift; never a boring moment at a live Benevento show. “Greenpoint” from 2010’s Between The Needles & Nightfall brings the album to a resounding close, finding some beautiful interplay between each member of the group. As always, Benevento and company take you on an incredible journey, and the Woodstock Sessions EP is keeps in that tradition.The album is currently streaming in full on Spotify, and you can take a listen below:
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York As president and CEO of Uniondale-based RXR Realty, Long Island’s largest commercial landlord, Scott Rechler has rare insights into local real estate market. We recently caught up with him to get his thoughts on his latest development, the importance of thinking regionally, how to keep up with the fast pace of information and why his homemade pizza dough is the best. Here are excerpts of our conversation:Long Island Press: You have a few projects in the planning and development phase. Which one are you most excited about?Scott Rechler: The one that I’m most excited about is what we’re doing in Glen Cove with Garvies Point. It is going to be so transformative to the Glen Cove community in taking what was a blighted, abandoned site and really making it an asset for opening up the waterfront to the community at large.LIP: What is your vision for the company?SR: Our focus is really understanding our customers and community that live in the New York Metropolitan region. As the economy changes and demographics change and the needs of our customers change, what we do is create real estate products that ultimately enhance the quality of life and serve our customers and communities. Really having a good understanding of our customers and community is what drives our vision and our strategy.LIP: How about your vision for The Hub, the area in central Nassau that includes Nassau Coliseum, Museum Row and several colleges and major commercial buildings?SR: Obviously, we own a lot of property around The Hub and I think having it developed as a mixed-use community with office and entertainment and housing would be a very big positive for that whole downtown Nassau County. I’m disappointed it’s taken so long to get something going there and I’m hopeful now with the new county executive, Laura Curran, it gets accelerated.LIP: How do you juggle your real estate business with your roles at the MTA and the Regional Plan Association?SR: Part of it is going back to our strategy, which is very much regionally focused and being an active member of our community. There’s a consistent element of those activities and RXR’s activities that overlap in terms of understanding the community and trying to make the community a better place for people to live and work.LIP: How do you think the new federal State and Local Tax deduction cap will impact LI?SR: It’s not a good thing. We already live in a high-cost-of-living community. To the extent that we have higher taxes that add more weight to a branch of something that already has a lot of weight on it. Although I think that people who live in the New York Metropolitan region recognize they have a higher cost of living and they live here for the quality of life, for the job opportunities, for the cultural opportunities. I don’t think we’re going to see a large migration from it, but I think that we’d be better off without having additional costs.LIP: How did growing up on Long Island shape your worldview?SR: I grew up in Port Washington and spent a lot of time in downtown Glen Cove because my grandparents lived there, so I spent the summers there. I think growing up, a recognition of the importance of community was always key for me. To have a vested interest in maintaining its vibrancy and competitiveness. Being someone who has always traveled around to the city and the region, understanding that Long Island and New York City and New Jersey and Westchester, while they’re independent, they’re inexplicably linked in the sense that the successes of each are critical for the region as a whole. Having that regional lens from a young age honed my focus.LIP: Do you have any sayings?SR: Every six months I put a new saying by my office door of what I want people to be focused on and what I want to be focused on. Right now, it’s ‘regularly recalibrate reality.’ Because we’re living in a world that’s changing so quickly that what was true today, may not be true tomorrow and it may not be true yesterday. My view is you have to regularly recalibrate what that reality is and shift gears as appropriate.LIP: What would readers be surprised to learn about you?SR: I love to cook. I don’t know if people know that about that me. I studied cooking in Italy. I pride myself on my homemade pizza dough and pizzas.
EMV payment terminals are not all the same. Magnetic stripe transactions tend to be consistent regardless of the merchant, however new EMV payment terminals come from a range of manufacturers, each offering different models. Your members should expect the point-of-sale experience to vary from merchant to merchant. continue reading » EMV technology is making inroads across the U.S. consumer landscape, benefitting credit unions and their members everywhere as an important weapon in the fight against card fraud. However, member experience with EMV may be less than ideal as checkout has suddenly become a lengthier and more cumbersome process.Educating your members about EMV—and setting their expectations as consumers—can help them understand why this technology is so essential to their well-being going forward:EMV transactions are well worth the wait. Members certainly may not like the additional steps it takes to check out. Remind them that security breaches can be very damaging to consumers—and much more inconvenient than the extra seconds involved in EMV transactions. 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
VESTAL (WBNG) — The Vestal Fire Department hosted Breakfast with Santa Sunday morning at Fire Station #2 on Route 26 in Vestal. Tyler Vandervort, First Lieutenant for the Vestal Fire Department, told 12 News that the breakfast was a great opportunity to give back to the community. The event featured a pancake breakfast cooked by volunteers as well as the opportunity to have a photo taken with Santa. More than 250 meals were served at the event which ran from 7:30 a.m. to 11:00 a.m. “It’s important for us because we want the community to know how important they are to us we want them to understand we aren’t just here to fight fires we want to give back to them too,” Vandervort said. All food and supplies for the breakfast were donated by Weis Markets.
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Boxing legend, Azumah “Ring Professor” Nelson has called on the government to support the boxing fraternity.The former WBC super featherweight champion made the call when he was honoured at the Academy of Arts and Sciences on Wednesday as Professor De-Valera Botchway published a book on him dubbed “Boxing Is No Cakewalk”.Azumah Nelson, 60, believes the government is more concerned about football-related issues instead of other equally important sporting disciplines like boxing.He urged the government to turn its attention on boxing to help Ghana produce more world champions.“I think the government is not serious in taking care of boxing. But if the government will come in and spend some money it will help. Every good thing comes with money. If we can take good care of the boxers and train them well, we will produce a lot of world champions like myself in the country,” he said.The professor of boxing, in his prime, put the nation on the world map and believes that the country can produce more and even better boxers in Ghana.
By The Nelson Daily SportsThe Castlegar Vikings appear poised to win West Kootenay Men’s Flag Football League for the fourth straight time.The Vikings head into Sunday’s playoffs as the top seed after claiming the regular season title with a 4-1 record.The Vikings were idle during the weekend and now meet Nelson Impact in one semi final. In the other semi the struggling Hume Brewers match up against the red-hot Dam Inn Mates.The Brewers and Mates finished in a tie for second, each with 3-3 records.The Impact, which forfeited its final game Sunday, edged out Our Glass for the final playoff spot using the plus-minus tiebreaker.In the other contest Sunday, Hume Brewers forfeited the final game against Our Glass.The WKMFFL final is set for November 21 at the Mount Sentinel Field in South [email protected]
Saturday in Nelson, Aidan Geiger snapped an eight-game goal-scoring slump in a big way Saturday night against the Columbia Valley Rockies.The Calgary native scored three times, including the winner, to spark the Nelson Leafs to a 4-3 victory over the Eddie Mountain squad at the NDCC Arena.Geiger scored for the first time since arriving in the Heritage City in early October.Nelson improves to 12-3-2-1 on the season and maintains a four-point lead in Murdoch Division standings over Beaver Valley.The Nitehawks pasted Castlegar 7-2 Saturday in Fruitvale.Geiger opened the scoring in the first period, jumping on a pass to snap a quick shot past Brody Nelson in the Columbia Valley nets.After Leaf captain Aaron Dunlap scored with 10 seconds remaining in the first period to give Nelson a 2-0 lead.Geiger increased the margin to 3-0 with a goal in the second period before Rockies scored three straight to tie the game early in the third.Geiger then scored the winner midway through the final frame to complete the hat trick and give Nelson just enough offense to win for the fifth straight time.Sam Young, Carter Melnyk and Dario Piva replied for Columbia Valley.Adam Maida stopped 10 of 13 shots to register the win, his second in as many games. Nelson out shot Columbia Valley 23-13.Nelson completes its week Sunday with a road date in the Lilac City against Spokane.LEAF NOTES: Nelson’s leading scorer Matt MacDonald saw his point streak end at eight games. MacDonald is now tied with Robson Cramer for top spot in Leaf scoring after the mobile defenceman recorded two points in Sunday’s loss. Cramer was Nelson’s player of the game . . . Nelson was without head coach Dave McLellan, who was in the South Okanagan watching his son play in a Bantam Hockey Tournament. McLellan is expected back with the team for practice this week. Assistants Sean Dooley, Stathis Dimopoulos and Iain Parent coached the team. . . .Spokane has now won four in a row. . . .Sunday, Columbia Valley lost its fourth straight, and third on this road trip, after dropping a 7-3 decision Sunday in Castlegar. Spokane Braves snapped the five-game winning streak of the Nelson Leafs, edging the Murdoch Division leaders 4-3 Sunday in Kootenay International Junior Hockey League action in the Lilac City.Tanner Stolz and Sean Collins scored less than a minute apart in the third period to snap a 2-2 tie to spark the Braves to the win.Nelson had just tied the game up in the third period when team captain Aaron Dunlap scored.Nelson led 1-0 after one period on a goal by Rayce Miller before the Braves took a 2-1 lead after 40 minutes on goals by Collins and Stolz.Nolan Percival scored the other goal for Nelson.Adam Maida was in goal to register the loss for Nelson, which out shot the Braves 38-33.The victory allowed Spokane to climb to within two points of Murdoch Division leading Nelson, dropping to 12-4-2-1.Beaver Valley and Castlegar are tied for third, each with 23 points.The Leafs continue a road swing with games next weekend in Creston Friday and back in Spokane Saturday against the Braves.Leafs Geiger scores hat-trick to spark Murdoch leaders past Rockies