The US Court of Appeals for the Tenth Circuit, in In re Marshall, recently ruled that the debtors' credit card balance transfers from one credit card issuer to pay down their credit card debt owing to another credit card issuer is a transfer of the debtors' property interest and, as such, is a recoverable preference. The Debtors, Brian and Julie Marshall, had two credit card accounts with MBNA under account numbers 6264 and 7781. On Oct 13, 2005, the Debtors filed a Chapter 7 bankruptcy petition. The issue in the case is whether Capital One's payments to MBNA were transfers of the Marshalls' interest in property, which is one of the prerequisites for the trustee's preference claim. The trustee appealed the bankruptcy court's ruling. The courts appear to be reaching a consensus on whethe...
Debtors made avoidable, preferential transfers of assets when they used certain credit cards to make payments on other credit card accounts shortly before they filed for bankruptcy, the 10th Circuit has ruled in reversing judgment. Less than three months before they filed for Chapter 7 protection, a husband and wife made balance transfers totaling $38,000 from two Capital One credit card accounts to two MBNA credit card accounts. The bankruptcy trustee filed a complaint against MBNA to avoid the payments as preferential transfers under 11 U.S.C. [section]547(b).
... Successor in interest to MBNA. CORPORATION,. Defendant - Appellee. ... and Julie Marshall (Debtors) used their Capital One credit card accounts to make payments on their...
... in the table below (collectively, the "Capital Securities"). CUSIP . Issuing Trust . Title of Sec...$400,000,000. $1,000. 55263BAA9. MBNA Capital A. 8.278% Capital Securities, Series A. $2...
Today's loan sharks are no longer lurking on street corners or hiding in alleys, breaking knee caps to collect their payments. They now wine and dine with the president and other powerful political leaders, wear Armani suits, make hundreds of millions in total compensation and head banks such as Citigroup, MBNA and Capital One. The old-fashioned loan shark was a common criminal who broke the law. The modern loan shark, through campaign contributions and political connections, writes the law. At a time when interest rates have been historically low, credit card issuers made a record-breaking $30 billion in profits last year by charging usurious interest rates and sky-high fees. Millions of financially strapped credit card holders are now being forced to pay 15 percent to 30 percent inter...
CHARLOTTE, N.C. (AP) - Bank of America Corp. on Thursday said it will acquire MBNA Corp. in a $35 billion cash and stock deal that will result in 6,000 jobs cuts but transform the nation's third- largest bank into one of the world's largest credit card issuers. MBNA President and CEO Bruce L. Hammonds, 57, will become CEO and president of Bank of America Card Services and report to Liam E. McGee, 50, president of Bank of America global consumer and small business banking. Hammonds will remain in Wilmington, Del., where MBNA is headquartered, and be part of Bank of America's risk and capital committee.
TODAY'S LOAN SHARKS are no longer lurking on street corners or hiding in alleys, breaking knee caps to collect their payments. They now wine and dine with the president and other powerful political leaders, wear Armani suits, make hundreds of millions in total compensation and head banks like Citigroup, MBNA and Capital One. The old-fashioned loan shark was a common criminal who broke the law. The modern loan shark, through campaign contributions and political connections, writes the law. At a time when interest rates have been historically low, credit card issuers made a record breaking $30 billion in profits last year by charging usurious interest rates and sky-high fees. Millions of financially strapped credit card holders are now being forced to pay 15 percent to 30 percent interest...
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