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NewsLOAN MODIFICATION: Plan aims to help homeowners threatened with foreclosureLoan modification plan aims to help homeowners skirt foreclosure Millions of Americans burdened with negative home equity are losing faith in the talk they hear coming from Washington, D.C., about loan modification. They just don't see it happening.
Having lenders rework mortgage terms -- lowering interest rates, deferring payments and possibly reducing principal -- is an integral part of President Barack Obama's $75 billion Homeowner Affordability and Stability Plan to help people avoid foreclosure. Some 2.3 million homes went into foreclosure in 2008, an 80 percent increase from 2007. Another 2 million foreclosures are estimated for this year. Getting a loan modification can be like wrestling with sharks, observers say; it takes persistence, patience and gamesmanship. Kevin Child of Las Vegas said he called his lender, American Servicing Co., about modifying his loan and got the "runaround." The whole thing is a farce, he said. "Do this, do that, fill out the paperwork and then they never get back to you," said Child, whose home has lost more than $200,000 in value. "You've got to keep calling and doing certain things. It's like pulling teeth with these guys." That's how painful it is for banks, too, said Spencer Judd, a lawyer who handles loan modifications with the Albright, Stoddard, Warnick & Albright law firm. Banks are reluctant to touch the loan if it's current and people are paying. Read the rest of the story...
Spencer Judd in Yesterdays Las Vegas Review-Journal and on KNPR Radio
Spencer Judd, attorney at Albright, Stoddard, Warnick & Albright, was quoted in the Las Vegas Review-Journal yesterday, Mar. 05, 2009, and appeared on a live KNPR radio show for an hour discussing the housing and mortgage crisis.
Here is what Spencer had to say in the Journal; The plan aims to help as many as 9 million homeowners who are struggling to avoid foreclosure, but industry experts agreed few homeowners in Las Vegas and other hard-hit areas such as Phoenix and much of California, where home prices have tumbled more than 50 percent, are likely to qualify for the program. "It's not going to do a whole lot for people in Vegas," said Spencer Judd, a local attorney who specializes in loan modifications.
"What happens with the second mortgage? There's nothing in there about (modifying) second mortgages. What will work? How do you get this done? This program is not a panacea, but we'll see."
Read the entire story here, "FORECLOSURE CRISIS: Many Nevadans 'upside down' on mortgages."
$8 Million Dollar SettlementA Settlement for $8 million in cash has been approved in the pending securities class action styled In re Sunterra Corp. Securities, Master File No. 2:06-cv-00844-BES-RJJ, in the United States District Court, District of Nevada. Class Action Filed Against Dollar Thrifty Automotive Group and DTG Operations IncMark Albright on behalf of class plaintiffs recently filed a class action complaint for Walter Schenker on behalf of himself and all others similarly situated against Dollar Thrifty Automotive Group and DTG Operations Inc (Case No. A577155) alleging deceptive trade practices by rental car agencies at McCarran International Airport for improperly calculating a 4 percent vehicle license fee for renting cars from the airport. Plaintiffs allege that Dollar Thrifty is required to exclude from the calculation the amount of any concession fee or charge that the car rental company is required to pay to do business at the airport and that the defendants do not exclude this amount when determining the license fee for cars rented at the Las Vegas Airport locations.
Station Casinos skips second debt paymentFeb. 18, 2009 Station Casinos skipped a $15.5 million debt payment Tuesday, the second payment the company has missed this month, it said in a filing with the Securities and Exchange Commission.
Station Casinos skipped a $14.6 million debt payment due Feb. 1 on a separate loan. Instead, it presented a prepackaged bankruptcy filing on Feb. 3 that, if approved by bondholders, could have the company file for Chapter 11 bankruptcy in March and emerge by the summer. In the same filing, Station Casinos said a lawsuit filed last week by an individual bondholder challenging the bankruptcy plan was "without merit." S. Blake Murchison's lawsuit, filed Feb. 12 in Nevada federal court, claims Station Casinos is favoring institutional investors over individual bondholders by "trying to avoid honoring the debt obligations they owe a large portion of their bondholders." Read the rest of the story...
Harrah’s hit with class-action lawsuit over debt planBy Steve Green Add Harrah’s Entertainment Inc. to the list of Las Vegas gaming companies facing class-action lawsuits filed by securities lawyers.
Harrah’s was sued last month in U.S. District Court in Delaware by two bondholders who claim a recent debt-exchange deal engineered by Harrah’s benefited some big corporate bondholders while placing other classes of bondholders in jeopardy, should Harrah’s default on its debt or file for bankruptcy protection. Harrah’s is "on the verge of bankruptcy, debt default and other events of insolvency," the lawsuit charges. "In an effort to ensure that only a limited class of individuals and entities reap the rewards of their debt investments in Harrah’s to the detriment of other investors, defendants have completed bond tender offers that benefit those select individuals and entities to the exclusion of all others. Without any lawful justification for cherry-picking among its investors, defendants’ bond tender offers have allowed those elite individuals and entities to obtain newly-issued bonds that will take priority over and otherwise subordinate previously-issued bonds of the exact same category," the lawsuit states. Read the rest of the story...
Recession Hurting Kids With Developmental Delaysby Joseph Shapiro Day to Day, February 10, 2009 · Amy Johnson says she started noticing changes in her son Ben when he was 14 months old.
"He just stopped making eye contact," she says. "He stopped talking. ... He could say, 'See you soon,' and he'd wave. And things just started to deteriorate." The family doctor sent Johnson and her son to Nevada Early Intervention Services. Therapists at the state program confirmed that Ben had significant speech and development delays and came up with a plan: They'd send language and behavioral therapists to the house to work with Ben, nine hours a week. That was last September. The therapists didn't come. Instead, Johnson got a letter from the state. It acknowledged that Nevada has an obligation to provide care within 30 days of seeing a child. But because of the state's budget crisis — the result of Nevada's deep debt from the recession — Ben would have to wait. Read the rest of the story...
Station Casinos misses second debt payment this monthFeb. 17, 2009 Station Casinos skipped a $15.5 million debt payment Tuesday, the second payment the company has missed this month.
The locals casino company made the announcement in a morning filing with the Securities and Exchange Commission. Station Casinos skipped a $14.6 million debt payment due Feb. 1 on a separate loan. Instead, it presented a prepackaged bankruptcy filing on Feb. 3 that, if approved by bondholders, could have the company file for Chapter 11 bankruptcy in March and emerge by the summer. Station Casinos has 30-day grace periods to make both payments, until March 3 and March 17, to avert a default. The company, which has $5.4 billion in long-term debt, is hoping to entice bondholders of $2.3 billion in notes into a debt exchange as part of the proposed bankruptcy. Read the rest of the story...
Station Casinos sued over reorganization planLawsuit claims debt-reduction plan would harm bondholdersBy Steve Green Two of the attorneys who sued Station Casinos Inc. three years ago over the company’s deal to go private are going after Station again, this time over Station’s plan to get rid of its high-cost debt and reorganize in bankruptcy court.
Las Vegas lawyers G. Mark Albright and Martin Muckleroy filed suit Thursday in U.S. District Court in Las Vegas on behalf of bondholder S. Blake Murchison, alleging Station’s debt-reduction plan would harm many of the company’s bondholders. They are seeking class-action status for the suit in order to represent all the bondholders they say are not getting treated fairly by Station. "In the face of Station Casinos’ near-certain bankruptcy, debt default and other events of insolvency, the defendants are trying to avoid debt obligations they owe to a large portion of their corporate bond holders, including the plaintiff,’’ the lawsuit says. "The scheme the ... defendants have created is a bond-exchange offer, which gives a limited number of Station Casinos’ bond holders the opportunity to obtain new bonds which will subordinate the existing bonds during an event of bankruptcy. Station Casinos’ bond holders to whom the ... defendants have unilaterally chosen not to offer bond exchanges are left holding the short end of the stick and face the imminent threat that their investments in -- and contracts with -- Station Casinos will not be honored during a liquidation process.’’ Read the rest of the story...
Las Vegas Sands directors hit with shareholder lawsuitBy Steve Green Veteran securities fraud attorney Marc Henzel has filed a lawsuit against Sheldon Adelson and the other Las Vegas Sands Corp. directors, alleging they failed to properly oversee the casino-resort giant and are responsible for a huge decline in the value of its stock.
Henzel, who is based in Pennsylvania, teamed with Las Vegas attorneys G. Mark Albright and Martin Muckleroy to file the suit Jan. 16 in Clark County District Court on behalf of shareholder Caleb Hartmann against the board of directors: Adelson (chairman of the board and chief executive), Irwin Chafetz, Charles Forman, George Koo, Michael Leven, James Purcell, Irwin Siegel and William Weidner. This is a "derivative" lawsuit in which the attorneys are seeking approval to have Hartmann sue on behalf of Las Vegas Sands Corp. against its own directors. Read the rest of the story... Second investor lawsuit alleges mismanagement by Sands leadersBy BENJAMIN SPILLMAN Notable 2009 CasesS. Blake Murchison
v. Station Casinos Inc.; Fertitta Colony Partners L.L.C.; Fertitta Partners L.L.C.; Colony Capital L.L.C.; Frank Fertitta I I I; Lorenzo Fertitta; Thomas J. Barrack Jr.; Jonathan H. Grunzweig; James Nave; Thomas Friel; Scott Nielson; Kevin Kelley 2/12/2009 2:09-cv-00293-KJD-GWF (Las Vegas) Alimak Hek v. Republic Tower and Hoist; A578256; Contract action; Defendant failed to pay the remaining $2.7 million for six construction hoists utilized at the Echelon construction project on the Las Vegas strip. Plaintiffs successfully obtained a writ of possession for return of the construction equipment after the project was placed on hold. Dr. Kevin Windisch, v. Hometown Health Plant Inc.; Hometown Health Partners, Benefit Administrators Inc: Hometown Health Providers Insurance Co Inc. ; filed December 19, 2008, USDC Nevada, 3:08-CV-00664; Club Vista Financial Services; Tharaldson Motels II Inc.; Gary Tharaldson
Law Office of Albright Stoddard Warnick & Albright Representing Clients Exposed to Hepatitis and HIV at Endoscopy Center of Southern NevadaSouthern Nevada Health District advising patients who received injected anesthesia medication at Las Vegas facility in recent years to be tested immediately Las Vegas, Nev. (Martindale-Hubbell Newswire/PRWeb) – March 11, 2008 – The Law Office of Albright Stoddard Warnick & Albright is accepting new clients who may have been exposed to Hepatitis B, Hepatitis C or HIV due to the admitted negligence of the Endoscopy Center of Southern Nevada, under the direction of Dr. Dipak Desai. The Southern Nevada Health District is advising patients who received injected anesthesia medication at the Endoscopy Center of Southern Nevada, located at 700 Shadow Lane in Las Vegas, during the time period of March 2004 and January 11, 2008, to be immediately tested for Hepatitis B, Hepatitis C and HIV. It is recommended that patients contact their primary care physicians or health care providers to schedule the appropriate tests. Litigation in Clark County District Court has already commenced for the six identified cases in this matter, although it is thought that as many as 40,000 individuals may have been exposed and therefore infected. The spouses and families of those infected with Hepatitis B and HIV are also at risk. The attorneys at Albright Stoddard Warnick & Albright anticipate that the Courts will allow a class action in this matter, possibly becoming the largest medical malpractice case in Nevada. Albright Stoddard Warnick & Albright’s commitment to its new clients is to walk them through the litigation process, to provide them with updated information as it is received, and to ensure that their rights are protected. In the event class action is allowed by the Courts, the firm will ensure that its clients become included as a party. It is highly recommended, if anyone feels they have been exposed, to immediately contact their health care provider to schedule testing. If any patient is uninsured, or does not have the financial means for testing, they should advise Albright Stoddard Warnick & Albright and the firm will make arrangements for the testing. For more information, please go to www.albrightstoddard.com or call Michelle Anderton, Esq., at 702.384.7111.
ASWA News: 18 November 2008ASWA will now be hosting the live radio talk show on KXNT AM 840 (the home of Rush Limbaugh, Sean Hannity, Mark Levin, Dave Ramsey, Casey Hendrickson, etc.) on a variety of legal subjects, including bankruptcy law, family law, mortgage law, trust and probate law, and personal injury law, to name a few. This weekly law show airs every Sunday evening from 6 p.m. to 7 p.m.
ASWA News: 22 October 2008Dear Friends and Clients, We are pleased to announce the addition of two new attorneys joining our firm this week, Troy Fox and Sarai Brown. Both Troy and Sarai will be joining another recent addition to the firm, Bonnie Boyce, in our rapidly expanding bankruptcy department. Bonnie has been representing debtors and creditors in bankruptcy court for over 25 years in Southern Nevada. These three attorneys will be handling debtor and creditor rights for both individual and commercial clients, in Chapter 7, 11, and 13 bankruptcy cases. Other new attorneys joining the firm this month include Tony May, a professional engineer, who will be joining ASWA in an "of counsel' capacity to assist in construction related disputes. We also welcome Curtis Cannon as an "of counsel" tax attorney to the firm this week. Curtis is a CPA and former "Super Lawyer" in tax and estate planning from Texas.
Thanks, G. Mark Albright, President Albright, Stoddard, Warnick & Albright
Housing and Economic Recovery Act of 2008 — Hope for Homeowners ProgramThis is the relevant section of the bill (Section 257 - Hope for Homeowners Program) as well as a chart from the Department of Housing and Urban Development which includes other important sections of the Act that might be helpful. The website where the entire bill (HR 3221: Housing and Economic Recovery Act of 2008) can be located is as follows: http://www.govtrack.us/congress/billtext.xpd?bill=h110-3221.
Many homeowners are strapped with unaffordable mortgages and homes that have dropped significantly in value.There may be new hope! The Housing and Economic Recovery Act of 2008 goes into effect on October 1, 2008. Under the new law, Congress has provided new incentives for lenders to voluntarily reduce home mortgage loan principal balances to as little as 90% of CURRENT appraised value. The program is voluntary, but even homeowners who have remained current on their loans in these trying times may be able to benefit from this new law. This program could offer SIGNIFICANT benefits to Las Vegas area homeowners who have suffered substantially in the real estate downturn. This office is prepared to assist homeowners in their efforts to renegotiate loan balances with lenders. Congratulations to Joslyn for a Major Victory this Week!On Monday, Sept. 8, Joslyn appeared in front of the Nevada Tax Commission on behalf of our client K&A Aviation, Inc. regarding a significant sales and use tax dispute regarding who may make the election to pay the sales tax on the stream on lease payments vs. the entire sales price. It has caught the attention of several tax groups nationwide since the Streamlined Sales and Use Tax Agreement has recently been signed and there is no case law on the issue. The Board of Taxation, in its desperate efforts to produce more income quickly because of the economy, has taken the position that only sellers of tangible personal property may make this election, thereby cutting out the entire group of businesses that only lease personal property. This could have devastating effects on a variety of businesses, and therefore, this will be a landmark decision in the growing world of sales and use taxes. Joslyn won, and the Tax Commission, in an 8 to 0 vote, held that the taxpayer, and all affected taxpayers needed an opportunity to be heard and submit evidence on the construction of the statute, as the statute and the Department’s position is inconsistent with its prior position. Our congratulations to Joslyn for winning this hard fought battle! WIRED IN – WIRED OUT; International Crime Rings Target U.S. Law FirmsThroughout the country, scammers, who are believed to be part of organized crime rings, have been scamming law firms around the country out of hundreds of.... >>> Read more New Admittees Speech: Federal CourtIt is a pleasure to be among the first to congratulate you, the newest members of the State Bar and Federal Bar of Nevada. I also extend a warm welcome to all of the relatives and guests of the new attorneys who are present with us today. Take a moment... >>> Read more Congrats to Whitney Warnick for just concluding one of the largest (in terms of number of recordings) escrows in U.S. history involving a complex transaction involving over 25,000 time share owners who sold their interests to Harrah’s for in excess of $39 million. Congratulations to William (Bud) Stoddard Jr. for just concluding the sale of Century Steel for a large amount, which received some national press coverage. Congratulations to Mike Brock and Spencer Judd for just finishing up a three day jury trial in front of Judge George in Federal Court involving some complex Navajo Nation laws and regulations. Congrats to Martin Muckleroy for assisting to resolving a shareholder class action case involving Harrah’s whereby the purchasers increased their offer from $81 per share to $90 per share for the Harrah’s public stockholders, representing more than a $1.68 billion aggregate increase in the consideration paid to the Harrah’s public shareholders. Congratulations to Dustin Johnson for recently winning a motion to dismiss involving a federal claim against our client, an attorney, alleging legal malpractice. Dustin also this week settled another legal malpractice claim against another attorney we were defending on behalf of the insurer Lawyers Mutual. ASWA has recently developed close relationships with law firms in Shanghai, China, and Hong Kong. Congrats to attorney Jason Moyes! Because of his pro bono contributions to the Bar this year, ASWA will be receiving an award at this years Pro Bono Awards Luncheon Dec. 14th at the Rio Hotel. What a wonderful and worthwhile goal to help others in our community through this type of service to others! To all the others of you who are helping out with the pro bono project, thanks for making a difference! Congratulations to managing partner Mark Albright for being selected by the Federal Bench to provide the keynote speech to the new federal bar admittees on December 7, 2007. A copy of his remarks will be posted here shortly. He was assigned to address the need for increased civility and professionalism among attorneys. Good lawyers share their knowledgeWe strongly believe our lawyers have an obligation to advance the profession. Our lawyers have lectured to many law and business groups, and authored articles on various areas of the law. We are also dedicated to serving the needs of our community and are active in many civic and charitable causes. Several of our lawyers have proudly served in the military. Congratulations to Tony May for Being Approved Today as One of Nevada’s Newest Bar Examiners!!Tony will have the wonderful assignment from the Nevada State Bar to grade certain portions of the February and July bar exam (essays) every year! The assignment was approved by the Board of Bar Examiners!! Now we will know where he is and what he’s doing when he can’t be found around here-- reading about 150 essay answers every six months! Albright, Stoddard, Warnick & Albright was Recently Selected and Approved by the Eighth Judicial District Court for Clark County to Handle a Criminal Defense TrackThese are cases that cannot be handled by the public defender for various reasons such as a conflict of interest, etc. Albright, Stoddard, Warnick & Albright: Law Firm’s Roots Run Deep In The Valley
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