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The insolvency regulators latest stipulation on the part sale of toxic assets in select cases will help resolve stress faster, possibly leading to better recovery for lenders, analysts said.

The Insolvency and Bankruptcy Board of India (IBBI) has allowed administrators and creditors of stressed firms to invite bids for individual assets of the company if they dont receive any resolution plan for the entity as a whole in the first instance. It has also provided for firming up a strategy for the marketing of stressed assets to a wider and targeted pool of potential suitors.

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Recovery for financial creditors from the resolution of toxic assets has remained far below par in recent quarters. It stood at just 10.7% of their admitted claims in the June quarter, having barely improved from a record low of 10.2% between January and March.

The regulator has also allowed a longer time-frame for the asset to be in the market, as the invitation for expression of interest has now been advanced to the 60th day from the insolvency commencement date.

In a bid to reduce delay, often blamed for the erosion of the value of stressed assets and consequent poor recovery, the IBBI has enabled creditors to examine whether they want to explore the option of compromise or arrangement a restructure option under the Companies Act. In such cases, they can seek this option from the tribunal while applying for a liquidation order.

Yogendra Aldak, partner at Lakshmikumaran and Sridharan Attorneys, said the IBBIs fourth amendment regulation will enable prospective resolution applicant to make reasoned decision while submitting resolution plan as all such information will be easily available without investing much time and efforts. He added: Further, importance is given on value maximisation by allowing resolution professional and committee of creditors to invite resolution plans for second time

Anoop Rawat, partner (Insolvency & Bankruptcy) at Shardul Amarchand Mangaldas & Co, said,

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The provision for improvement of quality of information memorandum is a step towards giving greater visibility of the standing and status of corporate debtor. Further, the amendments have also relaxed the timeline for preparation of the information memorandum. This will ensure better information symmetry in the market by enhancing both quality and depth of information collated by the resolution professional (RP) in the additional 40 days provided to him, Rawat said.

Jyoti Prakash Gadia, managing director at Resurgent India, said, the amendments will facilitate and widen the market for attracting new investors, depending on nature and utility of the assets offered under the resolution process.

The time lines for various stages of the processes involved have also been rationalised. This is a step in the right direction, keeping in view the need to take a comprehensive view of each transaction, Gadia said.

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IBBI move on part sale of stressed firms to boost recovery: Analysts - The Financial Express

RICHMOND, Va. -- The lawyer for one of the men who Richmond's police chief said plotted a mass shooting on the Fourth of July at Dogwood Dell is now saying the police search of his client's home violated his Fourth Amendment rights.

In the motion, Julio Alvarado Dubon requests that the judge redact any evidence that was found.

It states that officers knocked on Dubon's door after the alleged tip on July 1 and asked if they could come in to talk. Dubon allowed them in and then an officer said that they were going to look around to make sure no one else was there.

Dubon protested, saying they needed a warrant but officers reiterated that they were just making sure no one else was in the home.

It was then the officers said they discovered firearms in Dubon's bedroom.

Dubon has been charged with one count of possession of a firearm by someone in the country unlawfully and has pled not guilty.

The motion said that there were no circumstances that justified officers searching the home without a warrant. Neither Dubon nor his alleged co-conspirator, Rolman Balcarcel-Bavagas, have been charged with anything related to the alleged plot.

This is a developing story, so anyone with more information can email newstips@wtvr.com to send a tip.

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Motion says search of suspect in alleged Richmond mass shooting plot violated 4th Amendment - CBS 6 News Richmond WTVR

The judge ruled police conducted an unlawful frisk and vehicle search, prolonging the traffic stop and violating the then 18-year-old's rights.

LOUISVILLE, Ky. A federal judge has determined that a Louisville Metro Police (LMPD) officer violated a teenager's rights during a viral traffic stop in 2018.

In his ruling on Thursday, Judge Greg Stivers says former LMPD officer Kevin Crawford violated Tae-Ahn Lea's fourth amendment right against unreasonable search and seizure.

Lea was 18 years old when he was pulled over by officers for an improper wide turn in his mom's car on Aug. 9, 2018.

According to court documents, Crawford repeatedly asked if Lea had any weapons or drugs on him, which Lea denied.

There was a baseball bat between the passenger seat and console, which an officer asked about and Lea said was a small souvenir Louisville Slugger.

"It wasn't even thinking about it, or anything like that. Just a souvenir that [his mother] got," he said.

Crawford then opened the car's door and told Lea to exit the vehicle.

The LMPD officer then frisked and handcuffed Lea while his vehicle was searched by K-9 and officers. Nothing illegal was found inside the car and he was issued a citation for the improper turn.

"You could tell in the video, I was in shock, because I knew nothing was in there at all," he said. "I knew I did nothing wrong."

Officers claim Lea was acting nervous, something he says shouldn't have been concerning for them.

"I couldn't believe they honestly said that. I mean, I was nervous," Lea said. "You know, you get pulled over in broad daylight. Only day off work, I had been working hard, fresh out of high school."

The lawsuit, filed in 2019, argues Crawford unlawfully conducted a pat-down search of Lea, prolonging the traffic stop beyond its initial purpose, which Stivers agreed violated his fourth amendment rights.

Stivers ruled that there was no reasonable suspicion of criminal activity that justified detaining Lea beyond the traffic infraction investigation.

As part of the ruling, the judge dismissed the lawsuit against other officers named in the suit.

While Crawford no longer works at LMPD, he was hired by Jeffersonville Police in 2019.

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Judge rules former LMPD officer violated teen's constitutional rights during 2018 traffic stop - WHAS11.com

(The Center Square) Members of Illinois' law enforcement community are united against a new law taking effect Jan. 1 that eliminates cash bail under most circumstances.

At a town hall meeting this week, the Illinois Freedom Caucus focused on what the SAFE-T Act does, what it means for Illinois communities, and what citizens can do to repeal it.

Several Republican Illinois lawmakers, law enforcement officers and states' attorneys from across the state as well as county judges participated.

Macon County State's Attorney Scott Rueter said that under the SAFE T Act, many criminals, including violent offenders, would not be put people in jail while they await trial.

"One of the main things in the law is that you can only be detained for offenses in which if you are convicted, you have to go to prison," Rueter said. "Things like first-time arson and first-time burglary are not detainable offenses under the act."

Gov. J.B. Pritzker signed the bill into law last year. It will abolish cash bail on Jan. 1, making Illinois the first state in the country to do so. The bill also includes a provision that will allow most people charged with crimes, including some violent felonies, to be released without posting bail.

For violent offenders, prosecutors will have to submit a request for detention and persuade a judge that the offender poses a threat to public safety. The state also is required to provide each suspect a hearing within 48 hours to determine if the suspect should be released.

State Rep. and IFC member Blaine Wilhour said the act would result in officials having to make quick decisions on what to do with alleged criminals.

"This is going to lead to people having to make snap judgments on these matters and make snap judgments on whether somebody, in legal terms, is a threat to their community." Wilhour said.

Pritzker's team did not return a request for comment.

Under the law, many non-violent offenders cannot even be taken into custody, law enforcement officials argue.

Effingham Country Sheriff Paul Kuhns said the consequences for law enforcement making the wrong decision could impact how their jobs are done.

"I know something my officers worry about is if you take someone into custody unlawfully, then you're dealing with a Fourth Amendment violation," Kuhns said. "That's scary. That is not something we want to be involved in."

State Rep. Adam Neimerg told The Center Square that the majority of Illinois residents oppose the measure.

"When you look at the radical left and what they have done to the state of Illinois, a majority of Illinoisans are against it and we are seeing that with the SAFE T Act," Neimerg said.

The law goes into effect on Jan 1. 2023.

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Illinois law enforcement community overwhelmingly opposed to cashless bail - The Center Square

On Thursday, Aug. 25, President Joe Biden likened Republicans to fascists. Not all Republicans, he said, but primarily those unredeemably evil MAGA types that make up most of the party. Being primarily MAGA myself, I determined to examine the proposition: Am I a Fascist? Are my fellow MAGAs?

First, what is fascism? There seem to be several mostly confusing definitions, but common characteristic include:

Fascism is centered on the state with everything people, business, teachers, doctors, parents, children, etc. being expected to subordinate all other interests to the needs and interests of the state. There is no such thing as individual inalienable rights. One of the tenets of the MAGA movement is protection of individual rights by adherence to the Declaration of Independence and the Constitution. So MAGA cannot be considered fascist by this basic definition. Indeed, it is entirely anti-fascist.

Meanwhile, the Biden administration spends much time attacking rights as in gun control in violation of the Second Amendment; setting up truth panels, colluding with mainstream media and social media to control news, and attacking churches in violation of the First Amendment; authorizing illegal searches and seizures in violation of the Fourth Amendment; and issuing numerous presidential fiats as if he were king in violation of basic constitutional authority. It seems the Biden administration has a decidedly fascist tint. Fascism Score: Democrats 1, MAGA 0.

Economically, fascism allows for private ownership of property and business, but only insofar as business and property owners obey the dictates of the state. Thus, for example, in a fascist state business owners and individuals can be punished, restrained or shut down if they dont get a government-approved shot, or dont wear a government-approved mask, or have more than a government-approved number of guests in their home or church or protest a non-government-approved grievance. For years MAGA adherents have been standing against such government intrusions while Biden and his Democrat cronies have been imposing them. Fascism Score: Democrats 2, MAGA 0.

Fascism inevitably leads to economic malaise and failures. To cover such problems, the state must find a scapegoat to direct attention in another direction. For Nazi Germany in the 1930s the scapegoat was Jews. We are all familiar with the resulting tragedy of 6-plus-million lives lost. On Sept. 1, Biden, in a predictably fascist manner, came out to announce the scapegoat for his administration. In a speech reminiscent of those given by Adolph Hitler on a blood-hued stage of which Satan worshipers might be proud, Biden told us who we must blame and who we must hate. We should, he implied, turn our attention away from things like skyrocketing food and fuel prices, from a disaster in Afghanistan, from war in Ukraine for which he is arguably responsible, from shortages, from recession, from homosexual sex practices being taught in grade school along with Critical Race Theory and other subjects strongly disapproved by most parents, from Department of Justice and FBI attacks on parents as well as political enemies, from hordes of illegal aliens surging across our southern border, from 100,000 drug overdose deaths last year in our country, from 87,000 new armed IRS agents ready to harass us, and from crime running rampant in our cities. No, says Joe Biden, instead we should turn our attention to the real cause of the worlds difficulties, MAGA suppporters. They are an existential threat to democracy. They must occupy our attention. Fascism Score: Democrats 3, MAGA 0.

It should be obvious that Bidens pathetic, disingenuous, reprehensible attempt to smear MAGA with a fascist brush is an attempt to mask his own failures as elections approach. Voters should not be fooled. If things like runaway inflation and the many other ills caused directly by his administration are to their liking, they should vote for Democrats to continue the disaster. If not, they should vote Republican.

John Weaver

Valencia

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John Weaver | The Pot Calling the Kettle a Fascist - Santa Clarita Valley Signal