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Mistakes happen. But a national financial institution discovered recently that a relatively simple mistake cost about $1.5 billion. On January 21, 2015, the U.S. Court of Appeals for the Second Circuit ruled that JPMorgan Chase Bank, N.A., as agent, and other members of a syndicated term loan did not hold a perfected security interest in General Motors' collateral because a UCC-3 filed in error terminated the interest, despite the lack of intent to terminate the security interest. As a result, Chase and other term loan lenders became unsecured creditors, joined the class of other unsecured creditors in the Chapter 11 bankruptcy cases of GM and its subsidiaries, and will share in a pro rata distribution of any assets remaining in the bankruptcy estate. The Second Circuit denied Chase's petition for reconsideration of the ruling on April 13, 2015.
originally posted by: hopenotfeariswhatweneed
In court he renounced his name,license, bank accounts passports etc...argued that his legal name had no bearing to him and he did not accept the name or the fines......the fines were then allocated to his "straw man name" and he walked free without paying them