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Supreme Court Upholds Secured Lenders’ Right to Credit Bid in Sale Of Collateral Under Plan of Reorganization
The U.S. Supreme Court has ruled that a secured creditor cannot be denied its right to "credit bid".
United States
31 May 2012
Tousa III, Lenders Beware? Eleventh Circuit Upholds Bankruptcy Court’s Original Fraudulent Transfer Decision
On May 15, 2012, the Eleventh Circuit Court of Appeals (the "Circuit Court") issued an opinion in In re TOUSA, Inc., in which it affirmed the original decision of the bankruptcy court and reversed the appellate decision of the district court.
United States
18 May 2012
Lehman Bankruptcy Court Holds That Pre-Petition Collateral Transfers And Guaranties to Clearing Bank are Safe Harbored
On April 19, 2012, the Lehman bankruptcy court handed down its decision on the long-pending motion to dismiss filed by JPMorgan Chase Bank, N.A., in response to Lehman Brothers Holdings Inc.’s $8.6 billion avoidance action against it.
United States
27 Apr 2012
Bankruptcy Court Holds Assignment Of Voting Right Unenforceable
The Bankruptcy Court for the District of Massachusetts recently issued an opinion in In re SW Boston Hotel Venture, LLC1 in which it found, among other things, that the assignment of voting rights from a junior creditor to a senior creditor pursuant to an intercreditor agreement was unenforceable.
United States
1 Dec 2011
Lehman Bankruptcy Court Denies Contractual Right To Three-Party Setoff In Bankruptcy
The Bankruptcy Court for the Southern District of New York has held that a cross-affiliate netting provision in an ISDA swap agreement is unenforceable in bankruptcy.
United States
6 Oct 2011
New York District Courts Differ Regarding The Scope Of The Bankruptcy Code’s "Safe Harbors" For Protected Contracts
The District Court for the Southern District of New York recently issued an opinion in Picard v. Katz, et al., (In re Bernard L. Madoff Investment Securities LLC), which limits avoidance actions against a debtor-broker’s customers to those arising under federal law based on actual, rather than constructive, fraud.
United States
6 Oct 2011
Solar Company Bankruptcy Could Cause Concern For Lenders And Investors
The recent bankruptcy filing by California-based solar manufacturer, Solyndra, should be causing concern among both lenders and investors in the developing solar industry.
United States
13 Sep 2011
Commercial Paper Redemption "Safe Harbored" from Preference Liability per Second Circuit Court of Appeals
The US Court of Appeals for the Second Circuit recently held that redemptions of commercial paper made through the Depositary Trust Company (DTC) are entitled to the "safe harbor" protections afforded to settlement payments under Bankruptcy Code Section 546(e), and are, therefore, not preferential transfers, even though such payments were made prior to maturity.
United States
15 Jul 2011
Seventh Circuit Upholds Secured Lenders’ Right to Credit Bid in Asset Sales Under a Chapter 11 Plan
The US Court of Appeals for the Seventh Circuit has weighed in on the question of whether a secured creditor’s ability to credit bid—to offset the amount of the creditor’s debt against the purchase price of sale assets rather than bid in cash—is a right guaranteed by statute even in "cramdown" plans of reorganization conducted under Chapter 11 of the Bankruptcy Code.
United States
8 Jul 2011
In re TOUSA—Florida District Court Reverses and Quashes Bankruptcy Court Fraudulent Transfer Decision
On February 11, 2011, Judge Alan S. Gold of the United States District Court for the Southern District of Florida issued a 113-page opinion in "In re TOUSA, Inc." (the "District Court decision") in which he reversed the TOUSA bankruptcy court’s decision.
United States
25 Feb 2011
US Second Circuit: Gift Plans Impermissible Under Absolute Priority Rule
On February 7, 2011, in a highly anticipated decision, the Second Circuit Court of Appeals held that in Chapter 11 reorganizations, senior creditors may not "gift" recoveries to junior creditors and/or equity interest holders over the objection of an intervening class.
United States
18 Feb 2011
In Re Philadelphia Newspapers, LLC – Uprooting Three Decades of Secured Creditor’s Expectations?
Credit bidding by a senior secured creditor—offsetting the amount of the creditor’s debt against the purchase price instead of bidding in cash for the sale assets – is a right guaranteed by statute (Section 363(k)) in sales under Section 363 of the Bankruptcy Code, except in extraordinary situations when the bankruptcy court, for "cause," specifically orders otherwise.
United States
2 Apr 2010
US Third Circuit Court of Appeals Further Defines Bankruptcy Courts’ Ability to Enjoin Actions Between Non-Debtor Affiliates and Third Parties
In a decision that reaffirms its previous rulings on the jurisdictional limits of bankruptcy courts, the US Court of Appeals for the Third Circuit recently held in "W.R. Grace & Co. v. Chakarian (In re W.R. Grace & Co.)" that bankruptcy courts lack subject matter jurisdiction over third-party actions against non-debtors if such actions could affect a debtor’s bankruptcy estate only following the filing of another lawsuit.
United States
15 Mar 2010
Viability of Guaranty "Savings Clauses" Questioned by Florida Bankruptcy Court Decision
To promote equal treatment of creditors, the US Congress has armed debtors with the power to bring suit to recover a variety of pre-bankruptcy transfers.
United States
7 Dec 2009
Unsecured Creditors May Claim Post-Petition Attorneys’ Fees
In a decision that will be of great interest to the creditor community, the US Court of Appeals for the Second Circuit held, on November 5, 2009, that the Bankruptcy Code does not bar an unsecured claim for post-petition attorneys' fees that was authorized under a valid prepetition contract.
United States
25 Nov 2009
Delaware Bankruptcy Court Permits DIP Lender to Submit Fee Letters Under Seal
Certain fee letters associated with a postpetition financing can be submitted under seal under Section 107(b) of Title 11 of the United States Code (the "Bankruptcy Code") according to the United States Bankruptcy Court for the District of Delaware, which noted that the information in such fee letters constituted "confidential . . . commercial information."
United States
16 Dec 2008
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