J. Ellsworth Summers, Jr.

J. Ellsworth Summers, Jr.

Rogers Towers

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Detroit Bankruptcy Update: Sixth Circuit Throws Wrench into Restructuring Timetable

Earlier this month the Sixth Circuit Court of Appeals ruled that the appeal of Syncora Guarantee Inc. must be heard by the lower federal district court before the bankruptcy court may conduct its trial on the city’s proposed...more

7/8/2014 - Chapter 11 Detroit Municipal Bankruptcy Popular Restructuring

A Lesson On What Not To Do In A § 363 Auction

For numerous corporate Chapter 11 debtors, the sale of some or all of the company’s assets may be the only way to reorganize the company’s debt. Section 363 of the Bankruptcy Code sets forth a specific procedure wherein the...more

5/30/2014 - 363 Sales Chapter 11 Commercial Bankruptcy

Recent Decision Caps Secured Creditor’s Credit Bid in §363 Sale to Purchase Price of Acquired Debt

It is well-settled that secured creditors are ordinarily entitled to credit bid their allowed secured claim in a sale pursuant to § 363 of the Bankruptcy Code (the “Code”). In Radlax Gateway Hotel, LLC v. Amalgamated Bank,...more

3/11/2014 - Bids Chapter 11 Commercial Bankruptcy Credit Bids Creditors Secured Creditors

Dirt-for-Debt Buries Creditor with Risk and Uncertainty

In order to confirm a chapter 11 plan of reorganization, a debtor must satisfy all the provisions of §1129(a) of the Bankruptcy Code, except for §1129(a)(8). Section (a)(8) requires that each class of creditors either (i)...more

2/7/2014 - Chapter 11 Commercial Bankruptcy

The Absolute Priority Rule in Individual Chapter 11 Bankruptcy Cases lives on … for now

The principle behind the absolute priority rule is simple: unsecured creditors should be paid before the debtor is entitled to retain property of the bankruptcy estate. In a corporate setting the absolute priority rule...more

12/12/2013 - Absolute Priority Rule BAPCPA Chapter 11 Commercial Bankruptcy Consumer Bankruptcy Creditors Debtors

Rogers Towers: New York Bankruptcy Court Clears Way for McNeal Rehearing

The long-awaited rehearing of In re McNeal has been given the green light from an unlikely source – a New York Bankruptcy Court Judge....more

8/15/2013 - Chapter 11 Chapter 7 Consumer Bankruptcy In re McNeal Reversible Error

Rogers Towers: Caveat Creditor: Courts Split Regarding Abrogation of Absolute Priority Rule for Individual Chapter 11 Debtors

Although the 2005 BAPCPA amendments appeared to be a boon for creditors, at least with respect to Chapter 7 claims, individual Chapter 11 debtors immediately seized upon a perceived ambiguity in Congress’ language with...more

6/11/2013 - Abrogation Absolute Priority Rule BAPCPA Chapter 11 Debtors Statutory Interpretation

Rogers Towers: A Lesson from the Lumber Yard: Middle District of Florida Raises Particularity Requirement for Trustee Standing in...

One of the primary roles of a Chapter 7 trustee is to ensure that the bankruptcy estate is preserved prior to liquidation. It is no wonder, then, that the Trustee’s avoidance powers are well defined by the Bankruptcy Code....more

5/7/2013 - Anti-Avoidance Chapter 11 Chapter 7 Trustees

Rogers Towers: Insiders as Equity Investors: Competition Protects Lenders from Absolute Priority Rule Circumvention

Under the absolute-priority rule, unpaid creditors normally receive the equity in a reorganized business. If a plan of reorganization proposes a “new value” investment in exchange for equity, however, the rule does not...more

2/19/2013 - Absolute Priority Rule Chapter 11 Competitive Bidding Creditors Debtors Equity Investors In re Castleton Plaza New Value Plans Reorganizations

Formal Objection to Confirmation not Necessary to Appeal “Absolute Priority” Violation

Cramdown. The very word makes the hair on the back of lenders’ necks stand up, because in the past, there was little a lender could do once the bankruptcy court confirmed a Chapter 11 plan....more

12/11/2012 - Absolute Priority Rule Chapter 11 Cramdown

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