J. Ellsworth Summers, Jr.

J. Ellsworth Summers, Jr.

Rogers Towers

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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

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

BAPCPA Backfires: Unsecured Creditor’s Returns Decrease in Post-BAPCPA Landscape

A new study published by the American Bankruptcy Institute has found that the aggregate effect of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), which was passed in part to improve creditor...more

11/20/2013 - BAPCPA Consumer Bankruptcy Creditors

Rogers Towers: Motor City Meltdown: Municipal Bankruptcy in Brief - Chapter 9 Administration in a Nutshell

From March 2012 to March 2013, 76,467 bankruptcy petitions were filed in Florida under Chapters 7, 11 and 13. In contrast, since the Great Depression less than 500 municipalities have filed for Chapter 9 protection....more

8/13/2013 - Chapter 9 Creditors Detroit Economic Downturn Municipal Bankruptcy

Rogers Towers: Discharge and the Unscheduled Debt: Discharge Requires Due Process

Often referred to as the “holy grail” of bankruptcy law, a bankruptcy discharge releases the debtor from personal liability for certain specified types of debts....more

6/27/2013 - Creditors Debtors Dischargeable Debts Due Process Personal Liability

Rogers Towers: Lack of Permanent Visa May Preclude Invocation of Florida Homestead Exemption

Creditors often find themselves at the crossroads of multiple disciplines of law, such as the intersection of bankruptcy and tort law. Less commonly, however, creditors may find themselves at the intersection of bankruptcy...more

5/30/2013 - Creditors Debtors Homestead Exemption Permanent Residence Cards Visas

Rogers Towers: In re Sundale, Ltd.: Bankruptcy Court May Have Final Say in Certain State-law Counterclaims

As we have discussed in previous posts, the Supreme Court has held that not all counterclaims which arise within the context of a bankruptcy case are “core” proceedings, such that the bankruptcy court may make a final and...more

3/19/2013 - Counterclaims Creditors Debtors Jurisdiction SCOTUS

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

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