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Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions In Swap

Judge James M. Peck issued an important opinion in the Lehman Brothers bankruptcy late last month. The opinion protects a non-debtor counterparty's right to rely on a contractually agreed methodology for damages calculations...more

1/24/2014 - Commercial Bankruptcy Debtors Lehman Brothers Safe Harbors Swaps Valuation

SDNY Holds Trustee Cannot Evade Section 546(g) Safe Harbor by Bringing Avoidance Action Under State Law

On June 11, 2013, Southern District of New York Judge Jed Rakoff dismissed the complaint of the Trustee for the SemGroup estate seeking to avoid a novation made to Barclays pre-bankruptcy under a swap agreement. The Court...more

6/18/2013 - Barclays Chapter 11 Novation Safe Harbors Swap Agreements Swaps Trustees

Second Circuit Rules That Payments Made To Purchase Notes Are Exempt from Avoidance Under Section 546(e) of the Bankruptcy Code

The United States Court of Appeals for the Second Circuit held, on June 10, 2013, that payments made by a company to purchase notes issued by an affiliate were transfers made in connection with a “securities contract,” and...more

6/12/2013 - Commercial Loans Exemptions Preferential Transfers Purchase Agreement Securities Trustees

Best Buy Bankruptcy Ahead?

In November 2008, Circuit City filed for bankruptcy protection. Circuit City had the same business model as Best Buy: selling electronic equipment in large retail stores. Other retailers with that business model are...more

12/24/2012 - Best Buy Circuit City Debtor-Creditor Electronics Insolvency Retail Market

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