Lorraine McGowan

Lorraine McGowan

Orrick, Herrington & Sutcliffe LLP

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Latest Publications


Distressed Download - July 2015

First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District...more

7/23/2015 - Attorney's Fees Bankruptcy Code Bonds Capital Controls Distressed Debt Emerging Markets EU Eurozone Greece Insolvency Municipal Bankruptcy Oil & Gas Preemption Puerto Rico Reclamation Restructuring SCOTUS

Distressed Downloads - June 2015

A Battle in the Making in the Oil and Gas Sector: Second Lien vs. High Yield Debt - In the oil and gas industry, there is a storm brewing between holders of second lien debt and unsecured high yield bonds. These...more

6/22/2015 - Bank of America v. Caulkett Banking Sector Bankruptcy Court Bonds Consumer Bankruptcy Creditors Debt Distressed Debt High-Yield Markets Junior Lenders Junior Liens Lien Stripping Mortgage Lenders Mortgages Oil & Gas Oil Prices Oral Contracts Underwater Homeowners Wellness International Network v Sharif

Should Underwater Junior Liens Survive Bankruptcy?

On March 24th, the Supreme Court heard oral argument on the consolidated appeals of two decisions from the Eleventh Circuit Court of Appeals, Bank of America v. Caulkett and Bank of America v. Toledo-Cardona. The appeals...more

4/2/2015 - Bankruptcy Code Chapter 7 Dewsnup HELOC Junior Lenders Lien Stripping Liens Mortgages Popular SCOTUS Section 506 Underwater Homeowners Void Contracts

Derivatives in Review - March 2015

NYDFS Releases Revised BitLicense Proposal - On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more

3/13/2015 - American Bankruptcy Institute Automatic Stay Bankruptcy Code BitLicense CFTC Chapter 11 Department of Financial Services Derivatives Foreign Exchanges Foreign Markets Forward Contracts Ipso Facto Clauses ISDA Liquidation Margin Requirements NDFs Section 362 Swaps

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

3/12/2015 - Bankrtupcy Preferences Bankruptcy Court Chapter 11 Chapter 9 Commercial Bankruptcy Debt Market Debt Recovery Programs Distressed Debt EU France Insolvency Lehman Brothers Municipalities Pension Funds Puerto Rico Restructuring Safe Harbors SCOTUS Tax Liability UK Venue Wellness International Network v Sharif

Puerto Rico Debt Recovery Act Ruled Unconstitutional1

On Friday February 6, the Puerto Rico Federal District Court ruled the Debt Enforcement and Recovery Act (the “Recovery Act”) unconstitutional. Franklin Calif. Tax-Free Trust, et al. v. Comm. Of Puerto Rico et al., (D.P.R.,...more

2/14/2015 - Bankruptcy Code Chapter 9 Contracts Clause Debt Debt Relief Mootness Municipal Bankruptcy Preemption PREPA Puerto Rico Ripeness Supremacy Clause Takings Clause

New Debt Enforcement Act Significantly Impacts Stakeholders In Puerto Rico’s Energy & Infrastructure Sectors

On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcemen enabling certain Commonwealth public corporations in financial distress...more

7/16/2014 - Debt Recovery Programs

Summary Of Puerto Rico Public Corporation Debt Enforcement & Recovery Act

On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcement Act”), enabling certain Commonwealth public corporations in financial...more


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