Scott St. Amand

Scott St. Amand

Rogers Towers

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Holder of Equity Interest in Bankrupt Company not Entitled to Become Shareholder in Reorganized Entity

A recent Eleventh Circuit case examines equity shareholders’ role (or lack thereof) in a reorganized entity. Vision-Park Properties owned an equity share of Seaside Engineering & Surveying, Inc. Seaside filed for Chapter 11...more

3/24/2015 - Chapter 11 Commercial Bankruptcy Equity Securities Reorganizations Shareholders

Two Sides of the Same Coin: Chapter 11 Reform in the House and Senate

As we discussed in our previous post, in the wake of the financial crisis that began with large financial institutions failing in 2008, practitioners and politicians alike have been calling for Bankruptcy Code reform. Both...more

3/4/2015 - Bankruptcy Reform Chapter 11 Commercial Bankruptcy FDIC Financial Institutions Legislative Agendas

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

Collecting Deficiency on Wholly-Unsecured Nonrecourse Loan (in Chapter 11)

Some of you who read the title of this post may have done a quick double-take, as it is well established that lenders may not collect a deficiency on a nonrecourse loan under state law. However, the Bankruptcy Code provides...more

12/17/2013 - Bankruptcy Code Chapter 11 Commercial Bankruptcy Deficiency Judgments Nonrecourse Loans Reorganizations Secured Debt Unsecured Debt

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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