On September 20, 2023, the U.S. Bankruptcy Court for the Central District of California (“Court”) confirmed a plan for a cannabis-related business (“Debtor”) to sell its equity interests in a Canadian cannabis company, Lowell...more
As the cannabis industry matures, there will be winners and losers. Losers lack access to the U.S. Bankruptcy Code. Marijuana related assets cannot be sold free and clear of liens and encumbrances via the tried and true...more
7/26/2023
/ Agribusiness ,
Asset Management ,
Assignment of Benefits (AOB) ,
Bankruptcy Code ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Commercial Bankruptcy ,
Controlled Substances Act ,
Financial Distress ,
Receivership ,
Sale of Assets ,
Section 363 ,
Trustee Sales
When Signature Bank and Silicon Valley Bank were placed in receivership, the Federal Deposit Insurance Corporation (FDIC) transferred their respective assets to “bridge depository institutions” a/k/a “bridge banks.” The...more
On March 12, 2023, Signature Bank, New York, NY (SB) was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. “[T]he FDIC transferred all...more
The FDIC has statutory obligations to maximize the net present value return from the sale or disposition of the assets entrusted to it as receiver, and to minimize the amount of any loss realized.[1] Today we examine the...more
Bank Asset Auction: Bids for Silicon Valley Bridge Bank, N.A. (“SVB”) and its subsidiary Silicon Valley Private Bank, together or separately, in whole or in part, are due by Wednesday, March 22, 2023 at 8 p.m. and Friday,...more
The FDIC has announced the proof of claim deadlines for proofs of claim to be filed with the FDIC as receiver of the failed banks, Silicon Valley Bank (“SVB”) and Signature Bank. The deadline to file a proof of claim against...more
Seyfarth has received a large number of client inquiries on the Federal Deposit Insurance Corporation’s (“FDIC”) appointment as receiver of Silicon Valley Bank, Santa Clara, California (“SVB”). SVB was closed by the...more
Welcome to the third annual installment of Seyfarth Shaw’s Commercial Litigation Outlook, where our nationally recognized team provides insights about litigation issues and trends to expect in 2023. The continuing global...more
Welcome to the second annual installment of Seyfarth Shaw’s Commercial Litigation Outlook. Our nationally recognized team provides keen insights about what to expect in 2022. In short, it will be a busy year that will call...more
3/15/2022
/ Class Action ,
Commercial Bankruptcy ,
Commercial Court ,
Commercial Litigation ,
Cybersecurity ,
Data Privacy ,
Department of Justice (DOJ) ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech
On February 4, 2021, United States Senator Elizabeth Warren (D-Mass.) and Senate Majority Leader Chuck Schumer (D-N.Y.), and Congresswoman Ayanna Pressley (D-Mass.) reintroduced a bicameral resolution asking President Biden...more
U.S. Representative Maxine Waters, Chairwoman of the U.S. House Committee on Financial Services, penned a letter to the incoming Biden administration suggesting changes to the student lending regulatory environment, as well...more
On March 31, 2020, the Rhode Island Superior Court announced the creation of its COVID-19 Receivership Program. The Program establishes a unique non-liquidating receivership calendar intended to assist Rhode Island businesses...more
In the next couple of weeks, landlords will know who can pay rent. In April, lenders will know which landlords can pay their mortgages. No one knows how long the pandemic and revenue disruption will last. In the interim, a...more
The U.S. Supreme Court decided recently to uphold a licensee’s right to continue using trademarks despite the bankrupt licensor’s rejection of the underlying license agreement....more
5/24/2019
/ Bankruptcy Appellate Panel (BAP) ,
Bankruptcy Code ,
Breach of Contract ,
Commercial Bankruptcy ,
Debtors ,
Exclusions ,
Executory Contracts ,
IP License ,
Mission Product Holdings Inc v Tempnology LLC ,
Rescission ,
Reversal ,
SCOTUS ,
Section 365 ,
Split of Authority ,
Trademark Licenses ,
Trademarks ,
Trustees
Is your guaranty restricted or continuing? A continuing guaranty gives rise to divisible individual transactions, while a restricted guaranty—one that concerns a contemplated and specified extension of credit—arises upon...more
Decision clarifies standards for priority treatment under section 507(a)(7); important implications in retail bankruptcy cases for debtors, creditors - and consumers
Overview -
In October 2015, City Sports, Inc....more
Welcome to the fourth issue of Securities and Corporate Governance Litigation Quarterly, Seyfarth’s quarterly publication of the Securities & Financial Litigation Group focusing on decisions or other items of interest for...more
7/31/2015
/ Board of Directors ,
Breach of Duty ,
Buyers ,
Corporate Governance ,
Covenant of Good Faith and Fair Dealing ,
Criminal Prosecution ,
Earn-Outs ,
False Statements ,
Fiduciary Duty ,
Insider Trading ,
Insolvency ,
Investors ,
Kickbacks ,
Omnicare ,
Pleadings ,
Securities ,
Sellers ,
Shareholder Rights ,
Shareholders ,
Tippees
The Issue and Background -
Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more
6/23/2015
/ Bank of America ,
Bank of America v. Caulkett ,
Bankruptcy Code ,
Chapter 13 ,
Chapter 7 ,
Consumer Bankruptcy ,
Foreclosure ,
Junior Lenders ,
Junior Liens ,
Lien Stripping ,
Mortgage Lenders ,
Mortgages ,
Property Valuation ,
SCOTUS ,
Section 506 ,
Underwater Homeowners ,
Unsecured Debt