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Keeping the Benefit of Your Bargain: Strengthening Your Right to Prepayment Premiums

Anyone involved in commercial lending transactions is familiar with provisions of loan agreements that provide for compensation to the lender in the event the indebtedness is paid in advance of the contemplated due date....more

Delaware Bankruptcy Court Faces Split Among the Courts Concerning Scope of a Landlord’s Claim Against a Tenant in Bankruptcy

The Delaware bankruptcy court will soon be forced to rule on the scope of a landlord's claim in bankruptcy, an issue on which courts around the country have been split for many years. In the case of In re Masonite Corp. (Case...more

District Court Denies Distressed Funds the Right to Vote on Bankruptcy Plan

The US District Court for the Western District of Washington (the "District Court") recently affirmed a bankruptcy court decision that prohibited a transferee of a secured lender's interest in a loan from voting on a debtor's...more

Prepetition Default Interest — Take Nothing For Granted

The case is In Re Shree Mahalaxmi Inc., 503 B.R. 794 (Bankr. W.D. Tex. 2014). After a mortgage lender learned of a prepetition default during a bankruptcy, it filed an amendment to its proof of claim to add prepetition...more

Landlords Welcome Landmark Decision In Re Game Station

LONDON - The Court of Appeal in the case of Re Game Station has held that rent payable by a tenant that enters administration is a priority expense of the administration while the leasehold premises are being used for the...more

Rogers Towers: Garnishing Professional Fees After Close of Bankruptcy Proceeding

It is not an uncommon practice for commercial lenders or real estate owners to employ a broker to assist with the sale of property for a commission. Recently, a corporation owning a marina in South Florida filed for Chapter...more

In re School Specialty, Inc., Case No. 13-10125 (KJC) (Bankr. D. Del. Apr. 22, 2013)

In an age of historically low interest rates, lenders rely on fee income and other devices to enhance their returns. One of these mechanisms -- and one that can have dramatic consequences for a borrower -- is the inclusion of...more

Bankruptcy Loses Arguments for Special Relief Under Prepetition Agreements for Environmental Liability

A recent case from the U.S. District Court for the Southern District of New York addressed the recurring conflict between the goals of bankruptcy law, which seeks to give debtors a fresh start, and the goals of federal and...more

Suppliers Must Take Affirmative Steps to Determine Source of Payments to Protect Construction Lien Claim Rights

In L&W Supply Corp. v. Joe DeSilva, et al., (Docket No. A-2960-10T2, December 19, 2012) (“L&W Supply”), a decision recently approved for publication, the Appellate Division provides guidance to material suppliers seeking to...more

Supreme Court Upholds the Right to “Credit bid” in RadLAX Gateway Hotel, LLC, et al. v. Amalgamated Bank

The secured lender industry experienced a collective sigh of relief on May 29 after the Supreme Court ruled in RadLAX Gateway Hotel, LLC, et al. v. Amalgamated Bank that credit bidding remains a viable option to protect...more

It’s Indubitable: Supreme Court Upholds Secured Creditors’ Unequivocal Right to Credit Bid at Plan Sales

Much to the anticipation of the bankruptcy community, on May 29, 2012 the Supreme Court of the United States issued a decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank and put an end to the split among the Circuit...more

Canonized Credit-Bidding: The Supreme Court Unanimously Affirms Secured Creditor's Right to Credit-Bid at Free and Clear Sale in...

On May 29, 2012, the Supreme Court ruled 8-0 that a debtor could not confirm a plan over a secured creditor’s objection if the plan provided for the sale of the secured creditor’s collateral free and clear of liens, but did...more

Supreme Court Upholds Right to Credit-Bid in 363 Sales Embedded in Reorganization Plans

In the recent case of RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 2012 WL 1912197 (May 29, 2012), the Supreme Court in a unanimous 8-0 opinion, delivered by Justice Scalia, held that the Bankruptcy Code statutory scheme...more

Score One For Secured Lenders: U.S. Supreme Court Rules That Bankruptcy Debtors Cannot Sell Secured Lender’s Collateral Free And...

The U.S. Supreme Court does not often rule for secured lenders on bankruptcy issues. But on May 29, 2012, the Supreme Court did just that, resolving a split among lower courts on whether a debtor in Chapter 11 could confirm a...more

Supreme Court Decision Affirms Secured Creditors' Rights to Credit Bid

On May 29, 2012, the Supreme Court issued its opinion in the RadLAX Gateway Hotel, LLC v. Amalgamated Bank case. The Court resolved the question of whether a debtor may confirm a plan of reorganization that prohibits a...more

Supreme Court Confirms Credit Bid Rights of Secured Creditors

The United States Supreme Court, in the case of Radlax Gateway Hotel, LLC v. Amalgamated Bank (“Radlax”), ruled that secured creditors have the same right to credit bid in collateral sales under a plan of reorganization as...more

Supreme Court Upholds Secured Creditors’ Right to Credit-Bid

The Court's unanimous decision in RadLAX Gateway Hotel LLC v. Amalgamated Bank settles dispute over the credit-bid right, retaining this important creditor protection. In a significant victory for secured creditors, on...more

U.S. Supreme Court Upholds Right of Secured Creditors to Credit Bid Under Chapter 11 Plan

On May 29, 2012, the U.S. Supreme Court, in a unanimous decision, resolved a high-profile circuit split regarding the right of secured creditors to credit bid in an asset sale under a chapter 11 plan. In RadLAX Gateway Hotel,...more

Supreme Court Upholds Secured Creditor’s Right to Credit Bid in a Bankruptcy Case

The United States Supreme Court emphatically upheld a secured creditor’s right to credit bid in bankruptcy cases. In RadLAX Gateway Hotel, et al. v. Amalgamated Bank, 566 U.S.___ (May 29, 2012), the Court found the case an...more

"Supreme Court Rules On Credit Bidding"

In a highly anticipated opinion decided on May 29, 2012, the United States Supreme Court held that Chapter 11 debtors could not sell collateral free and clear of secured lenders’ liens under a “cramdown” plan of...more

Supreme Court Protects Credit Bid in Hotel Bankruptcy

How Does RadLAX Impact Conventional Chapter 11 Plan Structures? On May 29, 2012, the United States Supreme Court held in RadLAX Gateway Hotel LLC v. Amalgamated Bank ("RadLAX"), that a debtor-owner of a hotel encumbered...more

U.S. Supreme Court Enforces Secured Creditor’s Right to Credit Bid

Recently, the Supreme Court of the United States held that a debtor cannot confirm a Chapter 11 “cramdown” plan that provides for the sale of collateral free and clear of a secured creditor’s lien when it denies the secured...more

Secured Creditor’s Right To Credit Bid Protected

I. Introduction - In a big win for creditors, the U.S. Supreme Court unanimously ruled on May 29, 2012 that a secured creditor must be granted the right to credit bid up to the full amount of its claim where the debtor...more

Supreme Court Confirms that Credit Bidding is Alive and Well

Today, the Supreme Court of the United States issued its much awaited decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. ______ (2012). The noteworthy decision resolves any uncertainty surrounding a secured...more

Supreme Court Resolves Conflict in Circuit Courts Regarding Credit Bidding

On May 29, 2012, the United States Supreme Court resolved a split among the federal courts of appeals on an important bankruptcy issue, agreeing with arguments Morrison & Foerster advanced on behalf of Amalgamated Bank. In a...more

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