General Business Administrative Agency Bankruptcy

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When Goods Are Shipped from Overseas, When Are They Considered “Received by the Debtor” for Purposes of Asserting a Section...

A bankruptcy court in Pennsylvania recently held that trade creditors who supplied goods to a debtor prior to its bankruptcy filing were not entitled to administrative priority status under Bankruptcy Code section 503(b)(9)...more

Lehman: New Limitations on Plan Payment of Individual Creditors’ Committee Members’ Professional Fees

In the recent case of Davis v. Elliot Mgmt. Corp. (In re Lehman Bros. Holdings Inc.), 2014 U.S. Dist. LEXIS 48102 (S.D.N.Y. Mar. 31, 2014), the District Court for the Southern District of New York issued a decision barring...more

Crunched Credit - January 2013

Below are links to some recent CrunchedCredit posts,including a preview of next week’s CREFC conference inMiami. For more information or to subscribe, visit us atCrunchedCredit.com. You can also sign up to receiveemail alerts...more

Using Letters Of Credit For Tenant Credit Enhancement

I. Introduction. Cash security deposits (typically in the amount of one or two month’s rent) have been the traditional form of tenant credit enhancement required by commercial landlords. However, in instances where...more

BLG Monthly Update for December 2012

UGG boots, thieving drug addicts, misappropriated sheep and the usual neat contracts cases: all this and more in the BLG Monthly Update for December....more

Trust Me – A Security Trustee’s Duties to Subordinated Creditors Examined

The recent judgment of Saltri III Ltd v MD Mezzanine S.A. Sicar & Ors1 relates to the 2010 non-consensual restructuring of the Stabilus Group. The judgment provides a helpful overview of the way fiduciary relationships...more

Fannie Mae and Freddie Mac Announce New Guidelines for Management of Law Firms

On November 9, Fannie Mae and Freddie Mac announced new, coordinated requirements with respect to the management of law firms for default servicing, bankruptcies, and related litigation. ...more

PBGC Announces Formal Policy Reducing Impact of ERISA Section 4062(e) on Creditworthy Plan Sponsors

The Pension Benefit Guaranty Corporation (PBGC) has announced a new pilot program that should substantially modify its enforcement strategy regarding pension liability for facility closures under ERISA Section 4062(e). Under...more

Local Governments Facing Tough Times, Bankruptcy

What do Stockton, San Bernardino and Mammoth Lakes,California have in common? If you were thinking about warm weather, plenty of sunshine and the California lifestyle, you might be right, but that’s not the answer we’re...more

Self-Funded Plans Need to be Careful in Enforcing Subrogation Rights

A recent Eighth Circuit Court of Appeals decision considered the situation of a participant covered under a self-funded ERISA plan who sustained injuries in a slip and fall accident. The plan paid health benefits for that...more

California’s AB 506 Process: What Creditors Can Expect in the Wake of California Municipal Bankruptcies

California’s AB 506 process was intended to help a municipality in restructuring its debt obligations and avoid bankruptcy. However, the lessons of the bankruptcies of the City of Stockton, the Town of Mammoth Lakes and the...more

Noteworthy Now: Sutherland Insurance Regulatory Mid-Year Review - July 20, 2012

The hot month of July presents an occasion to review major regulatory developments during the first half of the year. In this report, we cover discrete topics we think will be of interest to our friends and clients. Links to...more

Governor Corbett Signs into Law an Amendment to Act 47 Concerning Distressed Municipalities in Pennsylvania

On July 5, 2012, Governor Tom Corbett signed into law Senate Bill No. 1321, designated as Act 133 of 2012 ("Act 133"), which amends the Municipalities Financial Recovery Act, P.L. 246, No. 47, as amended ("Act 47"), to (i)...more

IRS Warns That Financial Restructurings Can Jeopardize Tax-Exemption of Bonds

The IRS is planning on sending out letters (“Letters”) over the next few months to several hundred issuers who have experienced covenant or payment defaults from 2007 to the present. The Letters remind issuers of their tax...more

Will I lose my License If I file Bankruptcy?

The Certified Financial Planner (CFP) Board of Standards announced that, effective September 1, 2012, it will shorten the “experience” requirement. It will also make personal bankruptcy information public....more

Foreclosing Lenders Beware

A new decision from recently appointed bankruptcy judge Mark S. Wallace should be of serious concern to lenders foreclosing non-judicially. Judge Wallace, who sits in the Santa Ana division of the U.S. Bankruptcy Court for...more

Gaming Legal News: September 8, 2011 • Volume 4, Number 27

Seventh Circuit to Lac Du Flambeau: "They Can't Touch You" Lac du Flambeau can continue its casino operations without facing any liability for its $46.6 million bond default two years ago. The bondholder still has some...more

Inside M&A - July/August 2011

In This Issue: The Top 5 Traps in Energy M&A Transactions The Top 5 Traps in Distressed M&A Transactions The Top 5 Traps in Energy M&A Transactions by Blake H. Winburne and Matthew R. Archer Energy M&A...more

Whither MERS?

In the zeal to stall lenders’ efforts to foreclose on woefully delinquent mortgages, the plaintiff bar has put forward a variety of theories. Some of the more interesting theories involve the relationship between the...more

How Does Bankruptcy Affect Your Eligibility for HAMP? The Home Affordable Modification Program

Many homeowners applied for HAMP modifications in hopes of avoiding bankruptcy. But then they discovered that mortgage servicers are horribly slow in processing the paperwork. Plus, the mortgage companies will not even...more

No Creditors' Rights Endorsement - Alternatives

Now that the American Land Title Association ("ALTA") has withdrawn the ALTA Form 21-06 Creditor's Rights Endorsement, what steps can a lender take to protect itself? To recap, the Creditors' Rights Endorsement provided...more

Bankruptcy and Public Finance Advisory: Bankruptcy Judge Rules that City of Vallejo Can Void Union Contracts

The nation’s cities, towns and other municipalities have certainly not been immune from the effects of the economic downturn. An option that may be available to municipalities facing dire financial circumstances is to file...more

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