General Business Bankruptcy

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UCC Standing Blocked in Recent Sabine Decision

What showing must creditors make to be granted the right to prosecute claims on behalf of the bankruptcy estate? Under the widely recognized standard established by the Second Circuit in In re STN Enterprises, a bankruptcy...more

Oman Market Developments

The Sultanate of Oman is the longest continually independent Arab country in modern history, having marked the 45th anniversary of its establishment last year. Looking to the future the Sultanate's long term strategy, Vision...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

Termination of a Commercial Lease May be an “Avoidable Transfer” in Bankruptcy, holds Seventh Circuit

In March 2016, the U.S. Court of Appeals for the Seventh Circuit ruled that a landlord may be liable to a debtor’s bankruptcy estate for the value of a lease the debtor terminated early, holding the termination may be an...more

“The ABC’S of ACB’S” – Arbitration Clauses in Bankruptcy Court

You’ve decided that your business will fare better if you put a mandatory arbitration clause into all of your contracts. You want to be fair to your counterparty, so you choose to arbitrate under the Federal Arbitration Act....more

Uncertainty Rises for Energy Sector Bankruptcies

In recent years, the energy sector has struggled with low commodity prices, oversupply, and logistical constraints — challenges which are poised to continue in the months ahead. These issues are putting a significant strain...more

Your daily dose of financial news The Brief – 4.21.16

Dealbook’s White Collar Watch gives us a legal take on the many challenges, regulatory and otherwise, facing Elizabeth Holmes’ Theranos – NYTimes... The international financial scandal du jour (the Panama Papers) is...more

Bankruptcy Court Rules that Gathering Agreements Can Be Rejected

Potential Significant Impacts on Midstream Companies - On March 8, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Court”) ruled from the bench in In re Sabine Oil & Gas Corp. in a...more

Sun Capital Court Finds that Common Industry Practices Exposed PE Funds to Pension Plan Liabilities

A group of related private equity (“PE”) funds were found liable for a bankrupt portfolio company’s pension plan debts in the latest and most worrisome decision in the long-running Sun Capital Partners III, LP v. New England...more

Illinois Bankruptcy Court Nullifies Lender's Right To Block Debtor's Bankruptcy Filing

Often, as part of a forbearance agreement, a lender will obtain a provision requiring its consent to any subsequently filed bankruptcy; the theory being that if the business debtor subsequently defaults under its restructured...more

Ninth Circuit Rulings on Equitable Mootness in Transwest and Sunnyslope Impact Third Party Investors

The doctrine of equitable mootness provides that Chapter 11 reorganization plans will be deemed moot, and therefore not subject to appellate review, if a plan has been substantially consummated and granting appellate relief...more

Insurance Broker Had No Duty to Inform Security Company Insured of Change in Exclusion Language for Alarm Systems

Schlossberg v. B.F. Saul Insurance Agency of MD, Inc., Case No. GJH-13-3076 USDC (Dist. of Maryland, Southern Div.) December 8, 2015 - Plaintiff was the bankruptcy trustee for DTM, a company that provided security guards...more

Dot Your “I”s and Cross your “T”s: When It Comes to Perfecting Your Security Interest

It always starts so easy. Borrower comes in and wants to borrow money. Lenders want some form of collateral to secure (potentially) a loan and the Borrower happily agrees to provide, or pledge, collateral to secure a loan. ...more

Bankruptcy & Financial Restructuring/Finance Advisory: Second Circuit Rejects Potential Loophole in the Securities Contract Safe...

The Second Circuit Court of Appeals recently held that the “safe harbor” protections for securities contracts in Section 546(e) of the Bankruptcy Code prevented individual creditors’ state law constructive fraudulent transfer...more

The District of Massachusetts Calls for Review of Practice of “Surrendering” Underwater Property

For secured lenders, a consumer debtor’s chapter 13 bankruptcy filing can be a mixed bag. A chapter 13 bankruptcy petition often is utilized by a consumer debtor to avoid a foreclosure by allowing a debtor time (usually...more

Terminating a Distressed Tenant’s Lease? Plan Now to Defend a Possible Bankruptcy Avoidance Action Later

Landlords contemplating terminating a lease with a distressed tenant in advance of a possible tenant bankruptcy will want to consider carefully a recent decision from the Seventh Circuit. The decision, In re Great Lakes Quick...more

Your daily dose of financial news The Brief – 4.13.16

US regulators are reportedly preparing a handful of the US’s biggest banks for news that their living wills (their plans for winding down without a taxpayer bailout in the case of a potential bankruptcy) aren’t going to cut...more

GAO Says Regulators Should Improve Transparency in Evaluating Banks’ “Living Wills”

GAO has issued a report which noted the FDIC and Federal Reserve have developed separate but similar review processes for determining whether a resolution plan, often referred to as a “living will,” is “not credible” or would...more

Ever-Expanding Safe Harbor Leaves Creditors’ Claims Stranded at Sea

Second Circuit holds that Bankruptcy Code preempts creditors’ state law constructive fraud claims. On March 29, 2016, the Second Circuit issued its opinion in In re Tribune Company Fraudulent Conveyance Litig.,...more

When Going “All In” Pays Off: The Third Circuit Upholds The Decision of the Bankruptcy Court in In re Trump Entertainment Resorts,...

In an appeal certified directly from the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to the Court of Appeals, the Third Circuit issued a ruling upholding Judge Kevin Gross’s decision that a chapter...more

The Un-Bankruptcy: A Texas Receivership as an Alternative to Bankruptcy (and fourteen ways to appoint a receiver in The Lone Star...

Creditors seeking to exercise control over a borrower or collateral may utilize a number of remedies. They may seek a foreclosure or UCC sale, assignment for the benefit of creditors, file an involuntary bankruptcy petition...more

Casting a Wider Net: Court Finds Private Equity Funds Liable for ERISA Withdrawal Liability

On March 28, 2016, a district court in Massachusetts found two private equity funds (under the Sun Capital Partners, Inc. umbrella) jointly and severally liable for withdrawal liability imposed on one of its underlying...more

Seventh Circuit Holds Pre-Bankruptcy Termination of Lease May Be Avoidable Transfer

Landlords dealing with troubled tenants often enter into termination agreements that dictate terms for the consensual terminations of unexpired leases. Among other benefits, such termination agreements provide certainty and...more

SEC and FDIC Propose Dodd-Frank Broker-Dealer Resolution Rules

Troubled financial institutions, some with substantial broker dealer operations, played a prominent role in the 2008 financial crisis. In an effort to protect the financial system from serious threats posed by significant...more

Breach of Fiduciary Duty Judgment May Be Dischargeable In Bankruptcy

It is not uncommon for a successful plaintiff in a breach of fiduciary duty case to have their collection efforts thwarted by a defendant filing for bankruptcy. The issue is whether the state court judgment is dischargeable...more

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