General Business Finance & Banking Bankruptcy

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Texas Bankruptcy Court ‘Likes’ Facebook and Twitter Accounts as Property of the Reorganized Debtor

In a recent opinion in In re: CTLI, LLC (Tactical Firearms), Judge Jeff Bohm in the United States Bankruptcy Court for the Southern District of Texas ordered a debtor to handover its Facebook and Twitter accounts to the...more

High yield bond restructurings across Europe

As the flood of capital into riskier deals continues to pour in at unprecedented rates, and economic and geopolitical risks evolve, the prospect of a surge of bond defaults in the years ahead is looming over high yield...more

Foreclosure Sales: When Is the “Deed” Done?

In re Betchan, 524 B.R. 830 (Bankr. E.D. Wash. 2015) – A mortgagee was the highest bidder at a foreclosure sale that took place shortly before the debtor filed bankruptcy. The lender requested relief from the...more

Lessons From Mt. Gox Bankruptcy

MtGox Co., Ltd., once the world’s largest Bitcoin exchange company, is insolvent, bankrupt, and now history. This history offers lessons to cryptocurrency startups. ...more

USDA Raises Hurdles to Bankruptcy Sales of PACA-Regulated Produce Businesses

One of the main advantages of purchasing a business out of bankruptcy is that the process can be quick, orderly and predictable. Yet, recently, the United States Department of Agriculture (“USDA”) has challenged the ability...more

Eighth Circuit Says Focus is on the Intent of the Debtor in Fraudulent Transfer Law, Does Not Address Ponzi Scheme Presumption

This case is the product of yet another dispute in the extensive, multi-billion dollar fraud perpetrated by Tom Petters. In 2005, as the sole board member of Petters Group Worldwide, LLC (“PGW”), Petters directed the...more

Retail Chapter 11 Filings Up, Bucking Bankruptcy Trends In Economic Recovery

The economy is humming along and bankruptcy filings are at historic lows. Nevertheless, a recent trend in retail may suggest that the times, they are a changing....more

Bridging the Week - April 2015 #3

CFTC Commissioner Bowen Argues for User Fees During House Subcommittee Hearing; Commissioner Wetjen Calls for Bankruptcy Law Amendments to Permit Individual Segregation of Customer Funds - Commodity Futures Trading...more

Are You an E&P Company Facing a Liquidity Crunch and Considering Restructuring?

In this lw.com interview, Latham & Watkins partner Michael Chambers looks at the impact of borrowing base redeterminations on exploration and production (E&P) companies. He also discusses additional debt capacity under high...more

Frederick’s of Hollywood, Inc. Is Now A Debtor in Delaware Bankruptcy Court

On April 19, 2015, Frederick’s of Hollywood, Inc., a well-known retailer of women’s lingerie, filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. In addition to the petition...more

Transferee Liability: The Lottery Ticket/Uranium Contract Rule

Mano-Y&M Ltd. v. Field (In re Mortgage Store, Inc.), 773 F.3d 990 (9th Cir. 2014) – A chapter 7 trustee sought to avoid a transfer by the debtor as a fraudulent conveyance and then to recover funds disbursed by the...more

Blog: Mandatory Subordination: How Even A Money Judgment Can Be Treated Like Equity In Bankruptcy

When an insolvent entity files for bankruptcy, it can be tough to be a creditor. But holding equity — stock in a corporation or a membership interest in an LLC, a limited liability company — can be even worse. ...more

Eleventh Circuit Approves Non-Consensual, Non-Debtor Releases in Chapter 11 Plan

In March 2015, the Eleventh Circuit Court of Appeals made clear that bankruptcy courts in that circuit can, under certain circumstances, confirm a Chapter 11 plan that includes non-consensual, non-debtor releases – the...more

Intellectual property rights under German insolvency law

German insolvency case law on intellectual property rights has experienced rapid development in recent years, while attempts by the German legislature to regulate this subject with precision have repeatedly failed. The...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

German Investment Fund Statistics - In March 2015, the German Investment Fund Association BVI issued its latest investment statistics report as of 31 January 2015, giving an overview of the net assets and net sales...more

The Golf Channel Needs a Mulligan

“Mulligan,” in golf parlance, is the opportunity to hit a golf shot, a “do over,” when the previous shot was not quite the one desired by the golfer. The “Mulligan” replaces the previous shot, which then does not count toward...more

The Fifth Circuit Shifts the Risk of Doing Business with Fraudulent Enterprises to Trade Creditors

When a debtor pays the market cost for goods and services provided to it by third-party vendors, these payments normally cannot be recovered as fraudulent transfers in the U.S. That is because the debtor receives reasonably...more

Blog: Recent Decision May Assist Challenges to Alleged Fraudulent Transfers

A recent decision by the Bankruptcy Court for the Southern District of New York may enhance the ability of bankruptcy trustees and creditors committees to challenge allegedly fraudulent transfers that could qualify for...more

Littleford Day, Inc. of Florence, Kentucky Files Chapter 11

On April 2, 2015, Littleford Day, Inc., located in Florence, Kentucky, filed a chapter 11 bankruptcy petition in Delaware. ...more

A Cautionary Tale (or Two) – The Need for Robust Internal Oversight in Financings

In this era of rushed financings and hectic corporate restructurings, internal controls and procedures are more important than ever. Adding litigious shareholders and debtholders to the mix means it’s never been more...more

LIHTC exit strategies: Right-sizing the loan

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects...more

A Practical Guide to Russian Restructurings

Introduction – Restructurings are likely to be a major topic in the Russian Federation during 2015 and beyond. From a legal perspective, the legislation pertaining to restructurings and insolvencies has benefited from...more

Should Underwater Junior Liens Survive Bankruptcy?

On March 24th, the Supreme Court heard oral argument on the consolidated appeals of two decisions from the Eleventh Circuit Court of Appeals, Bank of America v. Caulkett and Bank of America v. Toledo-Cardona. The appeals...more

Developments in the insolvency world – The Small Business, Enterprise and Employment Bill

The Small Business, Enterprise and Employment Act (the Act) recently received Royal Assent. The Act introduces a number of new provisions across a wide range of issues, including regulatory reform, public sector procurement...more

4 Key Restructuring Considerations for Distressed E&P Companies

“For distressed exploration and production (E&P) companies and their lenders, there can be many significant legal issues associated with restructuring,” according to Latham & Watkins partner Mitchell Seider. Seider is...more

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