Finance & Banking, Commercial Law & Contracts, Bankruptcy

Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

by Bruce Sabados, Allison Wuertz | Katten Muchin Rosenman LLP on 5/21/2013

The United States Bankruptcy Court for the Southern District of New York granted motions to dismiss involuntary Chapter 7 petitions filed against TPG Troy LLC and T3 Troy LLC (the Troy Entities). Petitioners filed numerous...more

Mississippi District Court Defers to New York Court in Bond Action

by Bruce Sabados, Allison Wuertz | Katten Muchin Rosenman LLP on 5/21/2013

The United States District Court for the Northern District of Mississippi denied the motion of defendant ACA Financial Guaranty Corporation (ACA) to dismiss a class action complaint, finding that the issues were previously...more

Rating Agency Developments - May 20, 2013

by Orrick - Structured Finance Group on 5/20/2013

On May 17, DBRS released its criteria for rating market-linked securities. On May 17, DBRS released a criteria report relating to Canadian bankruptcy and restructuring legal considerations. On May 15, Moody’s released its...more

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

by Kevin Coleman, Valerie Peo | Schnader Harrison Segal & Lewis LLP on 5/20/2013

Bankruptcy trustees and lenders to a potentially insolvent debtor — particularly any lender who has or intends to acquire an equity stake in the borrower — should take note of a recent decision by the U.S. Ninth Circuit Court...more

Q&A With Morrison & Foerster's Gary Lee

by Morrison & Foerster LLP on 5/17/2013

Gary S. Lee is a partner in Morrison & Foerster LLP's New York office. He is co-chairman of the firm's finance department and chairman of the firmwide business restructuring and insolvency group. Lee advises clients on...more

Bond is Back

by Jonathan Bloom, James Douglas, Mike Goetz, Tony Horspool, Michael Kazakevich, Daniel Martin, W. Jane Rogers | Ropes & Gray LLP on 5/17/2013

Opportunities for investors in European HY Debt - Record amounts of HY issuance in Europe since 2010, much of which has refinanced the LBO bank debt maturity wall - Potential for significant restructuring...more

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

by Robert Sahyan | Sheppard Mullin Richter & Hampton LLP on 5/15/2013

On April 30, 2013, the United States Court of Appeals for the Ninth Circuit held that the bankruptcy court has authority to recharacterize as equity, rather than debt, advances of funds made purportedly as a loan to the...more

Adversary Proceedings in Bankruptcy Court

by Jeff Field | Jeff Field & Associates on 5/15/2013

Adversary proceedings are lawsuits related to or arising from a bankruptcy case. It can be filed by you, your creditor or the trustee and may involve a variety of issues, including...more

Bank Did Not Alter Right To Foreclose By Agreeing To Work With The Debtor After Bankruptcy Dismissal

by David Johnson | Winstead PC on 5/13/2013

In Branch Banking and Trust Company v. TCI Luna Ventures, LLC, BB&T appealed a temporary injunction order prohibiting it from foreclosing on two properties owned by TCI Luna. No. 05-12-00653-CV, 2013 Tex. App. LEXIS 1745...more

Not So Secret - When Under Seal Isn't Enough

by Shirley Dai, Sharon Levine, Michael Savetsky | Lowenstein Sandler LLP on 5/10/2013

In a recent decision, the United States Bankruptcy Court for the Southern District of New York found the standard for sealing under § 107 of the Bankruptcy Code was not met and declined to seal a settlement agreement, despite...more

Changes Afoot for ERISA “Reportable Event” Rules

by Mark Hamilton, Kellie Thomas | White & Case LLP on 5/10/2013

As many as 90% of pension plans and pension plan sponsors may soon have fewer “reportable events” to track and report to the Pension Benefit Guaranty Corporation (the “PBGC”), if certain proposed changes to the PBGC...more

What is the Meeting of Creditors and am I Required to Attend?

by Jeff Field | Jeff Field & Associates on 5/10/2013

Section 341 of the Bankruptcy Code is titled meetings of creditors and equity security holders and contains the provisions for conducting this court hearing. Because it is governed by section 341, the hearing is often called...more

Rolling back the point of no return: the English Supreme Court clarifies the balance sheet insolvency test

by Edward Mathison, Charlotte Møller | Reed Smith on 5/9/2013

The English Supreme Court’s eagerly awaited decision on the Eurosail litigation, concerning how the “balance sheet” test for insolvency should be applied, was released today. The decision clarifies how courts should apply the...more

Rogers Towers: What can Twinkies and Beer Teach Investors about Purchasing the Assets of an Insolvent Corporation?

by Scott St. Amand, J. Ellsworth Summers, Jr. | Rogers Towers on 5/9/2013

When Hostess announced last November that it would be shutting the doors to its factories, spooked by the news and likely addled by decades of cream filling, hoarders of Ho-Ho’s scurried to buy every brand name snack cake...more

Bankruptcy May Become a Way Out of Student Loan Debt

by Michele Bowman | Lawyers.com on 5/8/2013

While students get breaks on their loans in some ways, filing bankruptcy has never been one of them. But if a federal appellate opinion and action in Congress are any indicators, that could be changing....more

Surprise! Where did this Judgment Come From?

by John Skiba on 5/7/2013

Probably half a dozen times per week I meet with someone who has been notified that their next check is going to be a quite a bit lighter – wage garnishment. If you are living paycheck to paycheck finding out your wages are...more

Rogers Towers: A Lesson from the Lumber Yard: Middle District of Florida Raises Particularity Requirement for Trustee Standing in...

by Scott St. Amand, J. Ellsworth Summers, Jr. | Rogers Towers on 5/7/2013

One of the primary roles of a Chapter 7 trustee is to ensure that the bankruptcy estate is preserved prior to liquidation. It is no wonder, then, that the Trustee’s avoidance powers are well defined by the Bankruptcy Code....more

Surcharges in Bankruptcy - A Risk You Can Plan For?

by Jan Hayden | Baker, Donelson, Bearman, Caldwell &... on 5/3/2013

The Bankruptcy Code is a balancing act with each section promoting one or more of three competing principles: the protection of a secured creditor's property rights, equitable and equal distribution to unsecured creditors or...more

Ninth Circuit Widens Circuit Split Over Application of State or Federal Bankruptcy Law To Determine Whether Claims of...

by Alyson Allen, Mark Bane, Stephen Moeller-Sally, James Wilton | Ropes & Gray LLP on 5/3/2013

In an important decision for private equity sponsors and other insiders who advance loans to their businesses, on April 30, 2013, the Ninth Circuit Court of Appeals in In re Fitness Holdings International confirmed that...more

Reports Of Late Payments To Credit Reporting Agencies While Bankruptcy Is Pending Do Not Violate Federal And State Fair Credit...

by June D. Coleman, Danielle Teeters | Kronick, Moskovitz, Tiedemann & Girard on 5/3/2013

After filing for Chapter 7 bankruptcy, a consumer discovered that her credit report listed delinquent payments to a bank even though she had been current with her payments up to the date she filed. After disputing the report...more

Bankruptcy Implications of Affiliated Lender Provisions and Debt Buybacks - Unenforceability of Bankruptcy Voting Proxies Expose...

by King & Spalding on 5/2/2013

Over the last few years, provisions in credit agreements permitting the Borrower’s equity sponsor and other affiliates (typically referred to as “Affiliated Lenders”), to purchase term loans made thereunder and allowing the...more

Tax Talk -- Volume 6, No. 1 -- April 2013

by David de Ruig, Stephen Feldman, David Goett, Thomas Humphreys, Meimay Law, Anna T. Pinedo, Remmelt Reigersman | Morrison & Foerster - State + Local Tax... on 4/30/2013

In This Issue: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules; After Months of Anticipation, Final FATCA Regulations Released; Congress Considers...more

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

by Mark Chehi, Van Durrer | Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2013

Background - The debtors in Indianapolis Downs operated a combined horse racing track and casino in Indiana. They had substantial secured indebtedness: more than $98 million of first lien (first priority), $375 million...more

Second Circuit Establishes Relevant Time Period for "Center of Main Interests" Determination Under Chapter 15 of the Bankruptcy...

by Rosanne Ciambrone, Rudolph J. Di Massa Jr, William Heuer, Ron Oliner | Duane Morris LLP on 4/29/2013

In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir. April 16, 2013), the United States Court of Appeals for the Second Circuit (the "Second Circuit") held that...more

Freddie Mac Announces Numerous Servicing Policy Updates

by BuckleySandler LLP on 4/26/2013

On April 15, Freddie Mac issued Bulletin Number 2013-6, which announces numerous revisions to servicing requirements. The bulletin updates the allowable amounts for attorney fees for default-related legal services and details...more

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Finance & Banking › Commercial Law & Contracts › Bankruptcy