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Bankruptcy Securities

Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Second Circuit Holds that Contingent Equity-Based Compensation of Former Lehman Employees are Subordinate to Creditor Claims

In In re Lehman Bros. Holdings Inc. 855 F.3d 459 (2d Cir. 2017), the United States Court of Appeals for the Second Circuit affirmed a district court order subordinating the claims of former Lehman Bros. (“Lehman”) employees...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s been a hitch in Saudi Aramco’s IPO plans (mind-boggling $2 trillion possible valuation and all): where to list. The frontrunners, by the way, are the London Stock Exchange and the NYSE....more

New Wave of Lehman Litigation Appears to Be Imminent

Thousands of mortgage lenders across the country either recently received, or will soon be receiving, this document from Lehman Brothers Holdings, Inc. (LBHI). It is a notice of a motion to approve a proposed settlement of...more

Second Circuit: Reclassification of Claim as Equity Interest? Not Unless It Is Duplicative

The Second Circuit affirmed the bankruptcy and district courts’ decisions subordinating claims asserted against the Debtor by holders of restricted stock units. However, while the court agreed with the lower courts that the...more

Supreme Court to Resolve Circuit Split on Scope of 546(e)’s Safe Harbor Provision

Earlier this month, the Supreme Court announced that it will review the scope of Bankruptcy Code section 546(e)’s safe harbor provision. Section 546(e) protects from avoidance those transfers that are made “by or to (or for...more

Court Holds That Shareholders In Closely Held Business Do Not Owe Each Other Fiduciary Duties

by Winstead PC on

In In re Fritz, a bankruptcy court determined whether an exception to dischargeability was present. No. 15-347950BJH, 2017 Bankr. LEXIS 930 (N.D. Tex. Bankr. April 3, 2017)....more

Debt Dialogue: April 2017 - Creditor Barred from Bringing a Derivative Action Against an Insolvent Delaware Limited Liability...

In a recent ruling, Trusa v. Nepo (Del. Ch. April 13, 2017), consistent with prior case law, Vice Chancellor Montgomery-Reeves of the Delaware Chancery Court held that a creditor cannot bring a derivative action against a...more

Debt Dialogue: April 2017 - Exemptions from HSR Filing Requirements in a Bankruptcy Reorganization

The Hart-Scott-Rodino Act requires parties to an acquisition of voting securities or assets to file a report form with the Federal Trade Commission (FTC) and Department of Justice (DOJ), and to observe a waiting period before...more

Trump Prevents FSOC Designations and Bank Liquidations

In a Presidential Memorandum, President Trump directed the Secretary of the Treasury, as a member of the Financial Stability Oversight Council, not to cast a nonemergency vote to subject nonbank financial companies to...more

Blockchain and the Law - Overview of token sales and bitcoin property rights

by Perkins Coie on

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

Banking & Financial Services E-Note - March 2017

by Burr & Forman on

In an article published in the April 2017 issue of The Journal of Bankruptcy Law, Jonathan Sykes and Correy Karbiener provide insight on whether § 546(e) of the Bankruptcy Code protects transfers made to repay commercial...more

2016 Georgia Corporate and Business Organization Case Law Developments

by Bryan Cave on

The annual survey of decisions by state and federal courts in 2016 addressing Georgia corporate and business organization issues is now available. This survey covers the legal principles governing Georgia businesses,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Greenlight Capital’s David Einhorn is pushing GM to split its common stock into two classes—one for dividends and the other for all additional earnings—in an effort to boost the carmaker’s market cap. GM’s not on board....more

Fore Warned: Fifth Circuit Sticks to its Guns

by Ervin Cohen & Jessup LLP on

A prior prior Ask the Receiver® discussed the Fifth Circuit case Janvey v. The Golf Channel, Inc., 780 F. 3d 641 (5th Cir. 2015) (“Golf Channel I”). There the court found The Golf Channel liable to return $6,000,000 paid to...more

Directors, Officers and Other Responsible Persons Be Aware - Your Vicarious Liability for Your Company’s Violations of Securities...

by Dechert LLP on

A debtor ordinarily may discharge debts in bankruptcy, unless one of several exceptions apply. One of the preclusions to dischargeability of certain debts, found in Section 523(a)(19) of the U.S. Bankruptcy Code, generally...more

Banking & Financial Services E-Note - February 2017

by Burr & Forman on

The White House clarified that Trump’s January 30 “two for one” Executive Order doesn’t apply to the SEC and other independent regulatory agencies, Reuters reported. Despite press coverage, the Order doesn’t actually require...more

The Delta Report – Derivatives Newsletter: January 2017

by White & Case LLP on

In this first issue of The Delta Report for 2017, we cover crucial updates on developments in the derivatives space in Europe and Asia. In the UK, Brexit-related issues continue to take the spotlight. The Article 50 challenge...more

Be Sure to Observe Formalities to Protect Business Assets

by Burns & Levinson LLP on

When entering into a new venture, it is not uncommon for a new legal entity to be formed in order to insulate an existing company from the liabilities associated with the new business. While the law absolutely permits this, a...more

Key Issues for Derivative Transactions under the BRRD

by White & Case LLP on

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

Second Circuit Adopts Narrow Interpretation of Trust Indenture Act Provision Intended to Protect Bondholders

On January 17, the US Court of Appeals for the Second Circuit rendered a much anticipated decision in Marblegate Asset Management, LLC v. Education Management Corp., No. 15-2124-cv(L), 15-2141-cv(CON), reversing the Southern...more

Out-of-Court Restructuring Transactions: What’s Old Is New Again after Marblegate

by Latham & Watkins LLP on

Second Circuit’s reversal of controversial restructuring decision may boost confidence among distressed bond issuers. The recent decision of the United States Court of Appeals for the Second Circuit in Marblegate has...more

Appeals Court Overturns Marblegate, Citing Analysis by Shearman & Sterling Partner

by Shearman & Sterling LLP on

The law on debt restructurings and liability management is back to where it was. Yesterday, the Second Circuit Court of Appeals reversed the controversial District Court decisions in the Marblegate-Education Management...more

Southern District Clarifies the Applicability of Section 316(b) of the Trust Indenture Act to Exchange Offers

Last year, plaintiffs successfully used an obscure provision of the 1939 Trust Indenture Act (the TIA) to challenge restructurings by Education Management, LLC (Marblegate) and Caesars Entertainment Operating Co. (Caesars)...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Former NJ Senator and Governor Jon Corzine has reached a $5 million settlement with regulators over the collapse of his MF Global firm, which filed bankruptcy in 2011 and lost more than $1 billion in customer investments....more

In Case You Missed It: Launch Links - December, 2016 #4

by WilmerHale on

Some interesting links we found across the web this week: WTF is a Liquidation Preference? Hint: It’s not something you forgot from 10th grade chemistry or that you’re asked about by a mixologist at a fancy cocktail...more

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