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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

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

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

Second Circuit Finds that Barclay’s Bought Lehman’s Assets Free and Clear of FirstBank’s Claims

On March 29, 2016, the Second Circuit Court of Appeals ruled that FirstBank Puerto Rico (“FirstBank”) could not recover from Barclays Capital Inc. (“Barclays”) the securities (“Securities”) pledged by it, in connection with a...more

In re Avantair: Is My Airplane Now Yours?

Last month, the United States Court of Appeals for the Eleventh Circuit upheld the Bankruptcy Court and United States District Court for the Middle District of Florida determination that the authorized swapping of parts among...more

Finance Advisory: Risk Retention and the Preserving Access to CRE Capital Act

The final rules for implementing Section 941 of the Dodd-Frank Act as it relates to credit risk retention will become effective December 24 of this year. With the effective date quickly approaching, Congress has stepped in to...more

Is the Safe Harbor of 11 U.S.C. § 546(e) Bigger Than You Thought?

The Bankruptcy Court in the Eastern District of Michigan recently issued an opinion and granted summary judgment for the defendants in Buchwald Capital Advisors vs. Papas, et. al., Adversary Proceeding No. 10-05712 (In re...more

Lenders Beware: Ignore Warning Signs at Your Peril

A recent ruling of the Seventh Circuit Court of Appeals resulted in an otherwise secured lender’s claim being rendered unsecured because the lender ignored warning signs casting doubt on the debtor’s right to pledge the...more

Your daily dose of financial news The Brief – 3.3.16

The past 2 days saw an incredible and tragic turn of events for former Chesapeake Energy CEO Aubrey McClendon, part owner of the OK Thunder and a winery in Bordeaux and “face of the nation’s natural gas boom,” who on Tuesday...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - The SEC Adopts Cross-Border Security-Based Swap Rules - On February 10, the Securities and Exchange Commission (the "SEC") adopted rules under the Dodd-Frank Wall Street Reform and...more

Banking & Financial Services E-Note - January 2016

In Deutsche Bank Nat’l Trust Co. v. Estrella Perez, et al., No. 3D15-58, 2015 WL 8347002 (Fla. 3d DCA Dec. 9, 2015), Florida’s Third District Court of Appeal held that the trial court erred in dismissing a foreclosure case on...more

US Equipment Leasing and Finance Legal Update – January 2016

Welcome to the inaugural issue of JMBM’s US Equipment Leasing and Finance Legal Update. My goal is to alert our clients and friends of legal developments that may affect their equipment leasing and finance transactions in the...more

Orrick's Financial Industry Week in Review

SEC Reopens Comment Period for Proposed Amendments to Rule 13n-4 under the Securities Exchange Act of 1934 - On January 15, the Securities and Exchange Commission reopened the comment period for proposed amendments to...more

Debt Restructuring Agreements entered into by Real Estate Funds

According to recent Italian case law Real Estate Funds may now enter as debtors into the debt restructuring agreements (so called “accordi di ristrutturazione dei debiti”) provided for by the Italian bankruptcy law. Reference...more

Were the Energy Future Holdings and Caesars Chapter 11 Cases Just Saved by K Street Lobbyists?

Bankruptcy and restructuring professionals usually do not need to be political junkies. Amendments to the Bankruptcy Code, and the accompanying machinations of the Congressional legislative process, typically occur at a...more

United States Bankruptcy Court for the Southern District of New York Identifies New Jurisdictional Hook to Provide Chapter 15...

On October 28, 2015, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued a decision that significantly expands the jurisdictional bases that foreign issuers can rely upon...more

The fiducie-sûreté: the most effective French security interest?

The fiducie has been the subject of increased interest by lenders over the past few years in France. Even though there is no significant case law supporting this, some academics have gone so far as to refer to this mechanism...more

Nevada Supreme Court Opines On Scope Of Debtor’s Exemption For Stock

NRS 78.746 provides that, with several qualifications, the exclusive remedy of judgment creditors with respect to the stock in a relatively closely held corporation is to charge a stockholder’s shares.  To the extent so...more

Barbarians at the (marble)gate?

Restructurings are all about alternatives. It is one thing for a creditor to hold an instrument that entitles it to payment of $X on Y date. But if the debtor does not have the cash to satisfy the obligation when due, some...more

United States District Court for the Southern District of New York Largely Dismisses Lehman’s $8.6 Billion “Slush Fund” Claims...

On September 30, 2015, the United States District Court for the Southern District of New York (the “District Court”) denied the motion of Lehman Brothers Holdings Inc. (“LBHI,” and collectively with all of LBHI’s...more

JPMorgan Scores Major Victory in Ongoing Lehman Bankruptcy

On Sept. 30, a district court resolved a significant portion of outstanding litigation in the bankruptcy proceeding of Lehman Brothers Holdings Inc. and its subsidiaries. See Lehman Bros. Holdings Inc. v. JPMorgan Chase Bank,...more

Covenant-lite Terms Continue to Develop in Europe

As predicted a year ago, the adoption of US-style covenant-lite terms in European leveraged deals continues apace. This is hardly surprising given that the existence of ultra-low interest rates are sparking intense...more

Energy Future Holdings – Kicking a Very Large Can Down the Road

Energy Future Holdings (“EFH” or “Debtors”) has cleared all of the preliminary hurdles in its path as it moves towards the confirmation of its plan of reorganization (the “Plan”). Last week Judge Christopher Sontchi of the...more

The United States Bankruptcy Court for the Southern District of New York Deals Loss to Lehman in Interpreting Loss Under ISDA...

In a blow to the Lehman Chapter 11 estates, the United States Bankruptcy Court for the Southern District of New York held on September 16, 2015 that Intel Corporation’s Loss calculation resulting from a failed transaction...more

The latest on the Small Business, Enterprise and Employment Act 2015: Restructuring and Insolvency

More important changes to the Insolvency Act 1986 (IA86) and other insolvency- related legislation come into force this week (1 October 2015) as a result of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015)....more

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