Commercial Restructuring & Bankruptcy Alert - March 2012

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In this issue:

- Foreclosures in New Jersey

- Substantive Rights' Not Assignable, Intercreditor Voting Rights Assignment Nullified

- Offshore Bankruptcy-Remote Entity is Not Bankruptcy-Proof; Trust Indenture Voting

- Requirement Overridden in Involuntary Bankruptcy Case

- Delaware Supreme Court Holds Creditors of Insolvent LLCs Do Not Have Derivative Standing

- Successor Liability - Does it Survive a Section 363(f) Sale?

- Free-and-Clear Asset Sales Price Must Exceed Outstanding Debt to Satisfy Section 363(f)(3)

- Court Finds Indirect Upstream Owner Exercised De Facto Control, Warrants Liability for WARN Act Notice Violation

- Creation of Artificially Impaired Class to Approve Cram-Down Plan is Not Per Se Impermissible

- Tenth Circuit Holds Automatic Stay Applies to Debtor's Appeal of Pre-Petition Action Against It, Joining Most Other Circuits

- Corporate Synergy Among Related Debtors Key to Finding Conferral of Economic Benefit in Fraudulent Transfer Action

- Federal Courts Jurisdiction and Venue Clarification Act of 2011

- Counsel's Corner: News From Reed Smith

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

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