CR&B Alert: Commercial Restructuring & Bankruptcy News – December 2011, Issue 4


In This Issue:

- CRAB Bites-High Court to Resolve Credit Bidding Dispute


- In a Case of First Impression, Court Grants Administrative Priority Status to Post-Petition Withdrawal Liability

- Cross-Affiliate Netting Provision in ISDA Swap Agreement is Not Enforceable Against the Debtor

- Court Finds Material Questions of Fact Regarding Breach of Fiduciary Duties and Deepening Insolvency

- What Anna Nicole Smith's Bankruptcy Case May Mean to Credit Managers Everywhere

- Pre-Petition Liens on FCC License Proceeds Can Attach to Post-Petition Proceeds

- FDIC Treatment of Creditor Claims Under Orderly Liquidation Process

- Third Circuit Considering if the 'Police Power' Exception to the Automatic Stay Extends to the UK Pensions Regulator

- The Seller of Loan Participation Interests Protected from Preference Recovery Under the 'Conduit Theory'

- Secured Creditors Need Not File a Proof of Claim to Lift the Automatic Stay to Proceed with a Foreclosure Action

- Strict Compliance with Section 524(c) Required to Uphold Reaffirmation Contract

- Secured Lender Took Sufficient Affirmative Action to Effect the Assignment of Rents

- Court Upholds Ipso Facto Clause and Default Interest Rate

- Substantive Consolidation Order Not Automatically Retroactive Absent Language to the Contrary

- Court Finds Defendants Knowingly Waived Right to Jury Trial, Affirms Such Waivers Must Be Clear

- Actual Conflict of Interest Required to Disqualify Legal Counsel Under Section 327

- Court Recharacterizes Claim, Declines to Adopt a Per Se Rule that Recharacterization Only Applies to Insiders

- 'Indubitable Equivalence' Not Proven in Proposal to Effect Partial Conveyance of Property in Full Satisfaction of Claim

- Updates On Bankruptcy Rules With Respect To Proof Of Claims: Sanctions Authorized If Not Followed

- Court Denies Lender's Motion to Dismiss Section 547 Preference Action Seeking to Avoid Valid Foreclosure Sale

- Are You Waiving Your Right to a Deficiency Claim if You List Your Claim as Fully Secured on the Proof of Claim?

- Counsel's Corner: News From Reed Smith

Please see full alert 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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