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

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In This Issue:

- CRAB Bites-High Court to Resolve Credit Bidding Dispute

- MF GLOBAL - U.S. AND UK

- 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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