CR&B Alert: Commercial Restructuring & Bankruptcy News - June 2010, Issue 2



• Stalking Horse Bidder Denied Break-Up Fee in the Third Circuit — page 2

• Substantial Pre-Petition Contribution of an Unofficial Committee of Creditors Earns Administrative Expense Status — page 3

• ‘Settlement Payment’ Given Wider Scope in Third Circuit — page 4

• Aggressive Behavior by Second Lienholder Breaches Intercreditor

Agreement and Earns Judicial Ire — page 4

• The Price of Imperfect Perfection — page 5

• No Private Right of Action Against Recipients of TARP Funds — page 6

• New Jersey Superior Court Blesses Contingent Recourse Clauses — page 6

• Secured Creditor Loses Out When 363 Sale is Denied as a Sub Rosa Liquidation Plan — page 7

• California Update — page 8

• Counsel’s Corner — page 10

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.

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