Secured Creditors

News & Analysis as of

Seventh Circuit Says Secured Creditors Must File Proof of Claim Within Ninety Days of Meeting of Creditors

Timely proof of claim filings by secured creditors have “been a thorn in the side of many Chapter 13 cases involving secured creditors,” according to Judge Wood in In re Pajian. However, a recent Seventh Circuit decision may...more

Business Law Newsletter - May 2015

In This Issue: - Social Media Accounts in Bankruptcy: Business or Personal? - Should Your Company Allow Pets for Take Your Dog to Work Day? - Excerpt from Social Media Accounts in Bankruptcy: Business or...more

Bankruptcy Beat: Decision Approves Cramdown of Secured Creditors in Chapter 11 With Sub-Market Interest Rate And Disallows...

On May 4, 2015, the U.S. District Court for the Southern District of New York affirmed the controversial and widely discussed decision of the Bankruptcy Court in In re MPM Silicones, LLC, 2014 WL 4436335 (Bankr. S.D.N.Y....more

Recent Amendments to Provisions on Hypothecs under Civil Code of Québec

Bill n°28 titled An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 (Act) passed on April 20, 2015 and received assent the next day. ...more

Bankruptcy "Essentials" in a Low-Price Environment

J. Paul Getty once said, “Formula for success: rise early, work hard, strike oil.” However, with crude oil prices nearly half of what they were a mere six months ago, Getty’s formula may not hold as true as it once did. In...more

Mortgage Claims: Sometimes the Debtor Wins, and Sometimes the Lender Wins

Brandywine Townhouses, Inc. v. Fed. Nat’l Mortgage Ass’n (In re Brandywine Townhouses, Inc.), 518 B.R. 671 (Bankr. N.D. Ga. 2014) – The debtor objected to a secured creditor’s claim on a number of grounds: it did not...more

Have You Noticed Your Payment Change? Advisory Rules Committee Proposes Amendments to Bankruptcy Rule 3002.1

The Judicial Conference Advisory Committee on Bankruptcy Rules (the “Advisory Committee”) recently published proposed amendments to the Bankruptcy Rules, including Bankruptcy Rule 3002.1, which requires a secured creditor to...more

Lender Beware: The Pitfalls of Narrowly Defined Secured Obligations

A recent decision by the United States Court of Appeals for the Seventh Circuit underscores the substantial risks secured lenders take when they narrowly define the obligations intended to be secured by their borrowers’...more

Bankruptcy Beat: Single Asset Real Estate Debtor Could Not Show That Plan with Substantial Balloon Payment had a Realistic Chance...

At issue in GRG Acquisitions, LLC v. MDM Golf of Gillette Ridge, LLC (In re MDM Golf of Gillette Ridge, LLC), Case No. 14-21565 (ASD) (December 23, 2014), was whether relief from the automatic stay should be granted to a...more

Does Non-Recourse Liability Still Exist?

Several years ago, the real estate financing market took an unexpected turn. In 2011, a court in Michigan rendered a decision which called into question whether a non-recourse loan was truly “non-recourse” (liability limited...more

Implementing the Cape Town Convention in the UK

Repossession and Insolvency - The UK has decided to override existing insolvency law by adopting Alternative A of Article XI of the Protocol. Where a creditor has a correctly registered its international interest, the...more

The GM Engine that Couldn’t: $1.5B Nail in JPMorgan’s Coffin

In our recent post, “Review Twice, File Once, Review Again; UCC-3 Termination Intent Irrelevant,”we described how the Delaware Supreme Court set forth how a secured party’s lien can be terminated without the requisite intent,...more

River Road: A Cautionary Tale for Chapter 11 Financial Advisors

The United States Bankruptcy Court for the Northern District of Illinois recently handed down an opinion, In re River Road Hotel Partners LLC, 2014 WL 5488259 (Bankr. N.D. Ill. 2014), dealing with the issue of a financial...more

UCC Collateral Description: More May Not Be Better

Ring v. First Niagara Bank, N.A. (In re Sterling United, Inc.), 519 B.R. 586 (Bankr. W.D.N.Y. 2014) – A chapter 7 trustee sought to recover as preferences payments made by the debtor to a lender and proceeds of...more

Prepetition Stay Waivers: Which Way Is The Wind Blowing?

In re Triple A & R Inv., Inc., 519 B.R. 581 (Bankr. D. P.R. 2014) – A mortgagee moved for relief from the automatic stay based on the debtor’s prepetition consent to stay relief.  The debtor argued that a prepetition waiver...more

Banking Bulletin: Saddle Up! Livestock Lenders and Livestock Leasing

On August 14, 2014, in a dispute regarding entitlement to proceeds resulting from an auction of livestock in possession of a dairy farmer-debtor, the U.S. Court of Appeals for the Sixth Circuit issued an order in favor of a...more

Sale Proceeds: Better Get the Carve-Out Right the First Time

In re Stacy’s, Inc., 508 B.R. 370 (Bankr. D. S.C. 2014) – A debtor sold substantially all of its assets after negotiating with its primary secured creditor for carve-outs from the sale proceeds for administrative...more

Secured Creditors Can Appeal to Tax Court on Behalf of a Bankrupt

The Tax Court of Canada recently confirmed in International Hi-Tech Industries Inc v The Queen, 2014 TCC 198, that in certain circumstances a secured creditor can commence or continue a tax appeal on behalf of a bankrupt...more

Loan to Own: A Potpourri of Bankruptcy Attacks

Colony Beach & Tennis Club Ass’n, Inc. v. Colony Lender, LLC (In re Colony Beach & Tennis Club, Inc.), 508 B.R. 468 (Bankr. M.D. Fla. 2014) – Three affiliated debtors (RMI, CBTC and CBI) proposed a plan of...more

Credit Bid Rights at 363 Sales: Have the Ground Rules Changed?

The decisions by the Bankruptcy Court for the District of Delaware in In re Fisker Auto. Holdings, Inc., and the Bankruptcy Court for the Eastern District of Virginia in Free Lance-Star Publ'g Co., have sparked discussions as...more

Act 6/91 Update

The Pennsylvania Superior Court issued an opinion that sets forth a new interpretation of Act 6. It may adversely impact some pending consumer foreclosure actions, and it changes the notice requirements on subsequent...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

Cramdown Hurdles: How to Play the Classification Game (Or Not)

In re New Bride Missionary Baptist Church, 509 B.R. 85 (Bankr. E.D. Mich. 2014) – After the bankruptcy court denied confirmation of a debtor’s proposed chapter 11 plan of reorganization because there was no accepting...more

No Market Interest Rate and No Make Whole: Momentive Performance Court Rejects Lender Arguments Against Confirmation

On August 26, 2014, Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York ruled that (i) the debtors could satisfy the cramdown requirements of section 1129(b) of the Bankruptcy...more

Credit Bid: Loan-to-Own Strikes Out

In re The Free Lance-Star Publ’g Co. of Fredericksburg, VA, 512 B.R. 798 (Bankr. E.D. Va. 2014) – After the debtors obtained court approval of bidding procedures to auction substantially all of their assets, a secured...more

70 Results
|
View per page
Page: of 3

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×