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Securities › Preferential Transfers

Kramer Levin Naftalis & Frankel LLP

Is Bank Debt a Security?: Dangerous Implications of the General Motors Litigation

Kramer Levin Naftalis & Frankel LLP on

GM’s term lenders had received $28 million in cash interest during the 90 days prior to GM’s filing, and $1.5 billion in full payment during the bankruptcy, subject to disgorgement if the term lenders proved to be...more

Orrick, Herrington & Sutcliffe LLP

Second Circuit Rules That Payments Made To Purchase Notes Are Exempt from Avoidance Under Section 546(e) of the Bankruptcy Code

Orrick, Herrington & Sutcliffe LLP on

The United States Court of Appeals for the Second Circuit held, on June 10, 2013, that payments made by a company to purchase notes issued by an affiliate were transfers made in connection with a “securities contract,” and...more

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