Takeaways -
“Make-wholes” — one-off payments required if debt is prepaid or, in certain cases, otherwise accelerated — have generated litigation, with debtors contending they can continue to pay lenders under the debt’s...more
On February 25, 2019, the U.S. Court of Appeals for the Second Circuit vacated the bankruptcy court’s dismissal of avoidance actions brought by Irving Picard, the trustee (Trustee) for the liquidation of Bernard L. Madoff...more
3/9/2019
/ Appeals ,
Avoidance ,
Bankruptcy Code ,
Bankruptcy Court ,
Bernie Madoff ,
Comity ,
Commercial Bankruptcy ,
Debtors ,
Dismissals ,
Extraterritoriality Rules ,
Feeder Funds ,
Foreign Jurisdictions ,
Fraudulent Transfers ,
International Litigation ,
Liquidation ,
Ponzi Scheme ,
Split of Authority ,
Trustees ,
Vacated
The Bankruptcy Code's so-called "cramdown" statute provides debtors with a significant tool that can be used to impose a reorganization plan upon recalcitrant secured lenders, subject to fulfillment of certain requirements....more