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Federal Reserve and FDIC Find Resolution Plans of Five U.S. Financial Institutions to be “Not Credible”

The Federal Reserve and the FDIC today provided feedback on the 2015 resolution plans filed by the eight “first-wave” domestic filers, and issued Guidance to govern their 2017 resolution plans. Most significantly, the Federal Reserve and the FDIC jointl ...

Resource Article - twallace@abiwor... - 04/19/2016 - 13:38 - 0 comments - 0 attachments

Alert: Proposed Treasury Regulations on Debt-Equity Classification Change the Landscape for Related Party Financings

On April 4, 2016, the U.S. Treasury Department and the Internal Revenue Service (“IRS”) proposed new regulations that, if finalized, would dramatically change how debt instruments issued between related parties are treated and analyzed (the “Proposed Reg ...

Resource Article - twallace@abiwor... - 04/19/2016 - 13:34 - 0 comments - 0 attachments

Second Circuit Holds Bankruptcy Code Safe Harbors Bar State Law Fraudulent Conveyance Claims Brought By Individual Creditors

On March 24, 2016, the United States Court of Appeals for the Second Circuit issued an opinion, concluding that the “safe harbor” provision of the Bankruptcy Code for settlement payments and payments in connection with a securities contract bars fraudule ...

Resource Article - twallace@abiwor... - 04/08/2016 - 16:04 - 0 comments - 0 attachments

Client Alert - Supreme Court Considers Preemption of Puerto Rico's Recovery Act

On Tuesday, March 22, 2016, the Supreme Court heard oral arguments in Puerto Rico v. Franklin California Tax-Free Trust and Acosta-Febo v. Franklin California Tax-Free Trust, which address the constitutionality of Puerto Rico’s June 2014 Debt Enforcement ...

Resource Article - twallace@abiwor... - 04/08/2016 - 16:03 - 0 comments - 0 attachments

PBGC-Renco Settlement Highlights Risk and Reach of ERISA's Pension Underfunding Joint and Several Liability Provisions

The Pension Benefit Guaranty Corporation’s widely reported recent settlement agreement with The Renco Group, Inc. illustrates the risks inherent in pursuing certain transactions where underfunded pensions are present. Among the highlighted risks is the ...

Resource Article - twallace@abiwor... - 04/08/2016 - 15:57 - 0 comments - 0 attachments

M&A Update: Social Covenants in Mergers – Legal Promises or Moral Commitments?

With the return of acquirer stock as a featured form of consideration in many recent deals, dealmakers are once again focusing on “social” issues in striking a merger agreement. As compared to most straight cash takeovers where price garners the overwhel ...

Resource Article - twallace@abiwor... - 04/08/2016 - 15:49 - 0 comments - 1 attachment

Dismissal of Madoff Trustee's Claims Clarifies Standards for Fraudulent Conveyance Claims

In the latest turn in the fraudulent conveyance litigation arising out of the liquidation of Bernie Madoff’s securities firm, on March 14, 2016, Judge Bernstein of the U.S. Bankruptcy Court for the Southern District of New York issued a decision on motio ...

Resource Article - twallace@abiwor... - 04/08/2016 - 15:46 - 0 comments - 1 attachment

Rejection of Sabine's Gathering Agreements in Bankruptcy Unsettles Midstream Energy Sector

On March 8, 2016, Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York (the "Court") issued a bench decision (the "Decision"), granting Sabine Oil & Gas Corporation's ("Sabine" ...

Resource Article - twallace@abiwor... - 04/08/2016 - 15:31 - 0 comments - 1 attachment

Alert: Courts Increasingly Skeptical of Need to Routinely Disclose Government Investigations under Rule 10b-5

The U.S. District Court for the Southern District of New York, among the most important courts in the country for securities suits, has recently held that there exists no per se duty to disclose regulatory investigations, or even Wells Notices, to shareh ...

Resource Article - twallace@abiwor... - 04/08/2016 - 15:26 - 0 comments - 1 attachment

The Federal Reserve’s Single-Counterparty Credit Limit Re-Proposal: Modest Revisions Leave Plenty of Room for Industry Comment

In arguably its most focused attempt at tailoring a post-crisis rule yet, the Federal Reserve has re-proposed rules establishing single-counterparty credit limits for large bank holding companies and foreign banking organizations. The re-proposal draws ...

Resource Article - twallace@abiwor... - 04/08/2016 - 15:24 - 0 comments - 0 attachments

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