Lender beware: TOUSA bankruptcy court holding reinstated

In October 2009, the court overseeing the TOUSA, Inc. bankruptcy cases in the Southern District of Florida (Bankruptcy Court) set off considerable alarm bells throughout the lending community when it unraveled a refinancing transaction as a fraudulent conveyance based upon, in primary part, the fact that certain subsidiaries of TOUSA, Inc. pledged their assets as collateral for a new loan that was used to repay prior debt on which the subsidiaries were not liable, and that was not secured by those subsidiaries’ assets.

Filed under:
USA, Florida, Banking, Insolvency & Restructuring, Litigation, Thompson Hine LLP, Bankruptcy, United States bankruptcy court
Authors:
John F. Isbell , Andrew L. Turscak, Jr. , Alan R. Lepene , William H. Schrag
Location:
USA
Firm:
Thompson Hine LLP
Foreign borrower’s rights in indenture ruled sufficient to meet Second Circuit’s controversial Chapter 15 eligibility requirement

Key Notes:

Filed under:
USA, Insolvency & Restructuring, Litigation, Thompson Hine LLP
Authors:
Alan R. Lepene , William H. Schrag , Jon S. Hawkins
Location:
USA
Firm:
Thompson Hine LLP
NY court clarifies “foreign representative” for Chapter 15 recognition

On July 13, 2015, the United States Bankruptcy Court for the Southern District of New York refined the qualifications of “foreign representative” for purposes of granting recognition in a Chapter 15 proceeding.[1]

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Thompson Hine LLP, United States bankruptcy court
Authors:
Alan R. Lepene , William H. Schrag , Curtis L. Tuggle , Jon S. Hawkins
Location:
USA
Firm:
Thompson Hine LLP