Global Insolvency | Daily News Headlines on Insolvency Developments across the Globe

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The Donald Trumps Icahn - intercreditor agreement restrictions on junior lenders not controlling in consideration of approval of nonconsensual reorganization plan

2010-12-01

In the Matter of TCI 2 Holdings, LLC, 428 B.R. 117 (Bankr. D.N.J. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Consideration, Debt, Casino, Leverage (finance), United States bankruptcy court

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Creditors of insolvent subsidiaries may bring derivative actions against parent company’s officers and directors for breach of fiduciary duties

2010-12-01

Official Committee of Unsecured Creditors of TOUSA, Inc. v. Technical Olympic, S.A. (In re TOUSA, Inc.), 2010 WL 3835829 (Bankr. S.D. Fla. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Shareholder, Unsecured debt, Security (finance), Breach of contract, Fiduciary, Board of directors, Debt, Standing (law), Involuntary dismissal, Stakeholder (corporate), Business judgement rule, Subsidiary, Parent company, United States bankruptcy court

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Omission of plat in a mortgage renders its recording a nullity, provides no notice to the trustee and subjects the mortgage to avoidance

2010-12-01

Wells Fargo Home Mortgage, Inc. v Richardson (In re Brandt), 434 B.R. 493 (W.D. Mich. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Mortgage loan, Conveyancing, Constructive notice, Wells Fargo, Trustee

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‘Ordinary course of business’ enables supplier to keep payments in a preference action

2010-12-01

Burtch v. Detroit Forming, Inc. (In re Archway Cookies), 435 B.R. 234 (Bankr. D. Del. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Safe harbor (law), Debt, Trustee, United States bankruptcy court

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In a case of first impression, the Third Circuit holds that discounted cash flow analysis may be used as a ‘commercially reasonable determinant of value’ with respect to repurchase agreement acceleration under section 562

2011-06-15

Agricole Corporate and Investment Bank New York Branch, f.k.a. Calyon New York Branch v. American Home Mortgage Holdings, Inc. (In re American Home Mortgage Holdings, Inc.), No. 09- 4295, 2011 WL 522945 (3d Cir. February 16, 2011)

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USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Mortgage loan, Investment banking, Liquidation, Cashflow, Default (finance), Market value, Valuation (finance), Discounted cash flow, Westlaw, Third Circuit

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Court holds that ‘all value’ must be considered in determining ‘reasonably equivalent value’ in fraudulent transfer case

2011-06-15

First State Bank of Red Bud v. Official Committee of Unsecured Creditors (In re Schaffer), No. 10-198- GPM, 2011 WL 1118666 (S.D. Ill. March 28, 2011)

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USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Shareholder, Debtor, Collateral (finance), Consideration, Debt, Mortgage loan, Foreclosure, Title 11 of the US Code, United States bankruptcy court

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Court vacates the foreclosure sale and awards damages, finding that the lender violated the automatic stay by proceeding with the sale where debtor guaranteed the loan, but had no ownership interest

2011-06-15

In re Ebadi, No. 10-73702, 2011 WL 1257211 (Bankr. E.D.N.Y. March 30, 2011)

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USA, New York, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Punitive damages, Bankruptcy, Surety, Debtor, Interest, Debt, Mortgage loan, Foreclosure, Second Circuit, United States bankruptcy court

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Exit lenders liable for conversion where distributions contravene credit agreement

2013-06-12

Prudential Insurance Company of America v. WestLB AG, 961 N.Y.S. 2d 360 (2012)

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USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Credit (finance), Collateral (finance)

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Seventh Circuit rules rejection of executory trademark license does not terminate the license, creates a split of authority

2013-06-12

Sunbeam Products, Inc. v. Chicago American Manufacturing, LLC, 686 F.3d 372 (7th Cir. 2012)

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In a matter of first impression in the Seventh Circuit, the court held that a chapter 7 trustee’s rejection of an executory contract did not terminate the trademark license contained therein.

FACTUAL BACKGROUND

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USA, Insolvency & Restructuring, Litigation, Trademarks, Reed Smith LLP, Bankruptcy, Seventh Circuit

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