House of Representatives passes “Financial Institution Bankruptcy Act of 2014” in an attempt to improve big bank reorganization process

Overview

On Monday, December 1, 2014, the U.S. House of Representatives unanimously passed the Financial Institution Bankruptcy Act of 2014 (“FIBA” or “the Act”). The Act, which garnered bipartisan support as well as the approval of financial regulators, seeks to facilitate the recapitalization of financial institutions by reforming the bankruptcy process, while maintaining financial stability in U.S. markets. The Act now must be approved by the Senate and then signed into law by the President.

Filed under:
USA, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP
Authors:
Andrew Wyatt Pollack
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
There’s no equity in law

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Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Amicus curiae, Title 11 of the US Code, Supreme Court of the United States, United States bankruptcy court
Authors:
Tuvia Peretz
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
The ABCs of Chapter 15 -- Third Circuit upholds broad scope of recognition in cross-border cases

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Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Limited liability company, Liquidation, Liquidator (law), Unsecured creditor, Third Circuit
Authors:
Nathaniel Allard
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
That makes two for the FDIC: 11th Circuit Court of Appeals issues another precedential decision interpreting tax sharing agreements in bankruptcy, awards ownership of tax refund to FDIC

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Filed under:
USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Authors:
Daniel M. Eggermann
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
Second Circuit in AMR Corp. – “no make-whole” based on plain meaning of indentures and discusses consequences of section 1110 payments

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Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Default (finance), Title 11 of the US Code, Second Circuit
Authors:
Benjamin C. Wolf
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
Third Circuit confirms narrow construction of the doctrine of equitable mootness – burden on appellant and use of the doctrine should be “rare”

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Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Class action, Legal burden of proof, Third Circuit
Authors:
Daniel M. Eggermann , Stephen M. Blank
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
It’s called "adequate" – not "automatic" – protection

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Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Collateral (finance), Legal burden of proof, Tax lien, Bankruptcy Appellate Panel
Authors:
Shai Schmidt
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
Tax sharing agreements in bankruptcy – a tale of two jurisdictions

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Filed under:
USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Holding company, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Authors:
Daniel M. Eggermann
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
Bad faith filing no obstacle for hotel reorganization

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Filed under:
USA, Texas, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Injunction, Foreclosure, Bad faith, United States bankruptcy court, Fifth Circuit
Authors:
Alice J. Byowitz
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
Stay here – Second Circuit in Residential Capital holds automatic stay can be applied to non-debtors where action has an immediate adverse economic consequence for estate

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Filed under:
USA, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Debtor, Mortgage-backed security, Federal Housing Finance Agency, Second Circuit, Fourth Circuit
Authors:
Benjamin C. Wolf
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP