On Thursday, General Motors Corporation (GM) filed its Annual Report on Form 10-K with the Securities and Exchange Commission which notably included an opinion of its auditors on its financial statements in which the auditors stated that GM’s “recurring losses from operations, stockholders’ deficit, and inabili
Over the past several weeks, several additional Lehman Brothers affiliate entities filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. For procedural purposes, these bankruptcy petitions will be jointly administered along with the petition filed by Lehman Brothers Holdings, Inc., the lead debtor. These entities include:
The Bankruptcy Court for the Northern District of Illinois issued a noteworthy opinion for those whose work involves real estate mortgage conduit trusts (REMIC trusts) or utilization of the Bankruptcy Code’s “safe harbor” provisions. In In re MCK Millennium Ctr. Parking, LLC,1 Bankruptcy Judge Jacqueline P.
On February 4, 2014, the United States Bankruptcy Court for the District of New Jersey in In re Surma, 2014 WL 413572 (Bankr. D.N.J. Feb. 4, 2014), held that rents were not property of the debtor’s bankruptcy estate because they were subject to an absolute and unconditional assignment of rents in favor of the secured lender. As a result, the court concluded that the debtor may not, through his Chapter 11 plan of reorganization, use or allocate rents.
Background
The U.S. Bankruptcy Court for the Southern District of New York recently held that an ad hoc committee of bondholders, holding $162.5 in senior secured bonds, lacked standing to participate in the issuer-debtor’s Chapter 11 bankruptcy case. In re American Roads LLC, 2013 WL 4601006 (Bankr. S.D.N.Y.
While bankruptcy law and tort law may not seem related, it is important to know if your client has ever gone through a bankruptcy and, if so, the terms of its plan of reorganization. A recent Eighth Circuit decision confirmed the importance of knowing the ins and outs of a client’s bankruptcy and the terms of the applicable plan.
Earlier today, the FDIC announced that the FDIC Board of Directors voted on Friday, October 8, 2010 to approve the issuance of a notice of proposed rulemaking (NPR) regarding the treatment of certain creditor claims under the FDIC’s new orderly liquidation authority established under Title II of the
Yesterday, a federal judge preliminary approved a $125 million cash settlement for former shareholders of New Century Financial Corp. (“New Century”). New Century was the second largest subprime mortgage originator before it filed for bankruptcy in April 2007. In February 2008, Michael J.
Yesterday, the Special Inspector General for the Trouble Asset Relief Program (SIGTARP) released a report criticizing the Treasury Department’s role in the accelerated closure of hundreds of GM and Chrysler dealerships.
On Friday, the Florida Office of Financial Regulation closed three bank subsidiaries of Bank of Florida Corporation: (1) Bank of Florida – Southeast, Fort Lauderdale, Florida; (2) Bank of Florida – Southwest, Naples, Florida; and (3) Bank of Florida –