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

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
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

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

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

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

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

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
Broader economic woes may have played a part in the court’s decision to dismiss allegations of lender overreaching

American Consolidated Transportation Companies, Inc v RBS Citizens NA (In re American Consolidated Transportation Companies, Inc), Adversary No 10-00154, Bankruptcy No 09-26062 (Bankr ND Ill July 13, 2010)

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USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Letter of credit, Credit (finance), Debtor, Interest, Swap (finance), Liquidation, Good faith, Cashflow, Default (finance), Secured loan, The Royal Bank of Scotland, United States bankruptcy court