Oil price movement through 2014 and into 2015 is a consequence of market fundamentals. Europe’s continued economic woes, paired with the slowdown in China’s economy, have led to a fall in demand for oil.

At the same time, the growing U.S. shale-oil boom (over which OPEC has no control) and the pick-up in drilling in Libya have led to an excess of supply. However, in the past few months the issue has switched from how quickly oil prices have fallen, to how much further they have to fall.

On 13 December 2013, the Court of Session ruled that the liquidators of The Scottish Coal Company Limited (SCC) were not able to disclaim ownership of certain open-cast mines and the environmental permits which were connected with the operation of those mines. This ruling followed an appeal by the Scottish Environmental Protection Agency (SEPA), and overturns the previous decision of 11 July 2013, in which it had been ruled that the liquidators were entitled to disclaim this property.

The U.S. Court of Appeals for the Fifth Circuit has issued a case useful for credit bidders that successfully bid on their own collateral at a bankruptcy sale, which goes forward without a specific agreement "carving out" expenses. Borrego Springs Bank N.A. v. Skuna River Lumber L.L.C., (In re Skuna River Lumber, LLC), 564 F.3d 353 (5th Cir. 2009).

In a harshly worded decision, a federal bankruptcy judge concluded that a syndicated loan product was so one-sided in favor of the lender as to "shock the conscience" of the court. The judge therefore equitably subordinated the secured lender's claim. See In re Yellowstone Mountain Club, LLC, No. 08-61570, 2009 WL 1324950 (Bankr. D. Mont. May 12, 2009).

Yellowstone Mountain Club