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A Reminder That a 9019 Motion Is Not a Slam Dunk: Bankruptcy Court Denies 9019 Motion After Determining That Approving Certain Findings Required By Settlement Would Amount to Inappropriate Advisory Opinion

Introduction

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy
No Setoff Here: Third Circuit Resolves Triangular Setoff Debate Once and for All

Introduction

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Tenth Circuit BAP Decision Authorizes Claim for Postpetition Interest Under 506(b): Read the Fine Print!

In a recent decision, Twiford Enters. v. Rolling Hills Bank & Trust (In re Twiford Enters.), 2020 Bankr. LEXIS 2964, 2020 WL 6075691 (10th Cir. BAP 2020), the Tenth Circuit Bankruptcy Appellate Panel affirmed the lower court’s decision awarding postpetition interest pursuant to section 506(b). The disputed issue was whether a reference in the variable rate promissory notes to an internal rate index maintained by the bank was sufficiently clear and specific to support a claim for postpetition interest. The court held that it was.

USA, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
European Commission approves Northern Rock split

The European Commission (EC) yesterday approved the restructuring plan of Northern Rock plc. The plan will split the company into two separate companies. The new Northern Rock plc will consist of a new savings and mortgage bank that will hold and service all customer savings accounts and some existing mortgage accounts.

European Union, United Kingdom, Banking, Insolvency & Restructuring, Alston & Bird LLP, Asset management, Mortgage loan, Balance sheet, Public limited company, European Commission, ING Group, FSA, Bank of England
Dutch Central Bank seizes DSB Bank

De Nederlandsche Bank (DNB) began the process of appointing receivers Monday for DSB Bank NA (DSB) after DSB experienced a “run” when rumors of its insolvency spread via Twitter and other outlets.

Netherlands, Banking, Insolvency & Restructuring, Alston & Bird LLP, Mortgage loan, Consortium, Twitter, Federal Deposit Insurance Corporation (USA), ING Group, De Nederlandsche Bank
SEC files fraud lawsuit against Reserve Primary Fund’s founders

The Securities and Exchange Commission announced yesterday that it has filed civil fraud charges against several entities and individuals who operate the Reserve Primary Fund, including its founder Bruce Bent and his son Bruce Bent II, “for failing to provide key material facts to investors and trustees about the fund’s vulnerability after as

USA, Capital Markets, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Fraud, Entrepreneurship, Mutual fund, Pro rata, US Securities and Exchange Commission, Lehman Brothers, Trustee