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The seller of loan participation interests protected from preference recovery under the ‘conduit theory’

Northern Capital, Inc. v. The Stockton National Bank, et al. (In re Brooke Corporation), 2011 WL 4543484 (Bankr. D. Kan. Sept. 28, 2011)

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USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP
Court denies lender’s motion to dismiss Section 547 preference action seeking to avoid valid foreclosure sale

Whittle Development, Inc. v. Branch Banking & Trust Co. et al. (In re Whittle Development Inc.) 2011 WL 3268398 (Bankr. N.D. Tex., July 27, 2011)  

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USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Debtor, Foreclosure, Fair market value
Unable to show ‘indubitable equivalence’ where property appraisals diverge significantly

In re Prosperity Park, LLC, 2011 WL 1878210 (Bankr. W.D.N.C. May 17, 2011)  

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USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Discrimination, Limited liability company, Debt, Legal burden of proof, Liquidation, Deed of trust (real estate), Secured loan
Parent company’s motion to dismiss claim of breach of fiduciary duty denied

In re Tronox Incorporated, et al., 2011 WL 1815149 (Bankr. S.D.N.Y. May 11, 2011)

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USA, New York, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bond (finance), Environmental remediation, Shareholder, Breach of contract, Fiduciary, Debt, Liability (financial accounting), Holding company, Initial public offerings, Subsidiary, Conspiracy (civil), Parent company, US District Court for the Southern District of New York
Debtor unable to provide adequate assurance; court denies motions to use cash collateral and obtain DIP financing priming original lien

In re LTAP US, LLLP, Case No. 10-14125 (KG) (Bankr. D. Del. Feb. 18, 2011)

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USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Collateral (finance), Consideration, Life insurance, Cashflow, Secured loan, United States bankruptcy court
Priming lien approved: new loan use would benefit the estate + debtor’s sizable equity cushion = adequate assurance

In re Olde Prairie Block Owner, LLC, Bankr. No. 10B22668 (Bankr. N.D. Ill. March 11, 2011)  

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USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Credit (finance), Debtor, Unsecured debt, Tax credit, Property tax, Limited liability company, Debt, Foreclosure, Default (finance), Secured loan, United States bankruptcy court
Collateral-order doctrine utilized in a case of first impression; court affirms broad equitable powers of a receiver

Securities and Exchange Commission v. Wealth Management, LLC, et al., 628 F.3d 323 (7th Cir. 2011)  

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USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Reed Smith LLP, Collateral (finance), Security (finance), Market liquidity, Federal Reporter, Limited liability company, Hedge funds, Life insurance, Limited partnership, Bond credit rating, Pro rata, US Securities and Exchange Commission, Seventh Circuit
Replacement lien in rents in favor of secured creditor is not adequate protection where the debtor has no equity cushion

In re Buttermilk Towne Center, LLC, No. 10-8036, 2010 Bankr. LEXIS 4563 (B.A.P. 6th Cir. Dec. 23, 2010)

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USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Bond (finance), Bankruptcy, Debtor, Collateral (finance), Leasehold estate, Interest, Limited liability company, Debt, Mortgage loan, Default (finance), Secured creditor, Bénéfice, Municipal bond, Bankruptcy Appellate Panel
A proposed plan’s voting stock allocation causes an incurable change-of-control breach and impermissible reinstatement of secured debt

In re Young Broadcasting, Inc., et al., 430 B.R. 99 (Bankr. S.D.N.Y. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Share (finance), Shareholder, Credit (finance), Debtor, Unsecured debt, Breach of contract, Board of directors, Interest, Debt, Voting, Default (finance), Secured loan, Pro rata, US District Court for the Southern District of New York
Post-confirmation cramdown interest rate: ‘market formula’ applies to oversecured

In re SJT Ventures, LLC, 2010 WL 3342206 (Bankr. N.D. Texas 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Interest, Limited liability company, Default (finance), Secured creditor, Commercial mortgage, Secured loan, Title 11 of the US Code, United States bankruptcy court