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Continuing ‘material’ obligations render license agreement executory – Lewis Brothers

Lewis Brothers Bakeries Incorporated v. Interstate Brands Corporation (In re Interstate Bakeries Corporation), 690 F.3d 1069 (8th Cir. 2012)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Dissenting opinion, Intangible asset, Eighth Circuit
Pre-petition security license in proceeds of FCC license continues post-petition – Tracy Broadcasting overturned

In re Tracy Broadcasting Corporation, No. 11-1453 (10th Cir., Oct. 16, 2012)

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USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Reed Smith LLP, Federal Communications Commission (USA), United States bankruptcy court, Tenth Circuit
Third Circuit clarifies burden of proof analysis under section 506(a) valuation, and allows lien stripping in chapter 11

In re Heritage Highgate, 679 F.3d 132 (3d Cir. 2012)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Unsecured debt, Collateral (finance), Legal burden of proof, Fair market value, Secured creditor, Third Circuit
Letter of credit payment made independent of bond indenture is not a ‘settlement payment’ protected by section 546(e)

In re Qimonda Richmond, LLC, 467 B.R. 318 (Bankr. D. Del. 2012)

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USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bond (finance), Letter of credit, Debtor, Security (finance), Citibank
TOUSA III: lenders beware? Eleventh Circuit upholds bankruptcy court's original fraudulent transfer decision

On May 15, 2012, the Eleventh Circuit Court of Appeals (the “Circuit Court”) issued an opinion in In re TOUSA, Inc.,1 in which it affirmed the original decision of the bankruptcy court and reversed the appellate decision of the district court. After a 13-day trial, the bankruptcy court had found that liens granted by certain TOUSA subsidiaries (the “Conveying Subsidiaries”) to secure new loans (the “New Term Loans”) incurred to pay off preexisting indebtedness to certain lenders (the “Transeastern Lenders”) were avoidable fraudulent transfers.

USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Fraud, United States bankruptcy court, Eleventh Circuit
‘Substantive rights’ not assignable, intercreditor voting rights assignment nullified

In re SW Boston Hotel Venture, LLC, 460 B.R. 38 (Bankr. D. Mass. 2011)

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USA, Massachusetts, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Condominium, Secured creditor
Pre-petition liens on FCC license proceeds can attach to post-petition proceeds

Sprint Nextel Corporation v. U.S. Bank N.A. (In re TerreStar Networks, Inc.), Case No. 10-15446 (Bankr. S.D.N.Y., Aug. 19, 2011)

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USA, Insolvency & Restructuring, Litigation, Telecoms, Reed Smith LLP, Bankruptcy, Collateral (finance), Secured creditor, Unsecured creditor, Federal Communications Commission (USA), Sprint Corporation
Secured creditors need not file a proof of claim to lift the automatic stay to proceed with a foreclosure action

In the Matter of Richard Louis Alexander (7th Cir., 2011) U.S. App. LEXIS 17110, (August 16, 2011)

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USA, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Bankruptcy, Debtor, Foreclosure, Secured creditor, United States bankruptcy court, Seventh Circuit
Shareholders permitted to retain ownership under ‘new value exception’ to ‘absolute priority rule’

In re Red Mountain Machinery Company, 448 B.R. 1 (Bankr. D. Ariz. 2011)

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USA, Arizona, Insolvency & Restructuring, Litigation, Reed Smith LLP, Shareholder, Debtor, Unsecured debt, Interest, Line of credit, Chief financial officer, United States bankruptcy court
Subrogation to ‘claims’ entitles subrogee to vote on behalf of itself and subrogor

Avondale Gateway Center Entitlement, LLC v. National Bank of Arizona, et al. (In re Avondale Gateway Center Entitlement, LLC), 2011 WL 1376997 (D. Ariz. Apr. 12, 2011)

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USA, Arizona, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Limited liability company, Debt, Voting, Capital punishment, Title 11 of the US Code, Arizona Supreme Court