A federal district court has ruled that a distressed debt fund is not a “financial institution” for purposes of the assignment provisions of a loan agreement.
Background
USA, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Investment funds, Default (finance), Distressed securities, Bank of America, United States bankruptcy court
In In re Cook, 2014 Bankr. LEXIS 67 (B.A.P. 8th Cir. Jan.
USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Eighth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
In a recent decision [1] arising from the In re Residential Capital LLC, et al.