Fulltext Search
In re Louisiana Riverboat Gaming P’ship

In In re Louisiana Riverboat Gaming P’ship (Global Gaming Legends, LLC v. Legends Gaming of Louisana-1, LLC) (“Global Gaming”), the United States Bankruptcy Court for the Western District of Louisiana stayed discovery in an adversary proceeding pending decision on a party’s motion to withdraw the reference to the district court, finding too much risk that the bankruptcy court would later be found to be without authority to handle pre-trial discovery for the “Stern-governed” core claims at issue. Adv. Proc. No. 13AP-1007 (Bankr. W.D. La. Jan. 10, 2014).

USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Debtor, Breach of contract, Discovery, Ninth Circuit, United States bankruptcy court
Delaware bankruptcy court holds that mutuality requirement for postpetition setoff is not modified by contract or the safe harbor provision

In an adversary proceeding filed in the American Home Mortgage Holdings, Inc. bankruptcy case, the Delaware bankruptcy court affirmed that triangular setoffs are not allowed under the Bankruptcy Code and cannot be modified by contract or under the Bankruptcy Code’s safe harbor provision. In re American Home Mortgage Holdings, Inc., et al., Adv. Proc. No. 11-51851 (Bankr. D. Del. Nov. 8, 2013). Two contracts were at issue – a swap agreement between a bank and American Home Mortgage Investment Corp.

USA, Delaware, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Safe harbor (law), United States bankruptcy court
In re Big M, Inc.

In re Big M, Inc., No. 13-10233 (DHS), 2013 WL 1681489 (Bankr. D.N.J. April 17, 2013). In Big M, the Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”) held that the debtor’s privilege did not pass to the creditors’ committee, even though the creditors’ committee obtained authority to investigate certain of the debtor’s causes of action, because the committee was acting as a fiduciary to creditors as opposed to the debtor’s estate.

USA, New Jersey, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Debtor, Fiduciary
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