It is not unusual for a creditor of a debtor to cry foul that a non-debtor affiliate has substantial assets, but has not joined the bankruptcy. In some cases, the creditor may assert that even though its claim, on its face, is solely against the debtor, the debtor and the non-debtor conducted business as a single unit, or that the debtor indicated that the assets of the non-debtor were available to satisfy claims. In these circumstances, the creditor would like nothing more than to drag that asset-rich non-debtor into the bankruptcy to satisfy its claims. Is that possible?

Last week, President Trump unveiled his proposal to fix our nation’s aging infrastructure. While the proposal lauded $1.5 trillion in new spending, it only included $200 billion in federal funding. To bridge this sizable gap, the plan largely relies on public private partnerships (often referred to as P3s) that can use tax-exempt bond financing.

Last week, President Trump unveiled his proposal to fix our nation’s aging infrastructure. While the proposal lauded $1.5 trillion in new spending, it only included $200 billion in federal funding. To bridge this sizable gap, the plan largely relies on public private partnerships (often referred to as P3s) that can use tax-exempt bond financing.

There are numerous reasons why a company might use more than one entity for its operations or organization: to silo liabilities, for tax advantages, to accommodate a lender, or for general organizational purposes. Simply forming a separate entity, however, is not enough. Corporate formalities must be followed or a court could effectively collapse the separate entities into one. A recent opinion by the United States Bankruptcy Court for the District of Massachusetts, Lassman v.

On Friday, the Florida Office of Financial Regulation closed Horizon Bank, headquartered in Bradenton, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, headquartered in Little Rock, Arkansas, to assume all of the deposits of Horizon Bank.

On Friday, the Georgia Department of Banking and Finance closed Satilla Community Bank, headquartered in St. Marys, Georgia, and appointed the FDIC as receiver.

On Friday, the Michigan Department of Financial and Insurance Services closed the Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, to assume all of the deposits of New Liberty Bank.

On Friday, the Missouri Division of Finance closed Southwest Community Bank, headquartered in Springfield, Missouri .

On Friday, the Illinois Department of Financial Professional Regulation - Division of Banking closed Midwest Bank and Trust Company, headquartered in Elmwood Park, Illinois, and appointed the FDIC as receiver.

Today, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law held a hearing entitled “Ramifications of Auto Industry Bankruptcies; Part II.” Testifying before the committee was Ron Bloom, Senior Advisor, U.S. Department of Treasury.