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District Court affirms that zero purchase price repo transactions may be considered "repurchase agreements" under the Bankruptcy Code

INTRODUCTION

USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Consideration
Under the bucket theory, zero purchase price repo transactions are condisered repurchase agreements under section 101(47) of the Bankruptcy Code

In re Homebanc Mortgage Corp.,No. 07-51740-KJC, 2013 WL 211180 (Bankr. D. Del. Jan. 18, 2013)

CASE SNAPSHOT

The Bankruptcy Court found that individual repurchase transactions having a purchase price of zero may fall within the definition of "repurchase agreement" under section 101(47) of the Bankruptcy Code provided that the master agreement governing such transactions acknowledges that each transaction constitutes consideration for every other transaction under the master agreement.

FACTUAL BACKGROUND

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