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Startups and debt (V): Security interests in future business revenues

In the previous four articles in this series (see here) we looked at the key role of professional investors at startups, though also at the setbacks of the exclusive dependence of these types of companies on equity and the advantages debt would have for them. The environment, as we saw, is also a favorable one for borrowing. We described the difficulty to provide general recipes for getting debt and a few not very promising routes.

Spain, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Garrigues
First (post-) impressions: insider distribution violates absolute priority rule, and competition is essential element of new value corollary

Until 2013, no circuit court of appeals had weighed in on the implications of the U.S. Supreme Court’s pronouncement in the 203 North LaSalle case that property retained by a junior stakeholder under a cram-down chapter 11 plan in exchange for new value “without benefit of market valuation” violates the “absolute priority rule.” See Bank of Amer. Nat’l Trust & Savings Ass’n v. 203 North LaSalle Street P’ship, 526 U.S. 434 (1999), reversing Matter of 203 North LaSalle Street P’ship, 126 F.3d 955 (7th Cir. 1997).

USA, Insolvency & Restructuring, Litigation, Jones Day, Shareholder, Debtor, United States bankruptcy court, Seventh Circuit
School specialty, Inc., files bankruptcy in Delaware seeking to sell substantially all of its assets

Introduction

USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor
Furniture retailer, Carl's Patio, files for bankruptcy in Delaware

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Retail
Penson Worldwide files for bankruptcy in Delaware

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, United States bankruptcy court, US District Court for District of Delaware
Preference complaints filed in RG Steel bankruptcy

Introduction

USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, United States bankruptcy court
Bankruptcy trustee in ultimate electronics files more preference actions

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Title 11 of the US Code
Overseas Shipholding Group files for bankruptcy in Delaware

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Shipping & Transport, Fox Rothschild LLP, Bankruptcy, Liquefied natural gas, United States bankruptcy court
First Place Bank Holding Co. files for bankruptcy in Delaware

Introduction

USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Holding company, Office of the Comptroller of the Currency (USA), United States bankruptcy court
Raser Technologies trustee files preference complaints

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy