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The fallout from Cherryland - will the non-recourse carve-out guaranty ever be the same again?

The Issue  

The issue is whether the insolvency of a borrower under a non-recourse loan can trigger recourse liability for itself and its “bad boy,” non-recourse carve-out guarantors.  

USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Haynes and Boone LLP, Debtor, Mortgage-backed security, Secured loan
Supreme Court in RadLAX rules that cramdown plans providing for sales of secured creditors’ collateral must allow for credit bid rights

In what it described as “an easy decision,” the U.S. Supreme Court issued its eagerly anticipated decision in RadLAX Gateway Hotel, LLC et al. v. Amalgamated Bank1 on May 29, 2012.

USA, Banking, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Bankruptcy, Debtor, Collateral (finance), Secured creditor