Fulltext Search
Beware the credit overbid

In re Miller, 2013 WL 425342 (6th Cir. Feb. 5, 2013)

CASE SNAPSHOT

The Sixth Circuit Court of Appeals held that the secured lender’s credit bid, which equaled the total debt owed on two properties but exceeded the value of the only foreclosed property involved in the sheriff’s sale, extinguished the entire debt. The court affirmed the order to lift the automatic stay only to require the lender to dismiss the second foreclosure action, release the promissory note and mortgage, and turn over the second property to the borrower free and clear.

USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debt, Mortgage loan, Foreclosure, United States bankruptcy court, Sixth Circuit
Post-petition lock-down agreement does not equate to impermissible vote solicitation

In re Indianapolis Downs, LLC, et al., 486 B.R. 286 (Bankr. D. Del. 2013)

CASE SNAPSHOT

USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Solicitation, Capital punishment, Title 11 of the US Code
Section 546(b) filings sufficient objection to overcome priming lien of DIP lender

The Newhall Land and Farming Company v. American Heritage Landscape, LP, et al. (In re Landsource Communities Development LLC, et al.) Adv. No. 09-51074 (KJC), (Bankr. D. Del., Aug. 30, 2012))

CASE SNAPSHOT

USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor