In the aftermath of recent municipal bankruptcies in which issuers proposed and/or implemented bankruptcy plans involving partial discharges of the issuer’s payment obligation on insured bonds, there has been increased focus on whether municipal bond interest paid by a bond insurer after the bankruptcy plan’s effective date continues to be tax-exempt.

Introduction
'Frivolous or vexatious' test
'Strong prima facie case' test
Applying the same test for leave
Receiver's appointment and discharge orders
Comment

Introduction
Receivership and OSC proceeding
Production by court-appointed receivers
Not the right forum
Comment

Introduction

Introduction