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Letter of credit payment made independent of bond indenture is not a ‘settlement payment’ protected by section 546(e)

In re Qimonda Richmond, LLC, 467 B.R. 318 (Bankr. D. Del. 2012)

CASE SNAPSHOT

USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bond (finance), Letter of credit, Debtor, Security (finance), Citibank
Equitable mootness and arbitration: first impressions in the Ninth Circuit

2012 is shaping up as a year of bankruptcy first impressions for the Ninth Circuit. The court of appeals sailed into uncharted bankruptcy waters twice already this year in the same chapter 11 case. On January 24, the court ruled in In re Thorpe Insulation Co., 2012 WL 178998 (9th Cir. Jan. 24, 2012) ("Thorpe I"), that an appeal by certain nonsettling asbestos insurers of an order confirming a chapter 11 plan was not equitably moot because, among other things, the plan had not been "substantially consummated" under the court's novel construction of that statutory term.

USA, Insolvency & Restructuring, Litigation, Jones Day, Ninth Circuit, Tenth Circuit
‘Substantive rights’ not assignable, intercreditor voting rights assignment nullified

In re SW Boston Hotel Venture, LLC, 460 B.R. 38 (Bankr. D. Mass. 2011)

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USA, Massachusetts, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Condominium, Secured creditor
Pre-petition liens on FCC license proceeds can attach to post-petition proceeds

Sprint Nextel Corporation v. U.S. Bank N.A. (In re TerreStar Networks, Inc.), Case No. 10-15446 (Bankr. S.D.N.Y., Aug. 19, 2011)

CASE SNAPSHOT

USA, Insolvency & Restructuring, Litigation, Telecoms, Reed Smith LLP, Bankruptcy, Collateral (finance), Secured creditor, Unsecured creditor, Federal Communications Commission (USA), Sprint Corporation
Secured creditors need not file a proof of claim to lift the automatic stay to proceed with a foreclosure action

In the Matter of Richard Louis Alexander (7th Cir., 2011) U.S. App. LEXIS 17110, (August 16, 2011)

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USA, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Bankruptcy, Debtor, Foreclosure, Secured creditor, United States bankruptcy court, Seventh Circuit
Shareholders permitted to retain ownership under ‘new value exception’ to ‘absolute priority rule’

In re Red Mountain Machinery Company, 448 B.R. 1 (Bankr. D. Ariz. 2011)

CASE SNAPSHOT

USA, Arizona, Insolvency & Restructuring, Litigation, Reed Smith LLP, Shareholder, Debtor, Unsecured debt, Interest, Line of credit, Chief financial officer, United States bankruptcy court
Subrogation to ‘claims’ entitles subrogee to vote on behalf of itself and subrogor

Avondale Gateway Center Entitlement, LLC v. National Bank of Arizona, et al. (In re Avondale Gateway Center Entitlement, LLC), 2011 WL 1376997 (D. Ariz. Apr. 12, 2011)

CASE SNAPSHOT

USA, Arizona, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Limited liability company, Debt, Voting, Capital punishment, Title 11 of the US Code, Arizona Supreme Court
Court grants parent companies standing to sue lender as third-party beneficiaries of loan commitment agreements

Basic Capital Management, Inc. v. Dynex Commercial, Inc., 2011 WL 12067376 (Tex. Sup. Ct. J. Apr. 1, 2011)  

CASE SNAPSHOT

USA, Texas, Banking, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Public company, Credit (finance), Breach of contract, Beneficiary, Real estate investment trust, Standing (law), Parent company, Texas Supreme Court
Trademark license agreement defines materiality, effectively establishing a perpetual executory agreement subject to perpetual rejection

Lewis Brothers Bakeries Incorporated and Chicago Baking Company v. Interstate Brands Corporation (In re Interstate Bakeries Corporation, et al.), Bk. Case No. 04-45818-11-JWV (W.D. Mo. March 21, 2011)

CASE SNAPSHOT

USA, Missouri, Insolvency & Restructuring, Litigation, Trademarks, Reed Smith LLP, Debtor, Breach of contract, Federal Reporter, Eighth Circuit, United States bankruptcy court, Third Circuit
Security interest in FCC license and proceeds thereof is ‘after-acquired’ property where no sale agreement executed pre-petition, wiping out lender’s lien

Spectrum Scan LLC and Joli Lofstedt, Trustee v. Valley Bank & Trust Co. (In re Tracy Broadcasting Corporation), 438 B.R. 323 (Bankr. D. Colo. 2010)

CASE SNAPSHOT

USA, Colorado, Insolvency & Restructuring, Litigation, Media & Entertainment, Reed Smith LLP, Debtor, Unsecured debt, Collateral (finance), Intangible asset, Unsecured creditor, Federal Communications Commission (USA), Title 11 of the US Code, Uniform Commercial Code (USA), Trustee, Fourth Circuit, Tenth Circuit