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Substantive consolidation order not automatically retroactive absent language to the contrary

Giuliano v. Shorenstein Company, LLC (In re Sunset Aviation, Inc.), Adv. No. 11- 50965, Bankr. No. 09-10778, 2011 WL 4002429 (Bankr. D. Del. Sept. 7, 2011)  

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USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Limited liability company, Ex post facto law, United States bankruptcy court, Sixth Circuit, US District Court for District of Delaware
Cross-affiliate netting provision in ISDA swap agreement is not enforceable against the debtor

In re Lehman Brothers Inc., Bankr. Case No. 08-01420 (JMP) (SIPA), 2011 WL 4553015 (Bankr. S.D.N.Y. Oct. 4, 2011)  

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USA, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Debt, UBS, International Swaps and Derivatives Association, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court
Split in courts continues—private stock purchase payments not protected by Section 546 safe harbor

Geltzer v. Mooney (In re MacMenamin’s Grill Ltd.), Adv. Case. No. 09-8266, Bankr. Case No. 08-23660, 2011 WL 1549056 (Bankr. S.D.N.Y. Apr. 21, 2011)

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USA, New York, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Shareholder, Debtor, Security (finance), Fraud, Safe harbor (law), Writ, Leveraged buyout, Systemic risk, Secured loan, Title 11 of the US Code, Trustee, United States bankruptcy court
In a case of first impression, the Third Circuit holds that discounted cash flow analysis may be used as a ‘commercially reasonable determinant of value’ with respect to repurchase agreement acceleration under section 562

Agricole Corporate and Investment Bank New York Branch, f.k.a. Calyon New York Branch v. American Home Mortgage Holdings, Inc. (In re American Home Mortgage Holdings, Inc.), No. 09- 4295, 2011 WL 522945 (3d Cir. February 16, 2011)

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USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Mortgage loan, Investment banking, Liquidation, Cashflow, Default (finance), Market value, Valuation (finance), Discounted cash flow, Westlaw, Third Circuit
Court holds that ‘all value’ must be considered in determining ‘reasonably equivalent value’ in fraudulent transfer case

First State Bank of Red Bud v. Official Committee of Unsecured Creditors (In re Schaffer), No. 10-198- GPM, 2011 WL 1118666 (S.D. Ill. March 28, 2011)

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USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Shareholder, Debtor, Collateral (finance), Consideration, Debt, Mortgage loan, Foreclosure, Title 11 of the US Code, United States bankruptcy court
Court vacates the foreclosure sale and awards damages, finding that the lender violated the automatic stay by proceeding with the sale where debtor guaranteed the loan, but had no ownership interest

In re Ebadi, No. 10-73702, 2011 WL 1257211 (Bankr. E.D.N.Y. March 30, 2011)

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USA, New York, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Punitive damages, Bankruptcy, Surety, Debtor, Interest, Debt, Mortgage loan, Foreclosure, Second Circuit, United States bankruptcy court
‘Ordinary course of business’ enables supplier to keep payments in a preference action

Burtch v. Detroit Forming, Inc. (In re Archway Cookies), 435 B.R. 234 (Bankr. D. Del. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Safe harbor (law), Debt, Trustee, United States bankruptcy court
The Donald Trumps Icahn - intercreditor agreement restrictions on junior lenders not controlling in consideration of approval of nonconsensual reorganization plan

In the Matter of TCI 2 Holdings, LLC, 428 B.R. 117 (Bankr. D.N.J. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Consideration, Debt, Casino, Leverage (finance), United States bankruptcy court
Creditors of insolvent subsidiaries may bring derivative actions against parent company’s officers and directors for breach of fiduciary duties

Official Committee of Unsecured Creditors of TOUSA, Inc. v. Technical Olympic, S.A. (In re TOUSA, Inc.), 2010 WL 3835829 (Bankr. S.D. Fla. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Shareholder, Unsecured debt, Security (finance), Breach of contract, Fiduciary, Board of directors, Debt, Standing (law), Involuntary dismissal, Stakeholder (corporate), Business judgement rule, Subsidiary, Parent company, United States bankruptcy court
Omission of plat in a mortgage renders its recording a nullity, provides no notice to the trustee and subjects the mortgage to avoidance

Wells Fargo Home Mortgage, Inc. v Richardson (In re Brandt), 434 B.R. 493 (W.D. Mich. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Mortgage loan, Conveyancing, Constructive notice, Wells Fargo, Trustee