If you are one of the lucky product manufacturers who weathered the recent economic downturn well and are looking to buy assets from those who did not survive…beware!
T he LBIE Client Money Judgment on the appeal from the Court of Appeal has been eagerly awaited by creditors and secondary claims trading market participants in order to give clarity to the funds available for the client money pool and to determine which clients will have the benefit of those funds.
The decision has implications for creditors of MF Global UK Limited and all clients of UK financial firms.
BACKGROUND
The United States Bankruptcy Court for the Northern District of Ohio recently held that under Ohio law, the homestead exemption set forth in Ohio Rev. Code Ann. § 2329.66 applies to contiguous parcels of land only if those parcels are used for a single purpose as the debtor’s homestead. In re Whitney, 459 B.R. 72 (Bankr. N.D. Ohio 2011).
Greece is proceeding with the largest sovereign debt restructuring in history after its bondholders accepted a significant debt reduction in the face of mounting evidence that a Greek default was inevitable without such relief. In a related market development garnering only slightly less attention than the debt restructuring itself, the International Swaps and Derivatives Association, Inc.
Turnaround Management Association
The United States is about to enter year five of what has been aptly deemed “The Great Recession.” Bankruptcy advising is a cyclical business, and after a dearth of work in the heady financial years of the mid-2000s, expectations were high that in the downturn bankruptcy work would be abundant and steady.
Last month, the U.S. Supreme Court agreed to hear another bankruptcy case and this one could have a profound effect on a lender’s bidding rights when its collateral is up for sale. RadLAX Gateway Hotel, LLC v. Amalgamated Bank, No. 11-166, cert. granted Dec.
T he recent—and unexpected—rejection by a U.S. Bankruptcy Court of the modified plan of reorganization of Washington Mutual, Inc. (“WaMu”)2 on the ground of a “colorable claim” of insider trading has raised questions about the standards of conduct for members of ad hoc creditors committees during corporate reorganizations.3 In WaMu, Judge Mary F.
The case of In re Dickson, 655 F.3d 585 (6th Cir. 2011) centered on the status of the debtor’s manufactured home under Kentucky law. In Kentucky, a manufactured home is considered personal property. As such, in order for a lien to be effective, it must be noted on the certificate of title. A manufactured home may be converted to real property, however, if the owner files an affidavit that states it is permanently affixed to real estate and then surrenders title.
In a recent appeal to the Sixth Circuit Bankruptcy Appellate Panel, Inre Collins, 2011 WL 4445451 (6th Cir. BAP Aug. 12, 2011), the trustee sought a declaratory judgment to determine the validity, extent, and priority of liens on the debtor’s real property held by four defendants. The trustee appealed the district court’s dismissal of his complaint as to purported holders of the debtor’s first and second mortgages on the debtor’s property.