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Bank's lack of diligence results in denial of late claim

COMMODITY FUTURES TRADING COMMISSION v. LAKE SHORE ASSET MANAGEMENT LTD. (May 11, 2011)

USA, Banking, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Share (finance), Shareholder, Fraud, Asset management, Default judgment, Commodity market, Pro rata, Commodity Futures Trading Commission (USA)
REMIC investor lacks standing to object to sale of collateral in borrower's bankruptcy reorganization

In a recent decision, the Bankruptcy Court for the Southern District of New York concluded that an investor in a Real Estate Mortgage Investment Conduit ("REMIC") lacked standing to object to the sale of a chapter 11 debtor's real property, despite that the property served as collateral for loans held in trust by the REMIC for the benefit of its investors.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Real Estate, Seyfarth Shaw LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Interest, Taxable income, Mortgage loan, Standing (law), Investment funds, Default (finance), United States bankruptcy court, US District Court for the Southern District of New York
Take me to the River (Road): the Seventh Circuit prepares to weigh in on credit bidding

The U.S. Court of Appeals for the Seventh Circuit has taken under advisement the latest case involving the now contentious issue of credit bidding.

USA, Banking, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Collateral (finance), Dissenting opinion, Secured creditor, Majority opinion, Secured loan, Title 11 of the US Code, United States bankruptcy court, Third Circuit, Seventh Circuit, US District Court for Northern District of Illinois
Transactions can be outside the "ordinary course" and require SOFA disclosure without being fraudulent

STAMAT v. NEARY (March 24, 2011)

USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Fraud, Debt, Legal burden of proof, Bench trial, Trustee, United States bankruptcy court
Madoff trustee's amended complaint - more bad stuff 'bout the Mets (owners)

Irving Picard, the trustee overseeing the liquidation of Bernard L.

USA, Capital Markets, Insolvency & Restructuring, White Collar Crime, Kelley Drye & Warren LLP, Bankruptcy, Fraud, Liquidation, Gross negligence, Unsecured creditor, The New York Times, Trustee, Second Circuit, United States bankruptcy court
Assigned bankruptcy claims included right to collect cure amount

REGEN CAPITAL I, INC. v. UAL CORP. (February 18, 2011)

USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Precondition, Default (finance), United Airlines, AT&T, Indian National Congress, United States bankruptcy court
Indiana late wage penalties are not debts "for services" under NY law

WHITELY v. MORAVEC (February 16, 2011)

USA, New York, Employment & Labor, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Wage, Bankruptcy, Shareholder, Employee Retirement Income Security Act 1974 (USA), Debt, Joint and several liability, United States bankruptcy court
Court adopts "purpose" test to determine whether loan is "educational"

BUSSON-SOKOLIK v. MILWAUKEE SCHOOL OF ENGINEERING (February 10, 2011)

USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Costs in English law, Waiver, Debt, Default judgment, Bad faith, Frivolous litigation, Bankruptcy discharge, United States bankruptcy court
The dog that didn't bark - Second Circuit's opinion in DBSD North America disallows gifting, but is silent on cramdown of secured creditor

As discussed in previous posts on this site, back in December the Second Circuit Court of Appeals issued a summary order that reversed the bankruptcy court’s confirmation of the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO North America (“DBSD”).

USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Security (finance), Interest, Market liquidity, Debt, Bad faith, Secured creditor, Unsecured creditor, Secured loan, Dish Network, Second Circuit, United States bankruptcy court
Commercial relationship did not create a § 523(a)(4) fiduciary

FOLLETT HIGHER EDUCATION GROUP v. BERMAN (January 21, 2011)

USA, Illinois, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Shareholder, Debtor, Fiduciary, Advertising, Board of directors, Debt, Brokerage firm, Bankruptcy discharge, United States bankruptcy court, Seventh Circuit