Various media outlets reported on the March 2, 2012 decision of the General Court of the European Union partially upholding ING Groep NV’s challenge to the restructuring terms resulting from state aid measures imposed by EU regulators after the 2008 financial crisis.  According to Bloomberg

On the surface, Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), had a very good day. Judge Jed S.

In the recent matter Wilmington Trust Natl. Assn. v. Vitro Automotriz, Index No. 652303/11 (N.Y. Sup. Dec. 5, 2011), Justice Bernard J. Fried of the Commercial Division addressed the obligations of guarantors of indentured notes. Regardless that the issuer of the notes had declared bankruptcy in Mexico, the guarantors, none of whom were co-debtors, were not relieved of their obligations under the notes.

In Wells Fargo Bank Northwest v. US Airways, Inc., 2011 NY Slip Op 52188(U) (Sup. Ct. N.Y. County Dec. 1, 2011), Justice Bernard J. Fried held that a liquidated damages provision requiring payment of a holdover fee equal to twice the monthly rent was reasonable and did not function as a penalty under New York contract law. The case arose from three aircraft sale and leaseback transactions, pursuant to which Defendant US Airways, Inc. (“US Airways”), sold to Plaintiff Wells Fargo Bank Northwest (“Wells Fargo”), and Wells Fargo leased back to US Airways, three Boeing 737 aircraft.

IN RE: RIVER EAST PLAZA, LLC (January 19, 2012)

When River East Plaza LLC defaulted on its mortgage in early 2009, LNV Corp., which held the first mortgage, started foreclosure proceedings. Shortly before the scheduled sale of the property, River East filed for bankruptcy. In its plan, it proposed to exchange LNV's lien for one that was an "indubitable equivalent" under section 1129(b)(2)(A)(iii). Bankruptcy Judge Wedoff (N.D. Ill.) rejected the plan and dismissed the petition. River East brought a direct appeal under section 158(d)(2)(A).

IN RE: HOLLY MARINE TOWING, INC. (January 6, 2012)

IN RE: ORTIZ (December 30, 2011)

CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION FUND v. SCOFBP (December 27, 2011)

IN RE: RIVER WEST PLAZA - CHICAGO, LLC (December 22, 2011)

The adversary proceeding of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”), could be substantially resolved over the next few weeks. Although the trial is scheduled to begin on March 19, each side intends to ask Judge Jed S.