A recent Pennsylvania case, Graystone Bank v. Grove Estates, LP, upheld the enforceability of a confessed judgment provision even in light of alleged inconsistencies. In most cases, a confessed judgment is a debtor’s statement signed prior to a default that a stipulated amount is owed to a creditor and permits bypassing certain legal proceedings.

The New Year seems to be starting with a bang for the ILS industry.  On January 23rd, KKR announced it had taken a 24.9% stake in Nephila.  Earlier in the month Validus reported a $400 million capital raise to fund investments in collateralized reinsurance and ILS.  In a transaction on which Edwards Wildman Palmer LLP advised Transatlantic Re, Transatlantic Re in December acquired a minority interest in Pillar Capital Management and announced a strategic partnership with Pillar, a manager of funds investing in collateralized reinsurance and ILS.

Atari, Inc., the creator of the primordial video game “Pong”, filed for Chapter 11 yesterday in the U.S.

The battle in California municipal bankruptcies between bond investors and Calpers, the California public employee pension system, began in the Stockton Chapter 9 bankruptcy case and continues unabated in the

In Ollerenshaw and Reeh v the Financial Services Authority (the FSA), former directors of the Black and White Group Limited (in liquidation) (B&W), challenged decisions of the FSA in a reference to the Upper Tribunal.

Detroit has seen signs of revival in its urban core following the near-death experiences of GM and Chrysler. Unfortunately, its municipal finances remain beaten down by the city’s long and precipitous decline over the past several decades. Labor and legacy costs, incurred when the auto industry thrived and the popul

Large law firm failures typically produce lengthy and litigious bankruptcy cases. A frustrated lawyer in one such case succinctly described the essential problem: “the assets walk, talk and, worst of all, have their own counsel.” To the inherent tensions and creditor demands of any large chapter 11 case are added  the raw pain, similar to divorce, that many partners feel at the downfall of an institutio

On October 16, 2012, the United States Tenth Circuit Court of Appeals overturned decisions of the United States Bankruptcy Court for the District of Colorado and the United States District Court for the District of Colorado that had cast doubt as to whether a lender could enforce a security interest in the proceeds from the sale of a borrower’s FCC broadcast license. The case, Valley Bank and Trust Company v. Spectrum Scan, LLC (In re Tracy Broadcasting Corp.), 2012 U.S. App. LEXIS 21505 (10th Cir. Colo. Oct.

Judge Brendan Shannon of the U.S.

The Second Circuit Court of Appeals, acting with unusual alacrity (oral argument was heard only one month ago), summarily reversed the district court decision in Longacre Master Fund v.