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California Court Upholds Expansive Definition of Recoupment

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USA, California, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Medicaid, Ninth Circuit, US District Court for Central District of California
Supreme Court To Hear Dispute Over Debt Recharacterization

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Supreme Court of the United States, Fourth Circuit
Refusing to Fund Into a Bankruptcy: Lessons From Lyondell for Lenders

In the May 2017 issue of Debt Dialogue, we discussed the recent decision by Judge Martin Glenn of the U.S.

USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Ruling and the Material Adverse Event Default

In February 2017, Judge Katherine Polk Faila of the Southern District of New York issued a bench ruling1 in Cumulus Media Holdings Inc. v. JPMorgan Chase Bank, N.A. (S.D.N.Y. Feb. 24, 2017), in which she found that a proposed exchange of senior notes for revolver commitments would violate certain covenants of the issuer’s credit agreement protecting the term loan lenders.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, JPMorgan Chase, US District Court for the Southern District of New York
Deepening the Divide on Whether Avoidance Provisions Apply to Foreign Transfers

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fourth Circuit, US District Court for the Southern District of New York
IRS Can Pursue “Responsible Persons” for Unpaid Trust Fund Taxes and Automatic Stay Cannot Be Used to Enjoin Collection Against Non-Debtor Officers and Directors

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Puerto Rico, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Internal Revenue Service (USA), Eighth Circuit, Third Circuit, First Circuit
Jurisdiction Retention Clause in Sale Order Can’t Provide Bankruptcy Court Subject Matter Jurisdiction for Contract Disputes between Non-Debtors

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, First Circuit
No need to vary freezing orders to enforce pre-existing security

What is a freezing order?

The purpose of a freezing order is to preserve the defendant's assets until judgment can be enforced. It operates by granting an injunction prohibiting the defendant (or anyone on his behalf) from disposing of identified assets. Legally, it does not operate as security over the assets.

Taylor v Van Dutch Marine Holding Ltd

United Kingdom, Insolvency & Restructuring, Litigation, Burges Salmon LLP
Ninth Circuit Applies Replacement Value in Cramdown Even If Lower Than Liquidation Value

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US HUD, Ninth Circuit
Funds Talk: June 2017

Funds Talk: June 2017

 

Topics covered in this issue include:

USA, New York, Capital Markets, Derivatives, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Litigation, Securitization & Structured Finance, Tax, Kramer Levin Naftalis & Frankel LLP, Computer security, FINRA, Seventh Circuit