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The ABCs of Chapter 15 -- Third Circuit upholds broad scope of recognition in cross-border cases

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Limited liability company, Liquidation, Liquidator (law), Unsecured creditor, Third Circuit
That makes two for the FDIC: 11th Circuit Court of Appeals issues another precedential decision interpreting tax sharing agreements in bankruptcy, awards ownership of tax refund to FDIC

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USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Second Circuit in AMR Corp. – “no make-whole” based on plain meaning of indentures and discusses consequences of section 1110 payments

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Default (finance), Title 11 of the US Code, Second Circuit
Third Circuit confirms narrow construction of the doctrine of equitable mootness – burden on appellant and use of the doctrine should be “rare”

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Class action, Legal burden of proof, Third Circuit
It’s called "adequate" – not "automatic" – protection

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Collateral (finance), Legal burden of proof, Tax lien, Bankruptcy Appellate Panel
Tax sharing agreements in bankruptcy – a tale of two jurisdictions

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USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Holding company, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Stay here – Second Circuit in Residential Capital holds automatic stay can be applied to non-debtors where action has an immediate adverse economic consequence for estate

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USA, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Debtor, Mortgage-backed security, Federal Housing Finance Agency, Second Circuit, Fourth Circuit
Bad faith filing no obstacle for hotel reorganization

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USA, Texas, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Injunction, Foreclosure, Bad faith, United States bankruptcy court, Fifth Circuit
What matters: A review of 2011 and 2012

As you know, the last two years have seen a somewhat improved, but by no means robust, business climate. At the same time, structural shifts in the law firm business model have been both highly publicized and memorably demonstrated.

USA, Banking, Capital Markets, Competition & Antitrust, Corporate Finance/M&A, Employee Benefits & Pensions, Environment & Climate Change, Immigration, Insolvency & Restructuring, Intellectual Property, Litigation, Media & Entertainment, Private Client & Offshore Services, Real Estate, Securitization & Structured Finance, Tax, Kramer Levin Naftalis & Frankel LLP
Lenders’ ability to participate in the prescribed part

The recent case of Re J T Frith Ltd [2012] EWHC 196 (Ch) shows:

  • how secured lenders may surrender their security in order to participate in the prescribed part available for unsecured creditors on insolvency; and
  • how intercreditor deeds may be worded to allow senior secured creditors to participate in the prescribed part, despite retaining their security.

Background

United Kingdom, Insolvency & Restructuring, Litigation, Davenport Lyons, Debt, Secured creditor, Unsecured creditor, Debenture, Insolvency Act 1986 (UK)