Judgment in the Court of Appeal case of Pillar Denton v Game Retail- about rent due during the administration of Game was handed down yesterday. It is a landmark ruling for administrators, on the thorny issue of the payment of rent during the period of the tenant’s administration.
CASE SNAPSHOT
Summary
On 18 December 2013, judgment of the High Court in England and Wales was handed down in a case relating to the insolvency of Lehman Brothers companies (In the Matters of Storm Funding Limited (In Administration) and Others [2013] EWHC 4019 (Ch)).
On 13 December 2013, the Court of Session ruled that the liquidators of The Scottish Coal Company Limited (SCC) were not able to disclaim ownership of certain open-cast mines and the environmental permits which were connected with the operation of those mines. This ruling followed an appeal by the Scottish Environmental Protection Agency (SEPA), and overturns the previous decision of 11 July 2013, in which it had been ruled that the liquidators were entitled to disclaim this property.
In re American Roads LLC, et al., 496 B.R. 727 (S.D.N.Y. 2013
CASE SUMMARY
An ad hoc committee of bondholders who executed an agreement with a monoline insurer securing claims under an insured unitranche containing a “no action” clause, bargained away their right to appear in the debtor’s bankruptcy case and, therefore, lacked standing to object to the debtor’s chapter 11 plan.
FACTUAL BACKGROUND
In re Investors Lending Group, LLC, 489 B.R. 307 (Bankr. S.D. Ga. 2013)
CASE SNAPSHOT
The secured lender was judicially estopped from objecting to the valuation of parcels of land that the debtor proposed to surrender to the secured creditor through its plan of reorganization because the debtor used the valuations provided by the secured lender’s appraiser.
FACTUAL BACKGROUND
In re WM Six Forks, LLC, Case No. 12-05854-8-ATS, 2013 WL 5354748 (Bankr. E.D.N.C., Sept. 23, 2013)
CASE SNAPSHOT
Edgewater Growth Capital Partners LP v. H.I.G. Capital, Inc., 68 A.3d 197 (2013)
CASE SNAPSHOT
In re WL Holmes LLC, ___ Fed. Appx. ___, 2013 WL 4019397 (3rd Cir 2013)
CASE SNAPSHOT
Bankruptcy Judge Steven Rhodes ruled from the bench on December 3, 2013 (followed by a written opinion on December 5, 2013) that Detroit is eligible for bankruptcy protection, allowing the city to attempt to restructure $18.5 billion of debt. Thus begins the largest American municipal bankruptcy case. After nine days of trial, the judge ruled that although the city did not negotiate in good faith prior to bankruptcy, it was impossible for the city to do so.