In Wells Fargo Bank, N.A., f/b/o Jerome Guyant, IRA v. Highland Construction Management Services, L.P. et al., Nos. 18-2450-52 (4th Cir. March 17, 2020), the Fourth Circuit Court of Appeals recently upheld that a borrower’s indirect economic interests in a limited liability company (LLC) were not assigned to a lender under a conveyance in a security agreement assigning mere membership interests, pursuant to Virginia state law.

Facts

The extent and breadth of changes brought to the United States, and indeed, the world, by COVID-19 will probably not be fully understood for a long time.  There are, however, several legislative changes made in recent days that are likely to have an immediate impact on small businesses.  One that should be important for those advising small businesses in economic crisis are the amendments to The Small Business Reorganization Act of 2019 (H.R.

As part of its economic response to the COVID-19 pandemic, yesterday the Government passed a ‘temporary safe harbour’ insolvency measure^[1].

Setoff is a right that allows a creditor to offset a prepetition debt owed to a debtor with its prepetition claim against the debtor.  See In re Luongo, 259 F.3d 323, 334 (5th Cir.

Setoff is a right that allows a creditor to offset a prepetition debt owed to a debtor with its prepetition claim against the debtor. See In re Luongo, 259 F.3d 323, 334 (5th Cir. 2001). This remedy is aimed at preventing the inequitable and inefficient result that occurs when a creditor is forced to pay a 100% of its prepetition debt owed to a debtor, without resolving its prepetition claim. In such circumstances, the creditor is often forced to later prosecute its unresolved claim against the debtor and is commonly only awarded a fraction of the value of its claim.

On March 18, 2020, the U.S. District Court for the Southern District of Ohio (the “District Court”), acting as appellate court for the U.S. Bankruptcy Court for the Southern District of Ohio (the “Bankruptcy Court”), affirmed the Bankruptcy Court’s decision that certain alleged liability of the Debtor, Edward Dudley, Sr., stemming from his role as treasurer for certain charter schools, was dischargeable and not exempt from bankruptcy discharge under 11 U.S.C. § 523(a)(8)(A)(ii).  That is the provision which excludes student loans and similar obligations from discharge.

受OPEC与俄罗斯减产谈判进展及后续措施影响，3月9日开市以来原油价格强劲下行，连带其他相关大宗商品价格以同样惊人的幅度大幅下跌，朋友圈纷纷感叹“活久见”。2020年初的黑天鹅接踵而至，很难判断下一站的走势到底在哪，也难判断对国内期货等金融市场的传导究竟会到何种程度。在这个价格剧烈波动的日子，人们耳边又回响起华尔街故老相传的”Bulls make money, bears make money, pigs get slaughtered” 的残酷谚语。在目前中国境内证券期货市场中，和做空手段相对有限的股票市场相比，期货市场天然的多头-空头交易机制可以更直观的展现这句话的涵义。

1、当我们在谈论“强行平仓”和“三板强平”时，我在谈些什么？

期货交易的亏损并不仅指强行平仓带来的损失，但是面对如此惊人的市场变化，“爆仓”、“强行平仓”和“三板强平”这类期货术语或行话还是最让人屏住呼吸的字眼。与肾上腺素飙升，杀伐决断的Trader们以及或焦虑或欣慰的相关企业的关注点不同，作为律师的我们，视线停在了这些期货术语或行话背后的基础法律关系上。从机制本身出发：

Bankruptcy and class actions each establish elaborate procedures and provide a convenient forum to resolve numerous claims against one or more defendants, in an efficient manner. However, while a class action focuses on providing adequate representation to claimants with similar claims, bankruptcy focuses on enabling an insolvent company to reorganize. The two goals do not necessarily blend well in every circumstance.

The Small Business Reorganization Act of 2019 (“SBRA”) became effective on February 19, 2020, after being enacted by Congress at blazing speed.  Indeed, the legislation was first introduced into the House of Representatives on June 18, 2019, was received by the Senate on July 24, 2019 and was signed by the President on August 23, 2019.  The SBRA is intended to help small businesses restructure their debts in bankruptcy more effectively.

In Whirlpool Corporation v. Wells Fargo Bank, N.A., et al. (In re hhgregg, Inc.), No. 18-3363 (7th Cir. Feb. 11, 2020), the Seventh Circuit Court of Appeals recently held that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA“) created a federal priority rule rendering a secured lender’s first-priority, floating liens on inventory superior to the reclamation claims of a trade vendor. The facts in the case are typical, and the holding does not mark a demonstrative shift in common practice.

Facts