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Third Circuit Applies More Flexible Standard for WARN Exemption

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Worker Adjustment and Retraining Notification Act 1988 (USA), Third Circuit
Delaware Bankruptcy Court Approves Separate Classification and Disparate Gifted Consideration Between General Unsecured Creditors

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USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Ninth Circuit Joins “Minority” of Courts That Allow Property to be Sold in Bankruptcy Free and Clear of Leaseholds

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Ninth Circuit, Seventh Circuit
Illinois District Court Maintains a High Threshold for Equitable Subordination of Insider Secured Loans

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US District Court for Northern District of Illinois
Funds Talk: August 2017

Topics covered in this issue include:

USA, District of Columbia, Capital Markets, Corporate Finance/M&A, Derivatives, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US Securities and Exchange Commission, Commodity Futures Trading Commission (USA), Investment Advisers Act 1940 (USA), DC Circuit
Suppliers Beware: Two Recent Cases (in Third Circuit and Delaware) Hold that Debtor Must Physically Possess Goods Within Statutory Period To Sustain Administrative Priority Under Section 503(b)(9)

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USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Third Circuit
When Claims Travel With the Debt: a Review of NY GOL §13-107

A recent case in New York State Supreme Court, One Williams Street Capital Management LP v. U.S. Education Loan Trust IV, LLC (Sup. Ct. N.Y. Cty. May 15, 2015), affords a useful opportunity to review the applicability and scope of §13-107 of the New York General Obligations Law, which provides that a transfer of a bond “vests in the transferee all claims or demands of the transferrer.” The court observed that §13-107 extends to all claims, whether in contract or in tort, including fraud.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Non-consolidation and True Sale Issues for Insurance Company Sponsors — Part Two

Our two-part article on non-con and true sale issues in insurance contexts continues with a deeper dive into the considerations that distinguish these issues from similar remoteness principles in a Bankruptcy Code context. In Part One, we explained some of the basics of state insurance law that bear on these issues and how these can give rise to different approaches in opinion-giving; in this Part Two, we identify some practical obstacles that arise in these kinds of contexts and opinions.

A Pennsylvania Hypothetical

USA, New York, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, New York State Insurance Department, New York State Department of Financial Services, New York Court of Appeals
Challenging Indenture Reserves

Indentures and other agreements governing complex, multitiered structured debt products will typically contain a series of reserves, the adequacy of whose funding will take precedence over payments to noteholders. While the funding requirements of the reserve accounts will be set forth in the agreement, the formulation of these provisions will leave administrators considerable leeway in determining the cash maintenance levels appropriate for the various accounts. In a recent case, UMB National Association v. Airplanes Limited (S.D.N.Y.

USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Non-consolidation and True Sale Issues for Insurance Company Sponsors — Part One

This two-part article discusses the key concerns, from a non-consolidation and true sale perspective, that arise when an insurance company, as opposed to a bankruptcy-eligible entity, is a sponsor/seller in a securitization or similar structured finance transaction. This Part One introduces the main contrasts between non-con and true sale analysis in a traditional bankruptcy context and such analysis in an insurance-law scenario.

USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, Supreme Court of the United States