On Friday, AmTrust Bank, headquartered in Cleveland, Ohio, was closed by the OTS and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with New York Community Bank, headquartered in Westbury, New York, to assume the deposits of AmTrust Bank. AmTrust did not pay a premium to assume the deposits.

The European Commission (EC) yesterday approved the restructuring plan of Northern Rock plc. The plan will split the company into two separate companies. The new Northern Rock plc will consist of a new savings and mortgage bank that will hold and service all customer savings accounts and some existing mortgage accounts.

The Illinois Department of Financial and Professional Regulation, Division of Banking, closed InBank, headquartered in Oak Forest, Illinois, and the FDIC was named as receiver. The FDIC entered into a purchase and assumption agreement with MB Financial Bank, N.A., headquartered in Chicago, Illinois, to assume all the deposits of InBank except certain brokered deposits.

Today, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law held a hearing entitled “Ramifications of Auto Industry Bankruptcies; Part II.” Testifying before the committee was Ron Bloom, Senior Advisor, U.S. Department of Treasury.

In an order dated May 7, 2009, Judge Arthur Gonzales approved Chrysler’s proposed bidding procedures for the sale of substantially all of the Company’s assets to a newly formed entity that would continue business under Chrysler’s name.

Yesterday, the House Judiciary Committee held a hearing to discuss two proposed bills, H.R. 200, the “Helping Families Save Their Homes in Bankruptcy Act of 2009” and H.R. 225, the “Emergency Homeownership and Equity Protection Act", that would allow bankruptcy judges to modify the terms of certain mortgages on principal homes during bankruptcy proceedings. H.R.

In In re MPM Silicones, LLC, Case No. 14-22503 (RDD) (Bankr. S.D.N.Y. Sept. 30, 2014) (Momentive), the court dismissed a senior lien creditors’ suit alleging that the junior lien creditors breached an intercreditor agreement (ICA) with respect to shared collateral by taking and supporting certain actions adverse to the senior lien creditors.

BACKGROUND

In a recent decision ^[1] arising from the In re Residential Capital LLC, et al.

The outcome of the TOUSA appeal has been much anticipated and closely watched by the lending community, their counsel and advisors, and legal scholars. On May 15, 2012, the Eleventh Circuit Court of Appeals issued its opinion (found here), reversing the District Court for the Southern District of Florida and affirming the Bankruptcy Court for the Southern District of Florida, at least insofar as to the bankruptcy court’s factual findings, but not remedies.

On Friday, the Florida Office of Financial Regulation closed First Bank of Jacksonville, headquartered in Jacksonville, Florida, and appointed the FDIC as receiver.