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    Sovereign debt litigation – local impact of foreign judgment
    2015-09-15

    A bondholder of Argentine restructured debt filed for an injunction before the Argentine courts against the Bank of New York Mellon, as trustee under the exchange bonds. The plaintiff claimed the distribution of funds – frozen by a US court order – that Argentina had deposited into the Bank of New York Mellon's account to comply with the payments under those bonds. The Argentine courts dismissed the request, concluding that they lacked jurisdiction.

    Background

    Filed under:
    Argentina, Insolvency & Restructuring, Litigation, Marval OFarrell Mairal, Bond (finance), Injunction, Bank of New York Mellon
    Authors:
    Ricardo A. Ostrower , Martin Vainstein
    Location:
    Argentina
    Firm:
    Marval OFarrell Mairal
    Enforceability of subordination provisions in synthetic CDOs — a Lehman perspective
    2010-02-03

    On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom.1

    Filed under:
    United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Surety, Collateral (finance), Interest, Swap (finance), Deed, Default (finance), Collateralized debt obligation, Lehman Brothers cases, Bank of New York Mellon, Lehman Brothers, United States bankruptcy court
    Authors:
    Fabien Carruzzo
    Location:
    United Kingdom, USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Fla. Supreme Court Bars Vexatious Borrower from Future Pro Se Filings
    2018-04-17

    The Supreme Court of Florida recently denied a pro se borrower’s petition to invoke the jurisdiction of the Court, and imposed sanctions against him for filing numerous meritless and inappropriate petitions for relief pertaining to trial court foreclosure proceedings to which he is a defendant.

    In so doing, the Supreme Court barred the borrower from filing any future pleadings, motions or requests for relief in the Supreme Court related to his foreclosure proceedings, unless filed in good faith by an attorney in good standing.

    Filed under:
    USA, Florida, Banking, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Bank of New York Mellon, Florida Supreme Court
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Tomlin v. The Bank of New York Mellon (In re Tomlin)
    2016-06-24

    (Bankr. E.D. Ky. June 23, 2016)

    The bankruptcy court applies Kentucky’s borrowing statute, KRS § 413.320, to determine the applicable statute of limitations for the debtor’s defamation, breach of contract, and fraud claims. The court analyzes where each claim accrued and dismisses some but not all of the debtor’s claims. Opinion below.

    Judge: Wise

    Attorney for Debtor: Dann Law Firm, Brian D. Flick

    Attorney for Defendants: Christopher M. Hill, John R. Wirthlin, Frost Brown Todd LLC, Patricia K. Burgess, Stephanie Smiley

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Breach of contract, Statute of limitations, Bank of New York Mellon, United States bankruptcy court
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Duties of a Trustee Prior to Default: A Tale of a Lapsed UCC Filing
    2016-05-31

    A typical bond indenture provides that prior to the incurrence of an event of default, a trustee’s obligations are limited to those specifically set forth in the indenture. It is only following the occurrence of an event of default that the trustee’s duties of prudent conduct seem to ripen. This often leaves trustees and bondholders in a state of uncertainty over what actions, if any, a trustee may be obligated to take as the financial condition of an issuer worsens but has not yet crossed the default line. A recent case from the Eastern District of Pennsylvania, Becker v.

    Filed under:
    USA, Pennsylvania, Banking, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Interest, Bank of New York Mellon, Trustee
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Treasury releases completed transactions report
    2010-07-23

    Yesterday, Treasury released its most recent transactions report for the period ending July 20, 2010. The report shows the completed exchange of Treasury's $400 million of preferred stock in First BanCorp for $424,174,000 of mandatorily convertible preferred stock (MCP), which is equivalent to the initial investment amount of $400 million plus $24,174,000 of capitalized previously accrued and unpaid dividends.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Credit (finance), Dividends, Limited liability company, Preferred stock, US Department of the Treasury, Bank of New York Mellon
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Court invokes prudent man standard to uphold collateral trustee’s litigation reserve fund
    2010-09-20

    After nearly fifteen years of unsuccessful attempts to recover $71 million worth of securitized bonds after the 1990 bankruptcy of Continental Airlines, Inc., Bluebird Partners L.P. may have suffered its final defeat. In a recent decision by a New York trial court in Bluebird Partners v. The Bank of New York, et al., No. 601016/1996 (New York Co. June 7, 2010), the court granted summary judgment to defendant Bank of New York (“BNY”), holding that the bank behaved prudently in establishing a litigation reserve fund as the collateral trustee in the airline’s bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bond (finance), Bankruptcy, Collateral (finance), Breach of contract, Fiduciary, Interest, Secured loan, Bank of New York Mellon, Trustee
    Authors:
    Thomas J. Hall , Laura Rowntree
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    AIG restructuring
    2010-11-08

    On November 1st, the Treasury Department provided an update regarding the federal government's involvement with AIG. AIG will use the proceeds from its sale of one unit and the IPO from a second to repay the loan extended to AIG by the Federal Reserve Bank of New York and to repurchase a substantial amount of the FRBNY's preferred interests in certain AIG subsidiaries. AIG will then draw up to $22 billion in remaining Troubled Asset Relief Program funds from the Treasury Department to restructure its governmental obligations.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Winston & Strawn LLP, Share (finance), Initial public offerings, Subsidiary, Preferred stock, Troubled Asset Relief Program, US Federal Government, US Department of the Treasury, American International Group, Bank of New York Mellon
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    “Flip” flap II: uncertainty in derivatives markets caused by the Lehman bankruptcy court’s decision will continue
    2011-02-17

    On December 15, 2010, Judge James Peck of the US Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) approved Lehman Brothers Special Financing Inc.’s (LBSF) motion (the Motion) for approval of a settlement among LBSF, BNY Corporate Trustee Services Limited (BNY), Perpetual Trustee Company Limited (Perpetual) and others relating to certain note issuance and swap transactions with Saphir Finance Public Limited Company (Saphir) under a program known as the Dante Program.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bankruptcy, Collateral (finance), Swap (finance), Public limited company, Default (finance), Bank of New York Mellon, Lehman Brothers, Court of Appeal of England & Wales, High Court of Justice (England & Wales), United States bankruptcy court
    Authors:
    Robert J. Rosenberg , Carlos Alvarez , Adam J. Goldberg , Amber L. Haywood
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Supreme Court protects credit bid in hotel bankruptcy
    2012-06-01

    How Does RadLAX Impact Conventional Chapter 11 Plan Structures?

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Bankruptcy, Debtor, Collateral (finance), Interest, Federal Reporter, Federal Communications Commission (USA), Bank of New York Mellon
    Authors:
    Martin J Bienenstock , Irena M Goldstein , Timothy Q Karcher
    Location:
    USA
    Firm:
    Proskauer Rose LLP

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