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    Junior noteholder gets “ZING’d” as Bankruptcy Court allows involuntary filing of CDO issuer by senior noteholder
    2011-10-31

    The Bottom Line:

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Liquidation, Collateralized debt obligation, Bank of New York Mellon, Trustee, United States bankruptcy court, US District Court for District of New Jersey
    Authors:
    Lauren Macksoud
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Sixth Circuit Bankruptcy Appellate Panel directs lower court to determine secured party as of the date of debtor's bankruptcy petition when notes were endorsed after petition filed
    2011-10-24

    In a recent appeal to the Sixth Circuit Bankruptcy Appellate Panel, Inre Collins, 2011 WL 4445451 (6th Cir. BAP Aug. 12, 2011), the trustee sought a declaratory judgment to determine the validity, extent, and priority of liens on the debtor’s real property held by four defendants.  The trustee appealed the district court’s dismissal of his complaint as to purported holders of the debtor’s first and second mortgages on the debtor’s property.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Debtor, Interest, Debt, Mortgage loan, Bank of New York Mellon, Ally Financial, US Code, Trustee, United States bankruptcy court, Sixth Circuit, Bankruptcy Appellate Panel
    Authors:
    William T. Repasky
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Tomlin v. Bank of New York Mellon (In re Tomlin)
    2016-04-04

    (Bankr. E.D. Ky. Mar. 31, 2016)

    The bankruptcy court grants in part and denies in part the defendants’ motions to dismiss and for summary judgment. The debtor asserted numerous claims under the Fair Credit Reporting Act (“FCRA”) and related state law causes of action in his complaint. The court finds the debtor does not have standing to assert certain claims under FCRA. The court also addresses issues of preemption under FCRA and various statutes of limitations. Opinion below.

    Judge: Wise

    Debtor: Pro Se

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Debtor, Bank of New York Mellon, Fair Credit Reporting Act 1970 (USA), United States bankruptcy court
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Fourth Circuit sets limits of bankruptcy court’s post-confirmation jurisdiction
    2007-06-07

    The Court of Appeals for the Fourth Circuit recently held that a bankruptcy court did not have jurisdiction to hear a chapter 11 debtor's breach of contract and tortious interference claims, which the debtor filed after its chapter 11 plan had been confirmed and substantially consummated. Valley Historic Limited Partnership v. Bank of New York, No. 06-1571,___ F.3d ___, WL 1439734 (4th Cir. May 17, 2007). This decision delineates the limits of bankruptcy court's jurisdiction over claims filed by the debtor after plan confirmation.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Breach of contract, Interest, Federal Reporter, Tortious interference, Liquidation, Subject-matter jurisdiction, Bank of New York Mellon, United States bankruptcy court, Fourth Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    The Twilight Zone Redux
    2008-10-17

    Recent Developments in the Zone of Insolvency

    Filed under:
    USA, Insolvency & Restructuring, Dinsmore & Shohl LLP, Shareholder, Fiduciary, Federal Reporter, Debt, Bank of New York Mellon, Delaware Court of Chancery, Delaware Supreme Court, Third Circuit
    Location:
    USA
    Firm:
    Dinsmore & Shohl LLP
    Lehman bankruptcy developments that affect trading counterparties
    2009-01-05

    Beginning on September 15, 2008, Lehman Brothers Holdings Inc. (“LBHI”) and 16 of its affiliates (the “Debtors”) filed voluntary Chapter 11 bankruptcy petitions with the United States Bankruptcy Court for the Southern District of New York. The resulting bankruptcy cases are jointly administered by the bankruptcy court for procedural purposes (collectively, the “Chapter 11 Proceeding”), but to date, the Debtors remain separate legal entities.  

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Eversheds Sutherland (US) LLP, Bankruptcy, Condition precedent, Legal personality, Liquidation, Broker-dealer, Default (finance), Deutsche Bank, Bank of America, Bank of New York Mellon, Lehman Brothers, Securities Investor Protection Corporation, Citibank, Trustee, United States bankruptcy court
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP
    AIG posts $4.35 billion first quarter loss
    2009-05-11

    On Thursday, AIG announced a $4.35 billion loss for the first quarter of 2009, as compared to a net loss of $7.81 billion in the first quarter of 2008 and a net loss of $61.7 billion in the fourth quarter of 2008.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Alston & Bird LLP, Libor, Market liquidity, Retirement, Life insurance, Line of credit, Preferred stock, Form 10-Q, US Securities and Exchange Commission, US Department of the Treasury, American International Group, Bank of New York Mellon
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    SIGTARP releases report on AIG rescue and payments to AIG counterparties
    2009-11-17

    On Monday, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) released a report entitled “Factors Affecting Efforts to Limit Payments to AIG Counterparties.” The report examines certain transactions related to the rescue of AIG, including the creation of Maiden Lane III, a limited liability company formed last year to facilitate the purchase of assets from counterparties of AIG Financia

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Alston & Bird LLP, Market liquidity, Limited liability company, Swap (finance), Market value, Collateralized debt obligation, Credit default swap, Troubled Asset Relief Program, US Congress, American International Group, Federal Reserve (USA), Bank of New York Mellon, Inspector general
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    AIG announces Q4 and year-end results
    2010-02-28

    On Friday, American International Group, Inc. (AIG) released its results for the fourth quarter and full year 2009. AIG reported a Q4 net loss of $8.9 billion, bringing 2009’s total net losses to $10.9 billion.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Alston & Bird LLP, Interest, Debt, Life insurance, Valuation (finance), American International Group, Bank of New York Mellon, Chief executive officer
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    First Circuit denies post-petition interest to senior unsecured creditors
    2011-07-05

    The United States Court of Appeals for the First Circuit upheld a bankruptcy court’s ruling that, where subordination agreements lacked explicit provisions addressing the payment of post-petition interest on senior unsecured debt, the agreements were ambiguous, and an inquiry into the parties’ intent was required. After probing the facts and analyzing New York law, the bankruptcy court determined that the contracting parties did not intend to subordinate the junior unsecured debt to post-petition interest on the senior debt.

    Background

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Unsecured debt, Statutory interpretation, Interest, Federal Reporter, Debt, Bank of New York Mellon, US Code, Trustee, United States bankruptcy court, First Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP

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