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    Bankruptcy remote financings in jeopardy after Michigan appellate court decision
    2012-04-19

    The proliferation of limited recourse financings popularized in the commercial mortgage backed securities (CMBS) loan market through the financial innovation of loan securitization may be in jeopardy following the decision of the Michigan Court of Appeals in Wells Fargo, N.A. vs. Cherryland Mall Limited Partnership.1   If the Michigan decision is widely followed, an array of unanticipated consequences may arise that could have profound effects on the debt capital markets generally and on single purpose entity (SPE) borrowers in particular.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Surety, Debtor, Collateral (finance), Default (finance), Commercial mortgage-backed security, Mortgage-backed security
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Bahraini investment bank, Arcapita Bank BSC, files for bankruptcy in the Southern District of New York
    2012-03-21

    Introduction

    Filed under:
    USA, Banking, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Investment banking, Title 11 of the US Code, United States bankruptcy court
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Liquidating Trust in Advanta Corp. bankruptcy files preference actions
    2011-11-07

    Introduction

    Earlier this month, the Liquidating Trust in the Advanta Corp. bankruptcy proceeding began filing preference complaints in the Delaware Bankruptcy Court.  Advanta and certain affiliates ("Advanta") filed for bankruptcy in Delaware in November of 2009.  As stated in the Liquidating Trust's complaints, Advanta was at one time one of the largest issuers of "business purpose credit cards" in the United States. 

    Background

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Credit card, Bankruptcy, Accounts receivable, Debt, Federal Deposit Insurance Corporation (USA), United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Federal district court: distressed debt fund not a “financial institution”
    2014-04-08

    A federal district court has ruled that a distressed debt fund is not a “financial institution” for purposes of the assignment provisions of a loan agreement.

    Background

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Investment funds, Default (finance), Distressed securities, Bank of America, United States bankruptcy court
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Centennial Bank assumes all of the deposits of Wakulla Bank
    2010-10-03

    On Friday, the Florida Office of Financial Regulation closed Wakulla Bank, headquartered in Crawfordville, Florida, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Centennial Bank, headquartered in Conway, Arkansas, to assume all of the deposits of the failed bank.

    Filed under:
    USA, Florida, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Joseph Bolling
    Location:
    USA
    Firm:
    Alston & Bird LLP
    CenterState Bank of Florida assumes deposits of two failed Florida banks
    2010-08-23

    On Friday, the Office of the Comptroller of the Currency closed Community National Bank at Bartow [http://www.occ.treas.gov/ftp/release/2010-101.htm], headquartered in Bartow, Florida, and Independent National Bank, headquartered in Ocala, Florida, and appointed the FDIC as receiver.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (USA)
    Authors:
    Jessica Hartzog
    Location:
    USA
    Firm:
    Alston & Bird LLP
    NAFH National Bank acquires all the deposits of two institutions in Florida and one institution in South Carolina in second use of OCC “shelf charter”
    2010-07-19

    On Friday, the Florida Office of Financial regulation closed Metro Bank of Dade County, headquartered in Miami, Florida, and Turnberry Bank, headquartered in Aventura, Florida, and the OCC closed

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Financial regulation, Subsidiary, Federal Deposit Insurance Corporation (USA)
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Lehman Brothers Holdings Inc. files complaint against JPMorgan Chase Bank, N.A.
    2010-05-27

    Yesterday, Lehman Brothers Holdings Inc. (LBHI) and the Official Committee of Unsecured Creditors of LBHI (the Committee) filed a complaint against JPMorgan Chase Bank, N.A. (JPMorgan) in the U.S. Bankruptcy Court for the Southern District of New York.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Clearing (finance), Collateral (finance), Leverage (finance), Brokerage firm, JPMorgan Chase, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Alston & Bird LLP
    BankLiberty assumes all of the deposits of Champion Bank
    2010-05-01

    Yesterday, the Department of Insurance, Financial Institutions & Professional Regulation of the Missouri Division of Finance closed Champion Bank, headquartered in Creve Coeur, Missouri, and appointed the FDIC receiver.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA), Insurance commissioner
    Authors:
    Melinda C. Calisti
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Community & Southern Bank assumes deposits of Appalachian Community Bank
    2010-03-20

    On Friday, the Georgia Department of Banking and Finance closed  Appalachian Community Bank, headquartered in Ellijay, Georgia, and the FDIC was named receiver.

    Filed under:
    USA, Georgia, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Federal Deposit Insurance Corporation (USA)
    Authors:
    Lawanna Kimbro
    Location:
    USA
    Firm:
    Alston & Bird LLP

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