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    United States: Senior Creditor’s Exercise of State Law Remedies May Eliminate a Junior Creditor’s Deficiency Claim Under Section 1111(b) of the Bankruptcy Code
    2017-05-31

    The United States Court of Appeals for the Ninth Circuit recently held in Mastan v. Salamon (In re Salamon) that an undersecured creditor with a nonrecourse claim lost the right to assert a deficiency claim under section 1111(b) of the Bankruptcy Code when a senior secured creditor foreclosed on and sold its collateral during the bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Title 11 of the US Code, Ninth Circuit
    Location:
    USA
    Firm:
    Baker McKenzie
    In Brief: Court Rules Against Lyondell Litigation Trustee on LBO Fraudulent Conveyance Claims
    2017-05-31

    In Weisfelner v. Blavatnik(In re Lyondell Chemical Company), 2017 BL 131876 (Bankr. S.D.N.Y. Apr. 21, 2017), the bankruptcy court presiding over the chapter 11 case of Lyondell Chemical Company ("Lyondell") handed down a long-anticipated opinion in the protracted litigation concerning the failed 2007 merger of Lyondell with Basell AF S.C.A. ("Basell"), a Netherlands-based petrochemical company.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Fraud, Conveyancing, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Sixth Circuit Rejects Per Se Rule Automatically Mooting Sale Appeals in the Absence of a Stay
    2017-06-01

    Debtors beware: The Sixth Circuit Court of Appeals has recently expanded the ability of parties to appeal a bankruptcy court's approval of a sale of assets notwithstanding the statutory mootness rule set forth in section 363(m) of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Sixth Circuit
    Authors:
    George R. Howard
    Location:
    USA
    Firm:
    Jones Day
    Balancing Act: Supreme Court Rules That Filing a Proof of Claim for Stale Debt Does Not Violate the Fair Debt Collection Practices Act
    2017-05-24

    The U.S. Supreme Court has held that the filing of a proof of claim in bankruptcy proceedings with respect to time-barred debt is not a “false, deceptive, misleading, unfair, or unconscionable” act within the meaning of the Fair Debt Collection Practices Act (“FDCPA”) when there continues to be a right to repayment after the expiration of the limitations period under applicable state law. The Court’s decision in Midland Funding, LLC v.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, K&L Gates LLP, Bankruptcy, Debt, Unconscionability, Title 11 of the US Code, Fair Debt Collection Practices Act 1977 (USA), Supreme Court of the United States, United States bankruptcy court
    Authors:
    Phoebe S. Winder , Andrew C. Glass , Gregory N. Blase , Sean R. Higgins , David A. Mawhinney , Theresa A. Roozen , Brandon R. Dillman
    Location:
    USA
    Firm:
    K&L Gates LLP
    Construction Liens Filed by Suppliers in New Jersey After Contractor’s Filing of Bankruptcy Petition Are Barred by the Automatic Stay Provision of the Bankruptcy Code
    2017-05-25

    In re: Linear Electric Co., Inc., No. 16-1477, 2017 U.S. App. Lexis 5527 (3d Cir., March 30, 2017)

    Filed under:
    USA, Construction, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, General contractor, Subcontractor, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Luke Nicholas Eaton
    Location:
    USA
    Firm:
    Troutman Pepper
    Split Ninth Circuit Refines Cramdown Valuation Rule
    2017-05-26

    The Bankruptcy Code (“Code”) “requires the use of replacement value rather than a hypothetical [foreclosure] value … that the reorganization is designed to avoid,” held a divided U.S. Court of Appeals for the Ninth Circuit on May 26, 2017.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Covenant (law), Foreclosure, Default (finance), Secured creditor, Ninth Circuit, United States bankruptcy court
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Dear bankruptcy defendant, U.S. mail service is valid
    2017-05-30

    “You have been served” – the famous phrase uttered by process servers everywhere, may never be heard by a bankruptcy defendant.

    Why?

    Filed under:
    USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy
    Authors:
    Heather L. Ries
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Supreme Court Holds That Filing of Bankruptcy Claim on Time-Barred Debt Does Not Violate FDCPA
    2017-05-30

    The United States Supreme Court recently held that a creditor who files a bankruptcy claim on a time-barred debt does not violate the Fair Debt Collection Practices Act (“FDCPA”). SeeMidland Funding, LLC v. Johnson, 137 S. Ct. 1407 (2017). In the case, the debtor filed for bankruptcy under Chapter 13 of the Bankruptcy Code, and the creditor filed a proof of claim asserting that it was owed credit card debt. However, the credit card had not been used in over ten years, outside Alabama’s six-year statute of limitations.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Riker Danzig LLP, Bankruptcy, Debtor, Debt, Title 11 of the US Code, Fair Debt Collection Practices Act 1977 (USA), Supreme Court of the United States, United States bankruptcy court
    Authors:
    Michael R. O’Donnell
    Location:
    USA
    Firm:
    Riker Danzig LLP
    Second Circuit Affirms Refusal to Approve Foreign Debtor’s Asset Sale
    2017-05-31

    “… [A]ny sale of [a foreign] debtor[’s] property [in the U.S.] outside of the ordinary course of business can be approved by the bankruptcy court only after notice, hearing, and a finding of good business reasons to permit the sale,” held the U.S. Court of Appeals for the Second Circuit on May 22, 2017. In re Fairfield Sentry Ltd. (“Sentry II”), 2017 U.S. App. LEXIS 8860, at *11 (2d Cir. May 22, 2017).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Security (finance), Liquidation, Investment funds, Liquidator (law), Second Circuit, United States bankruptcy court
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Sixth Circuit Upholds Assignment of Rents to Secured Lender
    2017-05-23

    “[T]he debtor … did not retain sufficient rights in the assigned rents under Michigan law for those rents to be included in the bankruptcy estate,” held the U.S. Court of Appeals for the Sixth Circuit on May 2, 2017. In re Town Center Flats LLC, 201 U.S. App. LEXIS 7733, *2 (6th Cir. May 2, 2017). Relying on Michigan law and the language of the relevant documents, the court reversed the bankruptcy court’s holding that gave the Chapter 11 debtor access to the assigned rents as operating funds during its reorganization.

    Relevance

    Filed under:
    USA, Michigan, Insolvency & Restructuring, Litigation, Real Estate, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Mortgage loan, Foreclosure, Default (finance), Sixth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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