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    New York Bankruptcy Court Dismisses Lehman Bros. Special Financing Inc.'s Lawsuit to Recover Over $1 Billion of Swap Agreement Distributions
    2016-07-11

    In a highly anticipated decision, the Bankruptcy Court for the Southern District of New York (the "Court") on June 28, 2016, dismissed Counts I through XIX of Lehman Brothers Special Financing Inc.'s ("LBSF") fourth amended complaint (the "Complaint") in Lehman Bros. Special Fin. Inc. v. Bank of America, N.A., et al.1 In doing so, the Court removed the majority of the approximately 250 noteholder, issuer and indenture trustee defendants from the LBSF lawsuit to recover over $1 billion distributed in connection with 44 swap transactions.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, Condition precedent, Safe harbor (law), Swap (finance), Liquidation, Default (finance), Collateralized debt obligation, Bank of America, Lehman Brothers, US Code, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Know When to Fold ‘Em - Texas Bankruptcy Court Enjoins Losing Bidder’s “Sour Grapes” Attempt to Bring Derivative Claims Under the Guise of Direct Claims
    2016-07-12

    Today’s post covers a recent decision by the United States Bankruptcy Court for the Southern District of Texas in the Chiron Equities, LLCcase. In that case, the court ordered a preliminary injunction to stop non-bankruptcy court litigation in a dispute between a majority shareholder, a minority shareholder, and his wife.

    Filed under:
    USA, Texas, Derivatives, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Shareholder, Debtor, Injunction, Breach of contract, Fiduciary, Limited liability company, Preliminary injunction, Majority opinion, Derivative suit, United States bankruptcy court, US District Court for Southern District of Texas
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    U.S. Supreme Court to Weigh in on Structured Dismissals and Settlements Circumventing the Bankruptcy Code’s Priority Scheme
    2016-07-12

    On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates. SeeOfficial Comm. of Unsecured Creditors v. CIT Grp./Bus. Credit Inc. (In re Jevic Holding Corp.), 787 F.3d 173 (3d Cir. 2015), cert. grantedCzyzewski v. Jevic Holding Corp., No. 15-649, 2016 WL 3496769 (U.S. 2016).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Wage, Bankruptcy, Unsecured debt, Class action, Federal Reporter, Leveraged buyout, Sun Capital Partners, US Code, Worker Adjustment and Retraining Notification Act 1988 (USA), Supreme Court of the United States, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
    Authors:
    Jacob S. Frumkin , Adam H. Morsy
    Location:
    USA
    Firm:
    Cole Schotz PC
    Halpin v. Hardy (In re Hardy)
    2016-07-12

    (E.D. Ky. July 8, 2016)

    The district court affirms the bankruptcy court’s decision finding the debt dischargeable. The debtor sold a television to the plaintiffs, claiming it was a “high definition” television.The plaintiffs disputed that characterization and obtained a judgment in state court for the purchase price plus punitive damages. However, the court finds that the plaintiffs failed to meet their burden of proof in showing the requisite elements of § 523(a)(2)(A). Opinion below.

    Judge: Schaaf

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Punitive damages, Bankruptcy, Debtor, Debt, Legal burden of proof
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    A Flip on the Flip Clause: Lehman Court Changes Course on Flip Provisions and Financial Safe Harbors
    2016-07-06

    New York bankruptcy judge dismisses claims to recover approximately $1 billion that had been distributed to noteholders following commencement of the Lehman Brothers chapter 11 proceedings in September 2008.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Swap (finance), Collateralized debt obligation, Lehman Brothers, United States bankruptcy court
    Authors:
    Michael J. Venditto , David M. Schlecker , Sarah K. Kam
    Location:
    USA
    Firm:
    Reed Smith LLP
    Excess Policies at Issue Deemed Not to Attach Absent Actual Payment of the Amount of Underlying Limits by Either the Insured or its Underlying Insurers
    2016-07-06

    Policyholders contemplating insurance coverage settlements with low-level insurers should use caution to preserve their ability to access higher-level excess policies. Excess insurers are increasingly disputing that underlying policies are properly exhausted where policyholders elect to settle with underlying insurers for less than full limits. The issue can be further complicated if the policyholder seeks protection under the bankruptcy laws against long-tail liabilities, as a recent case illustrates.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, K&L Gates LLP, Bankruptcy, Federal Reporter, Liability (financial accounting), Second Circuit, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Kay M. Brady
    Location:
    USA
    Firm:
    K&L Gates LLP
    50 Cent bankruptcy success story
    2016-07-07

    The results are in!

    As I mentioned in my May 25th blog post, Curtis James Jackson III, better known as rapper 50 Cent (“Jackson”) was scheduled for his bankruptcy confirmation hearing yesterday (July 6th).

    Filed under:
    USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy
    Authors:
    Heather L. Ries
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Bankruptcy Courts Closing In - Will An Agreement Requiring Unanimous Consent To File For Bankruptcy Be Effective?
    2016-07-07

    We’ve all seen it. The business opportunity looks enticing but is laced with risk about a potential bankruptcy filing down the road. As bankruptcy lawyers we are often asked how deals can be structured to prevent a potential bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Legal personality, Debtor, Waiver, Fiduciary, Copyright infringement, Limited liability company, Consent, Limited partnership, Default (finance), United States bankruptcy court, US District Court for District of Delaware, US District Court for Northern District of Illinois
    Authors:
    Natalie Daghbandan
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Lehman Brothers Court Holds Swap Safe Harbor Protects ‘Flip’ Transactions
    2016-07-08

    The bankruptcy court overseeing the Lehman Brothers chapter 11 cases rejected efforts by Lehman Brothers Special Financing Inc. (LBSF) to recover roughly $1 billion in payments made to numerous noteholder defendants from the liquidation of collateral originally pledged to secure both obligations under notes issued by special purpose entities and credit default swap (CDS) obligations to LBSF, holding that the termination of the swap and liquidation and distribution of the collateral were protected by the Bankruptcy Code’s safe harbor.

    Filed under:
    USA, Capital Markets, Derivatives, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Collateral (finance), Safe harbor (law), Swap (finance), Liquidation, Default (finance), Credit default swap, Bank of America, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Supreme Court Reverses Fifth Circuit's Interpretation of "Actual Fraud"
    2016-07-05

    HIGHLIGHTS:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Holland & Knight LLP, Bankruptcy, Shareholder, Debtor, Fraud, Debt, Misrepresentation, Remand (court procedure), Corporate bond, US Congress, Title 11 of the US Code, Supreme Court of the United States, United States bankruptcy court, Fifth Circuit, California courts of appeal, US District Court for Southern District of Texas
    Authors:
    Richard E. Lear
    Location:
    USA
    Firm:
    Holland & Knight LLP

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