Official Committee of Unsecured Creditors of TOUSA, Inc. v. Technical Olympic, S.A. (In re TOUSA, Inc.), 2010 WL 3835829 (Bankr. S.D. Fla. 2010)
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Official Committee of Unsecured Creditors v Credit Suisse (In re Champion Enterprises, Inc.), 2010 WL 3522132 (Bankr. D. Del. 2010)
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In re Leslie Controls, Inc., (Bankr. D. Del., Case No. 10-12199, 2010)
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Sovereign Bank v Hepner (In re Roser), 613 F.3d 1240 (10th Cir. 2010).
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Wells Fargo Home Mortgage, Inc. v Richardson (In re Brandt), 434 B.R. 493 (W.D. Mich. 2010)
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With the future of the New York City Off Track Betting Corp. up in the air, the New York Senate returned to the Capitol Tuesday, Dec. 7, to find itself in the middle of a long-standing battle between tracks and OTB corporations in the state.
Officials at the NYCOTB, which is in Chapter 9 bankruptcy protection, vowed to shut down the stateowned betting giant at midnight Dec. 7 if the Senate does not pass a reorganization bill already approved last week by the Assembly.
On December 3rd, the CFTC published for public comment proposed requirements for swap dealers and major swap participants with respect to the treatment of collateral posted by their counterparties to margin, guarantee, or secure uncleared swaps. The proposal also would ensure that, for purposes of subchapter IV of chapter 7 of the Bankruptcy Code, securities held in a portfolio margining account that is a futures account constitute "customer property" and owners of such account constitute "customers." Comments should be submitted on or before February 1, 2011.
In the first part of this article, we considered the effect of section 365(d)(4) and other Bankruptcy Code sections on retailer debtors and their respective landlords, as well as on how retailer debtors can utilize the holiday sales season to implement a successful reorganization.
In the case of banking institutions dealing with the unique world of insurance insolvency, the results may not be as dramatic as in other cultural clashes, but they can be equally confused. This is because insurance insolvency operates in its own separate world, where the usual rules of bankruptcy do not apply and where, without appropriate safeguards, having a secured claim may not guarantee repayment. For banks and other secured creditors, lending to insurance companies is governed by a separate set of rules to which careful attention must be paid.
In re River Road Hotel Partners, LLC, et al., Case No. 09-B-30029 (Bankr. N.D. Ill. 2010)
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