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    Consideration of a TRAC clause under the UCC and economic realities required to determine if equipment leases are true leases or disguised financing
    2010-12-01

    Hitchin Post Steak Co v General Electric Capital Corporation (In re HP Distribution, LLP), 436 B.R. 679 (Bankr. D. Kan. 2010)

    CASE SNAPSHOT

    The United States Bankruptcy Court for the District of Kansas considered whether commercial vehicle leases that contained Terminal Rental Adjustment Clauses (or TRAC provisions) were true leases under Section 365 of the Bankruptcy Code or, instead, disguised financing transactions. The court held that the TRAC leases were true leases that must be either assumed or assigned pursuant to the terms of Section 365.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Interest, Consideration, Liquidation, Bright-line rule, Uniform Commercial Code (USA), United States bankruptcy court
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    Compensation distributions triggered by events outside the debtor’s control are property of the estate and subject to avoidance
    2010-12-01

    Parks v. Dittmar (In re Dittmar), 618 F.3d 1199 (10th Cir. 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Interest, Federal Reporter, Option (finance), Initial public offerings, Dissenting opinion, Bankruptcy Appellate Panel, Tenth Circuit, Circuit court
    Authors:
    Christopher O. Rivas
    Location:
    USA
    Firm:
    Reed Smith LLP
    Lehman reaches settlement with perpetual in Dante case
    2010-11-30

    On November 17th, Lehman Brothers Special Financing Inc. ("LBSF") and its official unsecured creditors' committee filed a joint motion to stay BNY Corporate Trustee Services Limited's ("BNY") appeal for 90 days in the "Dante" matter, pending final settlement of the dispute between LBSF and Perpetual Trustee Company Limited ("Perpetual").

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Bankruptcy, Unsecured debt, Collateral (finance), Swap (finance), Lehman Brothers, Trustee, United States bankruptcy court
    Authors:
    Nikiforos Mathews , Jim Croke , William S. Haft , Peter C. Manbeck , Al B. Sawyers
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Post-confirmation cramdown interest rate: ‘market formula’ applies to oversecured
    2010-12-01

    In re SJT Ventures, LLC, 2010 WL 3342206 (Bankr. N.D. Texas 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Interest, Limited liability company, Default (finance), Secured creditor, Commercial mortgage, Secured loan, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    Undersecured mortgage lenders may include fees & costs in arrearage cure amount of chapter 13 debtor under section 1322(e)
    2010-12-01

    Deutsche Bank National Trust Co. v. Tucker, No. 09-5867 (6th Cir. 2010)

    CASE SNAPSHOT

    In resolving a conflict within the Sixth Circuit, the Court of Appeals has held that chapter 13 debtors who propose in their plan of reorganization to cure the arrearage on their mortgage loan are required to pay all fees and costs required by the mortgage and non-bankruptcy law, even if the mortgage lender is undersecured. Put another way, mortgage lenders may include such fees and costs in their proofs of claim.

    FACTUAL BACKGROUND

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Costs in English law, Debtor, Statutory interpretation, Mortgage loan, Remand (court procedure), US Congress, Deutsche Bank, United States bankruptcy court, Sixth Circuit
    Authors:
    Barbara K. Hager
    Location:
    USA
    Firm:
    Reed Smith LLP
    The Donald Trumps Icahn - intercreditor agreement restrictions on junior lenders not controlling in consideration of approval of nonconsensual reorganization plan
    2010-12-01

    In the Matter of TCI 2 Holdings, LLC, 428 B.R. 117 (Bankr. D.N.J. 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Consideration, Debt, Casino, Leverage (finance), United States bankruptcy court
    Authors:
    Brian M. Schenker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Creditors of insolvent subsidiaries may bring derivative actions against parent company’s officers and directors for breach of fiduciary duties
    2010-12-01

    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)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Shareholder, Unsecured debt, Security (finance), Breach of contract, Fiduciary, Board of directors, Debt, Standing (law), Involuntary dismissal, Stakeholder (corporate), Business judgement rule, Subsidiary, Parent company, United States bankruptcy court
    Authors:
    Brian M. Schenker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Bloodhorse.com reports that battle between NYRA, OTBS resurfaces
    2010-12-08

    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.

    Filed under:
    USA, New York, Insolvency & Restructuring, Media & Entertainment, Duane Morris LLP, Bankruptcy, Gambling, Bailout, US Republican Party, US Democratic Party, Chief executive officer
    Location:
    USA
    Firm:
    Duane Morris LLP
    Protection of collateral of counterparties to uncleared swaps; treatment of securities in a portfolio margining account in a commodity broker bankruptcy
    2010-12-06

    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.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Winston & Strawn LLP, Bankruptcy, Collateral (finance), Security (finance), Swap (finance), Futures contract, Commodity broker, Margin (finance), Broker-dealer, Commodity Futures Trading Commission (USA)
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    A perfect storm: retailers in bankruptcy in the post-BAPCPA economic downturn - part II
    2010-12-03

    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.

    Filed under:
    USA, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Bankruptcy, Retail, Debtor, Debt, Liquidation, Title 11 of the US Code, United States bankruptcy court, Seventh Circuit, US District Court for Northern District of Texas
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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