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    New York bankruptcy court holds that Bankruptcy Code’s two-year extension of time to bring actions applies to foreign representatives in Chapter 15 cases
    2011-05-31

    Section 108 of the Bankruptcy Code grants a two-year extension of time for a trustee in bankruptcy (or a debtor in possession) to bring law suits, provided that the applicable period to sue didn’t expire before the petition date. It also gives a short extension to the trustee for filing pleadings, curing defaults, and performing other acts on behalf of the debtor. These provisions afford a trustee and debtor in possession valuable time to discover and evaluate potential causes of action and to perform other acts to preserve the debtor’s rights.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bankruptcy, Debtor, Security (finance), Statute of limitations, Investment management, Liquidation, Default (finance), Debtor in possession, Liquidator (law), US Congress, Title 11 of the US Code, Trustee, United States bankruptcy court
    Authors:
    Alan W Kornberg , Stephen J. Shimshak , Claudia R Tobler
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Visteon Corporation files preference actions against creditors
    2011-05-29

    Introduction

    Last week, Visteon Corporation began filing preference complaints against hundreds of current and former creditors of the company. This post will look briefly at the nature of Visteon’s business, why the company filed for bankruptcy, as well some of the likely “next steps” now that the company has filed its preference complaints.

    The Bankruptcy Filing

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, Default (finance), Ford Motor Company, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    A closer look at the Jackson Hewitt bankruptcy
    2011-05-29

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Royalty payment, Bankruptcy, Landlord, Leasehold estate, Debt, Tax return (USA), Secured loan, Walmart, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Looks like Fred Wilpon picked the wrong week to quit drinking
    2011-05-27

    The well known travails of Fred Wilpon, the principal owner of the New York Mets, have all converged this past week. He, his partner Saul Katz and their families and affiliated enterprises (the “Wilpon/Katz Group”) lost several hundred million dollars when Bernard Madoff’s long running Ponzi scheme finally unraveled at the height of the financial crisis in 2008.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, White Collar Crime, Kelley Drye & Warren LLP, Bankruptcy, Fraud, Hedge funds, Liquidation, Good faith, Cashflow, Unsecured creditor, Lehman Brothers, Trustee
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    S.D.N.Y. Bankruptcy Court continues to construe Bankruptcy Code’s safe harbor provisions narrowly
    2011-06-07

    In two recent decisions, the United States Bankruptcy Court for the Southern District of New York has interpreted narrowly certain of the Bankruptcy Code’s safe harbor provisions.  

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Shareholder, Injunction, Swap (finance), Leveraged buyout, Default (finance), Collateralized debt obligation, Mortgage-backed security, Wells Fargo, International Swaps and Derivatives Association, Lehman Brothers, Title 11 of the US Code, Trustee, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Junior lien holder bankruptcy can stay the foreclosure of a senior lien
    2011-06-07

    The second priority lien held by a junior lien holder is a property interest sufficient to trigger the protection of the automatic stay.In re Three Strokes L.P., 379 B.R. 804 (Bankr. N.D. Tex. 2008). Inasmuch as a senior lien holder’s foreclosure proceedings would have the effect of extinguishing the debtor’s second lien interest, a court may only lift the stay and permit the foreclosure to proceed upon such senior lien holder’s showing of adequate protection.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Seyfarth Shaw LLP, Bankruptcy, Debtor, Interest, Mortgage loan, Foreclosure, Deed, Default (finance), Deed of trust (real estate), Tax lien, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Decision in DBSI delays motion for summary judgment
    2011-06-07

    Summary

    In an 11 page opinion published May 27, 2011, Judge Walsh granted a motion under F.R.C.P. 56(d) and quoted another opinion which says “where the facts are in possession of the moving party a continuance of a motion for summary judgment for purposes of discovery should be granted almost as a matter of course.” Judge Walsh’s opinion is available here (the “Opinion”).

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Breach of contract, Federal Reporter, Discovery, Consideration, Liquidation, Federal Rules of Civil Procedure (USA), Trustee, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    CMBS certificate holders lack standing in Chapter 11
    2011-06-03

    In a ruling that has been described as “very important” and the “first decision of its kind,” bankruptcy judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York held on April 1, 2011, in In re Innkeepers USA Trust, 2011 WL 1206173 (Bankr. S.D.N.Y.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Collateral (finance), Security (finance), Interest, Federal Reporter, Mortgage loan, Real estate investment trust, Investment funds, Default (finance), Commercial mortgage-backed security, Mortgage-backed security, Second Circuit
    Location:
    USA
    Firm:
    Jones Day
    Section 503(b) not exclusive authority for payment of creditor fees and expenses in Chapter 11
    2011-06-03

    Section 503(b) of the Bankruptcy Code delineates categories of claims that are entitled to elevated priority as “administrative expenses.” Under section 503(b)(3)(D), administrative expenses include “actual, necessary expenses” incurred by a creditor, indenture trustee, equity holder, or unofficial committee “in making a substantial contribution” in a chapter 11 case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Costs in English law, Debtor, Debtor in possession, Comcast, Title 11 of the US Code, Trustee, United States bankruptcy court
    Authors:
    Nancy J. Lu
    Location:
    USA
    Firm:
    Jones Day
    What’s the plan?
    2011-06-02

    A recently proposed rule by the Federal Reserve Board and the Federal Deposit Insurance Corporation would systemically impose significant bank holding companies and nonbank financial companies to submit annual resolution plans and quarterly credit exposure reports.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Morrison & Foerster LLP, Bankruptcy, Credit (finance), Board of directors, Federal Reserve Board, Bank holding company, Federal Deposit Insurance Corporation (USA), Financial Stability Oversight Council, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Morrison & Foerster LLP

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