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    NGP v. ATP: should overriding royalty interest owners be concerned?
    2014-03-22

    A recent bankruptcy court decision denying a royalty owner's motion for summary judgment is highly relevant to any investor that currently owns a term royalty interest or is considering such an investment. The United States Bankruptcy Court for the Southern District of Texas found in NGP Capital Resources Co. v. ATP Oil & Gas Corp. (In re ATP Oil & Gas Corp.), No. 12-3443, 2014 Bankr. LEXIS 33 (Bankr. S.D. Tex. Jan.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Interest, Conveyancing, United States bankruptcy court
    Authors:
    Jeffrey A. Schlegel , William Prescott Mills Schwind , Paul M. Green
    Location:
    USA
    Firm:
    Jones Day
    Banking bulletin: assignment of rents may not allow golf course lenders to see the green
    2014-03-25

    Much to the chagrin of golf course lenders, bankruptcy and appellate courts around the country have consistently held that a properly-perfected mortgage or security interest in golf course revenues, including cart rentals and green fees, is not sufficient to grant the lender an interest in the golf course’s “cash collateral” if the business ends up in bankruptcy*. The result is that those revenues can be spent by the golf course borrower in the bankruptcy case to cover its administrative or operating expenses over the objection of the lender.

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Litigation, Adams and Reese LLP, Bankruptcy, Debtor, Collateral (finance), United States bankruptcy court
    Authors:
    Andrew J. McBride , Richard H. Malchon, Jr. , Richard P. Carmody
    Location:
    USA
    Firm:
    Adams and Reese LLP
    Sentinel decision prioritizes protection of securities and futures markets
    2014-03-26

    On March 19, 2014, the U.S. Court of Appeals for the Seventh Circuit decided Grede v. FCStone, LLC, Nos. 13-1232, 13-1278 (7th Cir. Mar. 19, 2014), an opinion that reinforces the importance of the portability of investment accounts carrying commodity customer funds. The Seventh Circuit held that commodity futures customer funds must be protected in an insolvency situation, and that the release of customer funds to meet margin obligations should be upheld at all costs.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Foley & Lardner LLP, Bankruptcy, Security (finance), Investment management, Commodity broker, Futures exchange, Title 11 of the US Code, United States bankruptcy court, Seventh Circuit
    Authors:
    Stephen P. Bedell , Robert S. (Rob) Bressler , Geoffrey S. Goodman , David B. Goroff , Thomas P. Krebs , William J. McKenna
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Bankruptcy court says directors may owe fiduciary duties to debtor’s estate despite disclaimer in partnership agreement
    2014-03-14

    A recent decision from the Bankruptcy Court in the Southern District of Texas concludes that directors of a non-debtor general partner may owe fiduciary duties to a limited partnership debtor in bankruptcy whether or not such duties exist (or have been disclaimed) under the debtor's and general partner's organizational documents or applicable state law.[1]  In deciding whether to dismiss an involuntary petition filed against Houston Regional Sports Network, L.P.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bankruptcy, Fiduciary, Articles of partnership, Comcast, US District Court for Southern District of Texas
    Authors:
    Erica G. Weinberger , Kyle J. Kimpler
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Secured creditor’s lien may not be extinguished if creditor does not participate in the bankruptcy
    2014-03-14

    In Acceptance Loan Co., Inc. v. S. White Transportation, Inc. (In re S. White Transportation, Inc.), 725 F.3d 494 (5th Cir. 2013) (No.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jenner & Block LLP, Bankruptcy, Debtor, Secured creditor, Fifth Circuit
    Authors:
    Andrew J. Olejnik , Abraham Michael Salander
    Location:
    USA
    Firm:
    Jenner & Block LLP
    Protecting private wealth: recent bankruptcy cases involving tuition payments and profit sharing plans
    2014-03-14

    Two recent decisions may affect the assets of individuals available to satisfy creditors' claims in bankruptcy. In the first decision, the Bankruptcy Court for the Eastern District of New York determined that married, joint debtors received value in exchange for tuition payments and rejected the bankruptcy trustee's arguments that the tuition payments were fraudulent transfers.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, BakerHostetler, Bankruptcy, Debtor, United States bankruptcy court, First Circuit
    Authors:
    George Klidonas , Natacha Carbajal
    Location:
    USA
    Firm:
    BakerHostetler
    West Virginia bankruptcy courts split on when foreclosure sale is final
    2014-03-14

    As seen in The Community Banker

    Filed under:
    USA, Virginia, West Virginia, Insolvency & Restructuring, Litigation, Real Estate, Dinsmore & Shohl LLP, Bankruptcy, Debtor, Foreclosure, Deed, Trustee, United States bankruptcy court
    Authors:
    David M. Thomas , Michael R. Proctor
    Location:
    USA
    Firm:
    Dinsmore & Shohl LLP
    In re: Fisker Automotive Holdings, Inc.: caveat emptor for distressed debt purchasers – your credit bid rights may be impaired!
    2014-03-17

    Bankruptcy Court Decision

    Filed under:
    USA, Insolvency & Restructuring, Litigation, McGuireWoods LLP, Bankruptcy, Debtor, Secured creditor, Distressed securities, United States bankruptcy court
    Authors:
    Douglas M. Foley , Shara C. Cornell
    Location:
    USA
    Firm:
    McGuireWoods LLP
    U.S. Supreme Court clarifies limits of bankruptcy judge’s equitable authority under section 105(a)
    2014-03-12

    On March 4, 2014, a unanimous United States Supreme Court decided Law v. Siegel1 and clarified that exercising statutory or inherent powers, a bankruptcy court may not contravene specific statutory authority. Law will likely have broad implications for business bankruptcy cases even though it directly involved the exercise of a bankruptcy judge’s authority under section 105(a) to create a pragmatic solution to the actions of a bad actor in a consumer bankruptcy case.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Greenberg Traurig LLP, Bankruptcy, Debtor, Supreme Court of the United States, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Dissent highlights disturbing potential for increasing escrow holder policing and disclosure obligations
    2014-03-04

    A new decision in Ash v. North American Title Co. holds that (1) contract damages based upon a bankruptcy were not foreseeable, and (2) an escrow holder was  entitled to a jury instruction  as to intervening or superceding causes (i.e., the bankruptcy).  The decision also highlights a potential for some judges to try to impose greater responsibilities on escrow holders.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Miller Starr Regalia, Bankruptcy, Fiduciary, Westlaw
    Location:
    USA
    Firm:
    Miller Starr Regalia

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