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    Credit swap agreement ipso facto clause struck
    2011-09-14

    Lehman Brothers Special Financing, Inc. v. Ballyrock ABS-CDO 2007-1 Limited (In re Lehman Brothers Holdings, Inc.) No. 09-01032 (JMP) (Bankr. S.D.N.Y. May 12, 2011)  

    CASE SNAPSHOT

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Surety, Debtor, Injunction, Swap (finance), Liquidation, Asset forfeiture, Default (finance), Collateralized debt obligation, Mortgage-backed security, Right to property, Lehman Brothers, US District Court for the Southern District of New York
    Authors:
    Kathleen A. Murphy
    Location:
    USA
    Firm:
    Reed Smith LLP
    A closer look at the NewPage bankruptcy
    2011-09-11

    On September 7, 2011, NewPage Corporation ("NewPage" or "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  As stated in NewPage's Declaration in Support of First Day Motions (the "Declaration" or "Decl."), filed with the Bankruptcy Court, NewPage produces coated paper used in magazines, brochures catalogs and textbooks.  NewPage manufactures its products in paper mills located in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and in Nova Scotia, Canada.  Decl. at *4.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Trade union, Packaging and labeling, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Second Circuit adopts net investment method to determine net equity in Madoff bankruptcy case
    2011-09-13

    On August 16, 2011, the Second Circuit held that Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("Trustee"), utilized the correct methodology to determine the "net equity" of each Madoff investor under the Securities Investor Protection Act ("SIPA").

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Share (finance), Bankruptcy, Debtor, Security (finance), Fraud, Limited liability company, Option (finance), Liquidation, Broker-dealer, Investment funds, Market value, Title 11 of the US Code, Trustee, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Copyright troll Righthaven near bankruptcy
    2011-09-13

    After filing more than 275 copyright infringement lawsuits, it now turns out that Righthaven was not the owner of the copyrights asserted in the lawsuit, and as a result is now on the verge of bankruptcy. The copyright infringement claims were made for reposting pictures and stories previously published by the Las Vegas Review-Journal, owned by Stephens Media.

    Filed under:
    USA, Copyrights, Insolvency & Restructuring, Foley & Lardner LLP, Bankruptcy, Copyright infringement, Electronic Frontier Foundation
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    It's important to record the trustee's deed promptly after foreclosure
    2011-09-13

    The United States Bankruptcy Court for the Central District of California recently held that the filing of a bankruptcy petition by a borrower can void a trustee sale even where the petition is filed after the trustee sale, so long as the borrower files the petition before the execution of the trustee's deed upon sale. In re: Gonzales 2011 WL3328508 (Bkrtcy. C.D.Cal. August 1, 2011).

    Filed under:
    USA, California, Banking, Insolvency & Restructuring, Litigation, Jeffer Mangels Butler & Mitchell LLP, Bankruptcy, Debtor, Collateral (finance), Option (finance), Foreclosure, Deed, Default (finance), Capital punishment, Deed of trust (real estate), Secured loan, California Civil Code, Trustee, US District Court for Central District of California, United States bankruptcy court
    Location:
    USA
    Firm:
    Jeffer Mangels Butler & Mitchell LLP
    Enron’s prematurity redemptions of commercial paper are not avoidable in bankruptcy
    2011-09-13

    The U.S. Court of Appeals for the Second Circuit recently held that prematurity redemptions of commercial paper made by Enron Corp. shortly before it filed for bankruptcy were protected from avoidance by 11 U.S.C. § 546(e)’s safe harbor for securities transaction settlement payments. In re Enron Creditors Recovery Corp. v. Alfa., No. 09-5122-bk (2d Cir. June 28, 2011). In so doing, the Second Circuit resolved a clash between the Bankruptcy Code’s interest in avoiding preferential debt repayment and the securities industry’s interest in preserving transaction finality.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bankruptcy, Security (finance), Safe harbor (law), Debt, Maturity (finance), Fair market value, Broker-dealer, Line of credit, Accrued interest, Coercion, Commercial paper, Enron, US Code, Second Circuit, United States bankruptcy court
    Authors:
    Scott S. Balber , Marcelo M. Blackburn
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Drafting tips for trademark licenses: is your trademark agreement a trademark license, a service agreement—or both? The answer could affect the ability of a licensee in bankruptcy to assign rights regarding the trademark.
    2011-09-14

    In re XMH Corp., Nos. 10-2596, 10-2597, 10- 2598 and 10-2599 (7th Cir. July 26, 2011)  

    CASE SNAPSHOT

    The Seventh Circuit Court of Appeals recently answered the following questions: (a) whether, under the Bankruptcy Code, a trademark license is assignable (that is, salable) without the licensor’s permission, in the absence of a clause in the agreement stating that it is assignable (NO); and (b) whether a trademark license can be “implied” in an agreement that does not say it’s a trademark license (NO).

    FACTUAL BACKGROUND

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Conflict of laws, Debtor, Federal Reporter, Marketing, Constitutional amendment, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Reed Smith LLP
    Unable to show ‘indubitable equivalence’ where property appraisals diverge significantly
    2011-09-14

    In re Prosperity Park, LLC, 2011 WL 1878210 (Bankr. W.D.N.C. May 17, 2011)  

    CASE SNAPSHOT

    Filed under:
    USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Discrimination, Limited liability company, Debt, Legal burden of proof, Liquidation, Deed of trust (real estate), Secured loan
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    Borders to reclaim customer PII & trademarks from email marketer
    2011-09-08

    U.S. Bankruptcy Judge Martin Glenn of the Southern District of New York has approved a stipulation between bankrupt bookseller Borders Group Inc. ("Borders") and email marketer Next Jump Inc. ("Next Jump") that will require Next Jump, a former marketing partner of Borders, to stop emailing Borders' customers and remove Borders' trademarks from its website and email blasts.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Locke Lord LLP, Bankruptcy, Injunction, Personally identifiable information, Marketing, Preliminary injunction, Liquidation
    Location:
    USA
    Firm:
    Locke Lord LLP
    Stern v. Marshall: effects on Delaware
    2011-09-08

    On June 23, 2011, the Supreme Court issued a ruling that has sent waves through bankruptcy courts across the nation. Stern v. Marshall, 131 S.Ct. 2594 (2011), is the latest opinion in a long running dispute between the estate of Vickie Lynn Marshall, better known as Anna Nicole Smith, and the estate of her late husband’s son, Pierce Marshall.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Subject-matter jurisdiction, US Constitution, Article I US Constitution, Supreme Court of the United States, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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