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    Bankruptcy court sets deadlines for filing claims against Lehman Brothers Inc
    2008-11-14

    The United States Bankruptcy Court for the Southern District of New York overseeing the Lehman Brothers (“LBI“) case under the Securities Investor Protection Act (“SIPA“) entered an order on Nov. 7, 2008 (the “Claims Bar Date Order“) establishing the following deadlines for the filing of claims against LBI:

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Liability (financial accounting), Brokerage firm, Marriott International, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    When laws collide: U.S. Attorney’s Office addresses tax consequences of paying wages to a bankruptcy trustee
    2008-11-14

    The Friday, October 10, 2008, edition of The State newspaper (Columbia, South Carolina) carried an article about the possible Wells Fargo-Wachovia merger. The article stated the merger could cause “major job cuts.” In an economic downturn such as the current one, employees are going to suffer job losses. Any employment attorney will tell you that will result in more employment-related lawsuits being filed by former employees against their former employers. Any bankruptcy attorney will tell you that will result in increased bankruptcy filings.

    Filed under:
    USA, Alabama, Employment & Labor, Insolvency & Restructuring, Litigation, Tax, Ogletree Deakins, Wage, Bankruptcy, Interest, Income tax, Withholding tax, Federal Insurance Contributions Act tax, Form 1099, Internal Revenue Service (USA), Wells Fargo, Internal Revenue Code (USA), Certified Public Accountant
    Location:
    USA
    Firm:
    Ogletree Deakins
    Rule of law may be newest victim of the credit crisis
    2008-11-13

    There has been no shortage of victims in this financial crisis. Pensions and retirement savings have been severely reduced, jobs have been lost and once powerful financial institutions have failed. But, there is, perhaps, another victim that has largely gone unnoticed: the rule of law.

    In his Evil Empire speech before the British House of Commons in June 1982, President Ronald Reagan refocused American political values on the rule of law.

    Filed under:
    USA, Banking, Insolvency & Restructuring, McCarthy Tétrault LLP, Bankruptcy, Shareholder, Unsecured debt, Debt, Stakeholder (corporate), US Federal Government, UK House of Commons, American International Group, Bank of America, Merrill, Lehman Brothers, Citibank, Bear Stearns
    Location:
    USA
    Firm:
    McCarthy Tétrault LLP
    Reinsured’s constitutional takings claim against United States dismissed for failure to allege loss of actual “property”
    2008-11-13

    We previously posted on March 17, 2008 about a bankruptcy judgment in favor of a reinsured, Acceptance Insurance Companies, Inc. (“Acceptance”), which sought to be excused from the payment of $9 million in premium owed to its reinsurer for the remaining term of a five year contract because it had ceased writing the underlying crop insurance which was the subject of the reinsurance contract.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Jorden Burt LLP, Bankruptcy, Statutory interpretation, Reinsurance, Eminent domain, Fifth Amendment, US Department of Agriculture, Eighth Circuit
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Does data have to be provided in a useable format, even if that format is proprietary?
    2008-11-13

    In Re NVMS, LLC, Case No. 308-01901 (Bkrtcy.M.D.Tenn. Mar 21, 2008)

    The debtor in this case is a medical services company who contracted with Medical Billing Partnership (“MBP”) to handle all of its billing. After filing for bankruptcy, the debtor asked MBP to provide billing data so as to determine the status of claims, but MBP refused to provide the information due to the proprietary software. MBP did provide a hard copy as well as a CD-rom with the information in an unformatted text file.

    Filed under:
    USA, Insolvency & Restructuring, IT & Data Protection, Litigation, Bricker & Eckler LLP, Bankruptcy, Debtor, Data, Discovery
    Location:
    USA
    Firm:
    Bricker & Eckler LLP
    Crisis for some; opportunity for others
    2008-11-11

    While the current outlook may be grim for the economy at large, the prospects of individual companies vary significantly, and some companies will continue to perform well despite the larger trends. For example, the designer retailer’s loss may become Walmart’s gain as consumers shop more closely for bargains. As the car manufacturers frequently say, “your mileage may vary.”

    Filed under:
    USA, Insolvency & Restructuring, Foley & Lardner LLP, Bankruptcy, Retail, Debtor, Unsecured debt, Collateral (finance), Safe harbor (law), Accounts receivable, Interest, Market liquidity, Liquidation, Balance sheet, Cashflow, Debtor in possession, Credit crunch, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Your customer’s plan of reorganization may release your third-party guarantor
    2008-11-24

    As the Seventh Circuit has recently made clear in Airadigm Communications, Inc. v. FCC, bankruptcy courts have the discretion under Bankruptcy Code §524 to approve a release contained in a Plan of Reorganization of a party which did not seek bankruptcy protection. Such a non-debtor release is more likely to be approved by the bankruptcy court where the creditors do not object to the confirmation of the Plan or vote to approve the Plan.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Surety, Debtor, Debt, Foreclosure, Federal Communications Commission (USA), Title 11 of the US Code, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    Foreclosures increase nationwide, Ohio dips and some states experience decline
    2008-11-24

    While some states have mandated delays to the foreclosure process, curbing the number of foreclosure filings in recent months, many report that such legislation is only a temporary cure. Foreclosure filings include default notices, auction sale notices and bank repossessions. According to James J. Saccacio, chief executive officer of RealtyTrac, October marked the 34th consecutive month where U.S. foreclosure activity increased compared to the prior year. RealtyTrac U.S.

    Filed under:
    USA, Insolvency & Restructuring, Bricker & Eckler LLP, Bankruptcy, Debtor, Mortgage loan, Personal property, Foreclosure, Moratorium, Default (finance), Federal Deposit Insurance Corporation (USA), US Department of the Treasury, Chief executive officer
    Location:
    USA
    Firm:
    Bricker & Eckler LLP
    Dealing with financially distressed purchasers of goods
    2008-11-19

    Sellers should be proactive in taking steps to protect themselves from a distressed buyer’s non-payment.  

    In the current economic downturn, sellers are dealing with many formerly good customers whose financial health is deteriorating. To protect their interests, sellers should assess their rights under applicable contracts and law and develop a strategy to minimize their exposure.

    Step 1 – Assess the Parties’ Contractual Rights

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Insurance, McDermott Will & Emery, Contractual term, Bankruptcy, Credit (finance), Breach of contract, Waiver, Accounts receivable, Default (finance), Force majeure, Payment protection insurance, Uniform Commercial Code (USA)
    Location:
    USA
    Firm:
    McDermott Will & Emery
    Obtaining relief from tenant allowance and build-out obligations when a tenant files for bankruptcy
    2008-11-18

    As our economy slides into what could be a long and severe recession, retail bankruptcies are expected to increase. Landlords are presented with a myriad of problems when one of their tenants files for bankruptcy. Although many of the obligations and rights of landlords are well established by current bankruptcy law, a novel question arises when a tenant files for bankruptcy while a landlord is in the process of constructing tenant improvements or is on the verge of providing a tenant allowance. Given the tenant’s right to reject its lease, a landlord is faced with a difficult decision.

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Eversheds Sutherland (US) LLP, Bankruptcy, Debtor, Landlord, Leasehold estate, Default (finance), US Code, Trustee, United States bankruptcy court
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP

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