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    When a hospital becomes a no standing zone
    2011-11-10

    Bottom Line:

    The United States Bankruptcy Court for the District of South Carolina in In re Barnwell County Hospital, No. 11-06207 (Bankr. D.S.C. Oct. 27, 2011) held that anad hoc community group of citizens formed for the purpose of attempting to keep the Barnwell County hospital open and operating in its current location (the “Community Group”) was not a party-in-interest in the hospital’s bankruptcy case and so lacked standing to challenge the debtor’s eligibility for relief under chapter 9 of the Bankruptcy Code.

    Filed under:
    USA, South Carolina, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Interest, Standing (law), Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Recent decision interpreting LSTA standard terms and conditions
    2008-07-16

    On April 9, 2008, in the M. Fabrikant & Sons, Inc. bankruptcy case pending in the Southern District of New York, Chief Judge Stuart M. Bernstein held that a seller of bank debt under the standard LSTA claims transfer documents transfers all of its rights except for those explicitly retained, including unmatured contingent claims, thus giving broad construction to the term “Transferred Rights” under the standard LSTA trade documents.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Contractual term, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Debt, Attorney's fee, Secured loan, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    SDNY District Court Holds That Bankruptcy Courts Have Core Jurisdiction and Constitutional Adjudicatory Authority over Involuntary Third-Party Releases
    2018-11-13

    The Bottom Line

    Filed under:
    USA, New York, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Res judicata and issue estoppel, US District Court for SDNY
    Authors:
    Alexandra Troiano
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Junior noteholder gets “ZING’d” as Bankruptcy Court allows involuntary filing of CDO issuer by senior noteholder
    2011-10-31

    The Bottom Line:

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Liquidation, Collateralized debt obligation, Bank of New York Mellon, United States bankruptcy court, US District Court for District of New Jersey, Trustee
    Authors:
    Lauren Macksoud
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Lessons from Iridium: southern district bankruptcy judge dismisses $3.7 billion preference and fraudulent conveyance claims against Motorola
    2007-10-04

    On the Friday before Labor Day, Judge James Peck of the United States Bankruptcy Court for the Southern District of New York shocked the distressed bond market by dismissing the preference and fraudulent transfer counts of Iridium LLC Creditors Committee’s $3.7 billion adversary proceeding against Motorola, Inc. Judge Peck found that the Committee had failed to prove that Iridium was insolvent at any time—even the day before bankruptcy. Iridium’s $1.6 billion in bonds dropped from the mid-20s to low single digits in days.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Bankruptcy, Market capitalisation, Breach of contract, Fiduciary, Fair market value, Warranty, Cashflow, Motorola, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Fifth Circuit Holds Executory Contract Not Listed on Bankruptcy Schedules Is Automatically Rejected Upon Expiration of 60-Day Period in Chapter 7 and Not Capable of Being Sold
    2018-11-07

    The Bottom Line

    The Fifth Circuit recently held in RPD Holdings, L.L.C. v. Tech Pharmacy Services (In re Provider Meds, L.L.C.), No. 17-1113 (5th Cir. Oct. 29, 2018), that a patent license that was not specifically listed on the debtors’ bankruptcy schedules was automatically deemed rejected where it was not assumed within 60 days of the cases’ conversion from Chapter 11 to Chapter 7.

    What Happened?

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Patents, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Fifth Circuit
    Authors:
    Kelly E. Porcelli
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Third Circuit to directors of insolvent entity – you may be in “deepening” trouble now
    2011-10-14

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Fraud, Fiduciary, Federal Reporter, Negligence, Business judgement rule, Corporate bond, Third Circuit, Chief financial officer
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Southern District of New York rules that non-impairment clauses do not apply in bankruptcy
    2007-10-04

    While many amendments to bond indentures can be made without consent from all bondholders, “non-impairment” clauses provide that the indenture may not be amended or restructured in any way that will affect or impair a bondholder’s right to receive principal and interest when due without unanimous consent.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Bankruptcy, Debtor, Interest, Debt, Dissenting opinion, Default (finance), Stay of execution, Second Circuit, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Investors’ Ability to Receive Freely Transferable Securities in a Plan of Reorganization
    2018-06-06

    A key consideration for investors in securities of bankrupt issuers is the extent to which the securities received upon consummation of a Chapter 11 plan will be freely transferable. While the trading restrictions may not change an investor’s determination to, for instance, participate in a backstop arrangement, or to receive an amount of securities that would result in potential affiliate status, the investor’s compliance and back-office functions will be responsible for monitoring reporting and implementing trades, and the potential slip-ups are many and varied.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Bankruptcy
    Authors:
    John Bessonette
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Seventh Circuit takes the long view in defining insider status for preference actions
    2011-09-22

    The Bottom Line: 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Limited liability company, US Code, United States bankruptcy court, Seventh Circuit
    Authors:
    Benjamin C. Wolf
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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