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    Lenders file motions to dismiss twenty-one General Growth Properties bankruptcy cases as bad-faith filings
    2009-06-04

    Metropolitan Insurance Company has joined ING Clarion Capital Loan Services, Inc., Wells Fargo Bank, N.A., and FRM Funding Company, Inc in requesting the Bankruptcy Court to dismiss as bad faith filings the bankruptcy cases of twenty-one property level CMBS borrower subsidiaries of General Growth Properties, Inc. ING filed the first motion on May 4th with respect to eight debtors, and a hearing was set for May 27th. That hearing was subsequently adjourned to June 17th. Creditors having similar motions to be heard on June 17th were required to file their motions to dismiss by May 29th .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Debt, Maturity (finance), Involuntary dismissal, Bad faith, Cashflow, Subsidiary, Commercial mortgage-backed security, Wells Fargo, ING Group, MetLife, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Failed mitigation efforts do not prevent lessor’s claim
    2008-07-31

    In Giant Eagle, Inc. v. Phar-Mor, Inc.,1 the United States Court of Appeals for the Sixth Circuit held that a lessor-claimant whose lease was rejected pursuant to section 365(a) of Title 11 of the Bankruptcy Code was entitled to a claim for future-rent damages against the debtor, even though the lessor had entered into a nearly identical substitute lease. The Court concluded that efforts to mitigate damages by the lessor would not be considered in reducing the actual damage claim when those efforts failed to reduce the actual harm suffered by the lessor.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Unsecured debt, Breach of contract, Consideration, Liquidated damages, Default (finance), Title 11 of the US Code, United States bankruptcy court, Sixth Circuit, US District Court for Northern District of Ohio
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Protection afforded to good faith purchasers of bankruptcy claims, but uncertainty remains
    2007-10-25

    A recent federal district court appellate decision issued in the Enron chapter 11 case1 has ruled that the postpetition transfer of a prepetition bankruptcy claim from one party to another may insulate the transferred claim against certain types of attack based solely on conduct by a prior holder of the same claim. Whether a particular claim is protected depends upon how the claim was transferred.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Misconduct, Limited liability company, Good faith, Distressed securities, US Code, Deutsche Bank, Citibank, Enron, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    In re Hostess Brands, Inc.: Southern District of New York Bankruptcy Court refuses to send cash collateral dispute to arbitration
    2013-02-04

    On January 7, 2013, the Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York held that a dispute concerning the debtors’ use of cash collateral was not subject to arbitration, notwithstanding a broad arbitration clause in the parties’ underlying agreement, because the decision to allow a debtor to use cash collateral constituted a “core” issue and was a fundamental aspect of the bankruptcy process. In re Hostess Brands, Inc., No. 12-22052 (RDD), 2013 WL 82914 (Bankr. S.D.N.Y. Jan. 7, 2013).

    Background

    Filed under:
    USA, New York, Arbitration & ADR, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Arbitration clause, Debtor in possession, United States bankruptcy court
    Authors:
    Michael A. Stevens , Michele C. Maman
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Harrisburg: a case study in state law barriers to Chapter 9
    2012-01-10

    On November 23, 2011, the Bankruptcy Court for the Middle District of Pennsylvania dismissed Harrisburg, Pennsylvania’s Chapter 9 bankruptcy petition because, shortly before the filing, the state legislature expressly prohibited Harrisburg from seeking relief under Chapter 9.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Litigation, Public, Cadwalader Wickersham & Taft LLP, Bankruptcy, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Lary Stromfeld
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    ITC investigations not subject to bankruptcy stays —district court decisions reverse Bankruptcy Court stays of ITC investigations 648 and 685
    2010-09-24

    The issue of whether Section 362(a) operates as a stay of ITC Section 337 investigations arose in several ITC cases in the last two years. The first case, ITC Investigation No. 337-TA-605, involved Spansion, Inc., a Delaware corporation that manufactures semiconductor chips outside the United States. Spansion was named as a Respondent in the case and contended that the ITC investigation should be stayed as to Spansion pursuant to the automatic stay provision of Section 362(a).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Patent infringement, Federal Register, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware, US District Court for Eastern District of Virginia
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Bankruptcy court addresses SPEs’ rights to Chapter 11 in General Growth Properties
    2009-09-30

    Last month, in a significant ruling in the General Growth Properties, Inc. (“GGP”) bankruptcy case, the United States Bankruptcy Court for the Southern District of New York denied motions to dismiss, as bad faith filings, the bankruptcy cases of 20 purported bankruptcyremote special purpose entity (“SPE”) subsidiary debtors.1

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Public company, Bankruptcy, Debtor, Debt, Real estate investment trust, Good faith, Balance sheet, Bad faith, Refinancing, Business judgement rule, Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    General Growth Properties bankruptcy court enters final order on cash collateral, cash management, and DIP financing issues
    2009-05-18

    Our May 11th memo entitled “General Growth Properties Bankruptcy Court Defers Final Ruling on Cash Collateral, Cash Management and DIP Financing Issues” concluded that the ultimate impact of the bankruptcy filings of General Growth Properties, Inc. and its affiliates would depend in large part on how the cash collateral and DIP Loan issues were resolved. On May 13th, Judge Allan L. Gropper, the U.S. Bankruptcy Judge before whom these bankruptcies are pending, entered final orders on the pending cash collateral, cash management and debtor-in-possession financing motions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Limited liability company, Debt, Mortgage loan, Limited partnership, Subsidiary, Commercial mortgage-backed security, Secured loan, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Partnership bankruptcy tax issues
    2008-06-07

    I. INTRODUCTION

    Bankruptcies and restructurings involving partners and partnerships1 raise a number of unique tax issues. While the IRS has provided guidance with respect to a number of these issues, a surprising number of unresolved issues remain. The first part of this outline summarizes the state of the law with respect to general tax issues that typically arise in connection with partner and partnership bankruptcies and restructurings. The balance of the outline discusses tax issues that arise under Subchapter K when troubled partnerships are reorganized.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Interest, Income tax, Tax deduction, Tax return (United States), Internal Revenue Service (USA)
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Court restricts ability of offshore funds to access chapter 15 of the Bankruptcy Code
    2007-10-25

    In Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd.,1 the United States Bankruptcy Court for the Southern District of New York refused to allow the foreign representatives of two Bear Stearns funds2 to institute ancillary proceedings under new chapter 15 of the United States Bankruptcy Code. There, Judge Lifland held that, even though the Funds were in liquidation proceedings in the Cayman Islands, those proceedings constituted neither “foreign main” nor “foreign non-main” proceedings for purposes of the U.S.

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Injunction, Asset management, Margin (finance), Subprime lending, Liquidation, Liquidator (law), Title 11 of the US Code, Bear Stearns, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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