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    Strategies for distressed gaming entities (Part 2)
    2009-09-30

    Part One of this article, published in the last edition of the Restructuring Review, examined recent developments in the gaming industry, focusing on strategies employed by gaming companies to increase liquidity and avoid insolvency. Part Two focuses on how potential buyers can use the bankruptcy process to purchase gaming facilities, free and clear of prior liens, and describes certain complications inherent in the acquisition of this type of asset.

    Acquiring Gaming Facilities through Chapter 11

    Sale Process

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Debtor, Interest, Good faith, Secured creditor, In rem jurisdiction, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Scott J. Greenberg , Joseph Zujkowski
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Bankruptcy court modifies success fee payable to debtor’s financial advisor in pre-packaged bankruptcy
    2009-03-31

    Introduction

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Contractual term, Bankruptcy, Debtor, Interest, Contingent fee, Debtor in possession, Capital punishment, Leverage (finance), Title 11 of the US Code, United States bankruptcy court
    Authors:
    Joseph Zujkowski
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Seventh Circuit decides issues regarding FCC license after NextWave and permits third party releases
    2008-05-31

    In March 2008, the Court of Appeals for the Seventh Circuit decided In re Airadigm Communications, Inc. (Airadigm Communications, Inc. v. FCC),1 a case that built upon the Supreme Court’s decision in FCC v. NextWave Personal Communications, Inc (“NextWave”).2 In NextWave, the Supreme Court held that the FCC’s participation in a bankruptcy proceeding is subject to the provisions of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Debtor, Interest, Misconduct, Secured creditor, Unsecured creditor, Title 11 of the US Code, Federal Communications Commission (USA), SCOTUS, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Secured creditor is entitled to unsecured claim for expectation damages upon prepayment
    2007-09-21

    In In re Calpine Corporation, 2007 WL 685595 (Bankr. S.D.N.Y. 2007), the Bankruptcy Court for the Southern District of New York considered the issue of whether secured creditors whose debt was being paid prior to its original maturity date were entitled to a prepayment premium.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Debt, Maturity (finance), Liquidated damages, Refinancing, Default (finance), Secured creditor, Debtor in possession, Secured loan, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Because of Winn-Dixie? SDNY Bankruptcy Court looks beyond literal compliance with venue statute and transfers Patriot Coal cases to Eastern District of Missouri
    2012-12-03

    On November 27, 2012, in a ruling that undoubtedly will impact the choice of venue for many large corporate bankruptcies in the future, Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York transferred venue of the chapter 11 cases of Patriot Coal Corporation and ninety-eight of its affiliates to the Eastern District of Missouri.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Trade union, Delaware General Corporation Law, United States bankruptcy court, US District Court for SDNY
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Stern v. Marshall: how big is it?
    2011-07-14

    On June 23, 2011, the Supreme Court ruled 5-4, in an opinion by Chief Justice Roberts, that a Bankruptcy Judge lacked constitutional authority to issue a final ruling on state law counterclaims by a debtor against a claimant. This is the latest round of a well-known case involving the estate of former model Anna Nicole Smith and the estate of her late husband, wealthy oil magnate J. Howard Marshall.  

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Tortious interference, Defamation, Constitutionality, Majority opinion, US Code, Title 11 of the US Code, US Constitution, Article III US Constitution, SCOTUS, United States bankruptcy court
    Authors:
    Mark C. Ellenberg , Peter M. Friedman
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    BP in the wake of the Deepwater Horizon incident and the bankruptcy implications of mounting environmental liabilities
    2010-07-07

    On April 20, 2010, an explosion on the Deepwater Horizon oil drilling rig located off the coast of Louisiana killed eleven crewmen and set off what is now considered the largest offshore oil spill in U.S. history. As a result, BP p.l.c. (“BP”), the parent company of the British Petroleum multinational corporation, faces mounting liabilities related to the damages caused by the disaster and hundreds of lawsuits that have been filed in numerous U.S. state and federal courts.

    Filed under:
    USA, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Pollution, Bankruptcy, Injunction, Liability (financial accounting), Public limited company, Subsidiary, Gross negligence, Goldman Sachs
    Authors:
    Richard Nevins , Gregory M. Petrick , Peter M. Friedman , Ingrid Bagby
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Lehman bankruptcy court holds ISDA swap counterparty in violation of automatic stay/counterparty seeks modification
    2009-09-29

    In a recent ruling from the bench, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York held that Metavante Corporation’s suspension of payments under an outstanding swap agreement with Lehman Brothers Special Financing Inc.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Condition precedent, Debtor, Safe harbor (law), Swap (finance), Default (finance), Systemic risk, Title 11 of the US Code, International Swaps and Derivatives Association, Lehman Brothers, United States bankruptcy court
    Authors:
    Mark C. Ellenberg , Leslie W. Chervokas
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    New bankruptcy cram down and foreclosure prevention legislation introduced
    2009-02-26

    This week, Representative John Conyers introduced the “Helping Families Save Their Homes Act of 2009” (H.R. 1106) (the “Act”), which has been circulated in advance of a vote by the House of Representatives anticipated as early as today. Additional amendments have been offered to the bill, but it is unclear which, if any, will be incorporated into the final text. It is not expected that the Senate will consider its version of the bill until mid-March.

    Filed under:
    USA, Insolvency & Restructuring, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Mortgage loan, Foreclosure, Mortgage-backed security, Pro rata, US House of Representatives, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    American Home court expands scope of repo safe harbor
    2008-05-29

    In a May 23, 2008 decision, the United States Bankruptcy Court for the District of Delaware ruled that BBB-rated mortgage-backed notes are eligible for the Bankruptcy Code's repurchase agreement safe harbor as “interests in mortgage loans”. The court also held that a repurchase agreement constituted a sale, as opposed to a financing governed by UCC Article 9 -- the first decision on this topic since the financial contract safe harbors were expanded under the 2005 amendments to the Bankruptcy Code.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Breach of contract, Safe harbor (law), Market liquidity, Margin (finance), Mortgage loan, Foreclosure, Broker-dealer, Mortgage-backed security, Commercial paper, Title 11 of the US Code, Uniform Commercial Code (USA), Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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