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    Litigation challenges counterparty right to withhold payments under Section 2(a)(iii) of ISDA Master Agreement as violation of automatic stay provisions of US Bankruptcy Code
    2009-08-11

    In a recently filed motion in the United States Bankruptcy Court Southern District of New York (the “Motion”), Lehman Brothers Holdings Inc. (“LBHI”) is seeking to compel Metavante Corporation (“Metavante”) to perform its obligations under a swap agreement between Metavante and Lehman Brothers Special Financing Inc.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Condition precedent, Libor, Debtor, Safe harbor (law), Interest, Swap (finance), Liquidation, Default (finance), Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Statements made on record by principal of debtors not enforceable by lenders
    2008-12-31

    In In re River Center Holdings, LLC,1 the United States Bankruptcy Court for the Southern District of New York refused to permit lenders to enforce an oral commitment of the debtors’ principal to fund certain litigation. In River Center, the debtors’ principal had stated at a hearing that he would fund a condemnation action relating to property that served as collateral for the lenders’ financing.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Limited liability company, Eminent domain, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Second Circuit upholds “earmarking” doctrine defense to preference action
    2008-02-26

    The next time you negotiate a settlement payment with a financially troubled party, you may want to keep in mind an ancient term related to livestock herding: earmarking. The concept may be somewhat antiquated, but the Second Circuit has recently confirmed that it is still viable – and can help you keep the settlement payment if the other party later files for bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Interest, Contempt of court, Subpoena, Second Circuit, Trustee
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Dismissal of Involuntary Bankruptcy Petition Against Taberna CDO is Win for Securitization Industry
    2018-11-20

    On November 8, 2018, Judge Vyskocil of the U.S. Bankruptcy Court for the Southern District of New York issued a decision dismissing the involuntary petition that had been filed against Taberna Preferred Funding IV, Ltd. (“Taberna”), a non-recourse CDO, thus ending a nearly seventeen-month-long saga that was followed closely by bankruptcy practitioners and securitization professionals alike. SeeTaberna Preferred Funding IV, Ltd. v. Opportunities II Ltd., et. al., (In re Taberna Preferred Funding IV, Ltd.), No. 17-11628 (MKV), 2018 WL 5880918, at *24 (Bankr.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Amicus curiae, Consent, Liquidation, Solicitation, Tender offer
    Authors:
    Michele C. Maman , Howard R. Hawkins Jr. , Andrew M. Greenberg , Richard Solow
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Federal-Mogul court confirms that bankruptcy law trumps anti-assignment provisions in insurance policies
    2012-07-18

    On May 1, 2012, the United States Court of Appeals for the Third Circuit in In re Federal–Mogul Global, Inc. confirmed that anti-assignment provisions in a debtor’s insurance liability policies are preempted by the Bankruptcy Code to the extent they prohibit the transfer of a debtor’s rights under such policies to a personal-injury trust pursuant to a chapter 11 plan.In re Federal-Mogul Global Inc., --- F.3d ---, 2012 WL 1511773 (3d Cir. 2012).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Cadwalader Wickersham & Taft LLP, Federal preemption, Bankruptcy, Debtor, Third Circuit
    Authors:
    Matthew J. Oliver
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Champion Enterprises Bankruptcy Court dismisses equitable subordination and fraudulent transfer claims
    2011-02-10

    The United States Bankruptcy Court for the District of Delaware recently dismissed equitable subordination and fraudulent transfer claims filed by the Official Committee of Unsecured Creditors of Champion Enterprises, Inc. ("Champion") against more than 100 prepetition lenders to Champion (collectively, the "Defendants")1.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Consideration, Debt, Default (finance), Secured loan, Credit Suisse, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Kathryn M. Borgeson , Joseph Zujkowski
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Rule 2019 and its applicability to ad hoc committees
    2010-04-15

    Introduction

    Several recent bankruptcy decisions rendered in the Third Circuit address whether the disclosure requirements of Rule 2019 of the Federal Rules of Bankruptcy Procedure apply to informal or “ad hoc” committees.1 Although these courts base their reasoning on the “plain meaning” of Rule 2019, their ultimate holdings are inconsistent and have generated renewed interest in this topic among lenders and the investing community. This article provides a brief summary of these recent decisions and examines their inconsistencies.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Interest, Discovery, Stakeholder (corporate), JPMorgan Chase, United States bankruptcy court, Third Circuit
    Authors:
    Michael A. Stevens
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Third party releases survive Supreme Court's decision in Travelers Indemnity Co. v. Bailey
    2009-06-25

    Last week, the Supreme Court issued its decision in Travelers Indemnity Co. v. Bailey,2 establishing an important precedent concerning the ability of bankruptcy courts to release claims against third party non-debtors in chapter 11 plans of reorganization. In the June 2009 issue of Cadwalader’s Restructuring Review newsletter, we introduced this case and considered the potential implications of a ruling on this important but unsettled topic.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Contractual term, Bankruptcy, Debtor, Injunction, Debt, Consent, Title 11 of the US Code, Deutsche Bank, SCOTUS, Second Circuit, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Discharge injunction does not bar known creditor who did not receive adequate notice of bar date or confirmed plan
    2008-10-31

    In In re Arch Wireless,1 the United States Court of Appeals for the First Circuit held that a creditor who asserted claims against the debtor in various correspondence between the parties was a “known” claimant of the debtor’s estate entitled to direct notice of the bar date by which it must file a proof of claim. The Court of Appeals concluded that publication notice was insufficient to inform the creditor of the bar date or of the terms of the confirmed plan, even though the creditor was generally aware of the debtor’s bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Injunction, Due process, Contempt of court, Constructive notice, Title 11 of the US Code, United States bankruptcy court, First Circuit, US District Court for District of Massachusetts
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Bondholders of insolvent Argentine company denied relief by US Bankruptcy Court
    2008-01-31

    In a recent decision, the United States Bankruptcy Court for the Southern District of New York (the “U.S. Court”) exercised its abstention powers and dismissed an involuntary chapter 11 petition filed against an Argentine company, Compania de Alimentos Fargo, SA (“Fargo”).1 Fargo, a debtor in an insolvency proceeding in Argentina, had moved to dismiss the involuntary petition principally because its Argentine bankruptcy case was still pending.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Unsecured debt, Interest, Comity, Subsidiary, Secured loan, Deutsche Bank, Citibank, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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