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    Twenty-six years later, a Lubrizol split by the Seventh Circuit
    2012-11-02

    Chief Judge Frank Easterbrook of the Seventh Circuit recently created a split of authority regarding the rejection intellectual property licenses in bankruptcy by upholding a decision protecting a trademark licensee’s ability to use a debtor licensor’s trademark after the licensing agreement had been rejected. Chicago American Manufacturing’s licensing contract with debtor Lakewood Engineering & Manufacturing authorized CAM to sell fans under Lakewood’s mark.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Cadwalader Wickersham & Taft LLP, Bankruptcy, Seventh Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Second Circuit clarifies rules on gifting, designation, in DBSD
    2011-06-24

    Earlier this year, the U.S. Court of Appeals for the Second Circuit held that a proposed “gifting” plan distributing value from the second lien lenders to the prepetition equity holder violated the absolute priority rule and was confirmed in error.2 This decision, by a 2-1 panel vote,3 reversed the decisions of the Bankruptcy and District Courts for the Southern District of New York. The Second Circuit also affirmed unanimously the designation of the vote of an indirect competitor of the debtor that held no claims prior to the petition date.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Interest, Debt, Good faith, Voting, Sprint Corporation, Dish Network, Second Circuit, United States bankruptcy court
    Authors:
    Michael A. Stevens
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Southern district moots appeal of general growth dip financing
    2010-06-15

    The United States District Court for the Southern District of New York recently addressed an objection to the debtor-in-possession financing approved by the United States Bankruptcy Court for the Southern District of New York in the bankruptcy of General Growth Properties.1 The District Court’s decision, which holds that reversal on appeal of an order approving DIP financing does not invalidate the financing or liens granted by the postpetition lenders, if provided in good faith also addresses both the timeliness of the appeal and the merits of the arguments raised therein, provides a detai

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Debt, Good faith, Secured loan, Goldman Sachs, United States bankruptcy court, Third Circuit
    Authors:
    Joseph Zujkowski
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    American Home court denies bank’s deficiency claim by accepting discounted cash flow valuation of mortgage loan portfolio subject to repurchase agreement
    2009-09-17

    A Delaware bankruptcy court recently delivered the first decision applying section 562 of the Bankruptcy Code to a claim based on the termination of a repurchase agreement. In re American Home Mortgage Corp., Bankr. Case no. 07-1104, Dkt. no. 8021 (Bankr. D. Del. Sept. 8, 2009). The court’s ruling creates additional uncertainty in the calculation of bankruptcy claims, not only with respect to repurchase agreements but also with respect to other safe harbored financial contracts.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Mortgage loan, Debtor in possession, Market value, Valuation (finance), Discounted cash flow, United States bankruptcy court
    Authors:
    Mark C. Ellenberg , Peter M. Dodson , Leslie W. Chervokas
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Bankruptcy court refuses to enforce a restrictive real estate covenant due to unprecedented economic distress
    2009-01-30

    Introduction

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Real Estate, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Injunction, Interest, Covenant (law), Liability (financial accounting), United States bankruptcy court, US District Court for Southern District of Florida
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Post-transaction acts may support recharacterization of debt to equity
    2008-03-27

    In a recent adversary proceeding brought by a chapter 7 trustee to recharacterize a creditor’s claim from a debt claim to an equity interest, the United States Bankruptcy Court for the District of South Carolina denied a creditor’s motion to dismiss for failure to state a claim where the trustee had alleged that the lender assumed control over the corporation after the date of the credit agreement.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Shareholder, Debtor, Interest, Debt, Maturity (finance), Articles of incorporation, Annual general meeting, United States bankruptcy court, Fourth Circuit, Trustee
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Fifth Circuit finds that an electricity requirements contract is a “forward contract” exempt from Bankruptcy Code’s avoidance powers
    2012-10-11

    On August 2, 2012, the United States Court of Appeals for the Fifth Circuit held that a requirements contract for electricity is a forward contract for purposes of section 546(e) of the Bankruptcy Code and, therefore, settlement payments made under the contract are exempt from avoidance as preferences. Claude Lightfoot v.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, United States bankruptcy court, Fifth Circuit
    Authors:
    Audrey Aden Doline , Peter M. Friedman
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Champion Enterprises bankruptcy court dismisses equitable subordination and fraudulent transfer claims
    2011-06-16

    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.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Consideration, Debt, Involuntary dismissal, Default (finance), Title 11 of the US Code, 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
    U.S. district court affirms Delaware Bankruptcy Court decision in SemCrude prohibiting triangular setoff
    2010-05-25

    The United States District Court for the District of Delaware recently affirmed a Bankruptcy Court decision that invalidated the use by creditors of so-called “triangular”, or non-mutual, setoffs in which obligations are offset among not only the parties to a bilateral contract but also their affiliates. In re SemCrude, L.P., 2010 U.S. Dist. LEXIS 42477 (D. Del.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Safe harbor (law), Swap (finance), Debt, Bankruptcy of Lehman Brothers, Title 11 of the US Code, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Mark C. Ellenberg , Leslie W. Chervokas
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Second Circuit expands scope of permissible sales of assets in Chapter 11 pursuant to Section 363 of the Bankruptcy Code
    2009-08-19

    As is now well known, General Motors, Inc. and Chrysler LLC financially restructured themselves with the help of the United States Treasury. These restructurings occurred very quickly – Chrysler and GM each filed for bankruptcy and sold substantially all of their automobile-producing assets to newly created companies2 within approximately forty days. Each company used the bankruptcy process to massively deleverage and free itself from personal injury liability claims.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Wage, Bankruptcy, Debtor, Liability (financial accounting), US Department of the Treasury, United Automobile Workers, General Motors, Chrysler, Second Circuit, Third Circuit
    Authors:
    Peter M. Friedman
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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