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    The ABCs of Chapter 15 -- Third Circuit upholds broad scope of recognition in cross-border cases
    2014-01-09

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Limited liability company, Liquidation, Liquidator (law), Unsecured creditor, Third Circuit
    Authors:
    Nathaniel Allard
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    It’s called "adequate" – not "automatic" – protection
    2013-09-12

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Collateral (finance), Legal burden of proof, Tax lien, Bankruptcy Appellate Panel
    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
    Seventh Circuit: failure to file proof of claim does not foreclose your rights
    2011-08-30

    The Bottom Line:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Federal Reporter, Budget, Debt, Mortgage loan, Foreclosure, Secured creditor, In rem jurisdiction, US Code, United States bankruptcy court, Seventh Circuit
    Authors:
    Anita Wong
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Enforceability of subordination provisions in synthetic CDOs — a Lehman perspective
    2010-02-03

    On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom.1

    Filed under:
    United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Surety, Collateral (finance), Interest, Swap (finance), Deed, Default (finance), Collateralized debt obligation, Bankruptcy of Lehman Brothers, Bank of New York Mellon, Lehman Brothers, United States bankruptcy court
    Authors:
    Fabien Carruzzo
    Location:
    United Kingdom, USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Preparing for the unthinkable: the collapse of another major dealer and practical risk mitigation strategies to take now
    2009-01-15

    The collapse of Lehman Brothers was a major test of the procedures developed by market participants to address counterparty credit risk and has uncovered deficiencies in risk management policies and their application.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Letter of credit, Collateral (finance), Swap (finance), Margin (finance), Hedge funds, Credit risk, Trader (finance), Mutual fund, Default (finance), Market value, Unsecured creditor, Bankruptcy of Lehman Brothers, Lehman Brothers
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Lehman bankruptcy – procedures for the settlement or assumption and assignment of derivative contracts
    2008-11-17

    On November 13, 2008, Lehman Brothers Holdings Inc. and its affiliated debtors in Chapter 11 (collectively, “Lehman”) filed a motion (the “Motion”) seeking Bankruptcy Court approval of procedures (the “Procedures”) for the assumption and assignment of derivative contracts not yet terminated by its various counterparties, as well confirmation of Lehman’s right to enter into settlement agreements for the termination of derivative contracts that have been terminated by its counterparties post-petition.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Consideration, Margin (finance), Dispute resolution, Liquidation, Default (finance), Credit rating, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Bankruptcy of a dealer – an overview of derivatives issues
    2008-10-21

    This alert describes issues to consider when a derivatives dealer counterparty becomes insolvent.We address below issues involving termination of a master agreement, close-out netting of underlying trades and collateral. Even though this alert focuses on the bankruptcy of a dealer, many of the issues would also arise in connection with the bankruptcy of most non-dealer counterparties.

    1. Existence of an Event of Default and Termination

    a. Existence of an Event of Default

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Credit (finance), Surety, Debtor, Collateral (finance), Security (finance), Safe harbor (law), Default (finance), Lehman Brothers
    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
    Contractor insolvency – be prepared
    2009-03-17

    In the construction industry, contractor insolvency delays projects, increases costs and may deprive the employer of remedies and third parties of meaningful warranty protection. In 2008, it was reported that the number of construction firms facing grave financial concerns was 547 per cent higher than in 2007 (Building, 14 November 2008). As contractor insolvencies are likely to increase in 2009, how can an employer protect its position at the start of a project and when contractor insolvency occurs?  

    Contractual safeguards  

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Bond (finance), Surety, Collateral (finance), General contractor, Independent contractor, Option (finance), Subcontractor, Withholding tax, Warranty, Default (finance), Subsidiary, Parent company, House of Lords
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP

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