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    Sixth Circuit Upholds Assignment of Rents to Secured Lender
    2017-05-23

    “[T]he debtor … did not retain sufficient rights in the assigned rents under Michigan law for those rents to be included in the bankruptcy estate,” held the U.S. Court of Appeals for the Sixth Circuit on May 2, 2017. In re Town Center Flats LLC, 201 U.S. App. LEXIS 7733, *2 (6th Cir. May 2, 2017). Relying on Michigan law and the language of the relevant documents, the court reversed the bankruptcy court’s holding that gave the Chapter 11 debtor access to the assigned rents as operating funds during its reorganization.

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    Filed under:
    USA, Michigan, Insolvency & Restructuring, Litigation, Real Estate, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Mortgage loan, Foreclosure, Default (finance), Sixth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Bankruptcy court denies lenders’ motions to dismiss Chapter 11 cases of SPE debtors
    2009-08-20

    On April 16, 2009 and April 22, 2009, General Growth Properties, Inc. (“GGP”) and certain of its subsidiaries (the “Debtors”), including many subsidiaries structured as special purpose entities (the “SPE Debtors”), filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Collateral (finance), Fiduciary, Consideration, Good faith, Default (finance), Derivative suit, Prima facie, Title 11 of the US Code, Delaware Supreme Court, United States bankruptcy court
    Authors:
    Lawrence V. Gelber , Adam C. Harris , David J. Karp
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Priming DIPs: the new normal?
    2014-12-22

    Following the Dec. 8 publication by the American Bankruptcy Institute (“ABI”) Commission to Study the Reform of Chapter 11 of a report (the “Report”) recommending changes to Chapter 11 of the Bankruptcy Code (“Code”),[1] we continue to analyze the proposals contained in the ABI’s 400-page Report. One proposal we wanted to immediately highlight would, if adopted, significantly increase the risk profile for secured lenders.

    Filed under:
    USA, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Debtor, Collateral (finance), Secured creditor
    Authors:
    Michael L. Cook , Adam C. Harris , David M. Hillman , Lawrence V. Gelber , Brian C. Tong
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Seventh Circuit holds that bankruptcy court improperly reduced oversecured lenders’ claim
    2009-05-13

    The U.S. Court of Appeals for the Seventh Circuit held on May 5, 2009, that a group of secured lenders were fully secured and “entitled to a full recovery” from the debtor despite the bankruptcy court’s improper valuation of the collateral (improved airport terminal space) securing the lenders’ underlying $60 million loan. In re United Airlines, Inc., ___ F.3d ___, 2009 U.S. App. LEXIS 9648 (7th Cir. 5/5/09) (Easterbrook, Ch. J.). The lower courts had valued the lenders’ collateral at $35 million, leaving them with a $25 million unsecured claim.

    Filed under:
    USA, Aviation, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Federal Reporter, Foreclosure, Valuation (finance), Airport, United States bankruptcy court, Seventh Circuit
    Authors:
    Adam C. Harris , David M. Hillman , Lawrence V. Gelber , Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Seventh Circuit changes its mind and reverses “inconsistent” district court fraudulent transfer and equitable subordination ruling
    2013-09-04

    The U.S. Court of Appeals for the Seventh Circuit held on Aug. 26, 2013 that an investment manager’s “failure to keep client funds properly segregated” and subsequent pledge of those funds “to secure an overnight loan” to stay in business may have constituted: (a) a fraudulent transfer to the lender; and (b) grounds for equitably subordinating the lender’s $312 million secured claim. In re Sentinel Management Group, Inc., 2013 WL 4505152, *1 (7th Cir. Aug. 26, 2013) (“Sentinel II”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Collateral (finance), Security (finance), Seventh Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Bankruptcy court allows collateral agent to credit bid without 100% approval of senior lenders in same facility
    2009-04-28

    In a recent decision, the Bankruptcy Court for the District of Delaware allowed the collateral agent for senior lenders to credit bid for the debtors’ assets even though all of the senior lenders had not authorized the bid. One of the senior lenders had objected to the group’s acquisition of the debtors’ assets by the credit bid. In re GWLS Holdings, Inc., 2009 WL 453110 (Bankr. D. Del. Feb. 23, 2009) (Walsh, J.).

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Waiver, Consent, Line of credit, Secured creditor, Secured loan, Title 11 of the US Code, Uniform Commercial Code (USA), Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Adam C. Harris , David M. Hillman , Lawrence V. Gelber , Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Are you looking for redemption in bankruptcy?
    2017-01-31

    What is “redemption” in bankruptcy?

    Filed under:
    USA, Florida, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Personal property
    Authors:
    Heather L. Ries
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    SDNY rules that distribution of liquidated swap agreement collateral is protected by the safe harbor in Bankruptcy Code Section 560
    2016-09-05

    In the recent decision of Lehman Bros. Special Fin. Inc. v. Bank of Am. Nat’l Assoc. (In re Lehman Bros. Holdings Inc.), 2016 WL 3621180 (Bankr. S.D.N.Y. June 28, 2016), the U.S.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Collateral (finance), Safe harbor (law), Liquidation, Collateralized debt obligation, Lehman Brothers, United States bankruptcy court, US District Court for SDNY, Trustee
    Authors:
    Carl D. Neff
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Bankruptcy remote financings in jeopardy after Michigan appellate court decision
    2012-04-19

    The proliferation of limited recourse financings popularized in the commercial mortgage backed securities (CMBS) loan market through the financial innovation of loan securitization may be in jeopardy following the decision of the Michigan Court of Appeals in Wells Fargo, N.A. vs. Cherryland Mall Limited Partnership.1   If the Michigan decision is widely followed, an array of unanticipated consequences may arise that could have profound effects on the debt capital markets generally and on single purpose entity (SPE) borrowers in particular.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Surety, Debtor, Collateral (finance), Default (finance), Commercial mortgage-backed security, Mortgage-backed security
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Dirt-for-debt, or just dirt: Judge Carey's latest decision in All Land Investments, LLC
    2012-03-15

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Debtor, Collateral (finance), Debt, Default (finance), Secured creditor, United States bankruptcy court
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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