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    Financial services update, vol. 8, number 21
    2013-06-03
    In a case that should alarm secured creditors who thought they could lawfully exercise their secured creditor rights to foreclose on collateral, the Second Circuit Court of Appeals upheld sanctions against a secured creditor that did exactly that. In 2006, the State Employees Federal Credit Union ("SEFCU") made a loan to Mr. Weber, secured by Mr. Weber’s pick-up truck (the principles in this case apply equally in the corporate finance world). After Mr. Weber defaulted on the loan in 2009, SEFCU legally repossessed Mr.
    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Debtor, Collateral (finance), Secured creditor
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    FDIC proposes new resolution authority rules
    2010-10-18

    On October 12th, the FDIC published for comment proposed rules on how the agency would treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Act. The proposed rules bar any additional payments to holders of long-term senior debt, subordinated debt or equity interests that would result in those creditors recovering more than other creditors entitled to the same priority of payments under the law.

    Filed under:
    USA, Insolvency & Restructuring, Winston & Strawn LLP, Unsecured debt, Collateral (finance), Liquidation, Subordinated debt, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), US Federal Government, Federal Deposit Insurance Corporation (USA)
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Third Circuit rules secured creditors do not have a right as a matter of law to credit bid in bankruptcy plan sale
    2010-03-25

    This week, in a 2-1 decision affirming the District Court’s reversal of a ruling of the Bankruptcy Court for the Eastern District of Pennsylvania, the United States Court of Appeals for the Third Circuit held that secured creditors do not have a right as a matter of law to credit bid their claim at an auction pursuant to a plan of reorganization where the debtor intends to impose the plan on its secured creditors through a “cramdown” under section 1129(b)(2)(A)(iii) of the Bankruptcy Code; i.e., a plan providing the secured creditors with the “indubitable equivalent” of their secured claim.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Statutory interpretation, Interest, Secured creditor, Secured loan, Title 11 of the US Code, US Congress, United States bankruptcy court, Third Circuit, US District Court for Eastern District of Pennsylvania
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    FDIC issues proposal regarding enforceability of contracts for systemically important financial institutions
    2012-03-23

    On March 20, the Federal Deposit Insurance Corporation (FDIC) proposed a rule (Proposed Rule), with request for comments, that implements section 210(c)(16) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or the Act) , which permits the FDIC, as receiver for a financial company whose failure would pose a significant risk to the financial stability of the United States (a covered financial company), to enforce contracts of subsidiaries or affiliates of the covered financial company despite contract clauses that purport to terminate, accelerate, or provide

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Katten Muchin Rosenman LLP, Collateral (finance), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Federal Deposit Insurance Corporation (USA)
    Authors:
    Jeffrey M. Werthan
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Lehman Brothers court, building on Semcrude and Swedbank decisions, denies triangular setoff by swap counterparty
    2011-10-11

    The United States Bankruptcy Court for the Southern District of New York (the Court), has held that section 553(a) of the Bankruptcy Code prohibits a swap counterparty from setting off amounts owed to the debtor against amounts owed by the debtor to affiliates of the counterparty, notwithstanding the safe harbor provision in section 561 of the Bankruptcy Code and language in the ISDA Master Agreement permitting the swap counterparty to effect “triangular” setoffs. In re Lehman Brothers Inc., Case No. 08-01420 (JMP)(SIPA) (Bankr. S.D.N.Y. October 4, 2011).

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Collateral (finance), Safe harbor (law), Swap (finance), Debt, Common law, Title 11 of the US Code, Lehman Brothers, Delaware Supreme Court, United States bankruptcy court, US District Court for SDNY
    Authors:
    Jeff J. Friedman
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    ZING VII —implications for the bankruptcy remoteness of special purpose entities
    2011-09-28

    In re Zais Investment Grade Ltd. VII1 is the latest in a recent line of bankruptcy cases challenging bedrock assumptions regarding securitization special purpose entities (SPEs) and bankruptcy considerations in securitization transactions.2 Zais establishes precedent allowing a senior noteholder of a collateralized debt obligation (CDO) to place the CDO issuer in an involuntary chapter 11 bankruptcy in order to advance an asset management plan that would otherwise require supermajority approval of all noteholders (including all junior classes) under the related indenture.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Debt, Asset-backed security, Maturity (finance), Liquidation, Bad faith, Cashflow, Default (finance), Collateralized debt obligation, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Not all bankruptcy “core” proceedings are created equal: a limitation on state law lender liability claims in bankruptcy court after Stern v. Marshall
    2011-09-14

    The scenario has become all too familiar in recent years: a borrower defaults on a loan and, when the lender pursues the loan collateral through foreclosure or other proceedings, the borrower files for bankruptcy protection. More often than not, when the lender appears in bankruptcy court to pursue its interest in the collateral, the borrower counterattacks with a host of state law lender liability claims.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Collateral (finance), Interest, Tortious interference, Foreclosure, Default (finance), Title 11 of the US Code, US Constitution, US Congress, SCOTUS, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Seventh Circuit upholds right of secured creditors to credit bid under a Chapter 11 plan
    2011-07-21

    On June 28, 2011, the United States Court of Appeals for the Seventh Circuit became the latest circuit to weigh in on the hotly contested question of whether a debtor can deny a secured creditor the right to credit bid as part of a Chapter 11 plan providing for the sale of assets encumbered by the secured creditor’s liens. InIn re River Road Hotel Partners, LLC,1 the Seventh Circuit upheld the right of secured creditors to credit bid, a decision that runs directly contrary to recent opinions in the Third and Fifth Circuits.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Credit (finance), Debtor, Collateral (finance), Option (finance), Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    FDIC board approves interim final rule on new liquidation authority and clarifies treatment of creditor claims
    2011-01-21

    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) voted on December 18 to approve an interim final rule clarifying how the agency will treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Shareholder, Consumer protection, Unsecured debt, Collateral (finance), Board of directors, Debt, Liquidation, Subsidiary, Pro rata, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code, Federal Deposit Insurance Corporation (USA)
    Authors:
    Jeffrey M. Werthan
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    FDIC sells equity interest in loans
    2010-04-09

    On April 1, the Federal Deposit Insurance Corporation (FDIC) closed the sale of an equity interest in a limited liability company (LLC) created to hold certain assets transferred from 19 failed bank receiverships. The purchaser of the interest in the Multibank Structured Transaction Single Family Residential 2010-1 is Roundpoint Mortgage Servicing Corporation (Roundpoint). The sale was the result of a competitive auction held on February 24.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Share (finance), Collateral (finance), Interest, Limited liability company, Mortgage loan, Leverage (finance), Federal Deposit Insurance Corporation (USA)
    Authors:
    Jeffrey M. Werthan
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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