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Bankruptcy Court for the Southern District of New York creates conflict with Third Circuit by holding safe harbor inapplicable to private securities transactions, even absent illegal conduct
2011-04-27

In what appears to be a matter of first impression, Bankruptcy Judge Robert D. Drain, United States Bankruptcy Court for the Southern District of New York, has held that a statutory safe harbor against constructive fraudulent conveyance actions under the Bankruptcy Code involving securities transfers does not apply to the private sale of securities, even when there are no allegations of illegal conduct or fraud involved in the underlying transaction.

Filed under:
USA, New York, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Debtor, Security (finance), Fraud, Safe harbor (law), Commodity broker, Secured loan, Pro rata, Title 11 of the US Code, Small Business Administration (USA), United States bankruptcy court, Third Circuit, US District Court for SDNY, Trustee
Authors:
Nicholas J. Brannick , Stephen D. Lerner , Jeffrey A. Marks
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Only a matter of time: a look at the December 1, 2009 changes to the time periods governing bankruptcy cases
2009-12-17

On December 1, 2009, numerous changes to the time periods applicable in bankruptcy cases took effect. These changes, which will impact creditors and debtors alike, are relatively straightforward but must be carefully reviewed and thoroughly understood. Time plays a critical role in the administration of bankruptcy cases, affecting the degree of notice a party is required to give before certain actions can be taken or approved by the bankruptcy court as well as deadlines for filing various documents, asserting various rights and satisfying certain statutory obligations.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Commodity broker, Liquidation, Consumer privacy, US Code, Title 11 of the US Code, SCOTUS, United States bankruptcy court
Authors:
Elliot M. Smith
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Could a Bitcoin exchange be a commodity broker?
2015-02-02

This is the fourth post in our Bitcoin Bankruptcy series on the Weil Bankruptcy Blog.

Filed under:
USA, Banking, Insolvency & Restructuring, Internet & Social Media, Weil Gotshal & Manges LLP, Bankruptcy, Bitcoin, Commodity broker
Authors:
Scott Bowling
Location:
USA
Firm:
Weil Gotshal & Manges LLP
View Original Article
PROMESA Shields Puerto Rico Behind a New Automatic Stay
2016-07-21

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)[1] into law. A copy of the Act can be found here.

Filed under:
Puerto Rico, USA, Insolvency & Restructuring, Litigation, Public, Bryan Cave Leighton Paisner (Bryan Cave), Bond (finance), Bankruptcy, Letter of credit, Debtor, Commodity broker, Economy, Exclusive jurisdiction, Stay of execution, Municipal bond, Title 11 of the US Code
Location:
Puerto Rico, USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Account transfer in the event of an FCM liquidation
2011-11-04

This Client Alert addresses the impact on a customer of a futures commission merchant (FCM) with respect to his or her accounts held by that FCM prior to a filing for bankruptcy under Title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the Bankruptcy Code) by the FCM.

Summary

Filed under:
USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bankruptcy, Debtor, Commodity, Futures contract, Commodity broker, Liquidation, Pro rata, US Code, Title 11 of the US Code, Commodity Futures Trading Commission (USA), Trustee
Authors:
Mark A. Broude
Location:
USA
Firm:
Latham & Watkins LLP
View Original Article
Seventh Circuit reads bankruptcy safe harbor broadly to insulate preferential settlement payment to commodity broker
2014-04-03

The United States Court of Appeals for the Seventh Circuit, on March 19, 2014, held that a corrupt debtor’s pre-bankruptcy cash transfer to a commodity broker was a “settlement payment” made “in connection with a securities contract,” thus falling “within [Bankruptcy Code] §546(e)’s safe harbor” and insulating the transfer from the trustee’s preference claim. Grede v. FCStone, LLC (In re Sentinel Management Group, Inc.), 2014 WL 1041736, *7 (7th Cir. Mar. 19, 2014).

Filed under:
USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Security (finance), Commodity broker, Hedge funds, Mutual fund, Seventh Circuit
Authors:
Michael L. Cook
Location:
USA
Firm:
Schulte Roth & Zabel LLP
View Original Article
Southern District of New York deepens internal split over loophole in bankruptcy safe harbor for capital markets transactions
2014-01-24

The Bankruptcy Court for the Southern District of New York recently held in Edward S. Weisfelner, as Litigation Trustee of the LB Creditor Trust v. Fund 1., et al.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Debtor, Commodity broker, Leveraged buyout, Title 11 of the US Code
Authors:
Brian Trust , Joel Moss , Joaquin M. C De Baca
Location:
USA
Firm:
Mayer Brown
View Original Article
Protection of collateral of counterparties to uncleared swaps; treatment of securities in a portfolio margining account in a commodity broker bankruptcy
2013-11-04

On October 30th, the Commodity Futures Trading Commission ("CFTC") adopted new final rules imposing requirements on swap dealers and major swap participants with respect to the treatment of collateral posted by their counterparties to margin, guarantee, or secure uncleared swaps.

Filed under:
USA, Derivatives, Insolvency & Restructuring, Winston & Strawn LLP, Collateral (finance), Security (finance), Swap (finance), Commodity broker, Commodity Futures Trading Commission (USA)
Location:
USA
Firm:
Winston & Strawn LLP
View Original Article
CFTC proposes amendments regarding the operation of a commodity broker in bankruptcy
2010-01-04

On December 16th, the CFTC published for comment amendments to its regulations concerning the operation of a commodity broker in bankruptcy. The amendments would permit a bankruptcy trustee to operate, with the written permission of the CFTC, the commodity broker in the ordinary course, including the purchase or sale of new commodity contracts on behalf of the customers of the commodity broker under appropriate circumstances, as determined by the Commission.

Filed under:
USA, Derivatives, Insolvency & Restructuring, Winston & Strawn LLP, Bankruptcy, Commodity, Commodity broker, Commodity Futures Trading Commission (USA)
Location:
USA
Firm:
Winston & Strawn LLP
View Original Article
CFTC proposes to amend bankruptcy rules to establish cleared OTC derivatives as a separate account class
2009-08-14

The Commodity Futures Trading Commission has proposed to amend its Bankruptcy Rules, 17 CFR Part 190, to establish cleared over-the-counter derivatives as a separate account class for the purpose of calculating “net equity” and “allowed net equity” for each customer in the event of the bankruptcy of a futures commission merchant.

Filed under:
USA, Derivatives, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Bankruptcy, Clearing (finance), Futures contract, Commodity broker, Over-the-counter (finance), Margin (finance), Code of Federal Regulations, US Securities and Exchange Commission, Commodity Futures Trading Commission (USA)
Authors:
Jeffrey M. Werthan , Christina J. Grigorian
Location:
USA
Firm:
Katten Muchin Rosenman LLP
View Original Article

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