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    TOUSA fraudulent transfer decision reversed by district court
    2011-02-22

    Reversing a controversial decision and judgment of the bankruptcy court, the United States District Court for the Southern District of Florida has held that a group of lenders who received payment in settlement of their defaulted debt from the proceeds of new loans secured by the assets of certain subsidiaries of TOUSA, Inc. which were not themselves liable on that debt, did not receive fraudulent transfers.

    Filed under:
    USA, Florida, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, White Collar Crime, Katten Muchin Rosenman LLP, Debtor, Interest, Debt, Foreclosure, Good faith, Default (finance), Subsidiary, Title 11 of the US Code, United States bankruptcy court, US District Court for Southern District of Florida
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    District court reverses TOUSA decision
    2011-02-18

    A recent decision from the United States District Court for the Southern District of Florida (the "Court") [1] reversed a controversial 2009 decision from the Bankruptcy Court in the litigation styled Official Committee of Unsecured Creditors of TOUSA, Inc. v. Citicorp North America, Inc.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, LeClairRyan, Bond (finance), Bankruptcy, Debtor, Interest, Debt, Legal burden of proof, Due diligence, Bad faith, Default (finance), Subsidiary, Secured loan, United States bankruptcy court
    Location:
    USA
    Firm:
    LeClairRyan
    Bankruptcy reorganization
    2011-02-28

    The taxpayer was able to convince the court that the creditors who got the stock in the reorganization were not the prior owners. Because the events occurred in 1992, under a prior version of the continuity of proprietary interest rules, continuity of ownership was broken and a section 338(h)(10) election could be made and the basis in the assets inside the corporation stepped up to fair market value, with no tax liability because the seller was in bankruptcy with large net operating losses (NOLs).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Alston & Bird LLP, Tax exemption, Bankruptcy, Shareholder, Debtor, Interest, Federal Reporter, Debt, Liquidation, Fair market value, Subsidiary, McDonald's, Seventh Circuit
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Is corporate bankruptcy an option for tribal casinos?
    2011-02-28

    Tribal economies are not immune to the recent global financial crisis and economic downturn. The Indian gaming industry was hit especially hard. After consistent year-over-year growth in tribal gaming revenues during the 1990s and continuing through 2008, industry revenues declined in 2009 and have continued to stagnate. Amid reports of several tribal casino defaults—and many more tribes with significant debt maturing in the near future that will need to be restructured—tribes and creditors must consider two questions: Are tribes and their corporations eligible for bankruptcy?

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Pillsbury Winthrop Shaw Pittman LLP, Bankruptcy, Debtor, Waiver, Debt, Default (finance), Casino, Sovereign immunity, US Code, Title 11 of the US Code
    Authors:
    Craig A. Barbarosh , Daron Tate Carreiro , Blaine I. Green , Mark D. Houle
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    What is a fraudulent conveyance?
    2011-02-22

    First, let's get one thing clear. A fraudulent conveyance, despite its name, doesn't necessarily involve fraud, and it certainly doesn't involve driving goods across the state in a wagon pulled by horses.

    OK, now that we have that out of the way . . .

    Filed under:
    USA, Banking, Insolvency & Restructuring, Reed Smith LLP, Debtor, Collateral (finance), Fraud, Interest, Debt, Conveyancing, Subsidiary, Title 11 of the US Code
    Authors:
    Susan C. Alker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Passive investors only -- strategic investors need not apply: Dish Network Corp. v. DBSD N. AM., Inc.
    2011-02-22

    Does this sound familiar? A newly formed entity purchases distressed bank debt after the debtor has proposed a reorganization plan. The purchaser obtains a blocking position and uses its negotiating leverage to obtain control of the plan process and ultimately the borrower’s assets, which have strategic importance to the purchaser.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Richards Kibbe & Orbe LLP, Bankruptcy, Debtor, Debt, Good faith, Bad faith, Subsidiary, Leverage (finance), Secured loan, Dish Network, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Richards Kibbe & Orbe LLP
    Court adopts "purpose" test to determine whether loan is "educational"
    2011-03-07

    BUSSON-SOKOLIK v. MILWAUKEE SCHOOL OF ENGINEERING (February 10, 2011)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Costs in English law, Waiver, Debt, Default judgment, Bad faith, Frivolous litigation, Bankruptcy discharge, United States bankruptcy court
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Losses and successive ownership changes at the forefront of recent IRS rulings
    2011-03-03

    The Internal Revenue Service (IRS) recently issued rulings regarding the availability of tax losses after a bankruptcy,1 the ability to take a loss under Sections 165(a) and 165(g),2 and the characterization of a loss after an ownership change.3 There are few rulings or other sources of authority for these types of issues, and thus, a review of these rulings provides insight into the IRS’s current thinking on the issues addressed.

    PLR 201051020

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Tax, Troutman Pepper, Bankruptcy, Security (finance), Interest, Limited liability company, Debt, Liquidation, Tax deduction, Holding company, Preferred stock, Troubled Asset Relief Program, Internal Revenue Service (USA)
    Authors:
    Annette M. Ahlers
    Location:
    USA
    Firm:
    Troutman Pepper
    The dog that didn't bark - Second Circuit's opinion in DBSD North America disallows gifting, but is silent on cramdown of secured creditor
    2011-03-02

    As discussed in previous posts on this site, back in December the Second Circuit Court of Appeals issued a summary order that reversed the bankruptcy court’s confirmation of the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO North America (“DBSD”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Security (finance), Interest, Market liquidity, Debt, Bad faith, Secured creditor, Unsecured creditor, Secured loan, Dish Network, Second Circuit, United States bankruptcy court
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    The nuts and bolts of credit bidding: a primer for traditional lenders and distressed debt investors
    2011-03-01

    What is credit bidding? Distilled to its most basic level, Section 363(k) of the Bankruptcy Code gives a secured creditor the right to use up to the full amount of the debt owed to the secured creditor by the debtor as currency in a bankruptcy auction sale of the collateral securing the debt owed to the secured creditor.

    Filed under:
    USA, Insolvency & Restructuring, Sills Cummis & Gross P.C., Bankruptcy, Credit (finance), Debtor, Collateral (finance), Debt, Secured creditor, Distressed securities, Title 11 of the US Code
    Location:
    USA
    Firm:
    Sills Cummis & Gross P.C.

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