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    Sixth Circuit voids reaffirmation agreement under Kentucky law
    2012-08-09

    In Salyersville Nat’l Bank v. Bailey (In re Bailey), 664 F.3d 1026 (6th Cir.

    Filed under:
    USA, Kentucky, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Debtor, Unsecured debt, Collateral (finance), Debt, Unsecured creditor, United States bankruptcy court, Sixth Circuit
    Authors:
    Ali Razzaghi
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Virginia General Assembly enacts changes to recording tax statutes
    2012-08-08

    Two significant changes were made to the Virginia recording tax statutes applicable to deeds of trusts during the 2012 session of the General Assembly. First, the exemption from recording taxes for deeds of trust whose purpose is to refinance an existing debt with the same lender was eliminated. Second, on deeds of trust securing debt in excess of the fair market value of the real estate, the recording tax now may be paid on the value of the property conveyed rather than the amount of the debt.

    Filed under:
    USA, Virginia, Insolvency & Restructuring, Real Estate, Tax, McGuireWoods LLP, Tax exemption, Debt, Fair market value, Refinancing, Deed of trust (real estate)
    Authors:
    Charles L. Menges , Nancy R. Little
    Location:
    USA
    Firm:
    McGuireWoods LLP
    The continued use of a trademark following termination of a franchise agreement can lead to a non-dischargeable debt in bankruptcy cases
    2012-07-30

    The Bankruptcy Code in the United States is generally intended to give honest but unfortunate debtors the opportunity for a fresh start. This includes the honest but unfortunate franchisee who attempts to start a franchise but ultimately fails. Generally, if a franchisee files a personal bankruptcy case, the personal liability of the individual who filed bankruptcy is discharged and that individual has the opportunity for a fresh start.

    Filed under:
    USA, Franchising, Insolvency & Restructuring, Litigation, Trademarks, Roetzel & Andress, Bankruptcy, Debt, Franchise agreement
    Authors:
    Michael J. Carey
    Location:
    USA
    Firm:
    Roetzel & Andress
    Second Circuit upholds the designation of claim purchaser’s vote on DBSD plan
    2012-07-24

    The Second Circuit recently issued its opinion in the DBSD N.A., Inc. bankruptcy case addressing several bankruptcy issues that have received wide-spread reporting, including the validity of the "gifting” doctrine and the standing of an "out of the money" creditor to object to confirmation of a chapter 11 plan. A lesser publicized issue addressed in the decision, but one that should signal a warning to claim purchaser’s of bankrupt companies, was the designation of a vote of DISH Network Inc. on DBSD's plan under section 1126(e) of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, Debtor, Unsecured debt, Debt, Dish Network, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Recent developments in acquisition finance
    2012-07-18

    There have been some important recent legal developments that will likely impact acquisition finance. This article will survey some of the more notable ones.

    The Eleventh Circuit Court of Appeals, on May 15, 2012, overturned1 a prior District Court decision stemming from the bankruptcy case of Tousa, Inc., affirming a bankruptcy court’s earlier 2009 decision that had ordered the return, on fraudulent transfer grounds, of over $400 million that had been repaid to prior lenders of the Tousa parent company in connection with a secured financing to the parent and its subsidiaries.

    Filed under:
    USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Dechert LLP, Debt, Preferred stock, Delaware Supreme Court, United States bankruptcy court, Eleventh Circuit
    Authors:
    Jeffrey M. Katz , Scott M. Zimmerman
    Location:
    USA
    Firm:
    Dechert LLP
    Beyond mere subordination: are your waivers worth the paper they are printed on?
    2012-06-22

    After several years of unusually few corporate defaults, there has recently been an uptick in corporations failing to satisfy their bond and loan obligations. In a number of cases, the debts in question are part of multiple-lien or multi-tranche financing structures that incorporate complex subordination packages. The agreements at issue often go beyond merely subordinating rights to payments.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Debt, US District Court for the Southern District of New York
    Authors:
    Eric Daucher
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Can you preserve your claims against a borrower after filing a 1099-C cancellation of debt?
    2012-06-25

    Borrowers who file a bankruptcy petition are always looking for creative new challenges to claims asserted by their bank creditors.  In recent years, debtors have argued that a bank’s issuance of an Internal Revenue Code form 1099-C “Cancellation of Debt” has the effect of waiving the bank’s claims against the borrower, and should preclude the bank from having an allowed claim in the bankruptcy case.  Fortunately, some recent court opinions state that a bank’s issuance of a 1099-C does not constitute a waiver, and the bank remains entitled to enforce its claim in a subsequent bank

    Filed under:
    USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Poyner Spruill LLP, Bankruptcy, Debtor, Waiver, Debt, Internal Revenue Code (USA)
    Authors:
    Diane P. Furr , Lisa P. Sumner
    Location:
    USA
    Firm:
    Poyner Spruill LLP
    Texas bankruptcy court denies recognition to Mexican financial restructuring plan; decision to be appealed to the Fifth Circuit
    2012-06-20

    On June 13, 2012, the bankruptcy court for the Northern District of Texas in In re Vitro, S.A.B. de C.V. (“Vitro SAB”) declined to recognize and enforce an order issued by the Federal District Court for Civil and Labor Matters for the State of León, Mexico, which approved Vitro SAB’s reorganization plan in its Mexican insolvency proceeding (known as a concurso mercantil proceeding). Vitro S.A.B. v. ACP Master Fund, Ltd., et al. (In re Vitro S.A.B.), Case No. 11–33335 (HDH), 2012 WL 2138112 (Bankr. N.D. Tex. June 13, 2012).

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Greenberg Traurig LLP, Debtor, Debt, Comity, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Supreme Court affirms a secured creditor's right to credit bid for its collateral at a sale under a bankruptcy plan
    2012-06-14

    The U.S. Supreme Court has delivered its much anticipated decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. ___ (2012), holding that a secured creditor may not be denied the right to credit bid at a bankruptcy sale of its collateral that is conducted pursuant to a Chapter 11 plan of reorganization.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Lathrop GPM, Bankruptcy, Credit (finance), Collateral (finance), Debt, Secured creditor, Title 11 of the US Code
    Authors:
    Phillip W. Bohl
    Location:
    USA
    Firm:
    Lathrop GPM
    Fraudulent transfer risk expanded: In re TOUSA: Eleventh Circuit expands fraudulent transfer risk for lenders to distressed borrowers
    2012-06-11

    SUMMARY

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Sullivan & Cromwell LLP, Debtor, Debt, Refinancing, United States bankruptcy court, Eleventh Circuit
    Location:
    USA
    Firm:
    Sullivan & Cromwell LLP

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