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    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
    Decision in American Remanufacturers, Inc. holds that an agreement creating mutual obligations can provide a defense to a preference action
    2011-06-30

    Summary

    In a 56 page opinion published June 9, 2011, Judge Walsh ruled that a method of operating in which all of the credits and debits between two companies were netted out allows this same method to be used in calculating a set-off defense in preference litigation. Judge Walsh’s opinion is available here (the “Opinion”).

    Background

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Credit (finance), Debtor, Discovery, Debt, Third Circuit, Court of equity, Trustee
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Third Circuit affirms Delaware Bankruptcy Court stub rent decision
    2010-10-22

    Bankruptcy Code § 365(d)(3) requires the trustee or the debtor in possession to "timely perform all the obligations of the debtor . . .arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected, notwithstanding section 503(b)(1)." In 2001 the Third Circuit construed this section to require the debtor to perform the lease in accordance with its terms. CenterPoint Properties v. Montgomery Ward Holding Corp. (In re Montgomery Ward Holding Corp.), 268 F.3d 205 (3d Cir. 2001).

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Real Estate, Fox Rothschild LLP, Retail, Debtor, Landlord, Federal Reporter, Debtor in possession, Title 11 of the US Code, United States bankruptcy court, Third Circuit, First Circuit, Circuit court, Trustee
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in Fedders bankruptcy looks at whether lenders aided and abetted debtor in breach of duty of care
    2010-03-22

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, Fiduciary, Board of directors, Debt, Duty of care, Default (finance), Gross negligence, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    “Bad boy” guaranties and bankruptcy: New York court enforces non-recourse carve-out guaranty
    2013-10-14

    A recent New York court decision has cleared the way for lenders to seek recovery against non-recourse carve-out, or “bad boy,” guarantors during a pending mortgage foreclosure action if a borrower files for bankruptcy. In so doing, the court answered a question that, surprisingly, was thus far apparently unanswered in a reported decision in New York: whether New York’s “one action rule” under RPAPL § 1301 bars a lender from obtaining a money judgment against a “bad boy” guarantor for the debt if a mortgage borrower files for bankruptcy while a foreclosure action is underway.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Debtor, Debt, Foreclosure
    Location:
    USA
    Firm:
    Alston & Bird LLP
    GM announces details of U.S. Treasury’s asset sale proposal; unofficial committee of bondholders indicates support of proposal
    2009-05-28

    This morning, General Motors Corp. (GM) announced in a Form 8-K filing that the U.S. Treasury Department has proposed details of a reorganization plan to GM in the event that GM seeks bankruptcy protection and bankruptcy court approval for the sale of substantially all of its assets to a newly organized company (New GM) pursuant to Section 363 of the Bankruptcy Code (363 Sale). Following the proposed 363 Sale, the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bond (finance), Bankruptcy, Debtor, Unsecured debt, Trade union, Beneficiary, Debt, Voluntary association, Liquidation, Warrant (finance), HM Treasury (UK), US Department of the Treasury, General Motors, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    In re Residential Capital, LLC, et al.
    2013-10-01

    In a recent decision [1] arising from the In re Residential Capital LLC, et al.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Debtor
    Authors:
    William Hao
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy court approves $4.1 billion DIP facility for Chrysler
    2009-05-05

    Yesterday, in a bankruptcy court hearing held for Chrysler LLC (and 24 of its wholly owned subsidiaries), which filed for Chapter 11 bankruptcy protection last Thursday, U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Debtor, Collateral (finance), Budget, Investment funds, Subsidiary, Troubled Asset Relief Program, Secured loan, HM Treasury (UK), Chrysler, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    In re East End Development, LLC
    2013-06-10

    In In re East End Development, LLC, 2013 WL 1820182 (Bankr. E.D.N.Y. Apr.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Debtor
    Authors:
    Kevin M. Hembree
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Chrysler files for Chapter 11 bankruptcy protection and begins restructuring
    2009-05-03

    On Thursday, under pressure from the Obama administration, Chrysler and 24 of its wholly owned U.S. subsidiaries filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. None of Chrysler’s Mexican, Canadian or other international subsidiaries are part of the filing.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Libor, Debtor, Health insurance, Debt, Secured loan, Pro rata, US Federal Government, United Automobile Workers, Pension Benefit Guaranty Corporation, Chrysler, United States bankruptcy court
    Authors:
    Zachary Chapman
    Location:
    USA
    Firm:
    Alston & Bird LLP

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