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    Senate to move on Harrisburg Receiver measure despite bankruptcy filing
    2011-10-13

    A measure that places a Receiver in charge of Harrisburg’s finances is expected to be approved by the Senate on October 17, despite the recent move by City Council to file for bankruptcy.

    “From our point of view nothing has changed,” said State Rep. Glen Grell, R-Cumberland, who worked on the Receiver legislation with State Senator Jeff Piccola, R-Dauphin. “The bankruptcy move is specifically forbidden under legislation we passed in June. I don’t think there’s any doubt it will be challenged and pretty quickly dismissed.”

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Duane Morris LLP, Bankruptcy, Debt, Default (finance), Commonwealth Court of Pennsylvania
    Location:
    USA
    Firm:
    Duane Morris LLP
    History matters: historical breaches may undermine assumption of executory contracts
    2011-10-13

    One of the primary fights underlying assumption of an unexpired lease or executory contract has long been over whether any debtor breaches under the agreement are “curable.” Before the 2005 amendments to the Bankruptcy Code, courts were split over whether historic nonmonetary breaches (such as a failure to maintain cash reserves or prescribed hours of operation) undermined a debtor’s ability to assume the lease or contract.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Breach of contract, Federal Reporter, Franchise agreement, Default (finance), US Congress, Constitutional amendment, Title 11 of the US Code, Trustee, Ninth Circuit, First Circuit
    Authors:
    Lance Miller
    Location:
    USA
    Firm:
    Jones Day
    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), Asset management, 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
    Authors:
    Chris DiAngelo
    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), US Congress, Title 11 of the US Code, US Constitution, Supreme Court of the United States, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Credit swap agreement ipso facto clause struck
    2011-09-14

    Lehman Brothers Special Financing, Inc. v. Ballyrock ABS-CDO 2007-1 Limited (In re Lehman Brothers Holdings, Inc.) No. 09-01032 (JMP) (Bankr. S.D.N.Y. May 12, 2011)  

    CASE SNAPSHOT

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Surety, Debtor, Injunction, Swap (finance), Liquidation, Asset forfeiture, Default (finance), Collateralized debt obligation, Mortgage-backed security, Right to property, Lehman Brothers, US District Court for the Southern District of New York
    Authors:
    Kathleen A. Murphy
    Location:
    USA
    Firm:
    Reed Smith LLP
    Living wills: FDIC approves final rules
    2011-09-16

    On Tuesday morning, the Federal Deposit Insurance Corporation (“FDIC”) Board unanimously approved two rules regarding resolution planning: one rule for large bank holding companies and nonbank financial companies supervised by the Federal Reserve Board of Governors (“FRB”),1 and the other rule for large banks.2

    Filed under:
    USA, Banking, Insolvency & Restructuring, Morrison & Foerster LLP, Board of directors, Federal Register, Federal Reserve Board, Liquidation, Depository institution, Bank holding company, Default (finance), Bank regulation, Systemic risk, Subsidiary, Federal Deposit Insurance Corporation (USA), Financial Stability Oversight Council, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Authors:
    Dwight Smith , Alexandra Steinberg Barrage , Jeremy Mandell
    Location:
    USA
    Firm:
    Morrison & Foerster LLP
    It's important to record the trustee's deed promptly after foreclosure
    2011-09-13

    The United States Bankruptcy Court for the Central District of California recently held that the filing of a bankruptcy petition by a borrower can void a trustee sale even where the petition is filed after the trustee sale, so long as the borrower files the petition before the execution of the trustee's deed upon sale. In re: Gonzales 2011 WL3328508 (Bkrtcy. C.D.Cal. August 1, 2011).

    Filed under:
    USA, California, Banking, Insolvency & Restructuring, Litigation, Jeffer Mangels Butler & Mitchell LLP, Bankruptcy, Debtor, Collateral (finance), Option (finance), Foreclosure, Deed, Default (finance), Capital punishment, Deed of trust (real estate), Secured loan, California Civil Code, Trustee, US District Court for Central District of California, United States bankruptcy court
    Location:
    USA
    Firm:
    Jeffer Mangels Butler & Mitchell LLP
    Creditors of insolvent limited liability companies cannot sue derivatively
    2011-09-09

    The Supreme Court of Delaware recently held that creditors of insolvent Delaware limited liability companies (LLCs) lack standing to bring derivative suits on behalf of the LLCs.

    In March 2010, CML V brought both derivative and direct claims against the present and former managers of JetDirect Aviation Holdings LLC in the Court of Chancery after JetDirect defaulted on its loan obligations to CML. The Vice Chancellor dismissed all the claims, finding that, as a creditor, CML lacked standing to bring derivative claims on behalf of JetDirect, and CML appealed.

    Filed under:
    USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Statute of limitations, Limited liability company, Standing (law), Constitutionality, Involuntary dismissal, Default (finance), Supreme Court of the United States, Court of Chancery, Delaware Supreme Court, Court of equity
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Securing a loan to a broadcaster, Part 2 - bankruptcy cases and liens on licenses
    2011-09-06

    When an FCC licensee goes bankrupt, the question of how to treat the interests of secured lenders is the one that, from time to time, comes up for debate. Two recent cases deal with this issue – one appearing to be an aberration that would make lending to a broadcast licensee difficult if not impossible, while the second providing a more lender-friendly interpretation after a detailed analysis of the history of FCC and court precedent on this issue, affirming what most in the broadcast community have assumed, for most of the last two decades, is settled law. We

    Filed under:
    USA, Insolvency & Restructuring, Media & Entertainment, Davis Wright Tremaine LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Debt, Broadcasting, Intangible asset, Default (finance), Secured creditor, Federal Communications Commission (USA), United States bankruptcy court
    Authors:
    David D. Oxenford
    Location:
    USA
    Firm:
    Davis Wright Tremaine LLP
    Additional states enact NAIC model qualified financial contracts law
    2011-08-29

    Several states have recently added provisions to their insurance rehabilitation and liquidation acts which address the rights of parties to certain derivatives transactions with an insurance company in the event that an order of rehabilitation or liquidation is entered against the insurer. In short, these laws allow parties to exercise certain early termination and close-out netting provisions without regard to the applicable stay mechanism under state insurance insolvency law.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Insurance, Foley & Lardner LLP, Tax exemption, Bankruptcy, Collateral (finance), Swap (finance), Liquidation, Default (finance), Market value, National Association of Insurance Commissioners, Title 11 of the US Code
    Authors:
    Andrew A. Oberdeck
    Location:
    USA
    Firm:
    Foley & Lardner LLP

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