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    Oversecured lender awarded post-petition interest at contractual default rate plus compounded interest
    2008-01-23

    The United States Bankruptcy Court for the Southern District of New York recently awarded an oversecured lender post-petition interest on the full amount of its secured claim at the default rate set forth in the lender’s contract (19%) plus compound (PIK) interest up to the aggregate rate of 25% (the maximum rate allowable under New York State usury laws). In re Urban Communicators PCS Limited Partnership, et al., 2007 Bankr. LEXIS 4062 (Bankr. S.D.N.Y. 12/11/07) (Gerber, B.J.).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Collateral (finance), Interest, Federal Reporter, Default (finance), Accrued interest, Secured loan, Compound interest, Federal Communications Commission (USA), United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    The year in bankruptcy
    2008-02-01

    In a tumultuous year that is likely to be remembered for its extreme market volatility, skyrocketing commodity prices (e.g., crude oil hovering at $100 per barrel), a slumping housing market, the weakest U.S. dollar in decades versus major currencies, a ballooning trade deficit with significant overseas trading partners such as China, Japan, and the EU , and an unprecedented proliferation of giant private equity deals that quickly fizzled when the subprime mortgage meltdown made inexpensive corporate credit nearly impossible to come by, 2007 was anything but mundane.

    Filed under:
    USA, Insolvency & Restructuring, Jones Day, Public company, Bankruptcy, Asset management, Subprime lending, Mortgage loan, Liquidation, Default (finance), Mortgage-backed security, Derivatives market
    Location:
    USA
    Firm:
    Jones Day
    Third Circuit settles right to cure split in New Jersey
    2008-01-31

    For more than 10 years, the courts in New Jersey were split as to whether, under the Bankruptcy Code, a chapter 13 debtor’s right to cure a default on a mortgage loan secured by the debtor’s primary residence expired at the foreclosure sale, or at the time the deed to the foreclosed property was delivered to the purchaser. That split now has been resolved by the U.S. Court of Appeals for the Third Circuit in favor of the line of cases cutting off the right to cure at the time of the foreclosure sale. In re Connors, No. 06-3321 (3d Cir., Aug. 3, 2007).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Waiver, Amicus curiae, Mortgage loan, Foreclosure, Deed, Default (finance), Deutsche Bank, US Code, Title 11 of the US Code, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Reed Smith LLP
    Delaware bankruptcy court severs servicing rights from safe harbored repo
    2008-01-31

    Congress enacted amendments to the United States Bankruptcy Code in 2005 designed to increase certainty in the marketplace for mortgage loan repurchase agreements and other financial contracts.1 The contours – and limits – of these amendments were recently explored by the Delaware bankruptcy court in Calyon New York Branch v. American Home Mortgage Corp.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Security (finance), Safe harbor (law), Preliminary injunction, Mortgage loan, Default (finance), Secured loan, US Congress, JPMorgan Chase, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Secured lender’s entitlement to postpetition interest reduced from contract rate
    2008-03-27

    In the January 2008 issue, we reported on In re Solutia, Inc.,1 decided by the United States Bankruptcy Court for the Southern District of New York. The Solutia court demonstrated how contractual entitlements of debt instruments may be altered in bankruptcy. There, the original issue discount of certain secured notes was found to be interest, rather than principal, causing a significant portion of the noteholders’ claims to be disallowed. In In re Urban Communicators PCS, Ltd.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Interest, Debt, Limited partnership, Default (finance), Secured creditor, Subsidiary, Federal Communications Commission (USA), Communications Act 1934 (USA), Supreme Court of the United States, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Identifying and dealing with a financially troubled franchisee
    2008-04-18

    Part I: Spotting a Financially Troubled Franchisee in Time to Do Something about It

    Filed under:
    USA, Franchising, Insolvency & Restructuring, Wiley Rein LLP, Royalty payment, Bankruptcy, Collateral (finance), Accounts receivable, Option (finance), Franchise agreement, Cashflow, Default (finance), Leverage (finance)
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Identifying and dealing with a financially troubled franchisee: what franchisors can do to prepare for a franchisee bankruptcy or receivership
    2008-05-09

    In the last issue of Franchise Alert, we discussed how to spot signs of franchisee financial distress at an early stage. Here, we present some steps franchisors can take to deal with financially distressed franchisees.

    Update Files

    Filed under:
    USA, Franchising, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Surety, Debtor, Accounts receivable, Consent, Due diligence, Franchise agreement, Precondition, Default (finance), Title 11 of the US Code
    Location:
    USA
    Firm:
    Wiley Rein LLP
    ‘Special purpose’ accounts not subject to setoff
    2008-06-10

    A recent bankruptcy court ruling is a reminder that bank accounts established for certain specific purposes may not be subject to general setoff rights.

    Section 553 of the Bankruptcy Code preserves a creditor’s right of setoff under the Bankruptcy Code. To exercise this right, “mutuality” must exist—i.e., the debtor must owe an obligation to the creditor and the creditor a corresponding obligation to the debtor. Normally a straightforward analysis, determining whether mutuality is present becomes more difficult when there are more than two parties.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Debt, Liquidation, Default (finance), Capital punishment, United States bankruptcy court
    Location:
    USA
    Firm:
    Reed Smith LLP
    Safe harbor applied to contract deemed to be repurchase agreement
    2008-06-10

    Courts faced with the task of unraveling the results of the recent credit crisis are being called upon to scrutinize lending agreements—many of which are complex and often previously uninterpreted. The review of these agreements is a reminder to signatory parties of the importance of fully understanding their obligations upfront.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Reed Smith LLP, Bankruptcy, Injunction, Security (finance), Safe harbor (law), Interest, Mortgage loan, Default (finance), JPMorgan Chase, US Code, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Reed Smith LLP
    Recent bankruptcy litigation pulls in mortgage lenders
    2008-06-10

    Adjustable rate mortgages began to reset just as the economic outlook for subprime borrowers soured. Defaults on subprime debt inevitably followed. The onslaught of litigation against all players in the subprime lending arena followed just as inevitably.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Collateral (finance), Class action, Swap (finance), Subprime lending, Debt, Mortgage loan, Default (finance), Credit default swap, Wells Fargo, United States bankruptcy court
    Location:
    USA
    Firm:
    Reed Smith LLP

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