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    Lehman Brothers motion to settle or assign
    2008-11-18

    On November 14, 2008, a letter was sent to derivatives counterparties of Lehman Brothers Holdings Inc. and its affiliates (collectively, “Lehman”) notifying them of Lehman’s Motion to Settle or Assign Derivative Contracts. The letter concerns a motion filed in the bankruptcy court by Lehman Brothers Debtors on November 13, 2008, which seeks to establish two procedures relating to its pre-petition derivative contracts with counterparties.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Eversheds Sutherland (US) LLP, Bankruptcy, Consent, Precondition, Default (finance), Credit rating, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP
    Foreclosures increase nationwide, Ohio dips and some states experience decline
    2008-11-24

    While some states have mandated delays to the foreclosure process, curbing the number of foreclosure filings in recent months, many report that such legislation is only a temporary cure. Foreclosure filings include default notices, auction sale notices and bank repossessions. According to James J. Saccacio, chief executive officer of RealtyTrac, October marked the 34th consecutive month where U.S. foreclosure activity increased compared to the prior year. RealtyTrac U.S.

    Filed under:
    USA, Insolvency & Restructuring, Bricker & Eckler LLP, Bankruptcy, Debtor, Mortgage loan, Personal property, Foreclosure, Moratorium, Default (finance), Federal Deposit Insurance Corporation (USA), US Department of the Treasury, Chief executive officer
    Location:
    USA
    Firm:
    Bricker & Eckler LLP
    Dealing with financially distressed purchasers of goods
    2008-11-19

    Sellers should be proactive in taking steps to protect themselves from a distressed buyer’s non-payment.  

    In the current economic downturn, sellers are dealing with many formerly good customers whose financial health is deteriorating. To protect their interests, sellers should assess their rights under applicable contracts and law and develop a strategy to minimize their exposure.

    Step 1 – Assess the Parties’ Contractual Rights

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Insurance, McDermott Will & Emery, Contractual term, Bankruptcy, Credit (finance), Breach of contract, Waiver, Accounts receivable, Default (finance), Force majeure, Payment protection insurance, Uniform Commercial Code (USA)
    Location:
    USA
    Firm:
    McDermott Will & Emery
    Obtaining relief from tenant allowance and build-out obligations when a tenant files for bankruptcy
    2008-11-18

    As our economy slides into what could be a long and severe recession, retail bankruptcies are expected to increase. Landlords are presented with a myriad of problems when one of their tenants files for bankruptcy. Although many of the obligations and rights of landlords are well established by current bankruptcy law, a novel question arises when a tenant files for bankruptcy while a landlord is in the process of constructing tenant improvements or is on the verge of providing a tenant allowance. Given the tenant’s right to reject its lease, a landlord is faced with a difficult decision.

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Eversheds Sutherland (US) LLP, Bankruptcy, Debtor, Landlord, Leasehold estate, Default (finance), US Code, Trustee, United States bankruptcy court
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP
    Lehman bankruptcy developments that affect trading counterparties
    2009-01-05

    Beginning on September 15, 2008, Lehman Brothers Holdings Inc. (“LBHI”) and 16 of its affiliates (the “Debtors”) filed voluntary Chapter 11 bankruptcy petitions with the United States Bankruptcy Court for the Southern District of New York. The resulting bankruptcy cases are jointly administered by the bankruptcy court for procedural purposes (collectively, the “Chapter 11 Proceeding”), but to date, the Debtors remain separate legal entities.  

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Eversheds Sutherland (US) LLP, Bankruptcy, Condition precedent, Legal personality, Liquidation, Broker-dealer, Default (finance), Deutsche Bank, Bank of America, Bank of New York Mellon, Lehman Brothers, Securities Investor Protection Corporation, Citibank, Trustee, United States bankruptcy court
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP
    ‘Hell or high water’ provisions — Wells Fargo v Mountain Rentals of Gatlinburg, Inc
    2009-01-19

    The Court of Appeals of Tennessee confirmed that an equipment lessor is entitled to enforce the “hell or high water” provision of an equipment lease.  

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Reed Smith LLP, Fraud, Liquidated damages, Warranty, Unconscionability, Default (finance), Standard form contract, Wells Fargo, Uniform Commercial Code (USA)
    Location:
    USA
    Firm:
    Reed Smith LLP
    Failure to verify filing of UCC finance statements results in loss of lease payment streams
    2009-01-19

    The Ninth Circuit Bankruptcy Appellate Panel has held that a finance company did not have a perfected security interest in equipment lease payment pools assigned to it because neither the assignee, nor the assignor with which it had contracted, filed the appropriate UCC financing statements.  

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Reed Smith LLP, Bond (finance), Surety, Subprime lending, Default (finance), Constructive trust, Federal Deposit Insurance Corporation (USA), Uniform Commercial Code (USA), Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Reed Smith LLP
    Preparing for the unthinkable: the collapse of another major dealer and practical risk mitigation strategies to take now
    2009-01-15

    The collapse of Lehman Brothers was a major test of the procedures developed by market participants to address counterparty credit risk and has uncovered deficiencies in risk management policies and their application.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Letter of credit, Collateral (finance), Swap (finance), Margin (finance), Hedge funds, Credit risk, Trader (finance), Mutual fund, Default (finance), Market value, Unsecured creditor, Lehman Brothers cases, Lehman Brothers
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Is triangular set-off enforceable under US laws?
    2009-01-29

    Introduction:  

    Filed under:
    USA, Delaware, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Reed Smith LLP, Contractual term, Bankruptcy, Debtor, Swap (finance), Debt, Default (finance), Chevron Corporation, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Reed Smith LLP
    Do I need insurance for my title insurance?
    2009-01-23

    In the insurance industry, title insurance is known as a “long-tailed” liability risk, which means that it is common for claims to be made many years after policies are issued. For this reason, owners of real estate, their lenders and their counsel have long scrutinized the financial health of title insurance underwriters.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Real Estate, Seyfarth Shaw LLP, Bankruptcy, Liability (financial accounting), Reinsurance, Liquidation, Underwriting, Default (finance), Title insurance, Subsidiary, Parent company, Bank reserves
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP

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