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    Investors in distressed debt: recent legal developments to be aware of
    2014-02-24

    Recent rulings in the Third Circuit Court of Appeals and the U.S.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Whiteford Taylor & Preston LLP, Bankruptcy, Letter of credit, Debtor, Collateral (finance), Due diligence, Distressed securities, Third Circuit
    Authors:
    Michael E.Hastings
    Location:
    USA
    Firm:
    Whiteford Taylor & Preston LLP
    Claim trading update: Third Circuit holds that section 502(d) disallowance runs with the claim
    2013-11-26

    In the first appellate court decision on the issue, the Third Circuit Court of Appeals recently held that trade claims subject to disallowance under section 502(d) of the Bankruptcy Code are disallowable “no matter who holds them.”1 In In re KB Toys Inc., the Third Circuit affirmed Bankruptcy and District Court decisions holding that trade claims subject to disallowance in the hands of an original claimant remain disallowable in the hands of a subsequent transferee.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Debevoise & Plimpton, Due diligence, Third Circuit
    Authors:
    Jasmine Ball , Richard F. Hahn , M. Natasha Labovitz , George E.B. Maguire , Shannon Rose Selden , My Chi To
    Location:
    USA
    Firm:
    Debevoise & Plimpton
    11th Circuit upholds fraudulent transfer claims against lenders in TOUSA
    2012-06-14

    In a recent decision, Senior Transeastern Lenders v. Official Comm. of Unsecured Creditors (In re TOUSA, Inc.), 2012 US App. LEXIS 9796 (11th Cir. May 15, 2012), the 11th Circuit Court of Appeals overturned a district court decision which had forcefully quashed a bankruptcy court decision to avoid, as a fraudulent transfer, a $400 million settlement and loan repayment by a parent company to a group of lenders (the “Transeastern lenders”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Blank Rome LLP, Debtor, Standard of review, Due diligence, United States bankruptcy court
    Authors:
    Mathew S. Rotenberg
    Location:
    USA
    Firm:
    Blank Rome LLP
    11th Circuit reinstates Tousa fraudulent transfer decision
    2012-05-29

    Litigation arising from the Tousa, Inc. fraudulent transfer claims has been working its way through the legal system since 2009, and the recent decision issued by the 11th Circuit Court of Appeals (the “11th Circuit”), has significant ramifications for any party holding debt, whether that debt is secured, unsecured, original issue or purchased on the secondary market. Regardless of the type of debt, or its source, Tousa illustrates that lenders must heighten their due diligence efforts to protect themselves from the risk of a lawsuit alleging fraudulent transfer liability.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, Unsecured debt, Collateral (finance), Due diligence
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Nationwide beef processor, AFA, to sell all assets in bankruptcy
    2012-04-20

    AFA Investment Inc., and its affiliates, including AFA Foods, American Foodservice Corporation, United Food Group, LLC, and American Fresh Foods (together “AFA”) have requested that the Bankruptcy Court overseeing their Chapter 11 cases approve procedures for a sale of all of their assets. The sale process was a condition required by AFA’s lenders to continue financing the companies in bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Stoel Rives LLP, Due diligence, United States bankruptcy court
    Location:
    USA
    Firm:
    Stoel Rives LLP
    Fairpoint creditors file suit against Verizon
    2011-11-04

    FairPoint Communications’ 2008 purchase of New England landlines from Verizon Communications is the subject of a $2 billion fraudulent transfer lawsuit, filed late last week by a litigation trust formed by FairPoint creditors, who claim that the $2.3 billion acquisition forced FairPoint into bankruptcy just 18 months later. North Carolina-based FairPoint, which emerged from bankruptcy in January but continues to struggle financially, provides wireline telephony and Internet services to nearly two million customers in 18 states.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bankruptcy, ISP, Debt, Due diligence, Verizon Communications
    Authors:
    Patrick S. Campbell
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    SIPC Trustee takes first steps to thaw frozen customer securities accounts
    2011-11-07

    On November 4, 2011, the SIPC Trustee took his first steps toward transferring frozen customer securities accounts held by MF Global Inc. ("MFGI") when he announced that he will be accepting proposals for the transfer of all customer securities accounts of MFGI (the "Securities Accounts") to another member of the Securities Investor Protection Corporation. This action is in addition to the steps the Trustee took last week to transfer certain segregated commodities accounts from MFGI to other futures commission merchants.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Reed Smith LLP, Security (finance), Discovery, Commodity, Liquidation, Due diligence, Balance sheet, Subpoena, Non-disclosure agreement, Memorandum opinion, Securities Investor Protection Corporation, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, United States bankruptcy court
    Authors:
    Elizabeth A. McGovern
    Location:
    USA
    Firm:
    Reed Smith LLP
    Picard cannot make it so: Madoff trustee’s recoveries curtailed again
    2011-11-08

    In a client advisory sent by our office a few months ago, we described a decision in the Madoff saga in which the District Court for the Southern District of New York (the Court) closed off a potential avenue of significant recovery for the Madoff Trustee (the Trustee) and the Ponzi scheme victims by denying the Trustee standing to pursue certain claims against feeder funds – firms that sent investors’ funds to Madof

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Mintz, Bankruptcy, Security (finance), Fraud, Safe harbor (law), Standing (law), Good faith, Due diligence, Bad faith, Common law, JPMorgan Chase, UBS, Westlaw, Title 11 of the US Code, Trustee, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Mintz
    New York district courts differ regarding the scope of the Bankruptcy Code’s “safe harbors” for protected contracts
    2011-10-05

    The District Court for the Southern District of New York recently issued an opinion in Picard v. Katz, et al., (In re Bernard L. Madoff Investment Securities LLC),1 which limits avoidance actions against a debtor-broker’s customers to those arising under federal law based on actual, rather than constructive, fraud. The decision was issued by US District Judge Rakoff in the Trustee’s suit against the owners of the New York Mets (along with certain of their friends, family and associates).

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Security (finance), Fraud, Federal Reporter, Limited liability company, Liquidation, Good faith, Due diligence, Title 11 of the US Code, Trustee, Second Circuit
    Authors:
    Brian Trust , Frederick D. Hyman
    Location:
    USA
    Firm:
    Mayer Brown
    Director’s motion to dismiss breach of duty of good faith claim denied
    2011-09-14

    NHB Assignments, LLC v. General Atlantic, LLC and Braden Kelly (In re PMTS Liquidating Corp., et al.) Case No. 08-11551 (BLS) (Bankr. D. Del. July 1, 2011)  

    CASE SNAPSHOT

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Breach of contract, Fraud, Fiduciary, Board of directors, Interest, Limited liability company, Liquidation, Good faith, Due diligence, Title 11 of the US Code, Chief executive officer, Trustee
    Authors:
    Kathleen A. Murphy
    Location:
    USA
    Firm:
    Reed Smith LLP

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