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    River Road court certifies direct appeal to the Seventh Circuit Court of Appeals on credit bid issue
    2011-04-06

    On November 4, 2010, the United States Bankruptcy Court for the Northern District of Illinois certified the appeal of debtors River Road Hotel Partners, LLC, et al. of the court’s Order Denying Debtors’ Bid Procedures Motion (the Order) entered October 5, 2010. In its Order, the bankruptcy court expressly denied the debtors’ attempts to prevent their secured creditors from credit bidding in a proposed sale of assets under a chapter 11 plan.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Interest, Federal Reporter, Amicus curiae, Dissenting opinion, Secured creditor, Majority opinion, Secured loan, United States bankruptcy court, Fifth Circuit, Third Circuit, US District Court for Northern District of Illinois
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Third Circuit restricts lenders’ right to credit bid on collateral sold through a plan of reorganization
    2010-04-28

    The Third Circuit Court of Appeals dealt a blow to secured creditors in its recent decision holding that a debtor may prohibit a lender from credit bidding on its collateral in connection with a sale of assets under a plan of reorganization. In the case of In re Philadelphia Newspapers, LLC, No. 09-4266 (3d Cir. Mar. 22, 2010), the court, in a 2-1 decision, determined that a plan that provides secured lenders with the “indubitable equivalent” of their secured interest in an asset is not required to permit credit bidding when that asset is sold.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Collateral (finance), Interest, Federal Reporter, Limited liability company, Debt, Personal property, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Third Circuit, US District Court for Eastern District of Pennsylvania
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Second Circuit joins chorus on inapplicability of Bankruptcy Code Section 502(d) to administrative claims
    2009-12-17

    The Second Circuit Court of Appeals recently issued its decision on a question of first impression before the court: whether section 502(d) of the Bankruptcy Code applies to administrative claims arising under section 503(b) of the Bankruptcy Code. See, generally, ASM Capital, L.P. v. Ames Dept. Stores, Inc. (In re Ames Dept. Stores, Inc.), 582 F.3d 422 (2d Cir. 2009).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Federal Reporter, Default judgment, Liquidation, Conveyancing, Title 11 of the US Code, Second Circuit, Ninth Circuit, United States bankruptcy court, Fifth Circuit, Trustee
    Authors:
    Nicholas J. Brannick
    Location:
    USA
    Firm:
    Squire Patton Boggs
    The Fifth Circuit Reminds Buyers To Beware Of Buying “Deemed Rejected” Contracts
    2018-12-05

    The recent decision by the Fifth Circuit Court of Appeals in In re Provider Meds, L.L.C. is a stark reminder to chapter 7 trustees that they have an affirmative obligation to examine a debtor’s assets. A trustee’s failure to conduct a sufficient and timely examination may deprive the estate of significant value.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patents, Squire Patton Boggs, Bankruptcy, Patent infringement, Breach of contract, Constructive notice, Fifth Circuit, Trustee
    Authors:
    Mark A. Salzberg
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Time is money: conversion and property of the estate
    2015-06-04

    “In bankruptcy, as in life, timing can be everything” – the Fifth Circuit.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Liquidation, Fifth Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Citing plain language of Bankruptcy Code and split with other Circuits, Fifth Circuit overturns pro-snax decision
    2015-04-22

    Prior to the enactment of the Bankruptcy Code in 1978, the Fifth Circuit took a stringent approach to the payment of attorney’s fees – holding that public policy supported restricting attorney compensation in bankruptcy cases and that attorneys should not expect to receive the same compensation as if working for a non-bankrupt concern.  Congress enacted 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Fifth Circuit
    Authors:
    Brenda L. Funk
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Back to school: circuit courts provide “cheat-sheet” on Stern consent issues in advance of the Supreme Court’s consideration of Wellness Int’l Network v. Sharif
    2014-09-16

    “Okay. Here we go. The short, short version.” – The Minister, Spaceballs

    “I meant what I said and I said what I meant.” – Horton Hatches the Egg, Dr. Seuss

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Fifth Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Code vs. contract: Fifth Circuit holds that section 506(b) governs recovery of proceeds from a foreclosure sale after the automatic stay has been lifted
    2014-07-15

    When an oversecured creditor forecloses on a debtor’s property after the automatic stay has been lifted, does the Bankruptcy Code (as opposed to state law) govern recovery of attorney’s fees and other amounts from the sale proceeds? Does the bankruptcy court have jurisdiction over the distribution of such proceeds? In Goldsby v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Foreclosure, Wells Fargo, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Secured creditor may choose to take no action during Chapter 11 case without hazarding lien stripping
    2013-09-30

    A long-standing legal principle is that liens pass through bankruptcy unaffected. Like every general rule, however, this tenet has exceptions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Interest, Foreclosure, Secured creditor, Fifth Circuit
    Authors:
    Dan B. Prieto , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Tenth Circuit: fraudulently transferred assets not estate property until recovered
    2013-07-31

    The U.S. Court of Appeals for the Tenth Circuit―in Rajala v. Gardner, 709 F.3d 1031 (10th Cir. 2013)―has joined the Second Circuit and departed from the Fifth Circuit by holding that an allegedly fraudulently transferred asset is not property of the estate until recovered pursuant to section 550 of the Bankruptcy Code and therefore is not covered by the automatic stay. According to the court, its decision “gives Congress’s chosen language its ordinary meaning, and abides by a rule against surplusage.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Jones Day, Second Circuit, Fifth Circuit, Tenth Circuit
    Location:
    USA
    Firm:
    Jones Day

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