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IndyMac trustee and FDIC reach settlement in tax refund contest
2014-11-24

In a move signaling the end of 6 years of litigation, the bankruptcy trustee for the holding company of failed mortgage lender IndyMac Bancorp, Inc. (“Bancorp”) negotiated a settlement agreement with the FDIC regarding the ownership of nearly $60 million of tax refunds.  If approved by the bankruptcy court, the settlement would resolve one of the most highly publicized tax refund disputes involving the FDIC, a number of which arose in the wake of 2008’s financial crisis.

Filed under:
USA, Banking, Insolvency & Restructuring, Squire Patton Boggs, Mortgage loan, Holding company, Bank holding company, Federal Deposit Insurance Corporation (USA), Office of Thrift Supervision, United States bankruptcy court
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
$500 million bankruptcy dispute headed to Sixth Circuit
2011-07-11

The FDIC has recently appealed a loss it suffered at trial on the question of whether the debtor in bankruptcy (the holding company of a failed bank) made a “commitment” to maintain the capital of its subsidiary bank under Section 365(o) of the Bankruptcy Code.  After a week-long bench trial with an advisory jury, the Northern District of Ohio rejected the FDIC’s claim that a commitment had been made by the holding company to the Office of Thrift Supervision.  The FDIC brough

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Holding company, Bench trial, Subsidiary, Federal Deposit Insurance Corporation (USA), Office of Thrift Supervision, Sixth Circuit, US District Court for Northern District of Ohio
Authors:
Pierre H. Bergeron
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Can the FDIC assert direct as well as derivative claims of stockholders of failed banks? The Seventh Circuit says “no (but maybe they should)”
2014-08-19

In Levin v.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Shareholder, Fiduciary, Holding company, Federal Deposit Insurance Corporation (USA), Seventh Circuit
Location:
USA
Firm:
Weil Gotshal & Manges LLP
View Original Article
Bankruptcy claims traders beware: ensure that the cure comes with the claim
2011-06-01

Over the past five years, courts have issued rulings of potential concern to buyers of distressed debt. Courts have addressed, among other things, “loan to own” acquisition strategies resulting in vote designation; equitable subordination, disallowance, and other lender liability exposure based upon the claim seller’s misconduct; disclosure requirements for ad hoc committees of debtholders; the adequacy of standardized claims-trading agreements; and claim-filing requirements in the era of computerized records.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Unsecured debt, Breach of contract, Interest, Holding company, Default (finance), Business judgement rule, Debtor in possession, Distressed securities, Title 11 of the US Code, United States bankruptcy court, Seventh Circuit, Trustee
Authors:
Scott J. Friedman , Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article
The U.K. Pensions Regulator – will its powers be limited?
2011-04-01

Ever since the establishment of the U.K. Pensions Regulator (the "Regulator") by the U.K. Pensions Act 2004 (the "Act"), the Regulator's exercise of its authority has been of major importance to the U.K.'s restructuring and rescue business. The first judicial review of the Regulator's powers, however, hints that some of the procedures it has adopted may be curbed in the future.

The Pensions Regulator and the Restructuring Environment

Filed under:
United Kingdom, USA, Employee Benefits & Pensions, Insolvency & Restructuring, Jones Day, Shareholder, Liability (financial accounting), Holding company, Judicial review, Unsecured creditor, Pensions Act 2004 (UK), The Pensions Regulator, Trustee
Location:
United Kingdom, USA
Firm:
Jones Day
View Original Article
FLYi, Inc — important application of Owens-Corning standard for substantive consolidation by Delaware bankruptcy court
2007-05-31

On March 15, 2007, with Jones Day’s assistance as bankruptcy counsel, FLYi, Inc. (“FLYi”), Independence Air, Inc. (“Independence”) and their affiliated debtors (collectively, the “Debtors”) obtained confirmation of their chapter 11 plan under the “cramdown” provisions of the Bankruptcy Code. The plan, which become effective on March 30, 2007, will distribute approximately $150 million to unsecured creditors. In ruling on confirmation of the plan, the U.S.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Unsecured debt, Federal Reporter, Hedge funds, Liquidation, Holding company, United Airlines, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
Location:
USA
Firm:
Jones Day
View Original Article
Winding up an unregistered foreign company in Hong Kong – new technicalities?
2012-11-20

Foreign companies are frequently used to hold assets or other investments in Hong Kong. Some of these foreign companies are not registered under Part XI of the Companies Ordinance (“CO”) (“Unregistered Companies”). There are various reasons for not registering foreign companies in Hong Kong, including confidentiality and tax benefits. However, there may be some drawbacks to this approach.

Filed under:
Hong Kong, Company & Commercial, Insolvency & Restructuring, King & Wood Mallesons, Shareholder, Liquidation, Holding company
Authors:
Edmund Wan
Location:
Hong Kong
Firm:
King & Wood Mallesons
View Original Article
Strengthening APRA's crisis management powers – implications for general insurers
2012-11-02

The Federal Government has proposed a major strengthening of APRA’s crisis management powers and has released a consultation paper containing wide-ranging proposals for financial services reform that are now open to industry comment.

Filed under:
Australia, Insolvency & Restructuring, Insurance, King & Wood Mallesons, Holding company
Location:
Australia
Firm:
King & Wood Mallesons
View Original Article
Consolidations and winding ups
2011-06-27

Over the past few months there have been a number of insurance portfolio transfers and a winding up of a general insurer.  Various judges of the Federal Court have considered aspects of the Insurance Act (Cth) 1973.

Portfolio transfers

There have been two scheme transfers of insurance portfolios from Australian branches of overseas insurers to Australian subsidiaries.  While objections to the transfers were raised, the Federal Court confirmed the schemes.

Filed under:
Australia, Insolvency & Restructuring, Insurance, King & Wood Mallesons, Reinsurance, Liquidation, Holding company, Constitutional amendment, Corporations Act 2001 (Australia), American International Group, Federal Court of Australia
Location:
Australia
Firm:
King & Wood Mallesons
View Original Article
"Double Luxco Structuring" Managing "COMI-shift" insolvency risks in European acquisition finance
2013-02-26

Introduction

Luxembourg’s sophisticated financial services infrastructure, global brand recognition, full EU single market access and extensive double tax treaty network has lead to its development as a core jurisdiction for non-regulated investment structures. This has resulted in the domiciling of several tens of thousands of investment holding companies, many of which form part of globally recognised corporate groups or hold the portfolio investments of leading international investment funds.

Filed under:
Luxembourg, Insolvency & Restructuring, Litigation, Ogier, Internal market, Holding company
Authors:
Daniel Richards
Location:
Luxembourg
Firm:
Ogier
View Original Article

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