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    Bankruptcy court's order denying a plan objection is not appealable
    2010-06-25

    IN RE: MCKINNEY (June 23, 2010)

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Real Estate, Tax, Kelley Drye & Warren LLP, Bankruptcy, Property tax, Debt, Deed, United States bankruptcy court
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Taxbuyer's interest in property is not "perfected" under fraudulent transfer statute until deed is recorded
    2010-07-28

    SMITH v. SIPI, LLC (July 27, 2010)

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Real Estate, Tax, Kelley Drye & Warren LLP, Bankruptcy, Interest, Limited liability company, Deed, Remand (court procedure), Conveyancing, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Illinois appeal courts affirm mortgagee's right to appointment of a receiver
    2010-08-06

    Introduction
    108 N State
    Olde Prairie case
    Comment


    Introduction

    Filed under:
    USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Real Estate, Katten Muchin Rosenman LLP, Retail, Leasehold estate, Limited liability company, Mortgage loan, Foreclosure, Default (finance), Bank of America
    Authors:
    Kenneth M. Jacobson , Devan H. Popat
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    An LLC member/manager is an ‘insider,’ so that payments are preferential transfers subject to avoidance up to one year prior to bankruptcy filing
    2010-09-13

    Longview Aluminum, LLC v Brandt (In re Longview Aluminum, LLC), 2010 WL 2635787 (ND Ill, June 28, 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Illinois, Company & Commercial, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Board of directors, Limited liability company, Consent, Title 11 of the US Code, Trustee, United States bankruptcy court, Seventh Circuit
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    Broader economic woes may have played a part in the court’s decision to dismiss allegations of lender overreaching
    2010-09-13

    American Consolidated Transportation Companies, Inc v RBS Citizens NA (In re American Consolidated Transportation Companies, Inc), Adversary No 10-00154, Bankruptcy No 09-26062 (Bankr ND Ill July 13, 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Letter of credit, Credit (finance), Debtor, Interest, Swap (finance), Liquidation, Good faith, Cashflow, Default (finance), Secured loan, The Royal Bank of Scotland, United States bankruptcy court
    Authors:
    Brian M. Schenker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Court ruling won't allow secured creditors to be shut out by crafty bid procedures
    2010-10-13

    On October 5, 2010, Judge Bruce Black of the United States Bankruptcy Court for the Northern District of Illinois (the “Bankruptcy Court”) issued a ruling in the River Road Hotel Partner LLC, et. al. (the “Debtors”) bankruptcy cases denying the Debtors’ bid procedures motion incident to plan confirmation. The bid procedures motion, among other things, sought the denial of secured creditor’s right to credit bid.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Leisure & Tourism, Litigation, Haynes and Boone LLP, Credit (finance), Debtor, Limited liability company, Consideration, Economy, Dissenting opinion, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Third Circuit, US District Court for Northern District of Illinois
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Seaway Bank and Trust Company assumes all of the deposits of First Suburban National Bank
    2010-10-25

    On Friday, the Office of the Comptroller of the Currency closed First Suburban National Bank, headquartered in Maywood, Illinois, and appointed the FDIC as receiver.

    Filed under:
    USA, Illinois, Banking, Insolvency & Restructuring, Alston & Bird LLP, Office of the Comptroller of the Currency (USA), Federal Deposit Insurance Corporation (USA)
    Authors:
    Sarah Whitlock
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Partner's fraud found to be non-dischargeable by "innocent" partner
    2010-11-22

    Late this summer, the United States District Court for the Northern District of Illinois, Eastern Division, took on an issue of first impression – whether the fraud of one partner can be imputed to an “innocent” partner in order to render a judgment non-dischargeable.

    Filed under:
    USA, Illinois, Company & Commercial, Construction, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Debtor, Breach of contract, Fraud, Interest, Arbitration award, Debt, Negligence, Joint and several liability, US Congress, US District Court for Northern District of Illinois
    Authors:
    Daniel P. King
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Credit bidding cannot be prohibited – the recent decision in River Road Hotel Partners
    2010-12-01

    In re River Road Hotel Partners, LLC, et al., Case No. 09-B-30029 (Bankr. N.D. Ill. 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Leisure & Tourism, Litigation, Reed Smith LLP, Bankruptcy, Credit (finance), Debtor, Federal Reporter, Limited liability company, Default (finance), Secured loan, Federal Deposit Insurance Corporation (USA), US District Court for Northern District of Illinois
    Authors:
    Stephen T Bobo
    Location:
    USA
    Firm:
    Reed Smith LLP
    Commercial relationship did not create a § 523(a)(4) fiduciary
    2011-02-16

    FOLLETT HIGHER EDUCATION GROUP v. BERMAN (January 21, 2011)

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Shareholder, Debtor, Fiduciary, Advertising, Board of directors, Debt, Brokerage firm, Bankruptcy discharge, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP

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