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    CFTC issues statement regarding bankruptcy treatment of cleared-only contracts
    2008-10-03

    In an interpretive statement, the Commodity Futures Trading Commission has taken the position that “cleared-only contracts,” over-the-counter contracts submitted for clearing through a futures commission merchant to a derivatives clearing organization, should be included within the definition of “net equity” for purposes of U.S. Bankruptcy Code provisions applicable to commodity brokers. The CFTC’s interpretation generally would treat cleared-only contracts in the same manner as exchange-traded futures contracts in the event of a futures commission merchant bankruptcy.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Bankruptcy, Clearing (finance), Commodity, Futures contract, Commodity broker, Title 11 of the US Code, Commodity Futures Trading Commission (USA)
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Sears Canada Files for CCAA Protection: A Distressed Investor's Overview of US Bankruptcy and Canadian Insolvency Law
    2017-07-25

    On June 22, Sears Canada Inc. ("Sears Canada") and certain affiliates1 (collectively, the "Sears Canada Group") sought and obtained insolvency protection under the Companies' Creditors Arrangement Act (CCAA) from the Ontario Superior Court of Justice (Commercial List) (the "Court"), which in turn appointed FTI Consulting Canada Inc. (FTI or the "Monitor") as monitor.

    Filed under:
    Canada, USA, Insolvency & Restructuring, Katten Muchin Rosenman LLP
    Authors:
    Jeff J. Friedman
    Location:
    Canada, USA
    Firm:
    Katten Muchin Rosenman LLP
    Defunct FCM MF Global to pay unsecured creditors up to 95% of their allowed claims
    2015-07-26

    Unsecured general creditors of defunct MF Global, Inc. (other than those of its parent company MF Global Holdings Ltd.) will receive a final payment from the firm, giving them a total recovery of 95 percent of their approved claims, under a proposal made last week by the overseers of the liquidation of the firm and its parent company.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP
    Authors:
    Gary DeWaal
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Ninth Circuit holds that debt can be recharacterized as equity
    2013-06-05

    The US Court of Appeals for the Ninth Circuit recently resolved a split within the circuit when it held that a bankruptcy court has the power to recharacterize debt as equity.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Shareholder, Debtor, Debt, Debt restructuring, Title 11 of the US Code, Ninth Circuit, United States bankruptcy court
    Authors:
    Jeff J. Friedman
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Delaware Bankruptcy Court dismisses Chapter 11 petition of mezzanine borrower as filed in bad faith
    2012-01-24

    The United States Bankruptcy Court for the District of Delaware (the Court) recently granted a motion to dismiss a mezzanine borrower’s chapter 11 bankruptcy petition at the outset of the debtor’s case.1 In In re JER/Jameson Mezz Borrower II, LLC, The Court found that the debtor’s petition had been filed in bad faith because, among other things, a junior mezzanine lender had directed the debtor to file the petition with the intent of hindering a senior mezzanine lender’s foreclosure efforts and without any valid reorganization purpose.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Debtor, Foreclosure, Bad faith, Deed of trust (real estate), United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Fact inquiry necessary to determinate which sales of securities were "by means of" misstatements
    2010-10-22

    The U.S. Bankruptcy Court for the District of Massachusetts recently denied a motion for summary judgment on the issue of damages by investors in Access Cardiosystems, Inc. against one of the defendants, Randall Fincke. The investors had asserted claims against Mr.

    Filed under:
    USA, Massachusetts, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Security (finance), Patent infringement, Fraud, Misrepresentation, Legal burden of proof, Westlaw, United States bankruptcy court, US District Court for District of Massachusetts
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Residential Credit Solutions wins bid in Legacy Loans Program pilot sale
    2009-09-18

    The Federal Deposit Insurance Corporation (FDIC) announced that Residential Credit Solutions was the winning bidder in a pilot sale of receivership assets conducted to test the funding mechanism for the Legacy Loans Program. The FDIC, as a receiver of Franklin Bank, SSB, owns a portfolio of residential mortgage loans with an unpaid principal balance of approximately $1.3 billion, which the FDIC will convey to a limited liability company. Residential Credit Solutions will pay $64,215,000 in cash for a 50% stake in the limited liability company using 6-to-1 leverage.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Limited liability company, Mortgage loan, Balance sheet, Conveyancing, Leverage (finance), Federal Deposit Insurance Corporation (USA), Federal Reserve System, US Secretary of the Treasury
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    OTS seizes WAMU and appoints FDIC as receiver; deposits and loans sold to JPMorgan Chase
    2008-09-26

    In the biggest bank receivership in the history of the United States, the Office of Thrift Supervision seized Washington Mutual Bank on September 25 and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. While details are still emerging, it is at least clear that all deposits were transferred to JPMorgan, as were all loans and Qualified Financial Contracts, which include swaps, options, futures, forwards, repurchase agreements and any other Qualified Financial Contract as defined in 12 U.S.C. Section 1821(e)(8)(D).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Option (finance), Swap (finance), Futures contract, Liability (financial accounting), Investment funds, Subordinated debt, US Code, Federal Deposit Insurance Corporation (USA), JPMorgan Chase
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Effectively Defending Adversarial Actions Brought Against Former D&Os in Bankruptcy Court
    2017-02-23

    For many litigants, the decision whether to prosecute or defend a lawsuit vigorously boils down to a rather basic calculus: What are my chances of success? What is the potential recovery or loss? Is this a "bet the company" litigation? And, how much will I have to pay the lawyers? In many respects, it is not all that different from a poker player eyeing his chip stack and deciding whether the pot odds and implied odds warrant the call of a big bet.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    NY AG settles with Ernst & Young over alleged financial statement fraud prior to Lehman collapse
    2015-04-19

    The New York State Attorney General settled a lawsuit against Ernst & Young related to its involvement in the financial statement preparation of Lehman Brothers Holding, Inc. The NY AG had alleged that the auditing firm had countenanced Lehman’s inclusion of certain repurchase transactions as sales and not as financings, which permitted the firm to remove “tens of billions of dollars” of securities from its balance sheet. According to the NY AG, the repo transactions—known as “Repo 105”—“served no legitimate purpose.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Fraud, Bankruptcy of Lehman Brothers
    Authors:
    Gary DeWaal
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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