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    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
    Involuntary bankruptcy petitions dismissed where alter ego status was disputed
    2013-05-17

    The United States Bankruptcy Court for the Southern District of New York granted motions to dismiss involuntary Chapter 7 petitions filed against TPG Troy LLC and T3 Troy LLC (the Troy Entities). Petitioners filed numerous actions against the Troy Entities in the United States and Europe to recover money they alleged was owed in connection with the default of payment-in-kind and subordinated notes.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Bankruptcy Court determines that TBA contracts do not qualify as customer claims
    2011-12-16

    The United States Bankruptcy Court for the Southern District of New York issued a memorandum decision in the Lehman Brothers Inc. (LBI) liquidation proceeding confirming the LBI trustee’s determination that certain claims relating to TBA contracts do not qualify as customer claims against LBI’s estate.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Mortgage-backed security, Lehman Brothers, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Clawback of fraudulent transfers from investors—“good faith” defense update
    2010-09-30

    Given the overarching Madoff Ponzi scheme as well as other mini-Madoff schemes that surfaced in its wake, many have been following issues arising from the ability of a trustee to claw back transfers (either as preferential or as fraudulent transfers) from investors who redeemed their interests in a private investment fund or managed account that turned out to be a Ponzi scheme. The law generally provides that an investor’s principal investment is protected so long as it is received in good faith and for value.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Katten Muchin Rosenman LLP, Fraud, Statute of limitations, Limited liability company, Hedge funds, Legal burden of proof, Good faith, Investment funds, United States bankruptcy court, US District Court for SDNY
    Authors:
    Jeff J. Friedman
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    GGP opinion leaves unanswered questions
    2009-08-28

    On August 11, the Honorable Allan L. Gropper issued an opinion of the U.S. Bankruptcy Court for the Southern District of New York denying five motions to dismiss certain Chapter 11 bankruptcy cases of several property-specific special purpose subsidiaries (SPE Debtors), including a number of issuers of commercial mortgage-backed securities (CMBS), that are owned by mall operator General Growth Properties, Inc.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Public company, Bankruptcy, Debtor, Mortgage loan, Real estate investment trust, Maturity (finance), Bad faith, Cashflow, Default (finance), Subsidiary, Commercial mortgage-backed security, Mortgage-backed security, Secured loan, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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