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    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
    Where the wild things are: an update of recent “ethical” decisions
    2010-05-17

    This paper is designed to provide a brief update of recent decisions of note that concern various ethical issues bankruptcy attorneys often encounter, focusing on conflicts of interest and privilege issues.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Conflict of interest, Bankruptcy, Interest
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Southern District of New York confirms FINRA arbitration award
    2010-05-17

    Following an initial FINRA arbitration award holding Steven Singer liable to Hartford Financial Holdings for compensatory damages, Mr. Singer filed Chapter 7 bankruptcy. After a complicated procedural history, the Bankruptcy Court granted relief from the automatic stay and allowed Hartford to proceed with this action in US District Court for the Southern District of New York.

    Filed under:
    USA, New York, Arbitration & ADR, Insolvency & Restructuring, Litigation, Jorden Burt LLP, Interest, Arbitration award, Remand (court procedure), FINRA, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    John Black
    Location:
    USA
    Firm:
    Jorden Burt LLP
    FDIC Notice of Proposed Rulemaking for safe harbor protection for securitizations
    2010-05-12

    On May 11, the Board of Directors of the FDIC approved a Notice of Proposed Rulemaking (the “NPR”) proposing a rule which would govern the treatment by the FDIC, as conservator or receiver of a failed insured depository institution (a “Bank”), of financial assets previously transferred by such Bank in a securitization or participation transaction. The proposed rule would create a safe harbor to confirm legal isolation of these financial assets if certain conditions are satisfied.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Securitization & Structured Finance, Orrick, Herrington & Sutcliffe LLP, Collateral (finance), Safe harbor (law), Board of directors, Interest, Accounting, Depository institution, Secured creditor, Federal Deposit Insurance Corporation (USA), FSAB, Credit rating agency, GAAP
    Authors:
    Howard S. Altarescu , Mark M. Racic
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Time is running out to defer income recognition from debt-equity exchanges
    2010-05-11

    Restructures of financially distressed firms often involve debt-equity exchanges. The concept is straightforward: the company issues equity to its lenders in exchange for their cancellation of some of the company’s debt. The company’s debt burden and interest payment expenses are reduced and its balance sheet is strengthened.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Stoel Rives LLP, Debtor, Security (finance), Interest, Limited liability company, Debt, Liquidation, Balance sheet, Election, Distressed securities, Internal Revenue Code (USA)
    Location:
    USA
    Firm:
    Stoel Rives LLP
    FDIC closes sale of notes backed by commercial real estate loans
    2010-05-24

    Today, the Federal Deposit Insurance Corporation (FDIC) announced the closing of its previously announced sale of $233 million of notes backed by performing and non-performing commercial real estate (CRE) loans from 22 different financial institutions f

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Credit (finance), Commercial property, Interest, Debt, Maturity (finance), Federal Deposit Insurance Corporation (USA)
    Authors:
    Alice Green
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Washington Mutual 2019 ruling, Part II
    2010-05-20

    In a Bracewell & Giuliani client alert dated December 7, 2009 (which can be found here), we reported on a decision ("WaMu I") from Judge Walrath of the Delaware Bankruptcy Court that required a group of bondholders of Washington Mutual, Inc. ("WMI") to comply fully with the disclosure requirements of Bankruptcy Rule 2019.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Bracewell LLP, Share (finance), Bond (finance), Bankruptcy, Shareholder, Interest, Hedge funds, Debt, Economy, Constitutional amendment, United States bankruptcy court
    Authors:
    Mark E. Dendinger
    Location:
    USA
    Firm:
    Bracewell LLP
    Excess insurer entitled to recover partial refund paid by trustee to primary insurer following policy limits settlement with primary insurer
    2010-05-19

    Applying Texas law, the United States Bankruptcy Court for the Northern District of Texas has held that a primary insurer that "exhausted" its policy limits by agreeing to pay the insured's bankruptcy estate its remaining policy limits, while stipulating that a significant portion of this payment would be returned to the insurer by the estate's bankruptcy trustee, was required to reimburse the excess insurer the value of the returned payments made by the trustee. Yaquinto v. Admiral Ins. Co., Inc. (In re Cool Partners, Inc.), 2010 WL 1779668 (Bankr. N.D. Tex. Apr. 30, 2010).

    Filed under:
    USA, Texas, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Contractual term, Bankruptcy, Condition precedent, Unsecured debt, Fraud, Interest, Unjust enrichment, Subsidiary, Trustee, United States bankruptcy court, US District Court for Northern District of Texas
    Location:
    USA
    Firm:
    Wiley Rein LLP
    United States Trustee is a "party in interest" under Bankruptcy Code § 1129(d)
    2010-06-03

    IN RE: SOUTH BEACH SECURITIES (May 19, 2010)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Security (finance), Interest, Good faith, Frivolous litigation, Internal Revenue Service (USA), Trustee, United States bankruptcy court
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    The continuing evolution of Bankruptcy Rule 2019
    2010-06-17

    In our Distressed Investor Alert dated December 23, 2009, we wrote that Bankruptcy Rule 2019, an often ignored procedural rule in U.S. bankruptcies, had returned to the public eye in light of the controversial revisions to Rule 2019 (“Revised Rule 2019”)1 proposed by the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States (the "Rules Committee").

    Filed under:
    USA, Insolvency & Restructuring, Richards Kibbe & Orbe LLP, Bankruptcy, Security (finance), Interest, Discovery, Hedge funds, Economy
    Authors:
    Jon Kibbe
    Location:
    USA
    Firm:
    Richards Kibbe & Orbe LLP

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