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    Bankruptcy Court determines that property transfer by corporation in which debtor holds a 50% interest does not constitute a transfer of assets of the bankruptcy estate
    2012-06-01

    The United States Bankruptcy Court for the District of New Jersey recently found that a debtor’s transfer of property owned by a corporation in which the debtor allegedly held a 50% interest did not automatically constitute a transfer of assets of the debtor’s bankruptcy estate. After the debtor filed a voluntary Chapter 7 bankruptcy petition, the Chapter 7 trustee filed an adversary complaint alleging that the debtor purposefully had executed a post-petition mortgage lien on certain real property owned by a corporation of which the debtor was a 50% owner.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Interest, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    FDIC issues proposal regarding enforceability of contracts for systemically important financial institutions
    2012-03-23

    On March 20, the Federal Deposit Insurance Corporation (FDIC) proposed a rule (Proposed Rule), with request for comments, that implements section 210(c)(16) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or the Act) , which permits the FDIC, as receiver for a financial company whose failure would pose a significant risk to the financial stability of the United States (a covered financial company), to enforce contracts of subsidiaries or affiliates of the covered financial company despite contract clauses that purport to terminate, accelerate, or provide

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Katten Muchin Rosenman LLP, Collateral (finance), Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Court finds exigent circumstances warrant appointment of receiver for an insolvent, closely held corporation
    2012-03-23

    The Delaware Chancery Court recently found that exigent circumstances necessitated the appointment of a receiver for an insolvent company under section 291 of the Delaware General Corporation Law (DGCL). The insolvent company at issue had $1.9 million in tax debt and was at risk of losing a favorable settlement opportunity with the IRS due to an impasse between voting and non-voting shareholders.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Shareholder, Delaware General Corporation Law, Delaware Court of Chancery
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    DOL expects to focus on health care and fiduciary issues in coming months
    2012-02-28

    On January 20, the DOL made its semiannual regulatory agenda and regulatory plan statement available on its website. The regulatory agenda is the list of regulations the DOL expects to have under active consideration for promulgation, proposal or review during the following 6 to 12 months.

    Filed under:
    USA, Employee Benefits & Pensions, Healthcare & Life Sciences, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Fiduciary
    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
    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 the Southern District of New York
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Seventh Circuit gives guidance on McCaskill-Bond amendment to Federal Aviation Act
    2011-12-09

    The McCaskill-Bond Amendment to the Federal Aviation Act provides that a merger of air carriers requires the new entity to merge the seniority lists of the two carriers’ employees. Republic Airways acquired Midwest Airlines, and thereafter the Teamsters Union, which represented the flight attendants at Republic’s older carriers, refused to integrate the seniority lists for flight attendants and placed Midwest’s flight attendants at the bottom of the seniority roster. A group of Midwest flight attendants challenged the action, asserting that it violated the amendment.

    Filed under:
    USA, Aviation, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Seventh Circuit
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    FDIC, Treasury propose maximum obligation limitation rules for FDIC receiverships involving covered financial companies
    2011-12-02

    On November 25, a notice of proposed rulemaking was published jointly by the Federal Deposit Insurance Corporation (the FDIC) and the Departmental Offices of the Department of the Treasury (the Treasury, and collectively, the Agencies) to implement applicable provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). In accordance with the requirements of the Dodd-Frank Act, the proposed rules govern the calculation of the maximum obligation limitation (MOL), as specified in section 210(n)(6) of the Dodd-Frank Act.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Federal Deposit Insurance Corporation (USA), US Department of the Treasury, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Lehman Brothers court, building on Semcrude and Swedbank decisions, denies triangular setoff by swap counterparty
    2011-10-11

    The United States Bankruptcy Court for the Southern District of New York (the Court), has held that section 553(a) of the Bankruptcy Code prohibits a swap counterparty from setting off amounts owed to the debtor against amounts owed by the debtor to affiliates of the counterparty, notwithstanding the safe harbor provision in section 561 of the Bankruptcy Code and language in the ISDA Master Agreement permitting the swap counterparty to effect “triangular” setoffs. In re Lehman Brothers Inc., Case No. 08-01420 (JMP)(SIPA) (Bankr. S.D.N.Y. October 4, 2011).

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Collateral (finance), Safe harbor (law), Swap (finance), Debt, Common law, UBS, Lehman Brothers, Title 11 of the US Code, Delaware Supreme Court, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    ZING VII —implications for the bankruptcy remoteness of special purpose entities
    2011-09-28

    In re Zais Investment Grade Ltd. VII1 is the latest in a recent line of bankruptcy cases challenging bedrock assumptions regarding securitization special purpose entities (SPEs) and bankruptcy considerations in securitization transactions.2 Zais establishes precedent allowing a senior noteholder of a collateralized debt obligation (CDO) to place the CDO issuer in an involuntary chapter 11 bankruptcy in order to advance an asset management plan that would otherwise require supermajority approval of all noteholders (including all junior classes) under the related indenture.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Asset management, Debt, Asset-backed security, Maturity (finance), Liquidation, Bad faith, Cashflow, Default (finance), Collateralized debt obligation, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Chris DiAngelo
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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