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New York Bankruptcy Court Raises the Cost of Keeping Funded Debt: Debtor Needs to Pay Default Interest Rate in Reinstatement of Accelerated Debt
2023-09-14

What Happened?

Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Authors:
Adam C. Rogoff , Nancy M. Bello
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
And Another Lender Blocking Provision Bites the Dust, Texas Bankruptcy Court Rules
2023-03-30

The Bottom Line

One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking” provisions are generally upheld where the equity interest holders are the parties with such rights, they are generally unenforceable as a matter of public policy when such protection is given to a creditor with no meaningful ownership interest in the corporate debtor.

Filed under:
USA, Texas, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Authors:
Adam C. Rogoff , Ashland J. Bernard
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Bad ‘Timing’: Southern District of New York Bankruptcy Court Adopts Time Approach to Limiting Landlord Lease Damages, but Other Damages May Still Be Allowable
2023-02-10

Overview

When enacting the Bankruptcy Code, Congress sought to strike a balance amid the confluence of different — and often competing — interests held by debtors, secured creditors and various unsecured creditor constituencies (including landlords) through a framework of statutory protections. This has – at times – led to litigation over differing statutory interpretations as well as circuit splits as courts attempt to reconcile underlying policy goals with the less-than-clear language in various of the Code’s provisions.

Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Authors:
Adam C. Rogoff
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Bankruptcy Court Permits Chapter 7 Trustee to Utilize IRS’ Look-Back Period in Seeking to Avoid Fraudulent Transfers
2021-02-08

Bottom Line

In its recent decision in Mitchell v. Zagaroli, Adv. Pro. No. 20-05000, 2020 WL 6495156 (Bankr. W.D.N.C. Nov. 3, 2020), the Bankruptcy Court for the Western District of North Carolina held that the Chapter 7 trustee could step into the shoes of the IRS and utilize the IRS’ longer look-back period to avoid fraudulent transfers.

What Happened?

Filed under:
USA, North Carolina, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Trustee
Authors:
Kelly E. Porcelli
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Delaware Bankruptcy Court Limits Avoidance Action Recoveries to Creditors’ Total Claims
2020-04-30

The Bottom Line

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Title 11 of the US Code, United States bankruptcy court, Trustee
Authors:
Priya K. Baranpuria
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Funds Talk: December 2019
2019-12-02

Topics covered in this issue include:

Filed under:
USA, Capital Markets, Competition & Antitrust, Insolvency & Restructuring, White Collar Crime, Kramer Levin Naftalis & Frankel LLP, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code, US Securities and Exchange Commission
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Bankruptcy Court for the Southern District of New York Holds That Bankruptcy Court Retains Jurisdiction Over Fraudulent Transfer Action Even If Defendant-Creditor Withdraws Proof of Claim
2019-02-15

The Bottom Line

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, United States bankruptcy court
Authors:
Nancy M. Bello
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Texas Court Declines to Adopt Rule Holding Violation of Law Is Per Se Bad Faith in Fraudulent Transfer Actions
2018-07-13

The Bottom Line

The District Court for the Northern District of Texas recently held in Segner v. Ruthven Oil & Gas, LLC, No. 3:12-CV-1318-B, 2018 WL 3155827 (N.D. Tex. June 28, 2018) that failure to comply with a disclosure law when documenting a transaction does not deprive a defendant in a fraudulent transfer action from asserting a good faith defense.

What Happened?

Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US District Court for Northern District of Texas
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Custodial Receipts: A Useful Tool for Restructuring Insured Municipal Bonds
2018-04-30

Municipal restructurings pose many challenges distinct from those encountered in a typical corporate bankruptcy. One challenge frequently encountered in the context of a municipal restructuring is how to restructure municipal bonds insured by a monoline insurance company.

Filed under:
USA, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Municipal bond
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Seventh Circuit Denies Trustee a Second Bite at the Avoidance Apple
2017-09-11

The Bottom Line

Filed under:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Seventh Circuit
Authors:
Alana Katz
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article

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