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    Lehman Brothers Court Holds Swap Safe Harbor Protects ‘Flip’ Transactions
    2016-07-08

    The bankruptcy court overseeing the Lehman Brothers chapter 11 cases rejected efforts by Lehman Brothers Special Financing Inc. (LBSF) to recover roughly $1 billion in payments made to numerous noteholder defendants from the liquidation of collateral originally pledged to secure both obligations under notes issued by special purpose entities and credit default swap (CDS) obligations to LBSF, holding that the termination of the swap and liquidation and distribution of the collateral were protected by the Bankruptcy Code’s safe harbor.

    Filed under:
    USA, Capital Markets, Derivatives, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Collateral (finance), Safe harbor (law), Swap (finance), Liquidation, Default (finance), Credit default swap, Bank of America, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    What Do Edison, Overalls and Opportunity Have in Common?
    2016-06-29

    Thomas Edison famously said that “opportunity is missed by most people because it is dressed in overalls and looks like work.” Consistent with Edison’s musings, companies in an acquisition mode often overlook opportunities that arise in the bankruptcy arena because they lack knowledge of the system and think bankruptcy is an unruly beast dressed in extra-large overalls.

    Filed under:
    USA, Maryland, Insolvency & Restructuring, Cole Schotz PC, Bankruptcy, Liquidation, Distressed securities
    Authors:
    Gary H. Leibowitz
    Location:
    USA
    Firm:
    Cole Schotz PC
    Flip-clauses reconsidered: Lehman Court departs from previous safe harbor rulings
    2016-06-30

    Court holds that distributions made pursuant to priority payment provisions contained in CDO transactions are protected by Section 560 of the Bankruptcy Code

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Bankruptcy, Debtor, Collateral (finance), Security (finance), Safe harbor (law), Class action, Swap (finance), Liquidation, Default (finance), Collateralized debt obligation, Lehman Brothers cases, Bank of America, Lehman Brothers, United States bankruptcy court
    Authors:
    Brian D. Rance , Timothy Harkness , Linda H. Martin , Abbey Walsh
    Location:
    USA
    Firm:
    Freshfields Bruckhaus Deringer
    Alternatives to Bankruptcy (Receivership)
    2016-06-28

    Alternatives to Bankruptcy from Bankruptcy Law Specialist Christy Myatt

    The general notion behind receiverships is to preserve property pending the outcome of a case, or the foreclosure of real property or such other time as the Court deems a Receiver is not required.

    The Receiver is usually an unrelated third party or attorney familiar with process.

    I. State Court Receiverships

    A. Purpose of Receivership

    A Receiver plays an important part in three common situations:

    Filed under:
    USA, South Carolina, Capital Markets, Derivatives, Insolvency & Restructuring, Litigation, Nexsen Pruet, Debt, Foreclosure, Liquidation
    Authors:
    Christine L. Myatt
    Location:
    USA
    Firm:
    Nexsen Pruet
    Wholesale Assignment of Causes of Action Does Not Establish “Related To” Jurisdiction in Delaware Bankruptcy Court
    2016-06-22

    Who doesn’t love a good catch-all provision? In a world of infinite possibilities, attorneys often find themselves drafting language designed to encompass a plethora of contingencies. Are such efforts sometimes overkill? Perhaps. Nevertheless, given our imperfect ability to predict the future, such provisions are often necessary and appropriate.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Fiduciary, Liquidation, Subject-matter jurisdiction, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Bachmanity - From Sizzle to Fizzle and Maybe Bachruptcy (Silicon Valley - Episode 24)
    2016-06-03

    At its heart, Episode 24 was about relationships – from the wayward dating lives of Richard and Dinesh to Big Head and Ehrlich’s marriage of “Bachmanity,” the Pied Piper entourage found themselves faced with the messy unraveling of unsuccessful relationships.

    Filed under:
    USA, Insolvency & Restructuring, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Unsecured debt, Liquidation, United States bankruptcy court
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Are you Covered? The Insured v. Insured Exclusion
    2016-05-31

    The availability of a debtor’s insurance policy can have a significant impact on its chapter 11 case. Indeed, in certain chapter 11 cases insurance proceeds may be a creditor’s only opportunity to potentially receive a recovery on meritorious claims. Relying on insurance proceeds, however, is not infallible. An insurance policy may, for example, contain a coverage exclusion that would preclude a claim. For instance, nearly all directors’ and officers’ liability insurance policies traditionally include an insured v.

    Filed under:
    USA, Michigan, Insolvency & Restructuring, Insurance, Litigation, Weil Gotshal & Manges LLP, Debtor, Liquidation, Liability insurance, Debtor in possession, Title 11 of the US Code
    Authors:
    Candace Arthur
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Winners and Losers: They Call Alabama the Crimson Tide, Call me Deacon Blues
    2016-05-31

    In Bankruptcy Code Section 363 sales of assets, there are winners and losers. 

    Chapter 11 is known as a forum for reorganizing or selling a financially distressed business. If a Chapter 11 reorganization is not possible, a sale of assets may create investment opportunities for strategic buyers, investment banks, and private equity to take advantage of the “distress” normally associated with Chapter 11 to acquire assets at a discount, exemplifying Warren Buffet’s “value” buying.

    Filed under:
    USA, Banking, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Shumaker Loop & Kendrick, Debtor, Private equity, Breach of contract, Liquidation, Title 11 of the US Code
    Authors:
    David H. Conaway
    Location:
    USA
    Firm:
    Shumaker Loop & Kendrick
    Lookback Period - Twelve Weeks (pt 2)
    2016-05-25

    Perhaps Next Time the Debtor Will Speak Up a Little Sooner

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Res judicata and issue estoppel, Liquidation, United States bankruptcy court, Fourth Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    When and How Can a Chapter 7 Bankruptcy Trustee Liquidate Your Collateral?
    2016-05-19

    So you are chugging along with a foreclosure action (either on real and/or personal property) only to be stopped in your tracks by the borrower filing a voluntary Chapter 7 bankruptcy petition. The usual, immediate thought is – “better contact our bankruptcy counsel to obtain relief from the automatic stay.” Well, perhaps, or perhaps you might want to contact the Chapter 7 Trustee first (either directly or through your bankruptcy counsel). Why? Maybe the Chapter 7 Trustee would be interested in liquidating that collateral for you though the bankruptcy system.

    Filed under:
    USA, Insolvency & Restructuring, Murtha Cullina LLP, Bankruptcy, Debtor, Collateral (finance), Personal property, Foreclosure, Liquidation, Trustee
    Authors:
    Robert E. Kaelin
    Location:
    USA
    Firm:
    Murtha Cullina LLP

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