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    Second Circuit joins chorus on inapplicability of Bankruptcy Code Section 502(d) to administrative claims
    2009-12-17

    The Second Circuit Court of Appeals recently issued its decision on a question of first impression before the court: whether section 502(d) of the Bankruptcy Code applies to administrative claims arising under section 503(b) of the Bankruptcy Code. See, generally, ASM Capital, L.P. v. Ames Dept. Stores, Inc. (In re Ames Dept. Stores, Inc.), 582 F.3d 422 (2d Cir. 2009).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Federal Reporter, Default judgment, Liquidation, Conveyancing, Title 11 of the US Code, Trustee, Second Circuit, Ninth Circuit, United States bankruptcy court, Fifth Circuit
    Authors:
    Nicholas J. Brannick
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Regulators place Magnolia Insurance Company under administrative supervision
    2010-01-04

    The Florida Office of Insurance Regulation has placed Magnolia Insurance Company under administrative supervision, finding that the company was in an unsound condition. Under terms of a December 14, 2009 consent order, the company will not be able to issue or renew any policies without permission from the regulator. Magnolia’s President, H. James Irl, has resigned and is prohibited from exercising any managerial control. The consent order also required the company to notify policyholders and agents that if they choose to obtain coverage from Magnolia, they do so at their own risk.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Foley & Lardner LLP, Consent decree, Liquidation, Casualty insurance, Insurance commissioner
    Authors:
    Michael P. Harrell , Robert H. Hosay , Jonathan P. Kilman , Thomas J. Maida
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Potential benefit to unsecured creditors from the Worker, Homeownership, and Business Assistance Act of 2009
    2009-12-28

    There is something for everyone in the suitably named Worker, Homeownership, and Business Assistance Act of 2009–including potential recoveries for unsecured creditors of a debtor reorganizing or liquidating pursuant to the United States Bankruptcy Code.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Tax, Lowenstein Sandler LLP, Debtor, Unsecured debt, Interest, Taxable income, Debt, Liquidation, Tax return (USA), Troubled Asset Relief Program, Internal Revenue Service (USA), Title 11 of the US Code
    Authors:
    John L. Berger , Sharon L. Levine , Cassandra M. Porter
    Location:
    USA
    Firm:
    Lowenstein Sandler LLP
    Fairfield Residential files for bankruptcy in Delaware and begins assumption of certain contracts and leases
    2009-12-28

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Fox Rothschild LLP, Bankruptcy, Unsecured debt, Liability (financial accounting), Liquidation, Refinancing, Default (finance), United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Swap termination and the subordination of termination payments in the Lehman bankruptcy
    2009-12-22

    Lehman Brothers Holdings Inc.’s September 15, 2008 bankruptcy was an event of default under thousands of derivatives contracts to which a Lehman entity was a party and for which Lehman Brothers Holdings was the guarantor. This default entitled the vast majority of Lehman’s counterparties to terminate these contracts, and almost all were terminated.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Hunton Andrews Kurth LLP, Bankruptcy, Surety, Debtor, Swap (finance), Credit risk, Liquidation, Default (finance), Collateralized debt obligation, Subsidiary, Credit default swap, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Brian V. Otero , J. R. Smith , Robert J. Hahn , Stephen R. Blacklocks
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Weathering the storm: insurance coverage and insolvency: maximizing recovery in bankruptcy
    2009-12-22

    As we count down the days until the New Year, we are reminded of the momentous year we will leave behind us on December 31. While memorable for many things, 2009 may long be remembered as a year of record corporate insolvency. In 2009, General Motors, CIT, Chrysler, and Thornburg Mortgage filed four of the ten largest corporate bankruptcies in U.S. history. Equally notable are the number of corporate filings made in 2009.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Haynes and Boone LLP, Bankruptcy, Debtor, Breach of contract, Commercial property, Fiduciary, Interest, Debt, Credit risk, Mortgage loan, Liquidation, Liability insurance, Default (finance), General Motors, Trustee
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    TCW withdraws securities from the Public-Private Investment Program
    2010-01-07

    This past Monday, in the wake of last month's termination of TCW Group, Inc.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Alston & Bird LLP, Security (finance), Investment management, Debt, Mortgage loan, Liquidation, US Department of the Treasury
    Authors:
    Darren Cooper
    Location:
    USA
    Firm:
    Alston & Bird LLP
    FDIC opens temporary Midwest satellite office
    2010-01-25

    On January 19th, the FDIC announced that it will open a temporary satellite office in suburban Chicago to manage receiverships and to liquidate assets from failed financial institutions primarily located in Midwestern states. FDIC Press Release.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Winston & Strawn LLP, Liquidation, Federal Deposit Insurance Corporation (USA)
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Recent significant commercial bankruptcy filings
    2010-02-01

    The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.  

    AUTOMOTIVE  

    Motors Liquidation Co., the remnant of General Motors Corp., filed suit against BMW alleging BMW reneged on a contract to purchase 1.9 million transmissions.  

    REAL ESTATE  

    Filed under:
    USA, Insolvency & Restructuring, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Debtor, Unsecured debt, Liquidation, General Motors, BMW, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    A guide to surviving the Kemper liquidation
    2010-02-04

    In response to an imminent Order of Liquidation against the Kemper Insurance Companies, we have prepared the following “frequently asked questions” guide summarizing issues related to: (i) the financial regulation of insurance companies; (ii) the liquidation and proof of claim process in Illinois; (iii) potential recovery by policyholders of the amount of “covered” workers’ compensation claims from state guaranty associations; (iv) policyholder collateral; and (v) planning a response to the Kemper liquidation.1

    I. FINANCIAL REGULATION OF INSURANCE COMPANIES

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Insurance, Dentons, Confidentiality, Dividends, Financial regulation, Liquidation, US Department of State, Insurance commissioner
    Authors:
    Corinne Carr , John Finston , Bruce E. Baty
    Location:
    USA
    Firm:
    Dentons

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