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    Senate agrees on mechanism for resolving failed firms
    2010-05-10

    On May 5th, the Senate voted 93-5 to adopt an amendment proposed by Senators Christopher Dodd and Richard Shelby that would give the FDIC authority to liquidate failing financial institutions without the creation of a controversial $50 billion "bailout" fund. Instead, the FDIC would use a new line of credit with the Treasury Department, supported by the assets of the failed institution, to pay the liquidation expenses.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Winston & Strawn LLP, Credit (finance), Bailout, Liquidation, Line of credit, Federal Deposit Insurance Corporation (USA), US Department of the Treasury
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    U.S. bankruptcy courts may offer avoidance relief under foreign law
    2010-03-22

    On March 18th, the Fifth Circuit held that a U.S. bankruptcy court may offer avoidance relief under a foreign country's law in a Chapter 15 bankruptcy proceeding. Plaintiffs had been appointed trustees by a Nevis court in a Nevis winding up petition. Plaintiffs filed a Chapter 15 bankruptcy petition in the U.S. alleging that the debtor had transferred assets to put them out of the reach of the Nevis court. The U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Debtor, Liquidation, United States bankruptcy court, Fifth Circuit, Trustee
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    SIPC trustee's definition of net equity adopted in Madoff case
    2010-03-08

    On March 1st, the bankruptcy court overseeing the bankruptcy proceedings and SIPA liquidation of Bernard L. Madoff Investment Securities upheld the SIPC trustee's method for determining the net equity held by the victims of Madoff's fraud. The SIPC trustee defines net equity as the amount of cash deposited by the customer into his BLMIS customer account less any amounts withdrawn.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Winston & Strawn LLP, Bankruptcy, Security (finance), Fraud, Limited liability company, Liquidation, Securities Investor Protection Corporation, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Winston & Strawn 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
    Treatment of customers and financial counterparties in stockbroker liquidations under SIPA and the Bankruptcy Code
    2008-06-04

    With the possibility of a major stock brokerage liquidation appearing more likely than it has been in recent periods, the effect of a liquidation on customers and financial counterparties has become of great interest to many of our clients and others.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Bankruptcy, Unsecured debt, Injunction, Security (finance), Swap (finance), Economy, Liquidation, Broker-dealer, Brokerage firm, Title 11 of the US Code, US Securities and Exchange Commission, Securities Investor Protection Corporation, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    FSA shuts down boiler room scams
    2007-09-28

    On September 25, the UK Financial Services Authority (FSA) announced that two UK-based firms have been placed into liquidation by the UK High Court following the FSA’s intervention. The FSA believes that these scams may have fraudulently persuaded up to 800 people into buying worthless shares. Investors are believed to have lost up to £3.5 million ($7.5 million).

    Chesteroak Limited and Bingen Investments Limited were shut down following allegations that they were dealing in or arranging deals in shares without proper authorization.

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, White Collar Crime, Katten Muchin Rosenman LLP, Share (finance), Liquidation, FSA, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Katten Muchin Rosenman LLP
    UK Financial Services Authority (FSA) uses wind up power
    2007-03-09

    In a decision handed down on February 23, the High Court granted a winding-up petition brought by the Financial Services Authority under section 367 of the Financial Services and Markets Act 2000 (FSMA).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Share (finance), Limited liability partnership, Liquidation, FSA
    Location:
    United Kingdom
    Firm:
    Katten Muchin Rosenman LLP
    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, Title 11 of the US Code, Bank of America, Lehman Brothers, United States bankruptcy court, US District Court for SDNY
    Authors:
    Jeff J. Friedman
    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), 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
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Second Circuit affirms Madoff trustee's net equity calculation
    2011-08-19

    The United States Court of Appeals for the Second Circuit found in favor of the trustee (the Trustee) presiding over the liquidation of Bernard L. Madoff Investment Securities (BMIS), affirming the Trustee’s calculation of “net equity” in the BMIS liquidation. The Trustee calculates net equity to determine the value of claims submitted by victims of Madoff’s massive fraud.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Katten Muchin Rosenman LLP, Security (finance), Fraud, Limited liability company, Liquidation, Market value, Second Circuit, Trustee
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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