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    Sixth Circuit rejects $500 million claim by FDIC
    2012-09-17

    In FDIC v. AmTrustFinancial Corporation, the Sixth Circuit considered the results of the very first trial in the nation under Bankruptcy Code Section 365(o). Section 365(o) is an infrequently litigated provision of the Bankruptcy Code that requires a party seeking Chapter 11 bankruptcy protection to fulfill “any commitment . . .

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Federal Deposit Insurance Corporation (USA), Sixth Circuit
    Authors:
    Colter Paulson
    Location:
    USA
    Firm:
    Squire Patton Boggs
    River Road court certifies direct appeal to the Seventh Circuit Court of Appeals on credit bid issue
    2011-04-06

    On November 4, 2010, the United States Bankruptcy Court for the Northern District of Illinois certified the appeal of debtors River Road Hotel Partners, LLC, et al. of the court’s Order Denying Debtors’ Bid Procedures Motion (the Order) entered October 5, 2010. In its Order, the bankruptcy court expressly denied the debtors’ attempts to prevent their secured creditors from credit bidding in a proposed sale of assets under a chapter 11 plan.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Interest, Federal Reporter, Amicus curiae, Dissenting opinion, Secured creditor, Majority opinion, Secured loan, United States bankruptcy court, Fifth Circuit, Third Circuit, US District Court for Northern District of Illinois
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Bankruptcy Court adopts Madoff trustee’s method of determining “net equity”
    2010-04-28

    The United States Bankruptcy Court for the Southern District of New York issued an important ruling on March 1, 2010 in the Securities Investor Protection Act (SIPA) liquidation of Bernard L. Madoff Investment Securities LLC (Madoff Securities), adopting the trustee’s method of determining “net equity” for purposes of distributing “customer property” and Securities Investor Protection Corporation (SIPC) funds under SIPA.3

    Securities Investor Protection Act

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Bankruptcy, Debtor, Security (finance), Liquidation, Broker-dealer, Investment funds, Pro rata, Securities Investor Protection Corporation, United States bankruptcy court, Trustee
    Authors:
    Peter R. Morrison
    Location:
    USA
    Firm:
    Squire Patton Boggs
    The triangular setoff after SemCrude
    2009-08-26

    An opinion issued earlier this year by the Delaware Bankruptcy Court in In re SemCrude, L.P., et al. (Bankr. Del., No. 08-11525; January 9, 2009) may end much of the practice of so-called “triangular setoffs” by creditors in bankruptcy cases. The Court in SemCrude found that creditors violate section 553 of the Bankruptcy Code by setting off amounts among multiple debtors, even when exercising contractual assignment rights. This ruling is likely to have far-reaching impact given the dearth of case law on this fairly common contractual provision.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Unsecured debt, Security (finance), Safe harbor (law), Federal Reporter, Debt, Liability (financial accounting), US Code, Title 11 of the US Code, DuPont, Chevron Corporation, Second Circuit, Delaware Supreme Court, United States bankruptcy court
    Authors:
    Andrew M. Simon
    Location:
    USA
    Firm:
    Squire Patton Boggs
    New Wormhole in Chicago’s Pension Black Hole
    2016-04-18

    NASA defines a black hole as a place in space where gravity is relentless and pulls so much that not even light can get out.  And, so it goes with Chicago as it attempts to get out of its pension black hole. The recent Illinois Supreme Court opinion in Jones v. Municipal Employees’ Annuity and Benefit Fund of Chicago, 2016 IL 119618 (Ill. 2016) (“Jones”) may have created a wormhole or way through Chicago’s pension black hole.  That way through is collective bargaining, as discussed below.

    Filed under:
    USA, Illinois, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Collective bargaining, Illinois Supreme Court
    Authors:
    Karol K. Denniston
    Location:
    USA
    Firm:
    Squire Patton Boggs
    All contract Provisions Contribute to the Intent of the Parties
    2016-01-25

    We all know that courts want to read contracts as a whole to effectuate the intent of the parties.  This case provides a textbook illustration of the principle.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Location:
    USA
    Firm:
    Squire Patton Boggs
    How the casino kept its chips from a bankruptcy claw-back
    2015-11-09

    Insiders who loot their corporate entities often dispose of the cash proceeds in transactions with third parties. A recent Seventh Circuit opinion, In re Equipment Acquisition Resources, Inc., 14-2174 (7th Cir. October 13, 2015) (the “EAR Opinion”)addresses a common risk faced by a third party who receives cash from the defrauding insider.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Fraud, Casino, Seventh Circuit
    Authors:
    Maxwell Tucker
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Lehman Brothers, the judicial gift that keeps on giving…..
    2015-08-19

    Latest Lehman judgment reassures end users on Close-out Rights

    It is undeniable that the legal complexities, and unprecedented facts, of the long running Lehman Brothers saga have generated a wealth of legal principal, most notably through the Waterfall series of litigation.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Lehman Brothers
    Authors:
    Jennifer Moore
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Supreme Court’s Wellness opinion effectively overturns the Sixth Circuit’s decision on bankruptcy court jurisdiction in Waldman
    2015-06-03

    Last week, in Wellness Int’l Network Ltd. v. Sharif, No. 13-935 (May 26, 2015), the Supreme Court held that a bankruptcy court can enter final judgment on “non-core” claims under 28 U.S.C. § 157 if the parties consent to that court’s jurisdiction.  It overturned a decision by the Seventh Circuit that relied heavily on the Sixth Circuit’s decision in Waldman v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, SCOTUS, United States bankruptcy court, Sixth Circuit
    Authors:
    Colter Paulson
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Insolvent sellers and validation orders in the English High Court: buyer beware!
    2015-04-22

    In the recent case of Wilson (as liquidator of 375 Live Ltd) v SMC Properties Limited, the English High Court reviewed the policy behind section 127 Insolvency Act 1986 (“the Act”) and the underlying principles that apply to validation order applications.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Paul Muscutt , Andrew Johnson
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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