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    Rights of Majority Holders to Direct a Trustee: Scope and Limitations
    2016-11-17

    Section 316(b) of the Trust Indenture Act, which prohibits action that would deprive individual bondholders of the right to receive principal and interest, has taken center stage of late with rulings on the scope of its applicability. But another provision of Section 316 of the TIA drives in the opposite direction, and is equally fundamental to the architecture of indenture debt as commonly issued in this country. Section 316(a)(1) prescribes the default rule that a majority of bondholders have the power to direct the remedial actions of the trustee.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
    Authors:
    Abbe L. Dienstag
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    New decision clarifies rules regarding derivative standing for creditors in Delaware Court of Chancery
    2015-05-21

    On May 4, 2015, the Delaware Court of Chancery issued an important decision regarding creditor standing to  maintain a derivative action on behalf of an insolvent corporation. In Quadrant Structured Products Company v. Vertin et al., C.A. No.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Shareholder, Fiduciary, Credit default swap, Derivative suit, Delaware Court of Chancery
    Authors:
    Gregory A. Horowitz , David E. Blabey, Jr , Tuvia Peretz
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Who’s SARE-y now? No “whole business enterprise” exception to single asset real estate provisions of Bankruptcy Code
    2012-06-25

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Debtor, Bank of America
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Cruel intentions: SDNY bankruptcy court holds mutual intent not required to plead state law actual fraud
    2011-08-15

    The Bottom Line:

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Fraud, Hedge funds, Limited liability partnership, Involuntary dismissal, Common law, Prima facie, Second Circuit, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    The Enron claims trading decision: everyone loses
    2007-10-04

    On August 27, 2007, United States District Judge Shira Scheindlin held that Springfield Associates, an innocent transferee of a claim from Citigroup against Enron, was not subject to certain counterclaims and defenses so long as Springfield was a “purchaser” and not an “assignee” of the claim. See In re Enron Corp. v. Springfield Assocs. L.L.C., No. 07 Civ. 1957, 2007 U.S. Dist. LEXIS 63129 (S.D.N.Y. Aug. 27, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Swap (finance), Remand (court procedure), Warranty, Distressed securities, Uniform Commercial Code (USA), US Congress, Citigroup, Enron, US District Court for SDNY
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Insurance Commissioner, Acting as Liquidator of RRG, Is Not a “Governmental Authority”
    2021-07-15

    When is an insurance commissioner not a governmental authority? A federal district judge reminds us that a state insurance commissioner, when acting as receiver of an insolvent insurer, acts in a different capacity to his governmental role. This principle can cause an insurance commissioner to fall outside a contractual definition of “governmental authority” even where the definition contains inclusive language on multiple capacities.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, Insurance commissioner
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    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
    Fifth Circuit Affirms Bar Orders in Receivership, Bars Creditors From Pursuing Claims Against Settling Defendants
    2019-08-05

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US Securities and Exchange Commission
    Authors:
    Erica D. Wolf
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Third Circuit Remands W.R. Grace Decision Concerning Plan Channeling Injunction and Insurance Providers, Providing Additional Insights for Third Parties and Claimants
    2018-11-05

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, Third Circuit
    Authors:
    Andrew Wyatt Pollack
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    When a Bankruptcy Plan Precludes Inquiry Into the Conduct of a Trustee
    2018-06-06

    In yet another of the many cases against Residential Mortgage Backed Securities (RMBS) trustees for their alleged responsibility for losses suffered by investors, Judge Jesse Furman of the Southern District of New York precluded inquiry into the conduct of the trustee where a bankruptcy plan intervened. The plaintiffs were caught in a bind. Alleging misfeasance by the trustee prior to the commencement of the bankruptcy case would have been barred by the statute of limitations. Allegations of misfeasance subsequent to the commencement of the case were swept away by confirmation of the plan.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
    Authors:
    Abbe L. Dienstag
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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