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    Update on Insider Litigation
    2015-12-10

    The U.S. Bankruptcy Court for the Northern District of Illinois ordered the “equitable subordination” of insider secured claims against a Chapter 11 debtor on Nov.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Divided Ninth Circuit directs review of lender’s appeal from cramdown order
    2015-07-24

    A lender’s appeal from an order confirming a Chapter 11 debtor’s cramdown reorganization plan is not equitably moot when the lender “diligently sought a stay” and the court could grant effective relief, held the U.S. Court of Appeals for the Ninth Circuit on July 1, 2015. In re Transwest Resort Properties, Inc., 2015 WL 3972917, at *1 (9th Cir. July 1, 2015) (2-1).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Ninth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    New York bankruptcy judge disallows payment of make-whole premium
    2014-09-15

    On Aug. 26, 2014, Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York denied the payment of a $200 million make-whole premium. See Corrected and Modified Bench Ruling on Confirmation of Debtors’ Joint Chapter Plan of Reorganization for Momentive Performance Materials Inc. and its Affiliated Debtors, In re MPM Silicones, LLC, No. 14-22503 (Bankr. S.D.N.Y. Sept. 9, 2014) [D.I.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy
    Authors:
    David M. Hillman , Lucy F. Kweskin
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Fisker part II: Delaware District Court refuses to hear appeal of controversial Bankruptcy Court decision capping credit bid
    2014-02-12

    We recently wrote about the highly controversial decision of the Delaware Bankruptcy Court in In re Fisker Automotive capping a secured creditor’s right to credit bid its $168 million claim at $25 million.[1] The secured creditor immediately appealed to the District Court.[2] As a procedural matter, the secured creditor had an absolute right to have its appeal heard only if the Bankruptcy Court’s ruling was considered a “final order.” If it was not a “final order,” then the District Court had discretion on whether to hear the merits of the appeal. On Feb.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Secured creditor, United States bankruptcy court
    Authors:
    Adam C. Harris , David M. Hillman , James T. Bentley
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    District Court dismisses insider preference claim despite affiliates holding equity and board seats
    2013-04-19

    The United States District Court for the Southern District of New York dismissed an insider preference complaint by Capmark Financial Group Inc. and its affiliates ("Capmark") seeking to recover a $145 million pre-bankruptcy payment from a lender group. Capmark Financial Group Inc. v. Goldman Sachs Credit Partners L.P., __ F. Supp. 2d __, 2013 WL 1420243 (S.D.N.Y. Apr.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Board of directors, Limited liability company, Ally Financial, Second Circuit, US District Court for SDNY
    Authors:
    David M. Hillman , Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Eleventh Circuit reverses TOUSA district court decision and holds lenders liable for fraudulent transfer
    2012-05-21

    The United States Court of Appeals for the Eleventh Circuit, on May 15, 2012, reversed a district court's February 2011 decision that lenders were not liable on a fraudulent transfer claim. In re TOUSA, Inc., ___ F.3d ___, 2012 U.S. App. LEXIS 9796 (11th Cir. 5/15/12).[1] It rejected the district court's finding that corporate subsidiaries had received "reasonably equivalent value" when they encumbered their assets to secure a loan made to them and their corporate parent.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, United States bankruptcy court, Eleventh Circuit
    Authors:
    Michael L. Cook , David M. Hillman
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Update on reorganization financing
    2011-04-07

    Reorganization or debtor-in-possession (“DIP”) financing has become an increasing source of litigation.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Insurance, Litigation, Real Estate, Schulte Roth & Zabel LLP, Debtor
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Claim resolution agreement, segregated assets, U.K. high court rulings
    2009-12-17

    As previously described in our Alert of Oct.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Share (finance), Conflict of laws, Unsecured debt, Debt, Liquidation, Election, Pro rata, Lehman Brothers, High Court of Justice
    Authors:
    Lawrence V. Gelber , Craig Stein , Ron Feldman
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP
    Lehman Brothers debtors seek to establish procedures for assuming and assigning pre-petition derivatives contracts and settling termination payments
    2008-11-14

    Lehman Brothers Holdings Inc. and its affiliated debtors (collectively, the “Debtors”) filed a motion in the bankruptcy court on Nov. 13, 2008, asking the court to approve procedures for (i) assuming (affirming) and assigning derivative contracts entered into before the Debtors commenced their bankruptcy cases, including resolving cure amounts; and (ii) entering into settlement agreements that may establish termination payments and the return of collateral under terminated derivative contracts.

    Debtors’ Derivative Contracts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Consideration, Consent, Liquidation, Credit rating, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Fourth Circuit affirms dismissal of reorganization case due to commercial tenant’s bad faith litigation tactics
    2007-06-20

    The Fourth Circuit, on June 15, 2007, affirmed the dismissal of a Chapter 11 reorganization petition filed by a tenant debtor in a commercial lease dispute. Maryland Port Administration v. Premier Automotive Services, Incorporated (In re Premier Automotive Services, Incorporated), ___ F.3d ___, 2007 WL 1721951 (4th Cir. 6/15/07).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Injunction, Landlord, Leasehold estate, Interest, Federal Reporter, Good faith, Bad faith, Title 11 of the US Code, Westlaw, United States bankruptcy court, Fifth Circuit, Fourth Circuit, Sixth Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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