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    Victorian Court of Appeal clarifies preference law
    2010-07-01

    Before 1993, the question of whether a creditor of a corporation being wound up had received an unfair preference from that corporation was determined under section 122 of the Bankruptcy Act 1966 (Cth). In 1993, a new Part 5.7B was inserted into the Corporations Act to deal with voidable transactions such as unfair preferences. Since then two lines of divergent judicial authority have developed:

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Unsecured debt, Debt, Reinsurance, Liquidation, Liquidator (law), Subsidiary, MetLife, Corporations Act 2001 (Australia), Victoria Supreme Court, High Court of Australia
    Authors:
    David Porter , Steven Palmer
    Location:
    Australia
    Firm:
    Norton Rose Fulbright
    What is happening to AIG?
    2009-03-02

    This morning, March 2, 2009, American International Group, Inc. ("AIG") announced a loss of $61.7 billion for the fourth quarter of 2008, a total net loss for 2008 of $99.29 billion, and a major restructuring of its operations, including a new federal infusion of $30 billion, forgiveness of certain debts, and relaxation of prior bailout terms. For comparison purposes, all insured losses for all insurance companies (not just AIG) relating to Hurricane Katrina are estimated at slightly more than $40 billion.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Reed Smith LLP, Bond market, Bankruptcy, Debt, Bailout, Holding company, Subsidiary, Preferred stock, Casualty insurance, Mortgage-backed security, US Department of the Treasury, American International Group, Federal Reserve (USA), MetLife, Moody's Investors Service
    Authors:
    Ann V. Kramer , Paul Walker-Bright , Timothy P. Law
    Location:
    USA
    Firm:
    Reed Smith LLP
    Lenders file motions to dismiss twenty-one General Growth Properties bankruptcy cases as bad-faith filings
    2009-06-04

    Metropolitan Insurance Company has joined ING Clarion Capital Loan Services, Inc., Wells Fargo Bank, N.A., and FRM Funding Company, Inc in requesting the Bankruptcy Court to dismiss as bad faith filings the bankruptcy cases of twenty-one property level CMBS borrower subsidiaries of General Growth Properties, Inc. ING filed the first motion on May 4th with respect to eight debtors, and a hearing was set for May 27th. That hearing was subsequently adjourned to June 17th. Creditors having similar motions to be heard on June 17th were required to file their motions to dismiss by May 29th .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Debt, Maturity (finance), Involuntary dismissal, Bad faith, Cashflow, Subsidiary, Commercial mortgage-backed security, Wells Fargo, ING Group, MetLife, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Special purpose entities – the new Chapter 11 debtors: General Growth bankruptcy court takes the “remoteness” out of bankruptcy structured financings
    2009-08-17

    Introduction

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Unsecured debt, Debt, Mortgage loan, Bad faith, Refinancing, Commercial mortgage-backed security, Memorandum opinion, Secured loan, MetLife, Title 11 of the US Code, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Bankruptcy Court denies CMBS lenders’ requests to dismiss bankruptcy petitions of SPE affiliates of General Growth Properties, Inc
    2009-08-19

    Opinion Serves to Remind Lenders That “Bankruptcy Remote” Does Not Mean “Bankruptcy Proof”

    Judge Allan L. Gropper of the Bankruptcy Court for the Southern District of New York issued a much-anticipated order on August 11, 2009, in the challenge to the bankruptcy filings by certain special-purpose-entity (“SPE”) affiliates of General Growth Properties, Inc. (“GGP”).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Eversheds Sutherland (US) LLP, Bankruptcy, Shareholder, Surety, Debtor, Fiduciary, Debt, Bad faith, Refinancing, Default (finance), Commercial mortgage-backed security, Secured loan, Consolidation (business), MetLife, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Alfred G. Adams, Jr. , John W. Benson , Lisa A. Rosen , William G. Rothschild
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP
    Special purpose entities – the new Chapter 11 debtors: General Growth bankruptcy court takes the “remoteness” out of bankruptcy structured financings
    2009-08-17

    Introduction

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Unsecured debt, Debt, Mortgage loan, Bad faith, Refinancing, Commercial mortgage-backed security, Memorandum opinion, Secured loan, Title 11 of the US Code, MetLife, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Lenders file motions to dismiss twenty-one General Growth Properties bankruptcy cases as bad-faith filings
    2009-06-04

    Metropolitan Insurance Company has joined ING Clarion Capital Loan Services, Inc., Wells Fargo Bank, N.A., and FRM Funding Company, Inc in requesting the Bankruptcy Court to dismiss as bad faith filings the bankruptcy cases of twenty-one property level CMBS borrower subsidiaries of General Growth Properties, Inc. ING filed the first motion on May 4th with respect to eight debtors, and a hearing was set for May 27th. That hearing was subsequently adjourned to June 17th. Creditors having similar motions to be heard on June 17th were required to file their motions to dismiss by May 29th .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Debt, Maturity (finance), Involuntary dismissal, Bad faith, Cashflow, Subsidiary, Commercial mortgage-backed security, Wells Fargo, ING Group, MetLife, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
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