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    New Jersey court rules receiver can be liable for personal injury
    2012-11-08

    The New Jersey Appellate Court has recently ruled that a receiver can be sued for injuries sustained in a building under the receiver’s control.  The case involved a dilapidated apartment building in Passaic and injuries sustained thirteen months after the receiver was appointed by judge overseeing the foreclosure case of the first mortgage holder.  The receiver was charged with responsibility to collect rent; manage, insure and repair the premises; pay taxes and assessments; and “do all things necessary for the due care and proper management of the mortgaged premises.”  Acco

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Real Estate, Fox Rothschild LLP, Mortgage loan, Foreclosure
    Authors:
    Michael J. Viscount, Jr.
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Security National Propertiesfiles for bankruptcy in Delaware, citing unpredictability of the financial markets
    2011-10-19

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Debtor, Commercial property, Landlord, Leasehold estate, Interest, Limited liability company, Debt, Mortgage loan, Deed of trust (real estate), United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Multiple decisions in New Century TRS Holdings, Inc., hold: when you settle a claim, you get what you contract for
    2011-05-16

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Fraud, Mortgage loan, Negligence, Involuntary dismissal, Prejudice, United States bankruptcy court, Trustee
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Judge Carey reminds us: in a bankruptcy, following the proper procedure matters
    2011-04-18

    Summary

    In a 13 page decision signed, April 11, 2011, Judge Carey of the Delaware Bankruptcy Court granted a motion disallowing a creditor’s late-filed bankruptcy claim, and held that if there is no legal requirement that a party respond to an affidavit, a lack of response does not bind a party to that affidavit nor can it be considered an admission by that party. Judge Carey’s opinion is available here.

    Background

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, Mortgage loan, Foreclosure, United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Hotel loan workouts
    2010-10-19

    For many hotel owners, it is an all-too-familiar story: occupancy is down, and even though operating expenses have been cut to the bone, there is just not enough money to go around. It seems there is always another bill: franchise fees, payroll, real property taxes, debt service—the list goes on. The unfortunate result is that either because of a failure to make a payment or a breach of some other covenant, the owner finds itself looking at a default notice from its lender. When dealing with a loan default, there are four things the hotel owner needs to understand.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Leisure & Tourism, Fox Rothschild LLP, Collateral (finance), Fiduciary, Covenant (law), Debt, Mortgage loan, Foreclosure, Maturity (finance), Refinancing, Default (finance), Mortgage-backed security, Credit rating agency
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Chp. 7 trustee files preference actions in HomeBanc Mortgage bankruptcy
    2010-03-01

    George Miller, the Chapter 7 Trustee in the HomeBanc Mortgage bankruptcy, recently filed approximately 400 preference actions against various defendants under section 547 of the Bankruptcy Code. According to a Summons filed in one of the adversary actions, the first pre-trial conference is scheduled in the United States Bankruptcy Court for the District of Delaware on April 21, 2010. The HomeBanc bankruptcy, along with these adversary actions, are before the Honorable Kevin J.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Retail, Debtor, Mortgage loan, Mortgage-backed security, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware, Trustee
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Northern Rock restructuring to take effect January 1
    2009-12-08

    Today, the U.K. Treasury and Northern Rock plc separatelyannounced that the restructuring of Northern Rock will take place on January 1, 2010 (Transfer Date).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Alston & Bird LLP, Retail, Debtor, Unsecured debt, Interest, Asset management, Swap (finance), Mortgage loan, Public limited company, Subordinated debt, European Commission, HM Treasury (UK), FSA
    Authors:
    Darren Cooper
    Location:
    United Kingdom
    Firm:
    Alston & Bird LLP
    European Commission approves Northern Rock split
    2009-10-28

    The European Commission (EC) yesterday approved the restructuring plan of Northern Rock plc. The plan will split the company into two separate companies. The new Northern Rock plc will consist of a new savings and mortgage bank that will hold and service all customer savings accounts and some existing mortgage accounts.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, Alston & Bird LLP, Asset management, Mortgage loan, Balance sheet, Public limited company, European Commission, ING Group, FSA, Bank of England
    Location:
    European Union, United Kingdom
    Firm:
    Alston & Bird LLP
    Dutch Central Bank seizes DSB Bank
    2009-10-13

    De Nederlandsche Bank (DNB) began the process of appointing receivers Monday for DSB Bank NA (DSB) after DSB experienced a “run” when rumors of its insolvency spread via Twitter and other outlets.

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Alston & Bird LLP, Mortgage loan, Consortium, Twitter, Federal Deposit Insurance Corporation (USA), ING Group, De Nederlandsche Bank
    Authors:
    Christy Prendergast
    Location:
    Netherlands
    Firm:
    Alston & Bird LLP
    GAO issues report on restructuring of Fannie Mae and Freddie Mac
    2009-09-14

    Today, the Government Accountability Office (GAO) released a report entitled, “Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises’ Long-term Structures.” Last September, the Federal Housing Finance Agency placed the GSEs into conservatorship fearing that their deterioration would harm U.S. financial stability.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Real Estate, Alston & Bird LLP, Mortgage loan, Portfolio (finance), Sponsor (commercial), Mortgage-backed security, US Federal Government, Federal Housing Finance Agency
    Location:
    USA
    Firm:
    Alston & Bird LLP

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