A receiver is an officer of the court concerning property in receivership, holding possession of the property for the court that appointed the receiver.
The University of Texas' 29th Annual Jay L. Westbrook Bankruptcy Conference November 19, 2010
When defaults spiked for loans underwritten by commercial mortgage-backed securities (CMBS), many Texas attorneys sought state court-appointed receivers for commercial real estate assets.
Placing a struggling property in receivership has long been a remedy available for lenders, but Texas' relatively expedited and inexpensive nonjudicial foreclosure process limited the remedy's practical value for traditional lenders.
- Introduction
Congress enacted the current Bankruptcy Code, Sections 101 through 1502 of Title Eleven of the United States Code (as amended, the “Bankruptcy Code”), in 1978, and it took effect late in 1979. Many important federal environmental statutes were enacted around the same time, e.g., Congress enacted the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) in 1980. Thus, Congress did not fully consider environmental liability schemes when it created the bankruptcy code.
In order to identify the appropriate cramdown rate of interest which allows a secured creditor to receive the “present value” of its claim through a stream of payments proposed in a plan, such analysis must necessarily begin with the Supreme Court’s plurality opinion in Till v. SCS Credit Corp., 541 U.S. 465 (2004).
In the fallout of recent commercial mortgage-backed securities defaults, mortgage servicers have increasingly used receivership sales for commercial real estate assets, including last month’s sale of the Davis Building in downtown Dallas.
LAS VEGAS (AP) - With a bitter legal fight nearly over, "Mr. Las Vegas" Wayne Newton is moving from his estate of 45 years, "Casa de Shenandoah," to another mansion about a mile away.
The downsizing from a 40-plus acre spread to a $3 million mansion and several adjacent properties totaling 20 acres is taking place this week, the crooner's sister-in-law, Tricia McCrone, and Newton publicist Kevin Sasaki said Wednesday.
In RadLAX Gateway Hotel, LLC v. Amalgamated Bank, the United States Supreme Court addressed the issue of “whether a Chapter 11 bankruptcy plan may be confirmed over the objection of a secured creditor pursuant to 11 U.S.C.
A bankruptcy court’s characterization of a debtor’s pre-petition conveyance of an overriding royalty interest (“ORRI”) has an important effect on whether that ORRI is part of an oil and gas debtor’s bankruptcy estate and, in turn, what rights the ORRI holder has with respect to that interest. If an ORRI conveyance is characterized as the transfer of a real property interest, the conveyance is generally excluded from the debtor’s bankruptcy estate and the ORRI holder’s interest may not be affected by the bankruptcy.
This article is for non-bankruptcy attorneys who have clients that may become involved in a bankruptcy case because they sold goods to a party that subsequently filed bankruptcy (a “debtor”). Accordingly, this article discusses, among other things, factors influencing whether trade creditors should become actively involved in a bankruptcy and the remedies available to trade creditors in bankruptcy.
I. Who Is A Trade Creditor