First Federal acquires deposits of Cape Fear Bank

On April 10, 2009, the North Carolina Office of Commissioner of Banks closed Cape Fear Bank, headquartered in Wilmington, North Carolina, and the FDIC was named as receiver.

Filed under:
USA, North Carolina, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
Location:
USA
Firm:
Alston & Bird LLP
Debtor’s claim against lender and special servicer for breaching duty to act in good faith and to deal fairly survives motion to dismiss

In Burcam Capital II, LLC v. Bank of America, N.A., et al, No. 13-00063-8 (Bankr. E.D. N.C. Oct. 1, 2013), an adversary proceeding filed in In re: Burcam Capital II, LLC, No. 12-04729-8, in the United States Bankruptcy Court for the Eastern District of North Carolina, the court held that the Debtor Plaintiff alleged sufficient facts to support a claim that its lender and the special servicer of the loan breached their duty to act in good faith and to deal fairly.

Filed under:
USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Good faith, Bank of America, United States bankruptcy court
Authors:
Lorraine Sarles
Location:
USA
Firm:
Alston & Bird LLP
Bolstering the Majority Rule: Bankruptcy Court Holds that Adjudication of Avoidance Liability Is Prerequisite to Disallowance of Transferee's Claim Under Section 502(d)

The U.S. Bankruptcy Court for the Eastern District of North Carolina recently added some weight to the majority rule on an issue that has long divided bankruptcy and appellate courts. In In re Southern Produce Distributors, Inc., 2020 WL 1228719 (Bankr. E.D.N.C. Mar.

Filed under:
USA, North Carolina, Insolvency & Restructuring, Litigation, Jones Day, Title 11 of the US Code
Authors:
Daniel J. Merrett (Dan) , Mark G. Douglas
Location:
USA
Firm:
Jones Day