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    A proposed plan’s voting stock allocation causes an incurable change-of-control breach and impermissible reinstatement of secured debt
    2010-12-01

    In re Young Broadcasting, Inc., et al., 430 B.R. 99 (Bankr. S.D.N.Y. 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Share (finance), Shareholder, Credit (finance), Debtor, Unsecured debt, Breach of contract, Board of directors, Interest, Debt, Voting, Default (finance), Secured loan, Pro rata, US District Court for the Southern District of New York
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    ‘Ordinary course of business’ enables supplier to keep payments in a preference action
    2010-12-01

    Burtch v. Detroit Forming, Inc. (In re Archway Cookies), 435 B.R. 234 (Bankr. D. Del. 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Safe harbor (law), Debt, Trustee, United States bankruptcy court
    Authors:
    Brian M. Schenker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Applicant's prior bankruptcy permissible basis for refusal to hire in U.S. Third Circuit
    2010-12-28

    The United States Bankruptcy Code prohibits an employer from taking adverse action against an existing employee because of a bankruptcy filing.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Reed Smith LLP, Credit history, Bankruptcy, Credit (finance), Discrimination, Employment discrimination, Equal Employment Opportunity Commission (USA), Civil Rights Act 1964 (USA), Third Circuit
    Authors:
    John T. McDonald
    Location:
    USA
    Firm:
    Reed Smith LLP
    What is a fraudulent conveyance?
    2011-02-22

    First, let's get one thing clear. A fraudulent conveyance, despite its name, doesn't necessarily involve fraud, and it certainly doesn't involve driving goods across the state in a wagon pulled by horses.

    OK, now that we have that out of the way . . .

    Filed under:
    USA, Banking, Insolvency & Restructuring, Reed Smith LLP, Debtor, Collateral (finance), Fraud, Interest, Debt, Conveyancing, Subsidiary, Title 11 of the US Code
    Authors:
    Susan C. Alker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Gifting
    2011-03-22

    For over 30 years, most bankruptcy courts have approved plans where the secured lender “gifts” a distribution to a junior class in order to obtain a consensual plan. These courts note that the distribution is from the secured lender’s property (not estate property) and the secured lender can do what it wants with its own property.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Share (finance), Debtor, Unsecured debt, Federal Reporter, Debt, Consent, Liquidation, Dissenting opinion, Unsecured creditor, Warrant (finance), Westlaw, Dish Network, Second Circuit, United States bankruptcy court
    Authors:
    Peter S. Clark, II
    Location:
    USA
    Firm:
    Reed Smith LLP
    TOUSA overturned; district court rejects narrow definition of ‘equivalent value’; rejects finding of lenders’ bad faith
    2011-03-22

    In re TOUSA, Inc., Nos. 10-60017-CIV/Gold, 10- 61478, 10-62032, 10-62035, and 10-62037 Slip Op. (S.D. Fla. Feb. 11, 2011)

    CASE SNAPSHOT

    Filed under:
    USA, Florida, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bond (finance), Bankruptcy, Surety, Unsecured debt, Collateral (finance), Market liquidity, Debt, Joint venture, Bad faith, Default (finance), Joint and several liability, Subsidiary, Title 11 of the US Code, Trustee, United States bankruptcy court
    Location:
    USA
    Firm:
    Reed Smith LLP
    The TOUSA case - not a fraudulent conveyance
    2011-03-21

    By now many of you will have heard about the recent decisions in the TOUSA (pdf) bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Fraud, Margin (finance), Intangible asset, Conveyancing, Default (finance), Subsidiary, Parent company, Right to property, United States bankruptcy court
    Authors:
    Susan C. Alker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Still in the minority, 9th Circuit BAP holds that creditors may seek adequate protection retroactively
    2011-03-22

    People’s Capital and Leasing Corp. v. BIG3D, Inc. (In re BIG3D, Inc.), 438 B.R. 214 (9th Cir. BAP 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Asset Finance, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Collateral (finance), Breach of contract, Ex post facto law, Bright-line rule, Secured creditor, Secured loan, Title 11 of the US Code, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Authors:
    Christopher O. Rivas
    Location:
    USA
    Firm:
    Reed Smith LLP
    Replacement lien in rents in favor of secured creditor is not adequate protection where the debtor has no equity cushion
    2011-03-22

    In re Buttermilk Towne Center, LLC, No. 10-8036, 2010 Bankr. LEXIS 4563 (B.A.P. 6th Cir. Dec. 23, 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Bond (finance), Bankruptcy, Debtor, Collateral (finance), Leasehold estate, Interest, Limited liability company, Debt, Mortgage loan, Default (finance), Secured creditor, Bénéfice, Municipal bond, Bankruptcy Appellate Panel
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    How to get your slice of the Dodd-Frank liquidation pie
    2011-05-17

    Introduction

    Filed under:
    USA, Banking, Insolvency & Restructuring, Reed Smith LLP, Foreign direct investment, Consumer protection, Unsecured debt, Liquidation, Judicial review, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code, Federal Deposit Insurance Act 1950 (USA), US Secretary of the Treasury
    Authors:
    Michael E. Bleier , Robert P. Simons , Luke A. Sizemore
    Location:
    USA
    Firm:
    Reed Smith LLP

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