Continuing ‘material’ obligations render license agreement executory – Lewis Brothers

Lewis Brothers Bakeries Incorporated v. Interstate Brands Corporation (In re Interstate Bakeries Corporation), 690 F.3d 1069 (8th Cir. 2012)

CASE SNAPSHOT

Filed under:
USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Dissenting opinion, Intangible asset, Eighth Circuit
Authors:
Christopher O. Rivas
Location:
USA
Firm:
Reed Smith LLP
Loan ‘participant’ that bears no risk is neither a ‘participant’ nor a creditor

Inre Brooke Capital Corp., 2012 WL 4793010 (Bankr. D. Kan., Oct. 5, 2012)

Filed under:
USA, Kansas, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Subsidiary
Authors:
Jeanne S. Lofgren
Location:
USA
Firm:
Reed Smith LLP
Pre-petition security license in proceeds of FCC license continues post-petition – Tracy Broadcasting overturned

In re Tracy Broadcasting Corporation, No. 11-1453 (10th Cir., Oct. 16, 2012)

CASE SNAPSHOT

Filed under:
USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Reed Smith LLP, Federal Communications Commission (USA), United States bankruptcy court, Tenth Circuit
Authors:
Christopher O. Rivas
Location:
USA
Firm:
Reed Smith LLP
Court adopts ‘addition theory’ in applying unnecessary adequate protection payments

In re Geijsel, et al., Case No. 10-43979-11 (Bankr. N.D. Texas, Aug. 24, 2012)

CASE SNAPSHOT

Filed under:
USA, Texas, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Collateral (finance), United States bankruptcy court
Authors:
Ann E. Pille
Location:
USA
Firm:
Reed Smith LLP
Under the bucket theory, zero purchase price repo transactions are condisered repurchase agreements under section 101(47) of the Bankruptcy Code

In re Homebanc Mortgage Corp.,No. 07-51740-KJC, 2013 WL 211180 (Bankr. D. Del. Jan. 18, 2013)

CASE SNAPSHOT

The Bankruptcy Court found that individual repurchase transactions having a purchase price of zero may fall within the definition of "repurchase agreement" under section 101(47) of the Bankruptcy Code provided that the master agreement governing such transactions acknowledges that each transaction constitutes consideration for every other transaction under the master agreement.

FACTUAL BACKGROUND

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Security (finance), Consideration
Authors:
Andrew P. Cross
Location:
USA
Firm:
Reed Smith LLP
‘Fair and equitable’ means more than amortization schedule

All too often, a secured creditor’s negotiation and litigation of chapter 11 plan confirmation issues centers disproportionately on the amortization schedule of a secured claim and lacks focus on other issues that shift risk or otherwise have significant economic impact on the relative rights of the parties.

Filed under:
USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Secured creditor, Sixth Circuit
Authors:
Richard A. Robinson
Location:
USA
Firm:
Reed Smith LLP
Greens fees not ‘rents, proceeds or profits’ of blanket lien, and not cash collateral

In re Premier Golf Properties, L.P., BAP No. SC- 11-1508-HPaJu (9th Cir. BAP, Aug. 13, 2012)

CASE SNAPSHOT

The Ninth Circuit B.A.P. affirmed the bankruptcy court decision that post-petition income from greens fees and driving range fees were not “rents, proceeds, or profits” of the secured lender’s pre-petition blanket security interest on all real and personal property (and “all proceeds thereof”) within the meaning of section 552(b), and thus were not cash collateral.

Filed under:
USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Collateral (finance), Accounts receivable, Debtor in possession, Ninth Circuit, United States bankruptcy court
Authors:
Alison Wickizer Toepp
Location:
USA
Firm:
Reed Smith LLP
Secured creditor does not particip ate in bankruptcy case, court allows lien to pass through plan confirmation

In re S. White Transp., Inc., 473 B.R. 695 (S.D. Miss. 2012)

CASE SNAPSHOT

Filed under:
USA, Mississippi, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Secured creditor, United States bankruptcy court, Fifth Circuit
Authors:
Joseph D. Filloy
Location:
USA
Firm:
Reed Smith LLP
Determining whether a chapter 11 plan is unconfirmable without a confirmation hearing

In re American Capital Equipment, LLC, 688 F.3d 145 (3d Cir. 2012)

CASE SNAPSHOT

Filed under:
USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Discovery, Due process, Leveraged buyout, Secured creditor, United States bankruptcy court, Third Circuit
Authors:
Brian M. Schenker
Location:
USA
Firm:
Reed Smith LLP
Illinois legislation rejects In re Crane

Custom and practice in Illinois with respect to mortgages has been to incorporate the note or other debt instrument by reference, rather than to disclose all of the financial terms of a loan transaction in the mortgage.

Filed under:
USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Debt, Mortgage loan, Constructive notice
Authors:
Cynthia Jared , Daniel J. Slattery
Location:
USA
Firm:
Reed Smith LLP