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Primeo Fund v HSBC: Grand Court rules that Madoff feeder fund was “the author of its own misfortune”
2017-10-18

In a landmark judgment of the Grand Court of the Cayman Islands delivered on 23 August 2017 in Primeo Fund (in Official Liquidation) (“Primeo”) v Bank of Bermuda (Cayman) Ltd (“BBCL”) and HSBC Securities Services (Luxembourg) S.A (“HSSL”),[1] Mr Justice Jones QC dismissed the claim brought by Primeo, a Madoff feeder fund, against its custodian and administrator seekin

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Campbells, Security (finance), Contributory negligence, Liquidation
Authors:
Hamid Khanbhai
Location:
Cayman Islands
Firm:
Campbells
View Original Article
Australia corporate update - October 2013
2013-10-31

General corporate

ASIC reports on corporate insolvencies 2012–2013

Filed under:
Australia, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Security (finance), Debt, Unsecured creditor, Australian Securities Exchange
Location:
Australia
Firm:
Squire Patton Boggs
View Original Article
Bankruptcy Court for the Southern District of New York creates conflict with Third Circuit by holding safe harbor inapplicable to private securities transactions, even absent illegal conduct
2011-04-27

In what appears to be a matter of first impression, Bankruptcy Judge Robert D. Drain, United States Bankruptcy Court for the Southern District of New York, has held that a statutory safe harbor against constructive fraudulent conveyance actions under the Bankruptcy Code involving securities transfers does not apply to the private sale of securities, even when there are no allegations of illegal conduct or fraud involved in the underlying transaction.

Filed under:
USA, New York, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Debtor, Security (finance), Fraud, Safe harbor (law), Commodity broker, Secured loan, Pro rata, Title 11 of the US Code, Small Business Administration (USA), United States bankruptcy court, Third Circuit, US District Court for SDNY, Trustee
Authors:
Nicholas J. Brannick , Stephen D. Lerner , Jeffrey A. Marks
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Bankruptcy Court adopts Madoff trustee’s method of determining “net equity”
2010-04-28

The United States Bankruptcy Court for the Southern District of New York issued an important ruling on March 1, 2010 in the Securities Investor Protection Act (SIPA) liquidation of Bernard L. Madoff Investment Securities LLC (Madoff Securities), adopting the trustee’s method of determining “net equity” for purposes of distributing “customer property” and Securities Investor Protection Corporation (SIPC) funds under SIPA.3

Securities Investor Protection Act

Filed under:
USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Bankruptcy, Debtor, Security (finance), Liquidation, Broker-dealer, Investment funds, Pro rata, Securities Investor Protection Corporation, United States bankruptcy court, Trustee
Authors:
Peter R. Morrison
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
The triangular setoff after SemCrude
2009-08-26

An opinion issued earlier this year by the Delaware Bankruptcy Court in In re SemCrude, L.P., et al. (Bankr. Del., No. 08-11525; January 9, 2009) may end much of the practice of so-called “triangular setoffs” by creditors in bankruptcy cases. The Court in SemCrude found that creditors violate section 553 of the Bankruptcy Code by setting off amounts among multiple debtors, even when exercising contractual assignment rights. This ruling is likely to have far-reaching impact given the dearth of case law on this fairly common contractual provision.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Unsecured debt, Security (finance), Safe harbor (law), Federal Reporter, Debt, Liability (financial accounting), US Code, Title 11 of the US Code, DuPont, Chevron Corporation, Second Circuit, Delaware Supreme Court, United States bankruptcy court
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Lehman Brothers holdings' bankruptcy has international ramifications
2008-09-25

As you are undoubtedly aware, the September 15 Chapter 11 bankruptcy filing in New York by Lehman Brothers Holdings, Inc. (LBHI) represents the single largest insolvency proceeding in US history. With assets and liabilities of more than US$639 billion, the LBHI filing dwarfs the previously largest US bankruptcies. The filing comes at a time of significant destabilization in US capital markets and has global ramifications. In an effort to keep our clients abreast of the LBHI situation, we are providing the following general update of significant events in the proceedings:

Filed under:
USA, Banking, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Debtor, Security (finance), Investment banking, Liability (financial accounting), Liquidation, Broker-dealer, Brokerage firm, Barclays, Lehman Brothers, United States bankruptcy court
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Seventh Circuit limits duties of fairness opinion provider to scope of engagement letter
2008-02-29

The Ruling

Filed under:
USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Professional Negligence, Squire Patton Boggs, Bankruptcy, Credit (finance), Security (finance), Marketing, Limited liability company, Investment banking, Gross negligence, Credit Suisse, Seventh Circuit
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
New Regulation on Urgent Measures for Financial Matters for Credit Cooperatives
2017-07-31

Royal Decree-Act 11/2017 of 23 June, on urgent measures for financial matters

Filed under:
Spain, Banking, Capital Markets, Insolvency & Restructuring, Squire Patton Boggs, Credit (finance), Security (finance), Financial regulation, Subordinated debt, European Committee for Standardization
Location:
Spain
Firm:
Squire Patton Boggs
View Original Article
Newsletter Corporate - April, 2014 - I Framework of Aval
2014-05-05

I  FRAMEWORK OF AVAL

Legal Framework of Aval

The aval consists of a personal guarantee of obligations that is typical of debt securities – in particular bills of exchange, promissory notes and cheques – and enormously important given how often the same is used in practice in the commercial activity, namely the provision of aval to commercial companies, makers of debt securities.

Filed under:
Portugal, Banking, Insolvency & Restructuring, Litigation, Cuatrecasas, Security (finance), Joint and several liability
Location:
Portugal
Firm:
Cuatrecasas
View Original Article
Advisory Committee on Bankruptcy rules recommends sweeping revisions to Bankruptcy Rule 2019
2010-08-10

Bankruptcy headlines in 2007 were awash with tidings of controversial developments in the chapter 11 cases of Northwest Airlines and its affiliates that sent shock waves through the "distressed" investment community. A New York bankruptcy court ruled that an unofficial, or "ad hoc," committee consisting of hedge funds and other distressed investment entities holding Northwest stock and claims was obligated under a formerly obscure provision in the Federal Rules of Bankruptcy Procedure—Rule 2019—to disclose the details of its members' trading positions, including the acquisition prices.

Filed under:
USA, Insolvency & Restructuring, Jones Day, Lobbying, Bankruptcy, Security (finance), Interest, Hedge funds, Stakeholder (corporate), Leverage (finance), Distressed securities, Title 11 of the US Code, Securities Industry and Financial Markets Association, US House Committee on Rules, United States bankruptcy court
Authors:
Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article

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