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    Bankruptcy claims trading: Seventh Circuit clarifies that acquired rights may include a “cure” claim but recovery is still not guaranteed
    2011-03-01

    On Feb. 18, 2011, the Seventh Circuit Court of Appeals (the “Circuit Court”) held that (i) an assignment of unsecured contract claims from AT&T to ReGen Capital I, Inc. (“ReGen”) was broad enough to include right to receive “cure” payments in the event the debtor, UAL Corporation (“United”), assumed the underlying executory contracts, but (ii) ReGen could not successfully assert a “cure” claim because United had not assumed the executory contracts, even though United’s confirmed plan of reorganization included them on a list of assumed contracts. ReGen Capital I, Inc. v. UAL Corp.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Marketing, Default (finance), United States bankruptcy court, Seventh Circuit, Circuit court
    Authors:
    David J. Karp
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Seventh Circuit denies fees to breaching DIP lender in re Arlington Hospitality, Inc.
    2011-04-13

    The Seventh Circuit affirmed a district court’s ruling that a debtor-in-possession (“DIP”) lender had breached its financing agreement, barring its claim for commitment and funding fees from the DIP. Arlington LF, LLC v. Arlington Hospitality, Inc., No. 09-3560, 2011 WL 727981, *9 (7th Cir. March 3, 2011), aff’g No. 08 C 5098, 2011 WL 3055350 (N.D. Ill. Sept. 18, 2009). Although the DIP itself had also breached the agreement, that breach was not, in the court’s view, effective until after the lender had already “walked away.” Id. at *6.

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Litigation, Schulte Roth & Zabel LLP, Condition precedent, Debtor, Interim order, Breach of contract, Interest, Investment banking, Default (finance), Line of credit, Subsidiary, United States bankruptcy court, Seventh Circuit
    Authors:
    Michael L. Cook , Karen S. Park
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Seventh Circuit makes life tougher for directors with conflicts
    2011-04-27

    In a decision released on March 29, 2011, CDX Liquidating Trust v. Venrock Assocs., et al., 2011 U.S. App. LEXIS 6390 (7th Cir. March 29, 2011), the United States Court of Appeals for the Seventh Circuit, reversing the district court’s ruling, held that a director’s disclosure of a conflict, in and of itself, is insufficient to protect that director from liability for breach of fiduciary duty or disloyalty arising from that conflict.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Conflict of interest, Corporate governance, Shareholder, Debtor, Breach of contract, Fiduciary, Board of directors, Interest, Venture capital, Liquidation, Preferred stock, Bridge loan, Seventh Circuit
    Authors:
    Stephen D. Lerner , Jeffrey A. Marks , Sandra E. Mayerson , Peter A. Zisser
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Take me to the River (Road): the Seventh Circuit prepares to weigh in on credit bidding
    2011-04-25

    The U.S. Court of Appeals for the Seventh Circuit has taken under advisement the latest case involving the now contentious issue of credit bidding.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Collateral (finance), Dissenting opinion, Secured creditor, Majority opinion, Secured loan, Title 11 of the US Code, United States bankruptcy court, Third Circuit, Seventh Circuit, US District Court for Northern District of Illinois
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Bankruptcy claims traders beware: ensure that the cure comes with the claim
    2011-06-01

    Over the past five years, courts have issued rulings of potential concern to buyers of distressed debt. Courts have addressed, among other things, “loan to own” acquisition strategies resulting in vote designation; equitable subordination, disallowance, and other lender liability exposure based upon the claim seller’s misconduct; disclosure requirements for ad hoc committees of debtholders; the adequacy of standardized claims-trading agreements; and claim-filing requirements in the era of computerized records.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Unsecured debt, Breach of contract, Interest, Holding company, Default (finance), Business judgement rule, Debtor in possession, Distressed securities, Title 11 of the US Code, Trustee, United States bankruptcy court, Seventh Circuit
    Authors:
    Scott J. Friedman , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Two circuit courts hold insurers have standing in Chapter 11 cases of their insureds
    2011-06-08

    Last month, the United States Court of Appeals in two separate circuits held that liability insurers have standing as parties in interest to appear and be heard in an insured's Chapter 11 case where the insurer might be liable to indemnify the claims of the insured's creditors.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Seyfarth Shaw LLP, Bankruptcy, Debtor, Injunction, Interest, Standing (law), Default judgment, Dissenting opinion, Second Circuit, United States bankruptcy court, Third Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Seventh Circuit gives mortgage lender's security interest in future rental income priority over federal tax lien
    2011-06-06

    The Seventh Circuit recently decided that a mortgage that assigns future rental income to the mortgagee creates a security interest that takes priority over a federal tax lien.  Bloomfield State Bank v. United States, No.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Frost Brown Todd LLP, Debtor, Unsecured debt, Interest, Mortgage loan, Default (finance), Tax lien, Internal Revenue Service (USA), Internal Revenue Code (USA), United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Collateral-order doctrine utilized in a case of first impression; court affirms broad equitable powers of a receiver
    2011-06-15

    Securities and Exchange Commission v. Wealth Management, LLC, et al., 628 F.3d 323 (7th Cir. 2011)  

    CASE SNAPSHOT

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Reed Smith LLP, Collateral (finance), Security (finance), Market liquidity, Federal Reporter, Limited liability company, Hedge funds, Life insurance, Limited partnership, Bond credit rating, Pro rata, US Securities and Exchange Commission, Seventh Circuit
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    Claims trader loses out on cure payments where debtor’s approved plan permits postconfirmation rejection of executory contracts
    2011-06-15

    ReGen Capital I, Inc. v. UAL Corporation, et al., (In the Matter of UAL Corporation, et al.), 635 F.3d 312 (7th Cir. 2011).

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Security (finance), Interest, Federal Reporter, Default (finance), United Airlines, Second Circuit, United States bankruptcy court, Seventh Circuit
    Authors:
    Christopher O. Rivas
    Location:
    USA
    Firm:
    Reed Smith LLP
    Seventh Circuit holds that free and clear sale plan cannot be confirmed without preserving secured creditor's credit bidding rights: ruling creates circuit split
    2011-06-29

    On June 28, 2011, the Court of Appeals for the Seventh Circuit rejected the views of the Third Circuit and the Fifth Circuit and held that a reorganization plan which proposes the sale of encumbered assets free and clear of liens must honor the secured creditor’s right to credit bid its claim in order to be confirmed under the “fair and equitable” standard of the Bankruptcy Code. In the combined appeals of In re River Road Hotel Partners, LLC, et al. andIn re Radlax Gateway Hotel, LLC, et al.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Greenberg Traurig LLP, Credit (finance), Debtor, Collateral (finance), Statutory interpretation, Secured creditor, US Code, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Third Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Greenberg Traurig LLP

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