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    U.S. Supreme Court resolves circuit split in favor of secured lenders’ credit-bid rights in chapter 11 bankruptcy cases
    2012-06-04

    The U.S. Supreme Court issued a unanimous decision on May 29, 2012, finding that a chapter 11 bankruptcy plan of liquidation is not confirmable over a secured lender’s objection if such plan prohibits the lender from credit bidding at a sale of its collateral.1 See RadLAX Gateway Hotel, LLC et al. v. Amalgamated Bank, No. 11-166, 566 U.S. ___ (2012).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Bankruptcy, Collateral (finance), United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Authors:
    James B. Sowka
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Is your trademark license assignable in bankruptcy?
    2012-05-31

    The Seventh Circuit Court of Appeals recently addressed in In re XMH Corp., 647 F. 3d 690 (7th Cir. 2011), whether or not trademark licenses are assignable in bankruptcy proceedings. In its ruling, the Court held that a trademark license may not be assigned by a licensee in a bankruptcy proceeding unless there is an express provision in the contract permitting assignment by the licensee.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Cole Schotz PC, Bankruptcy, Seventh Circuit
    Authors:
    Jordan A. Fisch , Wylie D. Van Ness
    Location:
    USA
    Firm:
    Cole Schotz PC
    Supreme Court rules on credit bidding
    2012-05-30

    Yesterday, the Supreme Court of the United States ruled that a Chapter 11 plan that provides for the sale of assets free and clear of a creditor’s lien must allow the creditor to “credit bid” at the sale. In upholding the Seventh Circuit’s decision,1RadLAX Gateway Hotel, LLC v. Amalgamated Bank resolved the circuit split on this issue between the Seventh Circuit, on the one hand, and the Third and Fifth Circuits, on the other.

    BANKRUPTCY CODE

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Debevoise & Plimpton, Debtor, Statutory interpretation, Title 11 of the US Code, Seventh Circuit
    Location:
    USA
    Firm:
    Debevoise & Plimpton
    Unanimous Supreme Court rules that chapter 11 debtors cannot use bankruptcy code’s “cramdown” provisions to eliminate a secured creditor’s right to credit bid
    2012-05-31

    In a major victory for secured creditors, the United States Supreme Court, on May 29, 2012, unanimously held that a chapter 11 plan involving a sale of secured property must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code (the “Bankruptcy Code”).1 In so holding, the Supreme Court resolved the split that had emerged among the United States Circuit Courts of Appeals, as illustrated by the Seventh Circuit’s decision below,2 which contrasted with recent decisions from the Third and Fifth Circui

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Thompson Hine LLP, Credit (finance), Debtor, Secured creditor, US Code, Title 11 of the US Code, Supreme Court of the United States, Seventh Circuit
    Authors:
    Alan R. Lepene , Andrew L. Turscak, Jr. , James Henderson
    Location:
    USA
    Firm:
    Thompson Hine LLP
    Supreme Court confirms that credit bidding is alive and well
    2012-05-29

    Today, the Supreme Court of the United States issued its much awaited decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. ______ (2012). The noteworthy decision resolves any uncertainty surrounding a secured creditor’s right to credit bid in a sale under a chapter 11 plan which arose after cases like Philadelphia Newspapers 599 F.3d 298 (3d Cir. 2010) curtailed the right.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Bracewell LLP, Debtor, Statutory interpretation, Title 11 of the US Code, United States bankruptcy court, Third Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Bracewell LLP
    Seventh Circuit holds pay-if-paid provisions are not void under Indiana public policy
    2012-05-14

    On May 11, 2012, the U.S. Court of Appeals for the Seventh Circuit issued a decision in BMD Contractors, Inc. v. Fidelity and Deposit Company of Maryland (No. 11-1345), affirming a lower court summary judgment in favor of a surety on a payment bond.

    Filed under:
    USA, Construction, Insolvency & Restructuring, Litigation, Barnes & Thornburg LLP, Subcontractor, Seventh Circuit
    Authors:
    Timothy J. Abeska , Scott R. Murphy , Clifford J. Shapiro
    Location:
    USA
    Firm:
    Barnes & Thornburg LLP
    Will the Supreme Court protect lenders on collateral bidding?
    2012-04-19

    The U.S. Supreme Court will soon rule on a case of farreaching importance for any party affected by a Chapter 11 plan in a business bankruptcy case. At stake is the longstanding expectation of secured lenders that they'll either be repaid or permitted to take their collateral by means of a credit bid; in other words, paying for the collateral with their lien.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Arnold & Porter, Debtor, Collateral (finance), Seventh Circuit
    Authors:
    Madlyn Gleich Primoff
    Location:
    USA
    Firm:
    Arnold & Porter
    Scanlan v. Eisenberg, et al., 2012 U.S. App. Lexis 1112 (January 20, 2012)
    2012-03-21

    Seventh Circuit reverses district court decision that discretionary beneficiary lacked standing to bring surcharge claim for $200 million in investment losses from investment concentration.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, McGuireWoods LLP, Fiduciary, Beneficiary, Standing (law), Trustee, Seventh Circuit
    Authors:
    Dana G. Fitzsimons Jr , Michael H. Barker , Adam M. Damerow , Meghan L. Gehr , Justin F. Trent
    Location:
    USA
    Firm:
    McGuireWoods LLP
    The 7th Circuit considers the indubitable equivalent standard—again!
    2012-03-15

    On June 28, 2011, the Seventh Circuit Court of Appeals decided In re River Road Hotel Partners, LLC v. Amalgamated Bank, 651 F. 3d 642 (7th Cir. 2011). The Court addressed Section 1129 (b)(2)(A) of the United States Bankruptcy Code in connection with a Plan of Reorganization to sell substantially all of the Debtor's assets. The Court held that the indubitable equivalent prong, (i.e., the "cram down" provisions of section 1129(b)(2)(A)(iii)) could not be used to preclude a secured creditor from credit bidding its claim under sections 363(k) and 1129(b)(2)(A)(ii) of the Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reinhart Boerner Van Deuren SC, Debtor, Collateral (finance), Foreclosure, Fifth Circuit, Third Circuit, Seventh Circuit
    Authors:
    Peter C. Blain
    Location:
    USA
    Firm:
    Reinhart Boerner Van Deuren SC
    Federal appellate court addresses assignment of trademark licenses in bankruptcy
    2012-02-29

    A recent decision by the Seventh Circuit Court of Appeals contains two important lessons for anyone drafting documents which contain a trademark license.  In In re XMH Corporation, the Seventh Circuit held that a licensee may not assign a trademark license in a bankruptcy case over the licensor's objection unless there is an expres

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Loeb & Loeb LLP, Bankruptcy, Seventh Circuit
    Location:
    USA
    Firm:
    Loeb & Loeb LLP

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