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    Seventh Circuit disagrees with Philadelphia Newspapers and finds that credit bidding required for asset sales in bankruptcy plans
    2011-07-18

    When entering into secured transactions, most secured lenders long assumed that, even in a bankruptcy, their borrowers would not be able to sell encumbered assets free and clear of the lenders’ liens without the lenders’ consent or, without at least providing the lenders the opportunity to bid their secured debt at an auction.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bankruptcy, Credit (finance), Debtor, Interest, Limited liability company, Secured creditor, Secured loan, US Congress, Supreme Court of the United States, United States bankruptcy court, Third Circuit, Seventh Circuit
    Authors:
    Josef S. Athanas , Caroline A. Reckler , Matthew L. Warren , Andrew J. Mellen
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Seventh Circuit upholds right of secured creditors to credit bid under a Chapter 11 plan
    2011-07-21

    On June 28, 2011, the United States Court of Appeals for the Seventh Circuit became the latest circuit to weigh in on the hotly contested question of whether a debtor can deny a secured creditor the right to credit bid as part of a Chapter 11 plan providing for the sale of assets encumbered by the secured creditor’s liens. InIn re River Road Hotel Partners, LLC,1 the Seventh Circuit upheld the right of secured creditors to credit bid, a decision that runs directly contrary to recent opinions in the Third and Fifth Circuits.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Credit (finance), Debtor, Collateral (finance), Option (finance), Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    The debate continues: The Seventh Circuit upholds credit bidding in a "free and clear" plan sale
    2011-07-18

    In a decision that is expected to have wide-ranging implications for secured lenders and reorganization plan sales nationwide, the Seventh Circuit’s June 28, 2011 opinion in In re River Road1 marks a jurisdictional split on the contours of credit bidding in bankruptcy. While this decision is squarely at odds with decisions of the Courts of Appeals for the Third and Fifth Circuits, its holding is in many respects a validation of Judge Ambro’s robust dissent in Philadelphia News,2 and is arguably more aligned with mainstream bankruptcy thinking on credit bidding issues.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Interest, Dissenting opinion, Secured creditor, Debtor in possession, Title 11 of the US Code, United States bankruptcy court, Third Circuit, Seventh Circuit
    Authors:
    Adam Lewis , Norman S. Rosenbaum , Stefan W. Engelhardt , Erica J. Richards
    Location:
    USA
    Firm:
    Morrison & Foerster LLP
    So this is why judges bother to write dissenting opinions - Seventh Circuit decision on credit bidding vindicates Judge Ambro's Philadelphia Newspapers dissent
    2011-07-26

    Critics of last year’s decision on credit bidding by the Third Circuit Court of Appeals in the Philadelphia Newspapers chapter 11 case welcomed the Seventh Circuit’s recent unanimous opinion in River Road Hotel Partners LLC.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Credit (finance), Debtor, Collateral (finance), Debt, Dissenting opinion, Secured loan, US Congress, 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
    Seventh Circuit affirms cost of capital improvements not covered under GL policy
    2011-07-25

    In its recent decision, Continental Cas. Co. v. Sycamore Springs Homeowners Association, 2011 U.S. App. LEXIS 15005 (July 22, 2011), the United States Court of Appeals for the Seventh Circuit, applying Indiana law, had occasion to consider whether an underlying suit demanding that the insured undertake measures to prevent future “property damage” triggered coverage under a general liability policy.

    Filed under:
    USA, Indiana, Insolvency & Restructuring, Litigation, Real Estate, Traub Lieberman Straus & Shrewsberry LLP, Costs in English law, Seventh Circuit
    Location:
    USA
    Firm:
    Traub Lieberman Straus & Shrewsberry LLP
    First Impressions: Seventh Circuit Rules that the Bankruptcy Code's "Safe Harbor" for Securities Contracts Transfers Applies to Non-Public Securities
    2024-07-31

    Section 546(e) of the Bankruptcy Code's "safe harbor" preventing avoidance in bankruptcy of certain securities, commodity, or forward-contract payments has long been a magnet for controversy. Several noteworthy court rulings have been issued in bankruptcy cases addressing the scope of the provision, including its limitation to transactions involving "financial institutions" as transferors or transferees, its preemption of avoidance litigation that could have been commenced by or on behalf of creditors under applicable non-bankruptcy law, and its application to non-public transactions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Private equity, Supreme Court of the United States, Seventh Circuit
    Authors:
    Daniel J. Merrett (Dan)
    Location:
    USA
    Firm:
    Jones Day
    Seventh Circuit: No Avoidance of Preferential or Fraudulent Transfer Absent Diminution of the Estate
    2023-09-30

    In Mann v. LSQ Funding Group, L.C., 71 F.4th 640 (7th Cir. 2023), reh'g denied, 2023 WL 4684702 (7th Cir. July 21, 2023), the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Due diligence, Supreme Court of the United States, Seventh Circuit
    Location:
    USA
    Firm:
    Jones Day
    7th Cir. Rejects Bankruptcy Trustee’s Challenges to Pre-Petition Sale of Debtor’s Debts
    2023-06-26

    The U.S. Court of Appeals for the Seventh Circuit recently rejected a bankruptcy trustee’s avoidance and fraudulent transfer claims, holding that a debt purchase and sale agreement between a bankrupt debtor, its original creditor, and its new creditor was not avoidable because it did not qualify as a transfer of “an interest of the debtor in property.”

    Specifically, the Seventh Circuit determined that the transaction had no effect on the bankruptcy estate and the Bankruptcy Code’s avoidance provisions played no role.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Seventh Circuit
    Authors:
    Daniel Miller
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    A Split Resolved: The Supreme Court Holds Section 363(m) To Be Non-Jurisdictional - and Maybe Casts a Shadow on the Doctrine of Equitable Mootness
    2023-04-20

    On April 19, 2023, the Supreme Court, in a unanimous opinion written by Justice Ketanji Brown Jackson in MOAC Mall Holdings LLC, ruled Bankruptcy Code section 363(m) to be non-jurisdictional, i.e. just a “mere restriction on the effects of a valid exercise” of judicial power “when a party successfully appeals a covered authorization.” Before MOAC, the Third, Sixth, Seventh, Ninth, Tenth and Eleventh Circuits held section 363(m) to be non-jurisdictional, but the Fifth and Second Circuits had diverged.

    Reasoning

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, US Congress, Supreme Court of the United States, Second Circuit, Fifth Circuit, Eleventh Circuit, Third Circuit, Sixth Circuit, Seventh Circuit, Tenth Circuit
    Location:
    USA
    Firm:
    Reed Smith LLP
    7th Cir. Reverses Denial of Bankruptcy Trustee’s Action to Recover Money Paid to Debt Collector
    2023-01-25

    In a bankruptcy trustee’s adversary action to recover money paid to a collection agency within 90 days prior to the filing of the debtor’s bankruptcy petition, and pursuant to a previous garnishment order, the U.S. Court of Appeals for the Seventh Circuit recently reversed the ruling of a trial court denying the trustee’s application.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Supreme Court of the United States, Seventh Circuit, U.S. Court of Appeals
    Authors:
    Daniel Miller
    Location:
    USA
    Firm:
    Maurice Wutscher LLP

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