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    Service issues letter ruling on application of Section 382(l)(5) for a consolidated group which filed for bankruptcy protection under Title 11
    2011-04-10

    In PLR 201051019 (12/23/2010), the Service ruled that in computing a consolidated group’s §382 limitation after filing for bankruptcy relief, all of its outstanding liabilities before the ownership change should be taken into account at the adjusted issue price, regardless of whether the obligations were subsequently discharged in whole or in part during the recognition period.

    Filed under:
    USA, Insolvency & Restructuring, Fox Rothschild LLP, Share (finance), Bankruptcy, Taxable income, Debt, Liability (financial accounting), Holding company, Subsidiary, Preferred stock, Pro rata, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    The common interest privilege
    2010-10-12

    A discovery dispute gave the bankruptcy court an opportunity to rule on the common interest privilege which, the court said, has completely replaced the joint defense privilege for information sharing among clients with different attorneys, citing In re Teleglobe Communications Corp., 493 F.3d 345, 364 n. 20 (3d Cir. 2007). Leslie Controls, Inc., Case No. 10-12199 (Bankr. D. Del. 9/21/10)(Sontchi, B.J.).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Fox Rothschild LLP, Share (finance), Bankruptcy, Debtor, Waiver, Interest, Federal Reporter, Work-product doctrine, Discovery, Futures contract, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Roundbank assumes all of the deposits of Community Security Bank
    2010-07-25

    On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security Bank.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Federal Deposit Insurance Corporation (USA)
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    The National Bank and Trust Company assumes all of the deposits of American National Bank
    2010-03-20

    On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (USA)
    Authors:
    Darren Cooper
    Location:
    USA
    Firm:
    Alston & Bird LLP
    First Citizens Bank bank and trust company assumes all of the deposits of Williamsburg First National Bank
    2010-07-25

    On Friday, the Office of the Comptroller of the Currency closed Williamsburg First National Bank, headquartered in Kingstree, South Carolina, and appointed the FDIC as receiver for the bank.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (USA)
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Community Development Bank, FSB assumes all of the deposits of 1st American State Bank of Minnesota
    2010-02-06

    On Friday, the Minnesota Department of Commerce closed 1st American State Bank of Minnesota, headquartered in Hancock, Minnesota, and the FDIC was named receiver.

    Filed under:
    USA, Minnesota, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), US Department of Commerce, Federal Deposit Insurance Corporation (USA), Federal Security Service
    Authors:
    Lawanna Kimbro
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Renasant Bank assumes all of the deposits of Crescent Bank and Trust Company
    2010-07-25

    On Friday, the Georgia Department of Banking & Finance closed Crescent Bank and Trust Company, headquartered in Jasper, Georgia, and appointed the FDIC as receiver for the bank.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Federal Deposit Insurance Corporation (USA)
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Columbia State Bank assumes all of the deposits of American Marine Bank
    2010-01-30

    On Friday, the Washington Department of Financial Institutions closed American Marine Bank, headquartered in Bainbridge Island, Washington, and the FDIC was named receiver.

    Filed under:
    USA, Washington, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), US Federal Government, Federal Deposit Insurance Corporation (USA)
    Authors:
    Lawanna Kimbro
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Plaza Bank assumes all of the deposits of SouthwestUSA Bank
    2010-07-25

    On Friday, the Nevada Financial Institutions Division closed SouthwestUSA Bank, headquartered in Las Vegas, Nevada, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Plaza Bank, headquartered in Irvine, California, to assume all of the deposits of SouthwestUSA Bank.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Federal Deposit Insurance Corporation (USA)
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Court confirms CIT reorganization plan
    2009-12-08

    CIT Group Inc.

    Filed under:
    USA, New York, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Bankruptcy, Security (finance), Board of directors, Debt, Stock exchange, Preferred stock, Small Business Administration (USA), United States bankruptcy court, Chief executive officer
    Location:
    USA
    Firm:
    Alston & Bird LLP

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