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    Oversecured lender awarded post-petition interest at contractual default rate plus compounded interest
    2008-01-23

    The United States Bankruptcy Court for the Southern District of New York recently awarded an oversecured lender post-petition interest on the full amount of its secured claim at the default rate set forth in the lender’s contract (19%) plus compound (PIK) interest up to the aggregate rate of 25% (the maximum rate allowable under New York State usury laws). In re Urban Communicators PCS Limited Partnership, et al., 2007 Bankr. LEXIS 4062 (Bankr. S.D.N.Y. 12/11/07) (Gerber, B.J.).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Collateral (finance), Interest, Federal Reporter, Default (finance), Accrued interest, Secured loan, Federal Communications Commission (USA), United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Oversecured lender's contractual prepayment penalty held enforceable as unsecured claim against solvent debtor
    2007-11-16

    The Court of Appeals for the First Circuit recently held that an oversecured lender holds at least an unsecured claim for contractual prepayment penalties against a solvent debtor. UPS Capital Business Credit v. Gencarelli (In re Gencarelli), 2007 BL 91656 (1st Cir., Aug. 30, 2007). As the court explained, "[t]his is a difficult question that has significant ramifications for the commercial lending industry." Id. at 16.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Statutory interpretation, Interest, Federal Reporter, Remand (court procedure), Secured creditor, Secured loan, Sixth Circuit, First Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Investment bank's advisory fee properly calculated under reasonableness standard
    2007-08-06

    The U.S. Court of Appeals for the Eleventh Circuit held on July 26, 2007, that a bankruptcy court properly calculated an investment bank's advisory fee under a reasonableness standard. In re Citation Corp., ___ F.3d ___ 2007 WL 2128165 (July 26, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Conflict of interest, Bankruptcy, Shareholder, Debtor, Federal Reporter, Investment banking, Contingent fee, Westlaw, United States bankruptcy court, Eleventh Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Decision in point blank solutions helps define "Core" and "Non-core"
    2011-05-24

    Summary

    In an opinion published May 20, 2011, Judge Walsh held that a settlement agreement which is rejected in a bankruptcy proceeding is “Core” and will be decided by the Bankruptcy Court, even when it contains a jurisdictional clause that requires the agreement to be interpreted according to the laws of New York. Judge Walsh’s opinion is available here (the “Opinion”).

    Background

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Federal Reporter, Liability (financial accounting), Second Circuit, United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Xerium Technologies files bankruptcy, hoping to cut its debt by $160 million
    2010-04-05

    Equipment maker, Xerium Technologies, filed chapter 11 petitions for bankruptcy on March 30th in the United States Bankruptcy Court for the District of Delaware.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Share (finance), Bankruptcy, Shareholder, Debt, Pro rata, United States bankruptcy court, US District Court for District of Delaware, Chief executive officer
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    A closer look at the Orleans Homebuilders bankruptcy
    2010-03-15

    On March 1, 2010, Orleans Homebuilders filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware.

    Filed under:
    USA, Delaware, Construction, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Share (finance), Bankruptcy, Shareholder, Option (finance), Cashflow, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in Spansion bankruptcy addresses when court should appoint a special committee of creditors or equity holders
    2010-03-02

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Interest, Legal burden of proof, Valuation (finance), United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in DBSI Inc., reminds us that district courts have personal jurisdiction throughout the United States
    2011-08-08

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Interest, Federal Reporter, Personal jurisdiction, Debt, Pro rata, Federal Rules of Civil Procedure (USA), United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Reorganization and consolidated rulings issued
    2012-02-27

    The usual Friday release of a large number of letter rulings by the IRS included several rulings of interest on reorganizations and consolidated return issues.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Alston & Bird LLP, Shareholder, Debtor, Security (finance), Liquidation, Holding company, Internal Revenue Service (USA)
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Insolvent foreign subsidiaries
    2011-12-29

    Generic Legal Advice Memorandum AM 2011-003 (August 18, 2011)

    Overview

    Filed under:
    USA, Insolvency & Restructuring, Tax, Alston & Bird LLP, Shareholder, Liability (financial accounting), Tax deduction
    Location:
    USA
    Firm:
    Alston & Bird LLP

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