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    GM auditor opinion expresses doubts about "going concern"
    2009-03-07

    On Thursday, General Motors Corporation (GM) filed its Annual Report on Form 10-K with the Securities and Exchange Commission which notably included an opinion of its auditors on its financial statements in which the auditors stated that GM’s “recurring losses from operations, stockholders’ deficit, and inabili

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Shareholder, Audit, Cashflow, Subsidiary, US Securities and Exchange Commission, European Commission, US Congress, General Motors, Chrysler
    Authors:
    Tara Castillo
    Location:
    USA
    Firm:
    Alston & Bird 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
    Bankruptcy court holds that section 546(e) safe harbor does not apply to “settlement payments” made in a small, private leveraged buyout that poses no systemic risk to the securities market
    2011-05-11

    In Geltzer v. Mooney (In re MacMenamin’s Grill, Ltd.), Adv. Pro. No. 09-8266 (Bankr. S.D.N.Y. April 21, 2011), the United States Bankruptcy Court for the Southern District of New York held that the safe harbor in section 546(e) of the Bankruptcy Code does not apply to a small, private leveraged buyout (LBO) transaction that posed no systemic risk to the stability of the financial markets.

    Filed under:
    USA, New York, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Shareholder, Debtor, Fraud, Safe harbor (law), Interest, Leveraged buyout, Title 11 of the US Code, United States bankruptcy court, US District Court for SDNY
    Authors:
    Jason H. Watson , David A. Wender , Jonathan T. Edwards
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy reorganization
    2011-02-28

    The taxpayer was able to convince the court that the creditors who got the stock in the reorganization were not the prior owners. Because the events occurred in 1992, under a prior version of the continuity of proprietary interest rules, continuity of ownership was broken and a section 338(h)(10) election could be made and the basis in the assets inside the corporation stepped up to fair market value, with no tax liability because the seller was in bankruptcy with large net operating losses (NOLs).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Alston & Bird LLP, Tax exemption, Bankruptcy, Shareholder, Debtor, Interest, Federal Reporter, Debt, Liquidation, Fair market value, Subsidiary, Seventh Circuit
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Ireland increases bank bailout commitments
    2010-10-01

    On Thursday, Ireland's Finance Minister Brian Lenihan released a "Minister's Statement on Banking" announcing new commitments to troubled Irish banks. The statement began: "It is an urgent and immediate priority to reinforce international market confidence in our ability and commitment to restore our banking system to health and to secure the long-term sustainability of our fiscal position." Toward that end, Mr. Lenihan announced increased commitments to banks and building societies.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Alston & Bird LLP, Shareholder, Bailout, Underwriting, Preferred stock, Building society
    Location:
    Ireland
    Firm:
    Alston & Bird LLP
    European Commission approves restructuring of Parex
    2010-09-15

    Today, the European Commission announced its approval, under EU State Aid rules, of the restructuring of Latvian bank, Parex, which was partially nationalized in November 2008.

    Filed under:
    European Union, Banking, Insolvency & Restructuring, Trade & Customs, Alston & Bird LLP, Shareholder, Subsidy, Subordinated debt, European Commission
    Authors:
    David E Brown
    Location:
    European Union, Latvia
    Firm:
    Alston & Bird LLP
    Court approves $125 million New Century settlement
    2010-08-10

    Yesterday, a federal judge preliminary approved a $125 million cash settlement for former shareholders of New Century Financial Corp. (“New Century”). New Century was the second largest subprime mortgage originator before it filed for bankruptcy in April 2007. In February 2008, Michael J.

    Filed under:
    USA, California, Capital Markets, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Shareholder, Board of directors, Subprime lending, General counsel, Underwriting, Preferred stock, Securities fraud, Securities Act 1933 (USA), KPMG, US District Court for Central District of California, Chief executive officer, Chief financial officer
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Washington Mutual bankruptcy judge to appoint examiner
    2010-07-21

    Yesterday, Delaware Bankruptcy Judge Mary Walrath granted a request by Washington Mutual (WaMu) shareholders to appoint an independent examiner, to be chosen by the U.S. trustee, to review assets and claims in the company’s bankruptcy case related primarily to the 2008 seizure and sale of WaMu by the FDIC to JPMorgan Chase for $1.9 million.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Shareholder, Federal Deposit Insurance Corporation (USA), JPMorgan Chase, Trustee
    Authors:
    Alice Green
    Location:
    USA
    Firm:
    Alston & Bird LLP
    FHFA proposes rules on GSE conservatorships and receiverships
    2010-07-08

    The Federal Housing Finance Agency (FHFA) has proposed new rules to "codify the terms of conservatorship and receivership operations for Fannie Mae, Freddie Mac and the Federal Home Loan Banks," as required by the Housing and Economic Recovery Act of 2008.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Shareholder, Breach of contract, Interest, Liability (financial accounting), American Recovery and Reinvestment Act 2009 (USA), Federal Deposit Insurance Corporation (USA), Federal Housing Finance Agency
    Authors:
    David E Brown
    Location:
    USA
    Firm:
    Alston & Bird LLP

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