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    The Jevic Fallout: Settlement Denied
    2017-05-02

    The Bottom Line

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Internal Revenue Service (USA), Second Circuit
    Authors:
    Alana Katz
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    The Sixth Circuit Weighs in on the Phrase “Applicable Nonbankruptcy Law” Under the Bankruptcy Code
    2017-02-24

    In Metropolitan Government of Nashville & Davidson County v. Hildebrand, the Sixth Circuit explains how to read the phrase “applicable nonbankruptcy law” as used in the Bankruptcy Code. The chapter 13 individual bankruptcy case discussed the phrase in the context of 11 U.S.C. § 511(a), which provides that the appropriate interest rate for tax claims is whatever “applicable nonbankruptcy law” provides.

    The decision

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Sixth Circuit
    Authors:
    Elliot M. Smith
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Tennessee v. Hildebrand (In re Corrin)
    2017-02-27

    (6th Cir. Feb. 23, 2017)

    The Sixth Circuit affirms the bankruptcy court’s decision to confirm the debtor’s Chapter 13 plan, which included payment of overdue property taxes under Tennessee law with an interest rate of 12%. The state argued that the interest rate should be 18% due to the additional 6% interest permitted under the applicable state statute for a default penalty. The court holds that the 12% provided in the “nonbankruptcy law” is applicable, while the 6% penalty is not applicable. Opinion below.

    Judge: Stranch

    Filed under:
    USA, Tennessee, Banking, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Panther Petroleum, LLC v. Couch (In re Couch)
    2017-02-06

    (6th Cir. B.A.P. Feb. 2, 2017)

    The Sixth Circuit B.A.P. affirms the bankruptcy court’s judgment in favor of the plaintiffs in the nondischargeability action. Collateral estoppel prevented the debtor from defending against the claim that the debt arose from fraud and a willful and malicious injury. A Tennessee state court had entered a default judgment against the debtor that included specific factual findings that established a claim for nondischargeability under 11 U.S.C. §§ 523(a)(2)(A), (a)(4), and (a)(6). Opinion below.

    Judge: Opperman

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Protections afforded to banks under the Uniform Fiduciaries Act
    2010-06-07

    A recent judgment for partial dismissal by the United States District Court for the Middle District of Tennessee reinforces that a bank, when serving as a depository of fiduciary funds, may be shielded from liability for the fiduciary’s misconduct by the powerful protections of Tennessee’s Uniform Fiduciaries Act (the “UFA”).  

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Fraud, Fiduciary, Negligence, Legal burden of proof, Bad faith
    Authors:
    J. Matthew Kroplin
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Spotlight on Tennessee: business earnings addressed by state Supreme Court
    2011-02-25

    Business structures are often reorganized to assist in isolating liabilities, support discrete product brands and address favorable tax environments. However, in certain fact situations, unintended Tennessee excise tax consequences can result from certain reorganizations. Such was the outcome of the Tennessee Supreme Court's recent decision in Blue Bell Creameries, LP v. Richard Roberts, Commissioner of Revenue, published January 24, 2011.

    The Holding

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Baker Donelson Bearman Caldwell & Berkowitz PC, Shareholder, Audit, Limited partnership, Liability (financial accounting), Excise, Liquidation, Holding company, S corporation, Subsidiary
    Location:
    USA
    Firm:
    Baker Donelson Bearman Caldwell & Berkowitz PC
    Recent developments in acquisition finance
    2015-02-11

    Recent legal and regulatory developments have raised issues for those considering a loan-to-own acquisition strategy, and have continued to impact both the structure of highly leveraged financings and the makeup of those willing to provide it.

    In re RML  --  Irrational Exuberance?

    Filed under:
    USA, Tennessee, Banking, Insolvency & Restructuring, Litigation, Dechert LLP, Secured creditor
    Authors:
    Jeffrey M. Katz , Scott M. Zimmerman
    Location:
    USA
    Firm:
    Dechert LLP
    Construction contracts: nothing beats a meeting of the minds
    2014-12-30

    Waldschmidt v. Singletary Construction LLC (In re Tackett), 516 B.R. 498 (Bankr. M.D. Tenn. 2014) –

    A bankruptcy trustee sought turnover of profits from the sale of homes constructed by a contractor.  The trustee contended that there were contracts between the debtor and the contractor pursuant to which the debtor agreed to reimburse the contractor for its costs plus pay a $15,000 contractor’s fee for each home.

    Filed under:
    USA, Tennessee, Construction, Insolvency & Restructuring, Litigation, Troutman Pepper
    Location:
    USA
    Firm:
    Troutman Pepper
    There’s a thin line between equity and debt: affiliates, advances and avoiding recharacterization
    2014-12-03

    Although likely not the intent of In re Siag Aerisyn, LLC, a recent decision from the United States Bankruptcy Court for the Eastern District of Tennessee Southern Division, some might argue that the opinion serves as a how-to guide for masking a capital contribution by an affiliate as a loan constituting bona fide debt.

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Interest, Debt, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    LLC operating agreement: is a purchase option enforceable against a bankrupt member?
    2014-09-26

    In re Denman, 513 B.R. 720 (Bankr. W.D. Tenn. 2014) –

    A chapter 13 debtor was a member of a limited liability company. Another member sought relief from the automatic stay in order to exercise a right to acquire the debtor’s membership interests pursuant to the LLC operating agreement.

    Filed under:
    USA, Tennessee, Insolvency & Restructuring, Litigation, Real Estate, Troutman Pepper, Limited liability company
    Location:
    USA
    Firm:
    Troutman Pepper

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