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    Supreme Court confirms that credit bidding is alive and well
    2012-05-29

    Today, the Supreme Court of the United States issued its much awaited decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. ______ (2012). The noteworthy decision resolves any uncertainty surrounding a secured creditor’s right to credit bid in a sale under a chapter 11 plan which arose after cases like Philadelphia Newspapers 599 F.3d 298 (3d Cir. 2010) curtailed the right.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Bracewell LLP, Debtor, Statutory interpretation, Title 11 of the US Code, United States bankruptcy court, Third Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Bracewell LLP
    When is an appeal equitably moot?
    2012-05-29

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Third Circuit, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Delaware’s not so safe harbors: Third Circuit Bankruptcy Court declines to rule that a payment on a letter of credit is an avoidance-proof “settlement payment”
    2012-04-17

    On March 26, 2012, Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware refused to rule that, as a matter of law, payments made to satisfy a debtor’s obligations under a letter of credit constitute “settlement payments” protected from avoidance under section 546(e) of the Bankruptcy Code. EPLG I, LLC v. Citibank, National Association et al. (In re Qimonda Richmond, LLC, et al.), No. 09-10589, 2012 Bankr. LEXIS 1264 (Bankr.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bond (finance), Letter of credit, Debtor, Credit rating, Citibank, United States bankruptcy court, Third Circuit
    Authors:
    Mark C. Ellenberg , Michele C. Maman , Casey Servais
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    The 7th Circuit considers the indubitable equivalent standard—again!
    2012-03-15

    On June 28, 2011, the Seventh Circuit Court of Appeals decided In re River Road Hotel Partners, LLC v. Amalgamated Bank, 651 F. 3d 642 (7th Cir. 2011). The Court addressed Section 1129 (b)(2)(A) of the United States Bankruptcy Code in connection with a Plan of Reorganization to sell substantially all of the Debtor's assets. The Court held that the indubitable equivalent prong, (i.e., the "cram down" provisions of section 1129(b)(2)(A)(iii)) could not be used to preclude a secured creditor from credit bidding its claim under sections 363(k) and 1129(b)(2)(A)(ii) of the Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reinhart Boerner Van Deuren SC, Debtor, Collateral (finance), Foreclosure, Fifth Circuit, Third Circuit, Seventh Circuit
    Authors:
    Peter C. Blain
    Location:
    USA
    Firm:
    Reinhart Boerner Van Deuren SC
    Supreme Court to weigh in on plan credit bidding
    2012-02-29

    About two years ago, decisions were issued by different circuit court of appeals that addressed the fundamental issue of whether a plan proponent can deny a secured creditor the right to credit bid on collateral of the secured creditor when the sale is made pursuant to a plan of reorganization. Both circuit courts, including the Third Circuit in the much heralded Philadelphia Newspapers LLC decision, found that a debtor could deny a secured creditor that opportunity. See In re Philadelphia Newspapers, 599 F.3d 298 (3rd Cir.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Secured creditor, Third Circuit
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Third Circuit- turning loans to not-for-profits into gifts
    2012-03-02

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, United States bankruptcy court, Third Circuit
    Authors:
    David Allen
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Decision in AE Liquidation, Inc allows preference complaint to be amended after the expiration of the statute of limitations
    2012-02-23

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Statute of limitations, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Third circuit reaffirms viability of deepening insolvency claim
    2012-02-01

    In Official Committee of Unsecured Creditors v. Baldwin (In re Lemington Home for the Aged), 659 F.3d 282 (3d Cir. 2011), the Third Circuit Court of Appeals held, among other things, that the “deepening insolvency” cause of action, which the Third Circuit previously recognized in Official Committee of Unsecured Creditors v. R.F. Lafferty & Co., 267 F.3d 340 (3d Cir. 2001), remains an independent cause of action under Pennsylvania law.

    Background

    Filed under:
    USA, Pennsylvania, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Jones Day, Fiduciary, Federal Reporter, Negligence, Third Circuit
    Authors:
    Nancy J. Lu
    Location:
    USA
    Firm:
    Jones Day
    Court upholds “new value” preference defense despite post-petition payment of claim
    2012-01-04

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, United States bankruptcy court, Third Circuit
    Authors:
    Matthew Ziegler
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    In a case of first impression, court grants administrative priority status to post-petition withdrawal liability
    2011-12-19

    In re Marcal Paper Mills, Inc., No. 09-4574, 650 F.3d 311 (3d Cir., 2011)

    CASE SNAPSHOT

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Reed Smith LLP, Employee Retirement Income Security Act 1974 (USA), Defined benefit pension plan, Third Circuit
    Authors:
    Kathleen A. Murphy
    Location:
    USA
    Firm:
    Reed Smith LLP

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