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    Second Circuit joins chorus on inapplicability of Bankruptcy Code Section 502(d) to administrative claims
    2009-12-17

    The Second Circuit Court of Appeals recently issued its decision on a question of first impression before the court: whether section 502(d) of the Bankruptcy Code applies to administrative claims arising under section 503(b) of the Bankruptcy Code. See, generally, ASM Capital, L.P. v. Ames Dept. Stores, Inc. (In re Ames Dept. Stores, Inc.), 582 F.3d 422 (2d Cir. 2009).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Federal Reporter, Default judgment, Liquidation, Conveyancing, Title 11 of the US Code, Trustee, Second Circuit, Ninth Circuit, United States bankruptcy court, Fifth Circuit
    Authors:
    Nicholas J. Brannick
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Potential benefit to unsecured creditors from the Worker, Homeownership, and Business Assistance Act of 2009
    2009-12-28

    There is something for everyone in the suitably named Worker, Homeownership, and Business Assistance Act of 2009–including potential recoveries for unsecured creditors of a debtor reorganizing or liquidating pursuant to the United States Bankruptcy Code.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Tax, Lowenstein Sandler LLP, Debtor, Unsecured debt, Interest, Taxable income, Debt, Liquidation, Tax return (USA), Troubled Asset Relief Program, Internal Revenue Service (USA), Title 11 of the US Code
    Authors:
    John L. Berger , Sharon L. Levine , Cassandra M. Porter
    Location:
    USA
    Firm:
    Lowenstein Sandler LLP
    Swap termination and the subordination of termination payments in the Lehman bankruptcy
    2009-12-22

    Lehman Brothers Holdings Inc.’s September 15, 2008 bankruptcy was an event of default under thousands of derivatives contracts to which a Lehman entity was a party and for which Lehman Brothers Holdings was the guarantor. This default entitled the vast majority of Lehman’s counterparties to terminate these contracts, and almost all were terminated.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Hunton Andrews Kurth LLP, Bankruptcy, Surety, Debtor, Swap (finance), Credit risk, Liquidation, Default (finance), Collateralized debt obligation, Subsidiary, Credit default swap, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Brian V. Otero , J. R. Smith , Robert J. Hahn , Stephen R. Blacklocks
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Pension plan termination premium claims may not be dischargeable in bankruptcy
    2009-12-21

    The Supreme Court declines to review a circuit court decision in Oneida Ltd., which held that a debtor cannot discharge in bankruptcy, as a prepetition claim, premiums it owes to the Pension Benefit Guaranty Corporation in connection with the termination of a pension plan.

    Introduction

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Lowenstein Sandler LLP, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Debtor, Defined benefit pension plan, Bankruptcy discharge, Compound interest, Pension Benefit Guaranty Corporation, US Code, Title 11 of the US Code, Supreme Court of the United States, Second Circuit, United States bankruptcy court, Circuit court
    Authors:
    Sharon L. Levine , Christine Osvald-Mruz , Wojciech F. Jung
    Location:
    USA
    Firm:
    Lowenstein Sandler LLP
    Third Circuit says “settlement payment” exemption under Bankruptcy Code Section 546(e) includes private company LBOs
    2010-01-05

    Elaborating on its Resorts decision of ten years ago concerning payments to shareholders in a public leveraged buyout,1 the Court of Appeals for the Third Circuit recently ruled in In re Plassein Int’l, Corp.2 that the “settlement payment” exemption of section 546(e) of the Bankruptcy Code also insulates selling shareholders in a private LBO from fraudulent transfer liability.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Share (finance), Shareholder, Security (finance), Fraud, Safe harbor (law), Privately held company, Debt, Leveraged buyout, Default (finance), Secured loan, Title 11 of the US Code, Third Circuit
    Authors:
    Alan W Kornberg , Stephen J. Shimshak
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Recent significant commercial bankruptcy filings
    2010-01-18

    The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.  

    BROADCASTING  

    Radio group Citadel Broadcasting Corp. has filed a prepackaged bankruptcy petition aimed to eliminate some $1.4 billion in debt.  

    ENERGY  

    Filed under:
    USA, Insolvency & Restructuring, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Debtor, Unsecured debt, Limited liability company, Debt, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    Recent significant commercial bankruptcy filings
    2010-01-18

    The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.  

    BROADCASTING  

    Radio group Citadel Broadcasting Corp. has filed a prepackaged bankruptcy petition aimed to eliminate some $1.4 billion in debt.  

    ENERGY  

    Filed under:
    USA, Insolvency & Restructuring, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Debtor, Unsecured debt, Limited liability company, Debt, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    Lehman court finds payment priority provision is unenforceable ipso facto clause, and must be part of swap for safe harbor protection
    2010-01-29

    On January 25, 2010, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York ruled that provisions in a CDO indenture subordinating payments due to Lehman Brothers Special Financing Inc., as swap provider, constituted unenforceable ipso facto clauses under the facts and circumstances of this case. The Court also held that, because the payment priority provisions were not contained in the four corners of a swap agreement, the Bankruptcy Code’s safe harbor protections, which generally permit the operation of ipso facto clauses, did not apply.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Safe harbor (law), Swap (finance), Deed, Default (finance), Collateralized debt obligation, Lehman Brothers, Title 11 of the US Code, Constitution, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Mark C. Ellenberg , Peter M. Dodson
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Lehman Brothers bankruptcy court strikes waterfall subordination provisions conditioned on bankruptcy
    2010-01-28

    On Jan. 25, 2010, the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) held that a trust deed provision reversing a priority of payment waterfall upon the bankruptcy of a credit support provider under a swap agreement is unenforceable under the U.S. Bankruptcy Code (the “Bankruptcy Code”).

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Schulte Roth & Zabel LLP, Bankruptcy, Collateral (finance), Interest, Swap (finance), Public limited company, Default (finance), Collateralized debt obligation, Deed of trust (real estate), Lehman Brothers cases, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Derivatives, bankruptcy and Lehman
    2010-01-28

    During the past 18 months, the world has felt the impact of derivatives on financial markets. Many businesses have for years used derivative contracts such as currency or interest rate swaps or forward contracts for the purchase of oil, gold, natural gas, wheat or other commodities to hedge their exposure to an unexpected rise or fall in values, interest rates or prices. However, the scope and extent of trading in derivative instruments exploded during the past 10 years, causing profound effects on the world’s financial markets.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Securitization & Structured Finance, Holland & Knight LLP, Bankruptcy, Debtor, Natural gas, Swap (finance), Commodity, Over-the-counter (finance), Hedge funds, Derivatives market, Bank for International Settlements, Lehman Brothers, Credit rating agency, New York Mercantile Exchange, Bear Stearns, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Barbra R. Parlin
    Location:
    USA
    Firm:
    Holland & Knight LLP

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