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    Second Circuit Holds that Contingent Equity-Based Compensation of Former Lehman Employees are Subordinate to Creditor Claims
    2017-06-21

    In In re Lehman Bros. Holdings Inc. 855 F.3d 459 (2d Cir. 2017), the United States Court of Appeals for the Second Circuit affirmed a district court order subordinating the claims of former Lehman Bros.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Lehman Brothers, Title 11 of the US Code
    Authors:
    John P. Stigi III , Christopher J. Bosch
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    An Important Ruling for Secured Lenders - Ninth Circuit Holds that the Proper Cramdown Valuation is Replacement Value
    2017-06-19

    In an important decision for secured creditors, the Ninth Circuit recently held that the proper “cramdown” valuation of a secured creditor’s collateral is its replacement value, regardless of whether the foreclosure value would generate a higher valuation of the collateral. The appellate court’s decision has the potential to significantly impact lenders that include certain types of restrictions on the use of the collateral (such as low income housing requirements) in their financing documents.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Collateral (finance), Covenant (law), Foreclosure, Affordable housing, Default (finance), Valuation (finance), US HUD, Title 11 of the US Code, Ninth Circuit, United States bankruptcy court
    Authors:
    Travis A. McRoberts
    Location:
    USA
    Firm:
    Squire Patton Boggs
    House Passes Legislation Allowing Financial Institutions to Seek Chapter 11 Protection
    2017-06-12

    On April 5 and June 8, 2017, the U.S. House of Representatives passed bills (the Financial Institution Bankruptcy Act of 2017 ("FIBA") and the Financial CHOICE Act of 2017) that would allow financial institutions to seek protection under Chapter 11 of the Bankruptcy Code.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Jones Day, Unsecured debt, US House of Representatives, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code
    Authors:
    Kevyn D. Orr , Dan T. Moss
    Location:
    USA
    Firm:
    Jones Day
    Gymboree Sends Itself To Time-Out
    2017-06-15

    Unlike the parenting technique that requires a misbehaving child to sit in a designated area for a set amount of time, Gymboree Corporation, the well-known San Francisco-based company that operates specialty retail stores of children’s apparel, will serve its time-out before Judge Keith L. Phillips in the US Bankruptcy Court for the Eastern District of Virginia.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, ArentFox Schiff, Bankruptcy, Title 11 of the US Code, United States bankruptcy court, US District Court for Eastern District of Virginia
    Authors:
    Andrew I. Silfen , Jackson David Toof , George P. Angelich , Robert M. Hirsh
    Location:
    USA
    Firm:
    ArentFox Schiff
    Michigan Enacts the New Uniform Voidable Transactions Act
    2017-06-08

    On July 16, 2014, the Uniform Law Commission (the “Commission”) approved a series of changes to the Uniform Fraudulent Transfer Act (the “UFTA”). The UFTA had previously been adopted by most states in the country, including Michigan. The Commission’s amendments included changing the name of the law from the UFTA to the Uniform Voidable Transactions Act (the “UVTA”).

    Filed under:
    USA, Michigan, Insolvency & Restructuring, Litigation, White Collar Crime, Foster Swift Collins & Smith PC, Title 11 of the US Code, Uniform Commercial Code (USA)
    Authors:
    Scott A. Chernich
    Location:
    USA
    Firm:
    Foster Swift Collins & Smith PC
    United States: Senior Creditor’s Exercise of State Law Remedies May Eliminate a Junior Creditor’s Deficiency Claim Under Section 1111(b) of the Bankruptcy Code
    2017-05-31

    The United States Court of Appeals for the Ninth Circuit recently held in Mastan v. Salamon (In re Salamon) that an undersecured creditor with a nonrecourse claim lost the right to assert a deficiency claim under section 1111(b) of the Bankruptcy Code when a senior secured creditor foreclosed on and sold its collateral during the bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Title 11 of the US Code, Ninth Circuit
    Location:
    USA
    Firm:
    Baker McKenzie
    Balancing Act: Supreme Court Rules That Filing a Proof of Claim for Stale Debt Does Not Violate the Fair Debt Collection Practices Act
    2017-05-24

    The U.S. Supreme Court has held that the filing of a proof of claim in bankruptcy proceedings with respect to time-barred debt is not a “false, deceptive, misleading, unfair, or unconscionable” act within the meaning of the Fair Debt Collection Practices Act (“FDCPA”) when there continues to be a right to repayment after the expiration of the limitations period under applicable state law. The Court’s decision in Midland Funding, LLC v.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, K&L Gates LLP, Bankruptcy, Debt, Unconscionability, Title 11 of the US Code, Fair Debt Collection Practices Act 1977 (USA), Supreme Court of the United States, United States bankruptcy court
    Authors:
    Phoebe S. Winder , Andrew C. Glass , Gregory N. Blase , Sean R. Higgins , David A. Mawhinney , Theresa A. Roozen , Brandon R. Dillman
    Location:
    USA
    Firm:
    K&L Gates LLP
    Construction Liens Filed by Suppliers in New Jersey After Contractor’s Filing of Bankruptcy Petition Are Barred by the Automatic Stay Provision of the Bankruptcy Code
    2017-05-25

    In re: Linear Electric Co., Inc., No. 16-1477, 2017 U.S. App. Lexis 5527 (3d Cir., March 30, 2017)

    Filed under:
    USA, Construction, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, General contractor, Subcontractor, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Luke Nicholas Eaton
    Location:
    USA
    Firm:
    Troutman Pepper
    Supreme Court Holds That Filing of Bankruptcy Claim on Time-Barred Debt Does Not Violate FDCPA
    2017-05-30

    The United States Supreme Court recently held that a creditor who files a bankruptcy claim on a time-barred debt does not violate the Fair Debt Collection Practices Act (“FDCPA”). SeeMidland Funding, LLC v. Johnson, 137 S. Ct. 1407 (2017). In the case, the debtor filed for bankruptcy under Chapter 13 of the Bankruptcy Code, and the creditor filed a proof of claim asserting that it was owed credit card debt. However, the credit card had not been used in over ten years, outside Alabama’s six-year statute of limitations.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Riker Danzig LLP, Bankruptcy, Debtor, Debt, Title 11 of the US Code, Fair Debt Collection Practices Act 1977 (USA), Supreme Court of the United States, United States bankruptcy court
    Authors:
    Michael R. O’Donnell
    Location:
    USA
    Firm:
    Riker Danzig LLP
    Supreme Court to Hear Circuit Split Over Bankruptcy Safe Harbor Provision
    2017-05-30

    The Supreme Court has granted certiorari in Merit Management Group L.P. v. FTI Consulting Inc. to resolve a circuit split over the interpretation of Section 546(e) of the Bankruptcy Code, the “safe harbor” provision that shields specified types of payments “made by or to (or for the benefit of)” a financial institution from avoidance on fraudulent transfer grounds.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Title 11 of the US Code, Eighth Circuit, Supreme Court of the United States, Eleventh Circuit, Sixth Circuit, Seventh Circuit, Tenth Circuit
    Authors:
    Philip Bentley , Jennifer R. Sharret
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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