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    Affiliate transfer: fraudulent conveyance or unwinding resulting trust?
    2014-08-12

    Anderson v. Architectural Glass Constr., Inc. (In re Pfister), 749 F.3d 294 (4th Cir. 2014) –

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, White Collar Crime, Troutman Pepper, Debtor
    Location:
    USA
    Firm:
    Troutman Pepper
    Property tax foreclosure: tax authority may have to pay for equity in property
    2014-08-15

    Clinton County Treasurer v. Wolinsky, 511 B.R. 34 (N.D.N.Y. 2014) 

    A chapter 7 trustee sought to avoid a property tax foreclosure as a fraudulent transfer and then to recover damages from the foreclosing county. The bankruptcy court agreed that the transfer was a fraudulent conveyance, but awarded only about half of the damages requested by the trustee. Both the county treasurer and the trustee appealed.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Real Estate, Tax, White Collar Crime, Troutman Pepper, Property tax, Foreclosure
    Location:
    USA
    Firm:
    Troutman Pepper
    Bankruptcy sales and leases: “free and clear” may not be so “free and clear”
    2014-08-08

    Dishi & Sons v. Bay Condos LLC, 510 B.R. 696 (S.D.N.Y. 2014) –

    In approving the sale of a Chapter 11 debtor’s assets, a bankruptcy court found that a tenant of the debtor was entitled to continue in possession of the leased portion of the sold property for the remainder of its lease.  The successful bidder at the sale appealed, arguing that the sale was “free and clear” of the tenant’s interests. 

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Real Estate, Troutman Pepper, Bankruptcy, United States bankruptcy court
    Location:
    USA
    Firm:
    Troutman Pepper
    Post-petition interest: default rate is not a slam dunk
    2014-08-01

    In re Residential Capital, LLC, 508 B.R. 851 (Bankr. S.D.N.Y. 2014) –

    An oversecured creditor claimed post-petition interest at the contract default rate. The debtors and the post-confirmation liquidating trust objected, arguing that the lender should be limited to the non-default rate.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Interest, Default (finance)
    Location:
    USA
    Firm:
    Troutman Pepper
    Environmental claims: twenty years later
    2014-08-05

    In re Solitron Devices, Inc., 510 B.R. 890 (Bankr. S.D. Fla. 2014) –

    A Chapter 11 debtor moved to reopen its bankruptcy case more than 15 years after it was closed in order to enforce the plan confirmation order to prevent claims by a state environmental agency and other potentially responsible parties for clean-up costs at a landfill.

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Troutman Pepper
    Location:
    USA
    Firm:
    Troutman Pepper
    Sale “free and clear”: adequate protection of nothing is nothing
    2014-07-29

    In re Elk Grove Village Petroleum, 510 B.R. 594 (Bankr. N.D. Ill. 2014) –

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Real Estate, Tax, Troutman Pepper, Debtor, Personal property
    Location:
    USA
    Firm:
    Troutman Pepper
    Strong arm powers: for want of an “s” the mortgage was lost
    2014-07-22

    Hardesty v. Mortgage Electronic Registration Systems, Inc. (In re Boothe), 510 B.R. 154 (Bankr. S.D. Ohio 2013) –

    A chapter 7 trustee successfully sought to avoid a mortgage using his “strong arm” powers on the basis that the mortgage was not properly acknowledged. Once again a mortgagee paid dearly for sloppy execution of a document.

    Filed under:
    USA, Ohio, Insolvency & Restructuring, Litigation, Troutman Pepper, Constructive notice
    Location:
    USA
    Firm:
    Troutman Pepper
    Lease abatement: the act of eliminating or nullifying
    2014-07-18

    N. Providence, LLC v. Great Atlantic & Pacific Tea Co., Inc. (In re Great Atlantic & Pacific Tea Co., Inc.),510 B.R. 42 (S.D.N.Y. 2014) –

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Real Estate, Troutman Pepper, Landlord
    Location:
    USA
    Firm:
    Troutman Pepper
    Sale free and clear: permitted “matters of record” may be broader than you expect
    2014-07-15

    In re Joan Fabrics Corp., 508 B.R. 881 (Bankr. D. Del. 2014) –

    The buyer of assets in a bankruptcy sale sought to enforce its asset purchase agreement against a county that was seeking to collect personal property taxes arising prior to the sale by exercising a statutory lien on the property acquired by the buyer.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Real Estate, Tax, Troutman Pepper, Property tax, Personal property
    Location:
    USA
    Firm:
    Troutman Pepper
    Homestead (and other) exemptions: some fraud counts more than others
    2014-07-11

    Law v Siegel, 134 Sup.Ct. 1188, 188 L.Ed.2d 146 (2014) -

    A bankruptcy court ordered that a debtor’s homestead exemption be surcharged to pay the attorney’s fees of a Chapter 7 incurred in overcoming the debtor’s fraud. The order was affirmed on appeal until it reached the Supreme Court.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Troutman Pepper, Tax exemption, Fraud
    Location:
    USA
    Firm:
    Troutman Pepper

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