Masuda Funai routinely represents creditors in bankruptcy proceedings in order to protect their contractual and legal interests and rights to payment. 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.
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The Office of the Comptroller of the Currency approved the first use of a "shelf charter" for the acquisition of a failed bank, allowing Bond Street Bank, National Association, to acquire a Florida bank that was placed in receivership on January 22nd. The "shelf charter" is a mechanism that involves the granting of preliminary approval to investors for a national bank charter. The charter remains inactive until the investor group is in a position to acquire a troubled institution.
The Colorado Court of Appeals held last month that creditors as a group have standing to sue members of an LLC who receive distributions knowing that the distributions were made when the LLC was insolvent. Colborne Corp. v. Weinstein, No. 09CA0724, 2010 Colo. App. LEXIS 58 (Colo. App. Jan. 21, 2010).
On Friday, the Florida Office of Financial Regulation closed Florida Community Bank , headquartered in Immokalee, Florida and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, headquartered in Miami, Florida, to assume all of the deposits of Florida Community Bank.
On January 22nd, Affiliated Media, Inc. (the "Debtor" or "Affiliated"), filed a chapter 11 petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to documents filed with the Bankruptcy Court, the Debtor's operations include daily and weekly newspapers, "niche publications," internet websites, four radio stations and a television station in Alaska. Affiliated's bankruptcy follows a drop in revenue from $1.3 billion in 2007 to $1.06 billion in 2009.
On Friday, the Washington Department of Financial Institutions closed American Marine Bank, headquartered in Bainbridge Island, Washington, and the FDIC was named receiver.
On Friday, the OCC closed First National Bank of Georgia , headquartered in Carrollton, Georgia, and the FDIC was named receiver.
On Friday, the California Department of Financial Institutions closed First Regional Bank, headquartered in Los Angeles, California, and the FDIC was named receiver.
On Friday, the Georgia Department of Banking and Finance closed Community Bank and Trust, headquartered in Cornelia, Georgia, and the FDIC was named receiver.
During the second afternoon session of the first day of the PLUS D&O Symposium, the panelists discussed the complex underwriting issues that arise when the company to be insured is insolvent, in bankruptcy, or close to bankruptcy. The panelists discussed the following topics and provided the following insights: