Detroit has seen signs of revival in its urban core following the near-death experiences of GM and Chrysler. Unfortunately, its municipal finances remain beaten down by the city’s long and precipitous decline over the past several decades. Labor and legacy costs, incurred when the auto industry thrived and the popul

IN RE: RIVER EAST PLAZA, LLC (January 19, 2012)

When River East Plaza LLC defaulted on its mortgage in early 2009, LNV Corp., which held the first mortgage, started foreclosure proceedings. Shortly before the scheduled sale of the property, River East filed for bankruptcy. In its plan, it proposed to exchange LNV's lien for one that was an "indubitable equivalent" under section 1129(b)(2)(A)(iii). Bankruptcy Judge Wedoff (N.D. Ill.) rejected the plan and dismissed the petition. River East brought a direct appeal under section 158(d)(2)(A).

 IN RE: LONGVIEW ALUMINUM, L.L.C. (September 2, 2011)

STAMAT v. NEARY (March 24, 2011)

The chapter 11 case of DBSD North America, Inc. (“DBSD”), f/k/a ICO North America, has been marked by aggressive tactics and extreme positions from its commencement. DBSD, a non-operating satellite communications company, and its second lien noteholders made clear their intent to cram down a plan of reorganization (the “Plan”) on DBSD’s first lien lenders.

On February 25, 2020, in Rodriguez v. Federal Deposit Insurance Corporation, No. 18-1269 (U.S. 2020), the U.S. Supreme Court effectively ruled that the so-called “Bob Richards rule” should not be used to determine which member of a group of corporations filing a consolidated federal income tax return is entitled to a federal income tax refund.

The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week. The questions it presents are relatively simple. First, can a bankruptcy court, in dismissing a case under the U.S.

Judge Robert Gerber will be stepping down at the end of this year, ending a storied judicial career highlighted by his oversight of the 2009 chapter 11 case of General Motors Corporation (“Old GM”).

In an opinion that will have a significant impact on the viability of debt for debt exchanges and out of court restructurings, Judge Martin Glenn of the U.S.

Large law firm failures typically produce lengthy and litigious bankruptcy cases. A frustrated lawyer in one such case succinctly described the essential problem: “the assets walk, talk and, worst of all, have their own counsel.” To the inherent tensions and creditor demands of any large chapter 11 case are added  the raw pain, similar to divorce, that many partners feel at the downfall of an institutio