Yesterday, Treasury released its most recent completed transactions report for the period ending December 10, 2009.
CIT Group Inc.
On Friday, the OTS closed Bradford Bank, headquartered in Baltimore, Maryland, and named the FDIC as receiver.
On Friday, the new General Motors (GM) began operations with a new corporate structure, and is now primarily owned by the governments of the U.S., Canada and Ontario, along with the UAW Retiree Medical Benefits Trust. The result of an asset sale approved by the bankruptcy court on July 5, the new GM will narrow its focus to four core brands (Chevrolet, Cadillac, Buick and GMC). Also, the number of U.S.
Today, the House Financial Services Committee, chaired by Representative Barney Frank (D-MA), held a hearing on the effects of the Lehman Brothers bankruptcy on state and local governments and other publicly-funded entities.
Testifying at the hearing were the following witnesses:
Panel One:
Yesterday, the Big Three U.S. auto chief executives submitted restructuring plans to the Senate Banking Committee and the House Financial Services Committee, in response to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid’s November 21st request calling on the auto executives to “submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments” by December 2nd.
In In re MPM Silicones, LLC, Case No. 14-22503 (RDD) (Bankr. S.D.N.Y. Sept. 30, 2014) (Momentive), the court dismissed a senior lien creditors’ suit alleging that the junior lien creditors breached an intercreditor agreement (ICA) with respect to shared collateral by taking and supporting certain actions adverse to the senior lien creditors.
BACKGROUND
In a recent decision [1] arising from the In re Residential Capital LLC, et al.
The outcome of the TOUSA appeal has been much anticipated and closely watched by the lending community, their counsel and advisors, and legal scholars. On May 15, 2012, the Eleventh Circuit Court of Appeals issued its opinion (found here), reversing the District Court for the Southern District of Florida and affirming the Bankruptcy Court for the Southern District of Florida, at least insofar as to the bankruptcy court’s factual findings, but not remedies.