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    Supreme Court Rules That A Debtor’s Rejection Of A Trademark Licensing Contract Under Section 365 Of The Bankruptcy Code Does Not Rescind The Contract
    2019-05-20

    Mission Product Holdings, Inc. v. Tempnology, LLC, No. 17-1657

    Today, the Supreme Court held in an 8-1 decision that when a debtor, acting under Section 365 of the Bankruptcy Code, rejects a contract licensing its trademarks, the contract is not rescinded and the debtor thus cannot revoke the trademark license.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Mayer Brown, Bankruptcy, Breach of contract, SCOTUS
    Location:
    USA
    Firm:
    Mayer Brown
    Six Things Every Purchaser of US Commercial Accounts Receivable Should Know
    2017-06-15

    Over the past several years, non-recourse receivables financing has been embraced by many major financial institutions and non-bank investors in the US market. With its (i) favorable regulatory treatment for regulated institutions, (ii) perceived positive risk/reward profile and (iii) adaptability to recent technological advancements such as distributed ledger technology (i.e., blockchain), non-recourse receivables financing likely will grow increasingly popular in the US market.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Mayer Brown, Uniform Commercial Code (USA)
    Authors:
    Massimo Capretta , Richard G. Ziegler
    Location:
    USA
    Firm:
    Mayer Brown
    US Supreme Court hands lenders a victory on underwater mortgages
    2015-06-16

    The US Supreme Court has unanimously held that a debtor cannot void a wholly underwater second mortgage in Chapter 7 bankruptcy proceedings. The decision comes in the consolidated cases of Bank of America, N.A. v. Caulkett, No. 13-1421, and Bank of America, N.A. v. Toledo-Cardona, No. 14-163.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Mortgage loan, SCOTUS
    Location:
    USA
    Firm:
    Mayer Brown
    Sixth Circuit Court of Appeals rules that collateral proceeds do not include accounts
    2013-11-12

    The US Court of Appeals for the Sixth Circuit has ruled that a lender’s security interest in accounts was not perfected because a reference to “proceeds” in the lender’s UCC financing statement did not expressly refer to “accounts.” The Sixth Circuit surprisingly interpreted the definition of “proceeds”1 in Article 9 of the Uniform Commercial Code to exclude “accounts”2 (despite and without reference to provisions of UCC Article 9 to the contrary).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Collateral (finance), Accounts receivable, Uniform Commercial Code (USA), Sixth Circuit
    Authors:
    John F. Lawlor , Craig E. Reimer
    Location:
    USA
    Firm:
    Mayer Brown
    Lehman bankruptcy court denies contractual right to three-party setoff in bankruptcy
    2011-10-05

    The Bankruptcy Court for the Southern District of New York has held that a cross-affiliate netting provision in an ISDA swap agreement is unenforceable in bankruptcy. In the SIPA proceedings of Lehman Brothers Inc. (LBI), UBS AG (UBS) sought to offset UBS’s obligation to return excess collateral to LBI against claims purportedly owed by LBI to UBS subsidiaries, UBS Securities and UBS Financial Services.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Collateral (finance), Foreign exchange market, Swap (finance), Common law, Subsidiary, Title 11 of the US Code, UBS, International Swaps and Derivatives Association, Lehman Brothers, Delaware Supreme Court, United States bankruptcy court, US District Court for SDNY
    Authors:
    Howard S. Beltzer , Brian Trust
    Location:
    USA
    Firm:
    Mayer Brown
    Motions for omnibus objections to claims against Lehman Brothers Holdings Inc. and associated debtors filed with the US Bankruptcy Court
    2010-05-26

    On 18 May 2010, Lehman Brothers Holdings Inc. and its associated debtors (together, the "Debtors") filed a further six omnibus objections to claims filed in their Chapter 11 proceedings with the US Bankruptcy Court (the "Objections"). The Objections contain orders prepared by the Debtors on behalf of the US Bankruptcy Court which, if granted, will enable the Debtors to disallow and expunge the claims identified in each of the Objections from the register of claims.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Debtor, Injunction, Liability (financial accounting), Estoppel, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy Judge Drain Announces 2022 Retirement
    2021-09-30

    In a somewhat unexpected development given his recent appointment to a second 14-year term a mere 5 years ago, Bankruptcy Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York announced that he intends to retire as of June 30, 2022.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, United States bankruptcy court
    Authors:
    Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Navient Case Dismissed Confirming High Bar to Involuntary Bankruptcy Petitions
    2021-03-01

    Perhaps not unexpectedly, on February 25, 2021, a New York bankruptcy court dismissed the involuntary bankruptcy petition brought earlier in the month by three student loan borrowers against Navient Solutions (see our prior post on the borrowers’ petition here). Navient is the student loan servicing arm of Navient Corporation, one of the world’s largest student loan-originators.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Samuel R. Rabuck , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Credit Bidding: A US import that will be a key part of a UK lender’s toolkit in the current distressed market
    2020-10-30

    Credit bidding is a mechanism, enshrined in the US bankruptcy legislation, whereby a secured creditor can ‘bid’ the amount of its secured debt, as consideration for the purchase of the assets over which it holds security. In effect, it allows the secured creditor to offset the secured debt as payment for the assets and to take ownership of those assets without necessarily having to pay any cash for the purchase. Whilst there is no statutory equivalent in the UK, the process has evolved here into an accepted practice.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Location:
    United Kingdom, USA
    Firm:
    Mayer Brown
    US Bankruptcy Fee Flip: Legal Expenses for Unsecured Creditors; Considerations for Lenders and Administrative Agents
    2020-03-26

    With a slowdown in capital markets activity and sharply decreased economic activity, the pressures on borrowers (and therefore their lenders) are only going to increase in the near term.

    Filed under:
    USA, Insolvency & Restructuring, Mayer Brown
    Authors:
    Youmi Kim
    Location:
    USA
    Firm:
    Mayer Brown

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