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    NRA Bankruptcy Dismissed for Lack of Good Faith in Filing
    2021-05-14

    The Bankruptcy Court for the Northern District of Texas dismissed the National Rifle Association’s (“NRA”) bankruptcy case on May 11, finding that the case was not filed in good faith. In his opinion, Judge Harlin Hale found that there was cause for dismissal because the case was filed “to gain unfair litigation advantage and … to avoid a state regulatory scheme,” neither of which he considered to be a purpose intended or sanctioned by the Bankruptcy Code.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Supreme Court Holds That Retaining Impounded Vehicles Does Not Violate Automatic Stay
    2021-01-14

    Case Name and Number: Chicago v. Fulton, No. 19-357

    Introduction: In an 8-0 opinion issued today, the Supreme Court held that a creditor’s passive retention of property properly seized from a debtor pre-bankruptcy does not violate the automatic stay under 11 U.S.C. § 362(a)(3).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, SCOTUS
    Location:
    USA
    Firm:
    Mayer Brown
    Jurisdictional Conflict Between FERC and Bankruptcy Courts Spills Over to Natural Gas Agreements
    2020-07-06

    The existing jurisdictional conflict1 between US bankruptcy courts under the Federal Bankruptcy Code and the Federal Energy Regulatory Commission (FERC) regarding required approvals for a debtor in bankruptcy to reject an executory Federal Power Act (FPA)-jurisdictional agreement has also been asserted by FERC with respect to Natural Gas Act (NGA)-jurisdictiona

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Mayer Brown, United States bankruptcy court
    Authors:
    J. Paul Forrester
    Location:
    USA
    Firm:
    Mayer Brown
    Fund Finance Market Review -Trends and Developments in the Subscription Credit Facility and Fund Finance Markets - Fall 2019
    2019-10-22

    The first half of 2019 continues a long growth rally for the fund finance market, with fund finance deal volume at Mayer Brown significantly up from last year. This growth occurred despite a three-year decline in the number of final fund closings.1 This apparent contradiction can be explained both by the penetration of traditional subscription credit facilities into a broader range of fund types and the diversification of fund finance product offerings in the market (including a notable uptick in the number of hybrid facility and net asset value credit facility closings).

    Filed under:
    European Union, United Kingdom, USA, New York, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Mayer Brown, Brexit, Libor, Private equity, US Securities and Exchange Commission
    Location:
    European Union, United Kingdom, USA
    Firm:
    Mayer Brown
    Intercreditor Agreements After Momentive: When a Hindrance Is Not a "Hindrance"
    2018-12-13

    Intercreditor agreements--contracts that lay out the respective rights, obligations and priorities of different classes of creditors--play an increasingly important role in corporate finance in light of the continued prevalence of complex capital structures involving various levels of debt. When a company encounters financial difficulties, intercreditor agreements become all the more important, as competing classes of creditors seek to maximize their share of the company's limited assets.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Secured creditor, Unsecured creditor, Uniform Commercial Code (USA), Second Circuit, United States bankruptcy court, US District Court for SDNY
    Authors:
    Brian Trust , Thomas S. Kiriakos , Aaron Gavant , Joshua R. Gross
    Location:
    USA
    Firm:
    Mayer Brown
    Special Rules Govern Consignments of Art in New York
    2017-01-03

    Artists have long relied on art galleries to sell their works, and artists and galleries frequently use the legal construct of a “consignment” to facilitate the display and sale of art. In a consignment, the gallery does not acquire title to a work. Instead, the artist (the “consignor”) entrusts the work to the consignee—in most cases a gallery or auction house—for the consignee to sell. If and when an artwork is sold, the gallery pays the artist out of the proceeds of the sale.

    Filed under:
    USA, New York, Insolvency & Restructuring, Media & Entertainment, Mayer Brown
    Location:
    USA
    Firm:
    Mayer Brown
    Fund finance market review - winter 2014
    2014-01-31

    Capital call subscription credit facilities (each, a “Facility”) continued their positive momentum in 2013  and had an excellent year as an asset class. As in the recent past, investor (“Investor”) funding performance remained as pristine as ever, and the only exclusion events we are aware of involved funding  delinquencies by noninstitutional Investors (in many cases subsequently cured). Correspondingly, we  were not consulted on a single Facility payment event of default in 2013.

    Filed under:
    Luxembourg, United Kingdom, USA, Banking, Capital Markets, Insolvency & Restructuring, Projects & Procurement, Mayer Brown
    Location:
    Luxembourg, United Kingdom, USA
    Firm:
    Mayer Brown
    In re KB Toys, Inc.: “disabilities attach to and travel with the claim"
    2012-05-17

    On May 4, 2012, the Delaware bankruptcy court inIn re KB Toys, Inc., et al. (KB Toys), handed down a thoughtful decision addressing the issue of whether impairments attach to a claim or remain with its seller. The KB Toys court held that “a claim in the hands of a transferee has the same rights and disabilities as the claim had in the hands of the original claimant. Disabilities attach to and travel with the claim.”

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Mayer Brown, Enron, United States bankruptcy court
    Authors:
    Frederick D. Hyman , Monique J. Mulcare
    Location:
    USA
    Firm:
    Mayer Brown
    US Second Circuit: gift plans impermissible under absolute priority rule
    2011-02-11

    On February 7, 2011, in a highly anticipated decision, the Second Circuit Court of Appeals held that in Chapter 11 reorganizations, senior creditors may not “gift” recoveries to junior creditors and/or equity interest holders over the objection of an intervening class. In In re DBSD N.A., Inc., __ F.3d __, 2011 WL 350480 (2d Cir. 2011), the majority ruled that such “gift plans” run afoul of the “absolute priority rule,” which is codified in Section 1129(b) of Bankruptcy Code. The decision has significant implications for future bankruptcy cases in New York.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Share (finance), Bankruptcy, Shareholder, Debtor, Unsecured debt, Dividends, Interest, Federal Reporter, Debt, Standing (law), Unsecured creditor, Westlaw, Second Circuit, United States bankruptcy court, First Circuit
    Authors:
    Howard S. Beltzer , Brian Trust
    Location:
    USA
    Firm:
    Mayer Brown
    Opinion of Interest - Springfield Hospital, Inc. v. Guzman: Second Circuit Upholds Federal Government’s Ability to Deny PPP Loans to Bankrupt Companies
    2022-04-08

    Recently, the Second Circuit became the first federal circuit court to rule that the federal government could deny a Paycheck Protection Program (“PPP”) loan to a debtor in bankruptcy solely because of an applicant’s bankruptcy status.[1] Prior to the Second Circuit’s decision in Springfield Hospital, Inc. v.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA), Small Business Administration (USA)
    Authors:
    Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown

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