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    New York Bankruptcy Court and Colorado District Court disagree on the application of Section 552 to a lender’s security interest in proceeds of FCC License
    2011-10-03

    A New York bankruptcy court recently considered the effects of Bankruptcy Code section 552 on a lender’s security interest in the proceeds of an FCC broadcast license and held that a prepetition security interest extended to proceeds received from a post-petition transfer of the debtors’ FCC license. Sprint Nextel Corp. v. U.S. Bank. N.A. (In re Terrestar Networks, Inc.), Case No. 10-15446, Adv. Pro. No. 10-05461 (Bankr. S.D.N.Y. Aug. 18, 2011). This result directly conflicts with Spectrum Scan LLC v. Valley Bank and Trust Co. (In re Tracy Broadcasting Corp.), 438 B.R.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Winston & Strawn LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Debt, Title 11 of the US Code, Federal Communications Commission (USA), United States bankruptcy court, US District Court for SDNY, Tenth Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    In pari delicto
    2011-04-18

    On April 12th, a federal district court addressed the in pari delicto defense, including the sole actor exception to the adverse interest exception. In the instant case, a litigation trust created in bankruptcy court to pursue the debtor's claims sued Credit Suisse for allegedly assisting the debtor's founders' looting of the debtor's subsidiaries. Credit Suisse sought summary judgment, asserting the in pari delicto defense. The Court agreed, finding that the evidence supported the conclusion that the founders so dominated the subsidiaries that the subsidiaries lacked a separate existence.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Interest, Subsidiary, Credit Suisse, United States bankruptcy court
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    OCC approves use of shelf charter
    2010-07-26

    On July 16th, the OCC announced that it has approved the use of a shelf charter for the acquisition of a failed bank, allowing NAFH National Bank, Miami, Florida, to acquire two banks in Florida and one in South Carolina. This is the second instance in which a shelf charter was approved for use in such an acquisition. OCC Press Release.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Winston & Strawn LLP
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Purchase money security interests include negative equity for bankruptcy cramdown purposes
    2010-03-08

    On March 1st, the Seventh Circuit held that negative equity is included in a creditor's purchase money security interest and is not subject to a bankruptcy court's cramdown authority under Chapter 13 of the Bankruptcy Code. In re Aubrey Howard.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Title 11 of the US Code, Seventh Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Tax controversy and litigation newsletter
    2020-11-19

    TAX CONTROVERSY AND LITIGATION NEWSLETTER

    ----------

    Focus on Tax Controversy

    NOVEMBER 2020\\VOLUME 4\\ISSUE 3

    IN THIS ISSUE

    ARTICLES AND UPDATES Bankruptcy Court's Jurisdiction To Resolve Tax Claims2 FAQs Issued Under The CARES Act Invalid Under The APA8 Tax Court Concludes IRS Failed to Satisfy 675111

    Penalty For Failure To File Form 5471 Is Not Divisible 14 Sixth Circuit Rejects Taxpayer's Judicial Estoppel Claim17

    ABOUT US Winston & Strawn's Tax Controversy and Litigation Practice 20

    Editors 20

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Tax, Winston & Strawn LLP, Employee Retirement Income Security Act 1974 (USA), Mediation, Coronavirus, Title 11 of the US Code, CARES Act 2020 (USA), Internal Revenue Service (USA), NLRB, Sixth Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Court orders privacy Ombudsman in bankruptcy case
    2014-08-14

    Crumbs Bake Shop Inc. shut down in July and filed for bankruptcy in New Jersey court that same month. The bankruptcy court ordered an auction sale, and a purchaser has come forward to buy all of the company’s assets.

    Filed under:
    USA, Insolvency & Restructuring, IT & Data Protection, Litigation, Winston & Strawn LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Judgments against Ponzi scheme net gainers are dischargeable in bankruptcy
    2012-08-27

    On August 20th, the U.S. Court of Appeals for the Tenth Circuit reversed a trial court's ruling finding that judgments against Ponzi scheme "net gainers" were non-dischargeable in bankruptcy. The debtors were early investors in what turned out to be a Ponzi scheme and received more money than they invested. When the Ponzi scheme was uncovered, the state State of Oklahoma sued the debtors for unjust enrichment but not for any securities violations. After the State obtained a judgment on the unjust enrichment claim, the debtors declared bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Tenth Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Culpability required for securities fraud exception to debt discharge in bankruptcy
    2011-09-28

    On September 19th, the Ninth Circuit considered whether the exception to Chapter 7 bankruptcy discharge for debts resulting from a violation of state or federal securities laws applies when the debtor himself is not culpable for the securities violation that caused the debt. The case involved an attorney who was required by court order to return the unearned retainer paid by a company that engaged in securities fraud. The attorney filed a petition for Chapter 7 bankruptcy before he was technically required to return the money.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Debtor, Security (finance), Debt, Securities fraud, Bankruptcy discharge, Ninth Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Bankruptcy court sanctions home foreclosure processing servicer
    2011-04-18

    On April 7th, a federal bankruptcy court sanctioned Lender Processing Services, Inc., a home foreclosure service provider against whom the Federal Reserve Board and OCC have initiated enforcement action. The opinion explains LPS's business model and that model's failings, and cites case law documenting LPS's historic shortcomings. It reminds litigants that proving a default is the lender's, not counsel's, responsibility. In re Ron Wilson, Sr.  

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Foreclosure, Federal Reserve Board, United States bankruptcy court
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Unperfected security interest in an auto is avoidable
    2010-07-12

    On July 2nd, the Sixth Circuit affirmed a bankruptcy court's finding that, under Kentucky law, a bank did not perfect its security interest in an auto loan until that security interest was noted on the title. Because perfection did not occur within 20 days after the debtor received possession of the auto, Section 547(c)(3) of the Bankruptcy Code did not protect the bank's loan from avoidance as a preferential transfer. Branch Banking and Trust Co. v. Brock.

    Filed under:
    USA, Kentucky, Banking, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Debtor, Sixth Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP

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