Since our March 2020 blog post, the Federal banking and credit union regulators (FRB, FDIC, NCUA, OCC and CFPB) (collectively, the “Agencies”) published revised guidance clarifying the relationship between the March 22, 2020 Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (“March Guid

Last week, in our first of what we expect to be many articles in the series “Bankruptcy On Ice”, we wrote about the unprecedented suspensions of proceedings enacted in several major chapter 11 bankruptcies in response to the temporary store closures and critical protective measures being imposed to fight the spread of COVID-19.

As April rent came due, we armed you with what New York landlords and property managers need to know to formulate their business strategy. (Click here to see Part 1.) Payment of rent on April 1 turned out to be a mixed bag, with some properties experiencing a high level of payment or partial payment and some not. Payment of May rent is expected to be worse than April.

In this Part 2, we update you as the pandemic continues.

In Part I of this three part series we noted the likelihood that credit bidding will be more prevalent in today’s unpredictable economic environment and discussed some of the statutory backdrop. Here, in Part II, we will discuss certain mechanics that are associated with making, and later consummating, a credit bid.

Earlier this month, in Davis v. Carrington Mortgage Services, LLC, et al., the United States District Court for the District of Nevada held that consumer reporting agencies are not obligated to determine the legal status of debts. The Court also reinforced the plausible pleading standard for Fair Credit Reporting Act cases, while providing an overview of CRAs’ obligations under the act.

EDITOR’S NOTE: SQUIRE PATTON BOGGS WILL SOON BE LAUNCHING A NEW FAST-PACED AND EXCITING BLOG EXPANDING BEYOND TCPA TO SHOWCASE ITS TREMENDOUS DEPTH IN ISSUES OF FCRA, BIPA, CCPA AND CONSUMER PRIVACY LITIGATION GENERALLY. IN THE MEANTIME WE WILL BE TEMPORARILY HOUSING SOME OF THIS CONTENT HERE ON TCPAWORLD.COM. WE WILL LABEL THESE ARTICLES WITH SUBJECT MATTER BRACKETS.

Editor’s Note: This was originally published in CFO.com on April 21, 2020.

In a recent decision addressing valuation issues, the First Circuit has issued an important reminder – and warning – to creditors seeking to establish a secured claim in settlement proceeds based on a security interest in the settled claim. In short, the key lesson for would-be secured creditors is this – the value of a claim is not equal to the value of damages!

Due to COVID-19 and its impact on the economy and markets, businesses are experiencing unprecedented disruption. This disruption ripples through supply-chains and affects businesses large and small. These financial challenges impair the ability of many businesses to meet their obligations, in particular to suppliers or trade vendors. Many of these businesses will be forced to restructure obligations to suppliers, with some having to seek bankruptcy protection.

The macroeconomic impact of the coronavirus (COVID-19) on nearly all industries is forcing businesses directly and indirectly affected by the global pandemic to consider restructuring alternatives. Since prospective businesses looking to reorganize or liquidate through the chapter 11 process are likely to need immediate cash in order to operate their businesses, these companies often will look to existing or third-party lenders (and in certain cases, stalking horse bidders or customer groups) to provide them with debtor-in-possession financing (DIP Financing).