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    Checking-In: Chapter 9, Chapter 11 or Ineligible?
    2018-02-23

    Last week, President Trump unveiled his proposal to fix our nation’s aging infrastructure. While the proposal lauded $1.5 trillion in new spending, it only included $200 billion in federal funding. To bridge this sizable gap, the plan largely relies on public private partnerships (often referred to as P3s) that can use tax-exempt bond financing.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Public, Mintz, Internal Revenue Service (USA), US District Court for Northern District of Illinois
    Authors:
    William W. Kannel , Charles W. Azano
    Location:
    USA
    Firm:
    Mintz
    Insolvency Law Committee E-Bulletin: Feb 14th, 2018
    2018-02-19

    Summary: A California appellate court has held that a lender that allegedly directed its borrower to default on her loan in order to qualify for a home mortgage modification may be held liable in tort for its mishandling of her application, because the lender exceeded the role of a conventional lender.  [Rossetta vs. CitiMortgage, Inc., 2017 Westlaw 6422567 (Cal.App.).]

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Calbar BLS, Debtor, Mortgage loan, Foreclosure, California Supreme Court
    Location:
    USA
    Firm:
    Calbar BLS
    In re Lyondell: District Court Upholds Broad Enforceability of a Limitation of Lender Liability Clause in a Credit Agreement
    2018-02-23

    Credit agreements by their terms commonly bar the borrower from seeking punitive, indirect, special or consequential damages for a breach of the agreement by lenders and their affiliates. The clauses, as enforced, prevent a borrower from obtaining damages for harm that may be suffered by the borrower's business if the lender wrongfully declines to fund. The clauses prevent lenders from exposure to open-ended damages claims if the lenders refuse to lend to a borrower, including damages that are the direct and indirect result of the failure to lend.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, US District Court for the Southern District of New York
    Authors:
    Julian S.H. Chung , Stewart A. Kagan
    Location:
    USA
    Firm:
    Fried Frank Harris Shriver & Jacobson LLP
    Debtors Beware: Social Media Knows Where Your Assets Are Buried
    2018-02-20

    If there’s a golden rule for the online age we live in, it’s “Always assume anything you post online will be visible to all.” Just like the original Golden Rule, it’s a maxim ignored often enough to bear repeating and frequent illustration. With that in mind, let’s check in on recent developments regarding social media revealing details its users would rather conceal—bankruptcy edition.

    Filed under:
    USA, Insolvency & Restructuring, Media & Entertainment, White Collar Crime, Pillsbury Winthrop Shaw Pittman LLP
    Authors:
    Allison Selick
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    New Delaware Chapter 11 Filing - Pinktoe Tarantula Limited
    2018-02-20

    Pinktoe Tarantula Limited, along with two of its affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10344). The Debtors, doing business as Charlotte Olympia, are a London-based designer of women’s luxury footwear and accessories.

    Filed under:
    USA, Insolvency & Restructuring, Cole Schotz PC, Bankruptcy, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Norman L. Pernick , Nicholas J. Brannick
    Location:
    USA
    Firm:
    Cole Schotz PC
    First Circuit Holds Rejection of Trademark License Leaves Licensee With Only a Claim for Pre-petition Damages - No Right to Continued Use of Trademarks; Court Upholds Termination of Exclusive Distribution Rights
    2018-02-20

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Kramer Levin Naftalis & Frankel LLP, First Circuit
    Authors:
    Kelly E. Porcelli
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Illinois Supreme Court Holds Foreclosure Deadline to Challenge Service Tolled While Action Dismissed
    2018-02-20

    Reversing the rulings of both the appellate and the trial courts, the Supreme Court of the State of Illinois recently held that the deadline to file a motion to quash service under the Illinois Mortgage Foreclosure Law (IMFL) did not run while the foreclosure action was dismissed for want of prosecution.

    A copy of the opinion is available at:  Link to Opinion.

    Filed under:
    USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Real Estate, Maurice Wutscher LLP, Mortgage loan, Foreclosure, Motion to quash, Illinois Supreme Court
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Michigan to Enact the Uniform Commercial Real Estate Receivership Act
    2018-02-20

    A commercial real estate receiver’s powers will be clarified when Michigan’s Uniform Commercial Real Estate Receivership Act (the “Act”) becomes effective in May. The legislation, signed by Gov. Rick Snyder on Feb. 6, 2018, effects many sweeping changes and answers a question plaguing courts: Can a state receiver court sell property free and clear of liens and redemption rights?

    Filed under:
    USA, Michigan, Company & Commercial, Insolvency & Restructuring, Real Estate, Miller Canfield PLC, Commercial property
    Location:
    USA
    Firm:
    Miller Canfield PLC
    Bankruptcy Court Grants Relief from Stay to Credit Union to Exercise State Law Rights Related to Setoff Against Funds in which the Debtor's Children Hold an Interest
    2018-02-21

    The United States Bankruptcy Court for the Western District of Michigan recently issued an opinion in a case that involved mutual claims between the debtor and a creditor, and lifted the automatic stay to allow a creditor to exercise “setoff” rights provided by state law to recover its debt.1

    The Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Foster Swift Collins & Smith PC
    Authors:
    Patricia J. Scott
    Location:
    USA
    Firm:
    Foster Swift Collins & Smith PC
    The Toy-kover: bidders compete for Toys R Us
    2018-02-21

    The deadline for interested purchasers of every child's favourite superstore, Toys R Us, to submit their letters of intent fell last week, with sources indicating that several parties had expressed interest in purchasing the beleaguered retailer. Hilco Capital, the company which saved HMV from Liquidation in 2013, have reportedly submitted a bid and are believed to be amongst the favourites for the troubled retailer.

    Filed under:
    USA, Insolvency & Restructuring, Ashfords LLP
    Authors:
    David Pomeroy
    Location:
    USA
    Firm:
    Ashfords LLP

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