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    Junior Lienholders’ Interests Extinguished in a “Free and Clear” Sale
    2017-02-16

    State and federal laws provide numerous protections to secured parties to preserve their interests in collateral. As secured parties well know, however, these protections become more and more limited when the collateral is pledged to multiple secured parties. Issues, like priority of interests and liens, become more prevalent when the collateral at issue falls in value and multiple secured parties are fighting to enforce their interests in order to satisfy their debts.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, FisherBroyles LLP
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Chesapeake Energy Court Adopts the Narrow View of Section 316(b) of the TIA
    2017-02-16

    On February 8, 2017, the U.S. District Court for the Western District of Oklahoma dismissed the class action lawsuit brought by unsecured bondholders of Chesapeake Energy Corporation ("Chesapeake"), adopting the so-called narrow reading of Section 316(b) of the Trust Indenture Act of 1939 ("TIA").[1]

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Bruce Bennett , Brad B. Erens , Timothy G. Hoxie , Edward B. Winslow
    Location:
    USA
    Firm:
    Jones Day
    New Delaware Chapter 11 Filing - Calrissian LP
    2017-02-16

    On February 15, 2017, Calrissian LP, a Burlingame, CA-based entity, filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-10356). Calrissian is the parent holding company of Our Alchemy LLC (Case No. 16-11596) and Anderson Digital LLC (Case No. 16-11597), which filed petitions for relief under Chapter 7 in the Bankruptcy Court for the District of Delaware on July 1, 2016.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    Walro v. Lee (In re Lee)
    2017-02-16

    (S.D. Ind. Feb. 13, 2017)

    Filed under:
    USA, Indiana, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    No Trustee Left Behind - Another Bankruptcy Court Requires Colleges to Return Tuition to the Bankruptcy Estate
    2017-02-13

    Another bankruptcy trustee catches another hapless college unaware. In Roach v. Skidmore College (In re Dunston), Bankr. S.D. Ga. (Jan 31, 2017), a trustee appears to win the next battle of “bankruptcy estates v. child’s college,” ruling that an insolvent parent who paid the college tuition of an adult child made a fraudulent transfer to the college.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Bryan Cave Leighton Paisner (Bryan Cave), United States bankruptcy court
    Authors:
    Mark I. Duedall
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    4th Cir. Holds Escrow, Other Principal Residence Mortgage Loan Items Not Subject to Chapter 13 Bifurcation
    2017-02-13

    The U.S. Court of Appeals for the Fourth Circuit recently held that “escrow funds, insurance proceeds, or miscellaneous proceeds” are protected by the anti-modification provisions for Chapter 13 bankruptcies as “incidental property” under the definition of “debtor’s principal residence” in the federal Bankruptcy Code.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Maurice Wutscher LLP, Bankruptcy, Mortgage loan, Fourth Circuit
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Massachusetts Bankruptcy Court Sends a Reminder on Avoiding the Substantive Consolidation Trap
    2017-02-13

    There are numerous reasons why a company might use more than one entity for its operations or organization: to silo liabilities, for tax advantages, to accommodate a lender, or for general organizational purposes. Simply forming a separate entity, however, is not enough. Corporate formalities must be followed or a court could effectively collapse the separate entities into one. A recent opinion by the United States Bankruptcy Court for the District of Massachusetts, Lassman v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Tax, Mintz, United States bankruptcy court
    Authors:
    Charles W. Azano
    Location:
    USA
    Firm:
    Mintz
    Delaware bankruptcy court issues 2017 local rule amendments
    2017-02-13

    Earlier this month, the U.S. Bankruptcy Court for the District of Delaware (the “Delaware Bankruptcy Court”) released an update to the Local Rules for the United States Bankruptcy Court District of Delaware (Effective February 1, 2017) (the “Local Rules”). According to Local Rule 1001-1(e), the 2017 version of the Local Rules governs all cases or proceedings filed after February 1, 2017, and also applies to proceedings pending on the effective date, except to the extent that the Court finds that it would not be feasible or would work an injustice.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Constitutional amendment
    Authors:
    Carl D. Neff
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Bankruptcy Court Requires Disclosure of Private Funds’ 10-Percent Owners
    2017-02-13

    In a December 9, 2016 ruling, in In re Motors Liquidation Co.,2 the United States Bankruptcy Court for the Southern District of New York denied the motion of a group of creditor private funds and registered funds (the “Funds”) seeking to redact or seal the names of parties holding 10 percent or more of the Funds’ equity interests from their corporate ownership statements and required them to disclose the ownership information in a public filing without redactions.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Ropes & Gray LLP, Investment funds, Title 11 of the US Code
    Location:
    USA
    Firm:
    Ropes & Gray LLP
    Ninth Circuit Holds That Rule Allowing Curing Debtors to Avoid Contractual Post-Default Interest Is No Longer Valid
    2017-02-14

    The Ninth Circuit recently ruled that a Chapter 11 debtor could not avoid the payment of default interest under a promissory note as a condition to curing and reinstating such promissory note under a Chapter 11 plan. In Pacifica L 51 LLC v. New Investments Inc. (In re New Investments, Inc.), 840 F.3d 1137 (9th Cir. 2016), the Ninth Circuit held that its prior rule of allowing a curing debtor to avoid a contractual post-default interest rate in a loan agreement—as decided in Great Western Bank & Trust v.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, BakerHostetler, Ninth Circuit
    Authors:
    Eric R. Goodman , Joseph M. Esmont
    Location:
    USA
    Firm:
    BakerHostetler

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