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    First Michigan Bank assumes all of the deposits of CF Bancorp
    2010-05-01

    Yesterday, the Michigan Office of Financial and Insurance Regulation closed CF Bancorp, headquartered in Port Huron, Michigan, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Michigan Bank, headquartered in Troy, Michigan, to assume all of the deposits of CF Bancorp.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Melinda C. Calisti
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Court rulings on solvency and fairness opinions help to define liability for financial advisors
    2010-04-30

    KEY POINTS

    • A US Bankruptcy Court decision held that loans to a homebuilding company that subsequently filed for bankruptcy constituted a fraudulent transfer.
    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, McDermott Will & Emery, Bankruptcy, Constitution
    Location:
    USA
    Firm:
    McDermott Will & Emery
    “Caveat venditor”: building strategy based on recent reclamation and Section 503(b)(9) developments
    2010-04-29

    In today’s difficult economic environment, it is vital for trade vendors faced with customers’ bankruptcies to have optimal strategies for collecting invoices for past shipments and protecting prior payments from being clawed back by a bankruptcy estate as preferences. The need for such strategies will only increase as record amounts of corporate debt mature. Nelson D. Schwartz, Corporate Debt Coming Due May Squeeze Credit, N.Y.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Moses & Singer LLP, Bankruptcy, Debtor, Consumer protection, Collateral (finance), Liquidation, Refinancing, Line of credit, Corporate bond, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Alan Kolod , Kent C. Kolbig
    Location:
    USA
    Firm:
    Moses & Singer LLP
    Plaintiffs with pre-existing products claims against automaker cannot disturb bankruptcy sale
    2010-04-29

    federal court in New York has dismissed as moot an appeal filed by plaintiffs with products liability claims pending against General Motors Corp. (GM) before it was sold in bankruptcy. In re: Motors Liquidation Co., No. 09 Civ. 6818 (U.S. Dist. Ct., S.D.N.Y., decided April 13, 2010). The plaintiffs sought to overturn a bankruptcy court’s approval of the automaker’s sale “free and clear” of their existing products liability claims as well as any successor liability claims they may have against the “new” GM.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Product Regulation & Liability, Shook Hardy & Bacon LLP, Bankruptcy, Unsecured debt, Liquidation, Good faith, Involuntary dismissal, General Motors, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Greg Fowler
    Location:
    USA
    Firm:
    Shook Hardy & Bacon LLP
    Lehman decision limits setoff rights in ISDA Master Agreements
    2010-05-07

    On May 5, 2010, the United States Bankruptcy Court for the Southern District of New York issued a decision declaring that a party’s right to setoff in an ISDA Master Agreement is unenforceable in bankruptcy unless strict mutuality exists. (Decision and Order).

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Bankruptcy, Debtor, Safe harbor (law), Debt, Default (finance), International Swaps and Derivatives Association, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Jonathan P. Guy , Thomas C. Mitchell
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    When are goods received for the purpose of asserting administrative priority status under Section 503(b)(9) of the Bankruptcy Code?
    2010-05-06

    A bankruptcy court recently held that in order for a supplier of goods on credit to establish an administrative claim under Bankruptcy Code section 503(b)(9) in the bankruptcy case of its buyer, the supplier will need to show that its buyer "physically" received the goods within 20 days prior to the buyer's bankruptcy filing, regardless of when title to the goods passed. In Re Circuit City Stores, Inc., et al., Case No. 08-35653, No. 7149 (Bankr. E.D. VA April 8, 2010).

    Filed under:
    USA, Virginia, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Retail, Credit (finance), Debtor, Unsecured debt, Prima facie, United States bankruptcy court
    Authors:
    Robert Sahyan
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Lehman bankruptcy court rules safe harbors do not override setoff mutuality requirement
    2010-05-06

    On May 5, 2009, Judge James Peck, the Bankruptcy Judge in the Lehman Brothers bankruptcy cases, held that the safe harbor provisions of the Bankruptcy Code do not override the mutuality requirements for setoff under section 553(a) of the Bankruptcy Code. As a consequence, the Bankruptcy Court prohibited Swedbank, a non-debtor counter party to a swap agreement, from setting off pre-petition claims against Lehman against funds collected for Lehman’s account postpetition. See In re Lehman Bros. Holdings Inc., Bankr. Case No. 08-13555 (JMP) (Bankr. S.D.N.Y.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Waiver, Safe harbor (law), Swap (finance), Debt, Concession (contract), International Swaps and Derivatives Association, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Ignorance is not bliss: court sanctions client and counsel for unfamiliarity with data systems
    2010-05-03

    According to the U.S. Bankruptcy Court for the Southern District of New York, a lack of bad faith is no longer a defense to court sanctions for failure to produce documents in a timely manner. That court, in In re A&M Florida Properties II, recently awarded sanctions against both a party and its counsel for the counsel’s failure to become familiar with the client’s email and data-retention policies and systems— despite the absence of any bad faith or willful delay.1

    Filed under:
    USA, New York, Insolvency & Restructuring, IT & Data Protection, Litigation, Morgan, Lewis & Bockius LLP, Motion to compel, Negligence, eDiscovery, Bad faith, Refinancing, Spoliation of evidence, United States bankruptcy court
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Single-purpose entities and independent directors: does the general growth ruling change structured finance?
    2010-05-11

    A recent Delaware bankruptcy court decision1 on the ability of “bankruptcy remote” single-purpose entities emphasizes the complicated nature of the bankruptcy process and the issues that need to be considered when using “bankruptcy remote” entities in funding structures. Given the prevalence of such entities, this is an important decision for all participants in the structured fi nance industry.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Vedder Price PC, Bankruptcy, Collateral (finance), Liquidation, Voting, Involuntary dismissal, Bad faith, Refinancing, Secured creditor, Subsidiary, The Independent, United States bankruptcy court
    Authors:
    John T. Bycraft
    Location:
    USA
    Firm:
    Vedder Price PC
    Senate agrees on mechanism for resolving failed firms
    2010-05-10

    On May 5th, the Senate voted 93-5 to adopt an amendment proposed by Senators Christopher Dodd and Richard Shelby that would give the FDIC authority to liquidate failing financial institutions without the creation of a controversial $50 billion "bailout" fund. Instead, the FDIC would use a new line of credit with the Treasury Department, supported by the assets of the failed institution, to pay the liquidation expenses.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Winston & Strawn LLP, Credit (finance), Bailout, Liquidation, Line of credit, Federal Deposit Insurance Corporation (USA), US Department of the Treasury
    Location:
    USA
    Firm:
    Winston & Strawn LLP

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