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    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
    Unconscionability in West Virginia Bankruptcy Court
    2010-05-10

    In In re Kohls, 2007 LEXIS 76 (Bankr NDWVa 2007), the debtor filed this adversary proceeding against the Bank to cancel indebtedness and recover damages related to a $34,864 loan that the Bank made to the Debtor on the grounds that the loan was unconscionable at the time it was executed in violation of W. Va. Code § 46A-2-121.

    Filed under:
    USA, West Virginia, Banking, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Debtor, Debt, Unconscionability, Refinancing, Capital punishment, United States bankruptcy court
    Authors:
    Jeffrey C. Dunham
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    First Federal Bank assumes all of the deposits of the Bank of Bonifay
    2010-05-09

    Friday, the Florida Office of Financial Regulation closed The Bank of Bonifay, headquartered in Bonifay, Florida, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Federal Bank, headquartered in Lake City, Florida, to assume all of the deposits of The Bank of Bonifay.

    Filed under:
    USA, Florida, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Alice Green
    Location:
    USA
    Firm:
    Alston & Bird LLP
    City National Bank assumes all of the deposits of 1st Pacific Bank of California
    2010-05-09

    Friday, the California Department of Financial Institutions closed 1st Pacific Bank of California, headquartered in San Diego, California, and the FDIC was appointed receiver.

    Filed under:
    USA, California, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Alice Green
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Where the wild things are: an update of recent “ethical” decisions
    2010-05-17

    This paper is designed to provide a brief update of recent decisions of note that concern various ethical issues bankruptcy attorneys often encounter, focusing on conflicts of interest and privilege issues.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Conflict of interest, Bankruptcy, Interest
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Southern District of New York confirms FINRA arbitration award
    2010-05-17

    Following an initial FINRA arbitration award holding Steven Singer liable to Hartford Financial Holdings for compensatory damages, Mr. Singer filed Chapter 7 bankruptcy. After a complicated procedural history, the Bankruptcy Court granted relief from the automatic stay and allowed Hartford to proceed with this action in US District Court for the Southern District of New York.

    Filed under:
    USA, New York, Arbitration & ADR, Insolvency & Restructuring, Litigation, Jorden Burt LLP, Interest, Arbitration award, Remand (court procedure), FINRA, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    John Black
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Ameris Bank assumes all of the deposits of Satilla Community Bank
    2010-05-16

    On Friday, the Georgia Department of Banking and Finance closed Satilla Community Bank, headquartered in St. Marys, Georgia, and appointed the FDIC as receiver.

    Filed under:
    USA, Georgia, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Margaret English
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bank of Ann Arbor assumes all of the deposits of New Liberty Bank
    2010-05-16

    On Friday, the Michigan Department of Financial and Insurance Services closed the Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, to assume all of the deposits of New Liberty Bank.

    Filed under:
    USA, Michigan, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Margaret English
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Simmons First National Bank assumes all of the deposits of Southwest Community Bank
    2010-05-16

    On Friday, the Missouri Division of Finance closed Southwest Community Bank, headquartered in Springfield, Missouri .

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Margaret English
    Location:
    USA
    Firm:
    Alston & Bird LLP

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