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    FDIC report on Lehman orderly resolution
    2011-04-25

    On April 18, the FDIC released a report examining how it could have structured an orderly resolution of Lehman Brothers Holdings Inc. using the orderly liquidation authority under Title II of theDodd-Frank Act. FDIC Release.

     

    Filed under:
    USA, Banking, Insolvency & Restructuring, Orrick, Herrington & Sutcliffe LLP, Liquidation, Federal Deposit Insurance Corporation (USA), Lehman Brothers, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Take me to the River (Road): the Seventh Circuit prepares to weigh in on credit bidding
    2011-04-25

    The U.S. Court of Appeals for the Seventh Circuit has taken under advisement the latest case involving the now contentious issue of credit bidding.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Collateral (finance), Dissenting opinion, Secured creditor, Majority opinion, Secured loan, Title 11 of the US Code, United States bankruptcy court, Third Circuit, Seventh Circuit, US District Court for Northern District of Illinois
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Debtor's proposed cramdown interest rate rejected
    2011-04-25

    Representing a mortgagee holding liens on 37 unsold condominium units, Herrick, Feinstein successfully blocked a debtor's effort to confirm a chapter 11 plan of reorganization via cramdown. The plan envisioned sales of 27 unsold units over five years, deferred payments to the mortgagee at the rate of 4.75%, and scheduled principal pay downs from the sale of units.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Real Estate, Herrick Feinstein LLP, Bankruptcy, Debtor, Condominium, Liquidation, United States bankruptcy court
    Authors:
    Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    US FDIC and Federal Reserve propose rule on resolution plans and credit exposure reports
    2011-05-02

    The US Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (FRB) have jointly approved a proposed rule requiring certain companies to periodically submit Resolution Plans (also referred to as “living wills”) and Credit Exposure Reports (the “Proposed Rule”) to the FRB and FDIC.1

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Mayer Brown, Confidentiality, Consumer protection, Market liquidity, Federal Reserve Board, Bank holding company, Leverage (finance), European Commission, Financial Stability Board, Federal Deposit Insurance Corporation (USA), Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Authors:
    Thomas J. Delaney , Scott A. Anenberg , David R. Sahr , Jeffrey P. Taft , Alicia K. Kinsey
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy court limits applicability of section 546(e) Securities safe harbor to public securities
    2011-05-02

    Introduction

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, Dechert LLP, Shareholder, Debtor, Security (finance), Consideration, Leveraged buyout, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Dechert LLP
    The U.S. federal judiciary
    2011-04-30

    U.S. federal courts have frequently been referred to as the “guardians of the Constitution.” Under Article III of the Constitution, federal judges are appointed for life by the U.S. president with the approval of the Senate. They can be removed from office only through impeachment and conviction by Congress. The first bill considered by the U.S. Senate—the Judiciary Act of 1789—divided the U.S. into what eventually became 12 judicial “circuits.” In addition, the court system is divided geographically into 94 “districts” throughout the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, US Constitution, Article III US Constitution, Article I US Constitution, POTUS, United States bankruptcy court, US Court of Federal Claims, US Court of International Trade
    Location:
    USA
    Firm:
    Jones Day
    Supreme Court approves amendments to Bankruptcy Rule 2019
    2011-05-06

    On April 26, 2011, the Supreme Court approved a number of amendments to the Federal Rules of Bankruptcy Procedure. In particular, the Supreme Court amended Bankruptcy Rule 2019 to clarify the disclosure required of certain parties in interest in a chapter 9 or 11 bankruptcy case.1 These amendments were drafted by a panel of bankruptcy judges and restructuring experts and are intended to resolve a split in decisions concerning the proper application of the current Bankruptcy Rule 2019.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bankruptcy, Short (finance), Debtor, Class action, Interest, Discovery, Option (finance), Swap (finance), Hedge funds, Debt, Stakeholder (corporate), Distressed securities, Credit default swap, US Congress, Constitutional amendment, Supreme Court of the United States
    Authors:
    Howard Seife , Seven Rivera , Francisco Vazquez
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Court blocks sealing of preference defendants’ financial records
    2011-05-06

    Reprinted with permission from the May 6, 2011 issue of The Legal Intelligencer © 2010 ALM Media Properties, LLC. Further duplication without permission is prohibited. All rights reserved.

    Over the last 12 months there has been a substantial increase in the number of preference recovery actions filed. The irony created by the current economic environment is that many such defendants are themselves financially distressed and unable to fully satisfy any judgment that might be rendered against them.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, Fiduciary, Discovery, Defamation, The Legal Intelligencer, US Code, Title 11 of the US Code, Trustee, United States bankruptcy court
    Authors:
    Francis J. Lawall , John Henry Schanne, II
    Location:
    USA
    Firm:
    Troutman Pepper
    Courts approve Google bid for Nortel patents
    2011-05-06

    Google stepped closer to acquiring Nortel’s portfolio of 6,000 telecommunications, wireless and Internet patents on Monday as courts in the U.S. and Canada approved the web search giant’s “stalking horse” offer of $900 million for those patents. Announced on April 4, Google’s offer effectively constitutes the opening bid in an auction that will be decided at a joint hearing of the U.S. and Canadian courts on June 30. The auction also opens the latest chapter in the ongoing bankruptcy process for Nortel.

    Filed under:
    USA, Insolvency & Restructuring, Internet & Social Media, Patents, Telecoms, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bankruptcy, Web search engine, Computer network, Apple Inc, Google, Ericsson
    Authors:
    Patrick S. Campbell
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Delaware Chancery rejects purported agreement extending court-ordered deadline
    2011-05-06

    The Court of Chancery of Delaware ruled that counsel failed to establish "excusable neglect" when it requested additional time to submit an expert witness report after the deadline for that report—as provided for in the court's previously issued scheduling order—had expired.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Discovery, Westlaw, Court of Chancery, Delaware Court of Chancery, Delaware Supreme Court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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