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    Security interests in business interruption insurance under the UCC
    2015-02-17

    A recent decision of the Bankruptcy Appellate Panel of the First Circuit, Wheeling & Lake Erie Railway Company v. Keach,[1] ruled that a lender (Wheeling) did not have a perfected security interest in a business interruption insurance policy or its proceeds.  The decision in Wheeling is inconsistent with a prior court decision that dealt with business interruption insurance as proceeds of collateral and was more favorable to secured creditors, and therefore should be of concern to lenders.

    Background

    Filed under:
    USA, Banking, Insolvency & Restructuring, Insurance, Litigation, Ice Miller LLP, Uniform Commercial Code (USA), Bankruptcy Appellate Panel, First Circuit
    Authors:
    John Lawlor
    Location:
    USA
    Firm:
    Ice Miller LLP
    Wrong place, wrong time: beware the statute of limitations!
    2015-02-17

    “And it’s too late, baby now, it’s too late,Though we really did try to make it.”

    - Carole King, It’s Too Late

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Statute of limitations, Exclusive jurisdiction
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    ABI chapter 11 Reform Commission series: postpetition financing I
    2015-02-18

    This installment of the Weil Bankruptcy Blog’s series on the ABI Commission Report is the first of two posts that address the Commission’s recommendations relating to postpetition financing.  This post covers the Commission’s recomm

    Filed under:
    USA, Insolvency & Restructuring, Weil Gotshal & Manges LLP, Foreclosure, Secured creditor
    Authors:
    Gabriel A. Morgan
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    The not-so-remote possibility of the bankruptcy of a bankruptcy remote entity
    2015-02-18

    A bankruptcy remote entity is a special-purpose vehicle (or special purpose entity) (“SPV”) that is formed to hold a defined group of assets and to protect them from being administered as property of a bankruptcy estate. SeePaloian v. LaSalle Bank Nat’l Assn (In re Doctors Hospital of Hyde Park, Inc.), 507 B.R. 558, 701, 702 (N.D. Ill. 2013). Bankruptcy remote entities are intended to separate the credit quality of assets upon which financing is based from the credit and bankruptcy risks of the entities involved in the financing. See id.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, United States bankruptcy court
    Authors:
    Sarah K. Kam
    Location:
    USA
    Firm:
    Reed Smith LLP
    Bankruptcy court decides that the Bankruptcy Code preempts California state pension laws
    2015-02-09

    In a February 4, 2015 opinion, the bankruptcy judge presiding over Stockton, California's Chapter 9 municipal bankruptcy case approved Stockton's bankruptcy plan of adjustment. 

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Nossaman LLP, Federal preemption, Bankruptcy, CalPERS, United States bankruptcy court
    Authors:
    Allan H. Ickowitz
    Location:
    USA
    Firm:
    Nossaman LLP
    Eight things we learned from the Detroit bankruptcy
    2015-02-10

    Detroit’s historic trip through Bankruptcy Court ended in December 2014 with the confirmation of the City’s Plan of Adjustment, which trimmed $7 billion in debt from the city’s balance sheet and promised improved resident services. At the beginning of the case, no one predicted that the city would emerge from bankruptcy so quickly — only about 18 months — or that the final Plan of Adjustment would enjoy such widespread support among creditors and politicians. What can we learn from the largest municipal bankruptcy ever?

    Filed under:
    USA, Insolvency & Restructuring, Thompson Coburn LLP, United States bankruptcy court
    Authors:
    David Warfield
    Location:
    USA
    Firm:
    Thompson Coburn LLP
    Attorney fees: following local law can mean the difference between collecting or not
    2015-02-10

    Southside, LLC v SunTrust Bank (In re Southside, LLC), 520 B.R. 914 (Bankr. N.D. Ga. 2014) –

    A debtor objected to attorney fees included in the proof of claim filed by a mortgagee, and the mortgagee moved for relief from the automatic stay to exercise its rights under a security deed securing the debtor’s guaranty based in part on the debtor’s lack of equity in the property.

    Filed under:
    USA, Georgia, Banking, Insolvency & Restructuring, Litigation, Real Estate, Troutman Pepper
    Location:
    USA
    Firm:
    Troutman Pepper
    How to get a mediator appointed in a bankruptcy case (hint: in some courts, it’s easier if she wasn’t a bankruptcy judge)
    2015-02-10

    “[W]hat I do have are a very particular set of skills, skills I have acquired over a very long career…” – Bryan Mills (Liam Neeson), Taken

    Filed under:
    USA, Texas, Arbitration & ADR, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Mediation, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Opportunities in oil financing and investment: meeting the industry's capital needs in challenging times
    2015-02-10

    Reduced Liquidity—How Will Oil Companies Feel the Pinch?

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Jones Day, Hedge funds
    Location:
    USA
    Firm:
    Jones Day
    Managing the chapter 15 cross-border insolvency case – a book review of the pocket guide for judges by the Honourable Louise De Carl Adler
    2015-02-10

    Chapter 15 of the Bankruptcy Code provides a mechanism for a foreign debtor or representative in non-U.S. insolvency proceedings to protect such debtor’s U.S. assets from U.S. creditors’ collection actions or to stay any litigation commenced in the U.S. The ultimate goal in a chapter 15 proceeding is to preserve the value of the assets of the foreign debtor for the benefit of all its creditors globally.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Nava Hazan , Helen Kavanagh
    Location:
    USA
    Firm:
    Squire Patton Boggs

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