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    Transcending self-protection: how a selfless creditor can be handsomely rewarded
    2014-10-23

    Outside of section 506(b) of the Bankruptcy Code, which affords secured creditors a right to enforce their contractual entitlements to fees, the Bankruptcy Code does not expressly give creditors a right to seek reimbursement of fees incurred during a debtor’s bankruptcy.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Mortgage modifications: senior loans may become not so senior
    2014-10-24

    Sperry Assoc. Fed. Credit Union v. US Bank Nat’l Ass’n (In re White), 514 B.R. 365 (Bankr. E.D.N.Y. 2014) –

    A junior mortgagee sought to subordinate the senior mortgage loan based on an argument that modification of the senior loan impaired the junior mortgagee’s rights.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Mortgage loan
    Location:
    USA
    Firm:
    Troutman Pepper
    Intercreditor agreements in bankruptcy
    2014-10-20

    In In re MPM Silicones, LLC, Case No. 14-22503 (RDD) (Bankr. S.D.N.Y. Sept. 30, 2014) (Momentive), the court dismissed a senior lien creditors’ suit alleging that the junior lien creditors breached an intercreditor agreement (ICA) with respect to shared collateral by taking and supporting certain actions adverse to the senior lien creditors.

    BACKGROUND

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Collateral (finance)
    Authors:
    Lorraine Sarles
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Mortgage-backed securities: “it is the rare ordinary human being who understands them”
    2014-10-21

    In re Lehman Bros. Holdings Inc., 513 B.R. 624 (Bankr. S.D.N.Y. 2014) 

    A purchaser of residential mortgage-backed securities filed proofs of claim based on alleged misrepresentations by the debtors in offering materials distributed in connection with sale of the securities. The debtors objected and sought to subordinate the claims as claims arising from securities “of” the debtors.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Security (finance), Mortgage-backed security
    Location:
    USA
    Firm:
    Troutman Pepper
    No protection in Ponzi schemes: Utah bankruptcy court limits investors’ ability to retain returns on investments
    2014-10-21

    Although the bankruptcy world has long been acquainted with Ponzi schemes, the courts have not clearly answered the question of how to distribute investors’ funds after a scheme fails – especially in the scenario where certain investors profit. The United States Bankruptcy Court for the District of Utah recently weighed in on the issue in 

    Filed under:
    USA, Utah, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Bankruptcy, Fraud, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Changing student-loan debt: cap yearly totals and revise bankruptcy code
    2014-10-21

    Skyrocketing college tuition costs are leaving consumers with greater student-loan debt, while bankruptcy code gives little protection to those struggling under it. Billionaire investor and entrepreneur Mark Cuban says “rising student loan debt is crushing the U.S. economy, preventing recent graduates from buying the things that normally stimulate the economy,” according to a recent Consumer Affairs article.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Bricker & Eckler LLP, Debt
    Authors:
    Jessica L. Branner
    Location:
    USA
    Firm:
    Bricker & Eckler LLP
    District Court reins in separate classification of claims
    2014-10-21

    Secured creditors often oppose plans where the only accepting class appears to be one created by the debtor through separate classification of claims when the claims have little in common but their acceptance of the plan and have more in common with other claims. A recent decision by the United States District Court for the Eastern District of North Carolina provides such creditors with additional support in their fight against separate classification.

    Filed under:
    USA, North Carolina, Insolvency & Restructuring, Litigation, Stinson LLP, Debtor, Unsecured debt, Secured creditor
    Authors:
    Nicholas Zluticky
    Location:
    USA
    Firm:
    Stinson LLP
    WARN Act plaintiffs ask, “Are You My Employer?”
    2014-10-22

    In the well-known children’s story book written by P.D. Eastman and edited by beloved Dr. Seuss, a baby bird embarks on a quest to find his mother, asking a hen, a dog, and a kitten, among others, the famous question, “Are you my mother?”   If Dr. Seuss had penned the recently-decided case of Thielman v. MF Global Holdings, Ltd.

    Filed under:
    USA, New York, Capital Markets, Employment & Labor, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Record of Garlock settlement history to be unsealed
    2014-10-22

    On October 16, 2014, U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Product Regulation & Liability, Gordon Rees Scully Mansukhani
    Authors:
    Richard R. Ames
    Location:
    USA
    Firm:
    Gordon Rees Scully Mansukhani
    Employees face uphill battle in holding private equity firms accountable under WARN Act
    2014-10-22

    The United States District Court in Delaware recently issued a welcome decision for private equity firms whose portfolio companies run afoul of the Worker Adjustment and Retraining Notification Act (the “WARN Act”).  In In re Jevic Holding Corp. (PDF), the Court affirmed a bankruptcy court decision holding that Sun Capital Partners (“Sun”) was not liable for the WARN Act violations of Jevic Transportation Inc.

    Filed under:
    USA, Delaware, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Holding company, Worker Adjustment and Retraining Notification Act 1988 (USA), United States bankruptcy court
    Authors:
    Andrew E Rice
    Location:
    USA
    Firm:
    Proskauer Rose LLP

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