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    Second Circuit rejects edge act jurisdiction in AIG RMBS case
    2013-04-22

    On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving alleged fraud in connection with $28 billion in RMBS had been improperly removed from state to federal court.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Remand (court procedure), American International Group, Bank of America, Second Circuit
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Cherryland update: is turnabout fair play?
    2013-04-25

    Last year in this space we reported on a pair of Michigan court decisions (51382 Gratiot Avenue Holdings, Inc. v. Chesterfield Development Company (Chesterfield) and Wells Fargo Bank, N.A. v.

    Filed under:
    USA, Michigan, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Surety
    Authors:
    Alex Braden
    Location:
    USA
    Firm:
    Reed Smith LLP
    Secured lender's large makewhole claim upheld by Delaware Bankruptcy Court
    2013-04-25

    The United States Bankruptcy Court for the District of Delaware recently upheld a secured lender’s claim for a $23.5 million “makewhole” premium (the “Makewhole Claim”) over the heavily litigated objection raised by the unsecured creditors’ committee in In re School Specialty, Inc., No. 13-10125 (KJC) (Apr. 22, 2013).

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Ropes & Gray LLP, Debtor, Maturity (finance), United States bankruptcy court
    Authors:
    Alyson Gal Allen , Mark I. Bane , Mark R. Somerstein
    Location:
    USA
    Firm:
    Ropes & Gray LLP
    Court allows creditor to garnish top-hat plan benefits
    2013-04-18

    In Sposato v. First Mariner Bank, 2013 WL 1308582 (D. Md.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Winston & Strawn LLP
    Authors:
    Michael S. Melbinger
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Always be prepared: forecasting a business partner's financial problems and how to prepare
    2013-04-18

    As the American economy continues to slog through the ongoing Great Recession, even financially sound companies face challenges due to the continued economic malaise. In particular, a company that works with suppliers, customers and other business partners facing financial troubles needs to be prepared to handle the consequences of others' fiscal problems. Being attuned to signs of distress and taking defensive actions early can help strong companies avoid problems and be better positioned in the case of a significant event, such as a business partner filing for bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, BakerHostetler, Bankruptcy, Debt
    Authors:
    Donald A. Workman , Christopher J. Giaimo , Dena S. Kessler
    Location:
    USA
    Firm:
    BakerHostetler
    Claims trading from the inside out: Ninth Circuit BAP holds that a non-insider claimant's vote on a plan is not discounted merely because the claimant purchased its claim from an insider
    2013-04-18

    In an unpublished decision in In re The Village at Lakeridge, LLC, BAP Nos. NV-12-1456 and NV-12-1474 (B.A.P. 9th Cir. Apr. 5, 2013), the United States Bankruptcy Appellate Panel of the Ninth Circuit held that a vote on a plan of reorganization submitted by a non-insider claimant is not to be disregarded under Bankruptcy Code section 1129(a)(10) merely because the claimant purchased the claim from an insider. In other words, the transferee of a claim does not step into the shoes of the transferor vis à vis the transferor’s status as an insider.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Debtor, Secured creditor, Ninth Circuit, Bankruptcy Appellate Panel
    Authors:
    Michael M. Lauter
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Agencies provide additional instructions for submission of resolution plans and extend deadline
    2013-04-19

    On April 15 the Federal Reserve Board (Board) and the Federal Deposit Insurance Corporation (FDIC) announced the release of additional guidance, clarification and direction for the first group of institutions filing their resolution plans pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. These 11 institutions filed their initial resolution plans with the Federal Reserve Board and the FDIC in 2012.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Federal Reserve Board, Bank holding company, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    In re Fairfield Sentry Ltd.: Second Circuit Court of Appeals provides guidance to “COMI” determinations in Chapter 15 cases
    2013-04-19

    On April 16, 2013, in Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.),1 the US Court of Appeals for the Second Circuit issued an important decision informing fundamental concepts of cross-border insolvency law as implemented pursuant to Chapter 15 of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Title 11 of the US Code, Second Circuit, United States bankruptcy court
    Authors:
    Brian Trust , Howard S. Beltzer , Frederick D. Hyman , Joel Moss
    Location:
    USA
    Firm:
    Mayer Brown
    District Court dismisses insider preference claim despite affiliates holding equity and board seats
    2013-04-19

    The United States District Court for the Southern District of New York dismissed an insider preference complaint by Capmark Financial Group Inc. and its affiliates ("Capmark") seeking to recover a $145 million pre-bankruptcy payment from a lender group. Capmark Financial Group Inc. v. Goldman Sachs Credit Partners L.P., __ F. Supp. 2d __, 2013 WL 1420243 (S.D.N.Y. Apr.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Board of directors, Limited liability company, Ally Financial, Second Circuit, US District Court for the Southern District of New York
    Authors:
    David M. Hillman , Eleazer Klein , Howard O. Godnick , Michael L. Cook , Meghan M. Breen
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Superintendent of insurance may assert privilege on behalf of liquidating insurer
    2013-04-19

    In Wallis v. Centennial Insurance Co., No. 08-cv-2558 (E.D. Cal. Feb. 1, 2013), Magistrate Judge Allison Claire of the Eastern District of California held that the New York Superintendent of Insurance had the authority to assert the attorney-client privilege on behalf of an insurer that was in the process of being liquidated by the Superintendent.

    Filed under:
    USA, California, New York, Insolvency & Restructuring, Insurance, Litigation, Jenner & Block LLP, Attorney-client privilege, Liquidation, New York State Insurance Department
    Authors:
    David M. Greenwald
    Location:
    USA
    Firm:
    Jenner & Block LLP

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