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    No need to ”show the note” for a non-judicial trustee’s sale
    2012-07-09

    On May 18, 2012, the Arizona Supreme Court issued an opinion in Hogan v. Washington Mutual Bank, N.A., et al., CV-11-0115-PR, holding that Arizona’s non-judicial foreclosure statutes do not require the beneficiary to show the original promissory note for the trustee to notice and conclude a non-judicial trustee’s sale.

    Filed under:
    USA, Arizona, Insolvency & Restructuring, Litigation, Snell & Wilmer LLP, Foreclosure, Arizona Supreme Court
    Authors:
    Richard H. Herold , Colleen E. Schiman
    Location:
    USA
    Firm:
    Snell & Wilmer LLP
    Ritz Camera files for bankruptcy in Delaware ... again
    2012-07-10

    On June 22, 2012, Ritz Camera & Image, LLC, and various related entities (collectively, the "Debtors" or "Ritz II"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Those familiar with Ritz Camera know that the company's predecessor, Ritz Camera Centers, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, United States bankruptcy court
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    In re Crane: update on appellate and legislative efforts to clarify Illinois mortgage requirements
    2012-07-11

    In February the Bankruptcy Court for the Central District of Illinois held in Crane v.

    Filed under:
    USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Husch Blackwell LLP, Interest, Amicus curiae, Mortgage loan, Seventh Circuit
    Authors:
    Phillip J.F. Geheb , Courtney L. Hill
    Location:
    USA
    Firm:
    Husch Blackwell LLP
    Sunbeam products: 7th Circuit says no to Lubrizol, yes to trademark licensees in bankruptcy cases
    2012-07-11

    On July 9, 2012, the United States Court of Appeals for the Seventh Circuit issued a decision in Sunbeam Products, Inc. v. Chicago American Mfg., LLC (No. 11-3920), a case that addresses the effect of a bankruptcy trustee's rejection of trademark licenses. For years, the Bankruptcy Code's definition of "intellectual property" has excluded trademarks. But the Code provides very specific guidelines on the treatment of other intellectual property licenses in section 365(n), which was added by Congress in 1988 following the Fourth Circuit's decision in Lubrizol Enterprises, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Foley & Lardner LLP
    Authors:
    Frank W. DiCastri
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Supreme Court affirms secured creditors’ right to credit bid at plan sales
    2012-07-11

    On May 29, 2012, the U.S. Supreme Court  in RadLAX Gateway Hotel v. Amalgamated Bank, its first significant Chapter 11 opinion in several years, affirmed the  U.S. Court of Appeals for the Seventh Circuit’s decision in River Road Hotel Partners v.  Amalgamated Bank, prohibiting a debtor from  selling assets free and clear of liens under a plan of reorganization without permitting a secured creditor to credit bid.  RadLAX resolves a circuit split and reverses prior rulings of the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Low steel prices, high commodity prices and a lack of cash force RG Steel to file for bankruptcy
    2012-07-11

    On May 30, 2012, RG Steel, LLC and various related entities (collectively "RG Steel" or "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  According to the Declaration of the company's CFO (the "Decl."), RG Steel enters bankruptcy as the fourth largest flat-rolled steel company in the United States.  At full capacity,  the company can produce 8.2 million tons of steel per year.  Decl. at 2.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Warranty, United States bankruptcy court
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    IRS proposes changes to anti-cutback regulations permitting elimination of lump sum distributions under a single-employer defined benefit plan of plan sponsor in bankruptcy
    2012-07-12

    The IRS issued proposed regulations providing a limited exception to the anti-cutback rules under Code section 411(d)(6) for a plan sponsor that is a debtor in a bankruptcy proceeding. The anti-cutback rules generally prohibit amendments to qualified retirement plans that reduce or eliminate accrued benefits, early retirement benefits, retirement-type subsidies or optional forms of benefits.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, Reinhart Boerner Van Deuren SC, Retirement, Defined benefit pension plan, Internal Revenue Service (USA)
    Location:
    USA
    Firm:
    Reinhart Boerner Van Deuren SC
    Municipal bankruptcies may force municipal bondholders to accept haircuts
    2012-06-29

    Most people are familiar with the two most common forms of bankruptcy protection under the Bankruptcy Code – Chapter 7 liquidations and Chapter 11 reorganizations. But like individuals and companies, municipalities can also file for bankruptcy protection under Chapter 9 of the Bankruptcy Code. Now the city of Stockton, California has become the largest city to file for municipal bankruptcy protection following major municipal bankruptcy filings in Jackson County, Alabama and Harrisburg, Pennsylvania.

    Filed under:
    USA, Insolvency & Restructuring, Public, Larkin Hoffman Daly & Lindgren Ltd, Bond (finance), Bankruptcy, Unsecured creditor, Title 11 of the US Code
    Authors:
    Richard (Jay) J Reding
    Location:
    USA
    Firm:
    Larkin Hoffman Daly & Lindgren Ltd
    Federal Reserve and FDIC announce disclosure and evaluation timetable for first living wills
    2012-06-29

    The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board announced the process for receiving and evaluating the initial resolution plans--also known as living wills--from the largest banking organizations operating in the United States. The agencies also gave a timetable for release of the public portion of such plans, which are due on July 2.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Consumer protection, Federal Reserve Board, Bank holding company, Federal Deposit Insurance Corporation (USA), Federal Reserve (USA), Bank of America, Credit Suisse, Financial Stability Oversight Council, Citibank, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Practice pointer 2.0: bankrupt plaintiffs
    2012-06-29

    Not too long ago we advised that it’s a good idea to check whether your plaintiffs were actually alive when they filed their suits.  We’d like to amend that to add that it’s also a good idea to check whether your plaintiffs were financially alive as well.  

    Filed under:
    USA, Massachusetts, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy
    Authors:
    James M. Beck
    Location:
    USA
    Firm:
    Reed Smith LLP

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