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    Not required, but still appropriate - Judge Glenn appoints examiner in ResCAP
    2012-06-22

    The chapter 11 case of mortgage lender and servicer Residential Capital, LLC (“ResCap”) is fascinating on a number of levels. Its parent company, Ally Financial, Inc.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Kelley Drye & Warren LLP
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    The Supreme Court confirms that secured creditors have the right to credit bid in plan sales
    2012-06-22

    In the 2010 decision of In re Philadelphia Newspapers, 599 F.3d 298 (3d. Cir. 2010), the Third Circuit Court of Appeals concluded that a plan proponent could deny a secured creditor the right to credit bid on its collateral when the sale was made pursuant to a plan of reorganization. That holding was a surprise to many given that secured creditors were specifically authorized to credit bid in stand-alone sales under section 363 of the Bankruptcy Code. A year or so later, another circuit court, the Seventh Circuit Court of Appeals, came to the opposite conclusion.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Debtor, Federal Reporter, Secured creditor, Title 11 of the US Code, United States bankruptcy court, Third Circuit
    Authors:
    Douglas E. Deutsch
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    FDIC and Treasury issue orderly liquidation rule
    2012-06-25

    On June 22nd, the Federal Deposit Insurance Corporation ("FDIC") and the Treasury Department issued a final rule on the calculation of the maximum obligation limitation ("MOL"), as specified in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The MOL limits the aggregate amount of outstanding obligations that the FDIC may issue or incur in connection with the orderly liquidation of a covered financial company. The new rule is effective July 23, 2012.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Winston & Strawn LLP, Federal Deposit Insurance Corporation (USA), US Department of the Treasury
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Vitro: Chapter 15 and the limits of comity: Texas bankruptcy court refuses to enforce third-party release provisions in Mexican plan of reorganization
    2012-06-25

    On June 13, 2012, Judge Harlin D. Hale of the United States Bankruptcy Court for the Northern District of Texas refused to enforce provisions of a Mexican plan of reorganization that purported to extinguish guarantees by the debtor’s non-debtor subsidiaries.  In refusing to enforce the non-debtor release, Judge Hale held both that the release of non-debtor guarantors was contrary to United States public policy and that the release did not merit enforcement under the specific criteria of chapter 15 for granting relief to a foreign debtor.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Debtor, Injunction, Comity, United States bankruptcy court
    Authors:
    Casey Servais
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Who’s SARE-y now? No “whole business enterprise” exception to single asset real estate provisions of Bankruptcy Code
    2012-06-25

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Debtor, Bank of America
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Can you preserve your claims against a borrower after filing a 1099-C cancellation of debt?
    2012-06-25

    Borrowers who file a bankruptcy petition are always looking for creative new challenges to claims asserted by their bank creditors.  In recent years, debtors have argued that a bank’s issuance of an Internal Revenue Code form 1099-C “Cancellation of Debt” has the effect of waiving the bank’s claims against the borrower, and should preclude the bank from having an allowed claim in the bankruptcy case.  Fortunately, some recent court opinions state that a bank’s issuance of a 1099-C does not constitute a waiver, and the bank remains entitled to enforce its claim in a subsequent bank

    Filed under:
    USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Poyner Spruill LLP, Bankruptcy, Debtor, Waiver, Debt, Internal Revenue Code (USA)
    Authors:
    Diane P. Furr , Lisa P. Sumner
    Location:
    USA
    Firm:
    Poyner Spruill LLP
    Texas bankruptcy court denies recognition to Mexican financial restructuring plan; decision to be appealed to the Fifth Circuit
    2012-06-20

    On June 13, 2012, the bankruptcy court for the Northern District of Texas in In re Vitro, S.A.B. de C.V. (“Vitro SAB”) declined to recognize and enforce an order issued by the Federal District Court for Civil and Labor Matters for the State of León, Mexico, which approved Vitro SAB’s reorganization plan in its Mexican insolvency proceeding (known as a concurso mercantil proceeding). Vitro S.A.B. v. ACP Master Fund, Ltd., et al. (In re Vitro S.A.B.), Case No. 11–33335 (HDH), 2012 WL 2138112 (Bankr. N.D. Tex. June 13, 2012).

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Greenberg Traurig LLP, Debtor, Debt, Comity, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Revisions to Minnesota statutes addressing receiverships and assignments for the benefit of creditors
    2012-06-20

    Receiverships and assignments for the benefit of creditors (ABCs) can be important tools for banks and other lenders when a borrower is suffering financial distress. Because they are often cost-effective and efficient, receiverships are being used increasingly throughout the country, and ABCs are commonly utilized in many states. In Minnesota, however, the statutes regarding receiverships and ABCs were outdated or largely ignored; as a result, receivership practices and procedures are not uniform, and ABCs are almost never used.

    Filed under:
    USA, Minnesota, Insolvency & Restructuring, Fredrikson & Byron PA, Debtor
    Location:
    USA
    Firm:
    Fredrikson & Byron PA
    Madoff trustee successfully stops two class actions from proceeding
    2012-06-22

    Baker Hostetler serves as court-appointed counsel to Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Securities LLC (“BLMIS”). In January of 2011, the SIPA Trustee obtained approval from the United States Bankruptcy Court for a $5 billion settlement for BLMIS customers with allowed claims. At the same time, the Bankruptcy Court also issued a permanent injunction with respect to claims that were duplicative or derivative of the SIPA Trustee’s claims. After an appeal, the District Court affirmed the settlement and the injunction in March of 2012.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, BakerHostetler, Injunction, Class action, Liquidation
    Authors:
    Deborah H. Renner
    Location:
    USA
    Firm:
    BakerHostetler
    Can a claims purchaser acquire claims free of defects?
    2012-06-22

    The Delaware bankruptcy court in the KB Toys, Inc. cases recently held that a claims purchaser takes a claim subject to certain disabilities of the claim as held by the seller, regardless of whether the claim transfer is deemed a “sale” or an “assignment.” SeeIn re KB Toys, Inc., Case No. 04-10120 (KJC) (Bankr. Del. May 4, 2012). In so ruling, the Delaware court’s decision is somewhat at odds with the decision issued by the District Court for the Southern District of New York in the Enron bankruptcy cases. See Enron Corp. v.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bankruptcy, Good faith, Enron, US District Court for the Southern District of New York
    Authors:
    Christy L. Rivera
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP

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