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    Frenville – gone but not forgotten: Third Circuit prohibits retroactive application of Grossman’s
    2012-06-01

    The ability to discharge debts (i.e., liability on a claim) is essential to the fundamental goal of chapter 11 of the Bankruptcy Code – providing debtors with a fresh start by resolving all claims that arose before confirmation of the debtor’s plan of reorganization.  In determining the universe of debts eligible for discharge, Third Circuit courts labored for many years underAvellino v. M. Frenville Co. (In re M. Frenville Co.), 744 F.2d 332 (3d Cir.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Debtor, Ex post facto law, Debt, Title 11 of the US Code, Third Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    30-year Treasury bonds not “indubitable equivalent” of electing secured creditor’s mortgage lien
    2012-06-01

    In In re River East Plaza, LLC, 669 F.3d 826 (7th Cir. 2012), the Seventh Circuit Court of Appeals affirmed a bankruptcy court's ruling that a debtor could not "cram down" a chapter 11 plan over the objection of an undersecured creditor which had made a section 1111(b) election by substituting a lien on 30-year U.S. Treasury bonds as the "indubitable equivalent" of the creditor's mortgage lien on the property.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Collateral (finance), Federal Reporter, Title 11 of the US Code, United States bankruptcy court, Seventh Circuit
    Authors:
    Paul M. Green , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Giving credit when due -- Supreme Court denied confirmation of Chapter 11 plan that precludes credit bidding
    2012-06-01

    The Bottom Line:

    In a unanimous decision (with Justice Kennedy not participating), the Supreme Court issued a decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 2012 WL 1912197 (U.S. May 29, 2012), (“RadLAX”) in which it held that section 1129(b)(2)(A) of the Bankruptcy Code does not permit a debtor to “cram down” a plan of reorganization that provides for the sale of encumbered assets free and clear of liens at auction without permitting the lienholder to credit bid at such auction.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Secured creditor, Title 11 of the US Code, Seventh Circuit
    Authors:
    Benjamin C. Wolf
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    The “conservative” tax majority on the Supreme Court
    2012-06-01

    The two most recent decisions of the Supreme Court involving federal taxes illustrate how a conservative approach to statutory interpretation tends to prevail, but only with great effort, and changing constituencies.

    Hall v. United States

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Alston & Bird LLP, Bankruptcy, Statutory interpretation, Statute of limitations
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    The TOUSA two-step: who gets to dance in bankruptcy?
    2012-06-04

    Occasionally we find a bankruptcy case that we know will be of interest to lenders, and this is one of them. I’m calling this one a “two-step” not just because it makes for a catchy title, but also because this is the second time we’ve seen this case, and this time the outcome is less favorable.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy
    Authors:
    Susan C. Alker
    Location:
    USA
    Firm:
    Reed Smith LLP
    U.S. Supreme Court resolves circuit split in favor of secured lenders’ credit-bid rights in chapter 11 bankruptcy cases
    2012-06-04

    The U.S. Supreme Court issued a unanimous decision on May 29, 2012, finding that a chapter 11 bankruptcy plan of liquidation is not confirmable over a secured lender’s objection if such plan prohibits the lender from credit bidding at a sale of its collateral.1 See RadLAX Gateway Hotel, LLC et al. v. Amalgamated Bank, No. 11-166, 566 U.S. ___ (2012).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Bankruptcy, Collateral (finance), United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Authors:
    James B. Sowka
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Supreme Court confirms credit bid rights of secured creditors
    2012-06-04

    The United States Supreme Court, in the case of Radlax Gateway Hotel, LLC v. Amalgamated Bank (“Radlax”), ruled that secured creditors have the same right to credit bid in collateral sales under a plan of reorganization as they do in sales under Section 363 of the Bankruptcy Code (“Section 363 Sales”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Manatt Phelps & Phillips LLP, Credit (finance), Debtor, Collateral (finance), Secured creditor, Title 11 of the US Code, Supreme Court of the United States
    Authors:
    Carl L. Grumer
    Location:
    USA
    Firm:
    Manatt Phelps & Phillips LLP
    Supreme Court holds secured creditor has absolute right to credit bid at a plan sale
    2012-06-04

    Whether a secured creditor has an absolute right to credit bid at a sale under a chapter 11 plan has been the subject of conflicting decisions rendered by the Third, Fifth and Seventh Circuits.1 The United States Supreme Court has resolved these inconsistent rulings with its decision in RadLAX Gateway Hotel, LLC, et al., v. Amalgamated Bank, 2 which affirmed the Seventh Circuit’s holding that a secured creditor has an absolute right to credit bid in a sale under a chapter 11 plan.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Collateral (finance), Secured creditor, Title 11 of the US Code, Supreme Court of the United States
    Authors:
    Alan W Kornberg , Stephen J. Shimshak , Alice Belisle Eaton
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Supreme Court clarifies lenders' right to credit bid
    2012-06-04

    In Radlax Gateway Hotel, LLC v.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Debtor, Supreme Court of the United States
    Authors:
    Stephen Selbst , Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    U.S. Supreme Court upholds right of secured creditors to credit bid under Chapter 11 plan
    2012-06-04

    On May 29, 2012, the U.S. Supreme Court, in a unanimous decision, resolved a high-profile circuit split regarding the right of secured creditors to credit bid in an asset sale under a chapter 11 plan. In RadLAX Gateway Hotel, LLC v. Amalgamated Bank,1 the Court held that a debtor cannot deny a secured creditor the right to credit bid as part of a chapter 11 plan providing for the sale of assets free and clear of the secured creditor’s liens on those assets.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Credit (finance), Debtor, Collateral (finance), Secured creditor, Title 11 of the US Code
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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