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    Update of NAIC separate account initiatives
    2012-06-05

    Concerned about the use of separate accounts to fund products with general account guarantees, the NAIC continues to examine these products and to consider how these products and the underlying assets should be regulated and treated for insolvency purposes.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Jorden Burt LLP, National Association of Insurance Commissioners
    Authors:
    Ann Black , Jo Cicchetti
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Supreme Court upholds secured creditors’ right to credit-bid
    2012-06-05

    The Court’s unanimous decision in RadLAX Gateway Hotel LLC v. Amalgamated Banksettles dispute over the credit-bid right, retaining this important creditor protection.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Debtor, Collateral (finance), Secured creditor
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Circuit court reverses district court, upholds the bankruptcy court’s decision in TOUSA
    2012-05-31

    Senior Transeastern Lenders v. Official Comm. Of Unsecured Creditors of TOUSA, Inc. (In re TOUSA, Inc.), 2012 US App. LEXIS 9796 (11th Cir. May 15, 2012)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bankruptcy, Debtor, Debt, Default (finance), United States bankruptcy court, Eleventh Circuit
    Authors:
    Mark A. Broude , Roger G. Schwartz , Karen S. Goldstein
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Is your trademark license assignable in bankruptcy?
    2012-05-31

    The Seventh Circuit Court of Appeals recently addressed in In re XMH Corp., 647 F. 3d 690 (7th Cir. 2011), whether or not trademark licenses are assignable in bankruptcy proceedings. In its ruling, the Court held that a trademark license may not be assigned by a licensee in a bankruptcy proceeding unless there is an express provision in the contract permitting assignment by the licensee.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Cole Schotz PC, Bankruptcy, Seventh Circuit
    Authors:
    Jordan A. Fisch , Wylie D. Van Ness
    Location:
    USA
    Firm:
    Cole Schotz PC
    Madoff spouses brought into Picard lawsuit
    2012-05-31

    On May 4, 2012, the trustee liquidating Bernard L. Madoff Investment Securities Inc., Irving Picard, revised his lawsuit against the Madoff family to add as defendants the spouses of Bernard Madoff’s two sons. Picard is seeking $54.5 million in claims for unjust enrichment from Andrew Madoff’s wife, Deborah Madoff, and Mark Madoff’s widow, Stephanie Mack. Picard is also seeking an additional $3 million that was allegedly transferred to Deborah Madoff, Stephanie Mack and Mark Madoff’s first wife, Susan Elkin.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Sedgwick LLP, Unjust enrichment
    Location:
    USA
    Firm:
    Sedgwick LLP
    TOUSA: Eleventh Circuit upholds fraudulent transfer opinion against lenders
    2012-05-31

    On May 15, 2012, the United States Court of Appeals for the Eleventh Circuit issued a decision[1]  in the much-watched litigation involving the residential construction company, TOUSA, Inc. ("TOUSA"). The decision reversed the prior decision of the District Court, [2] reinstating the ruling of the Bankruptcy Court.[3]

    Background

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Jones Day, Credit (finance), Unsecured debt, Debt, Subsidiary, Title 11 of the US Code, United States bankruptcy court, Eleventh Circuit
    Authors:
    Robert J. Graves (Bob) , Vanessa G. Spiro , Barry A. Jacobs
    Location:
    USA
    Firm:
    Jones Day
    Fraudulent transfer litigation - the Eleventh Circuit Court of Appeals deals a blow to lenders
    2012-05-31

    A highly significant ruling involving fraudulent transfers recently decided by the Eleventh Circuit could have a far-reaching impact on distressed lending and investing.   In Senior Transeastern Lenders v. Official Committee of Unsecured Creditors (In re TOUSA, Inc.), 2012 WL 1673901 (11th Cir.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Ulmer & Berne LLP, Debtor, Eleventh Circuit
    Authors:
    Reuel D. Ash
    Location:
    USA
    Firm:
    Ulmer & Berne LLP
    Supreme Court affirms the right of secured creditors to credit bid in a sale under a “cramdown” plan of reorganization
    2012-05-31

    On May 29, 2012, in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, the United States Supreme Court unanimously held that a debtor may not confirm a chapter 11 plan of reorganization providing for the “free and clear” sale of a secured creditor’s collateral, without permitting the secured creditor to credit bid at the sale.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Ropes & Gray LLP, Supreme Court of the United States
    Location:
    USA
    Firm:
    Ropes & Gray LLP
    Fallout from law firm failure: another court rules against departing partners
    2012-06-01

    On May 24, 2012, the United States District Court for the Southern District of New York (District Court) issued an opinion with significant ramifications for law firms seeking to hire former partners from bankrupt law firms. At issue was whether, under New York partnership law, the law firms that hired former partners of Coudert Brothers LLP (Coudert), a dissolved and bankrupt law partnership, must account for profits that the former Coudert partners earned while completing work on open client matters they took with them from Coudert.

    Filed under:
    USA, New York, Insolvency & Restructuring, Legal Practice, Litigation, Wiley Rein LLP, Bankruptcy, Limited liability partnership, Dissolution (law), United States bankruptcy court
    Authors:
    Valerie P. Morrison , John T. Farnum
    Location:
    USA
    Firm:
    Wiley Rein LLP
    First impressions: defining the limits of a bankruptcy court’s discretion in Chapter 15
    2012-06-01

    October 17, 2012, will mark the seven-year anniversary of the effective date of chapter 15 of the Bankruptcy Code, which was enacted as part of the comprehensive bankruptcy reforms implemented under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

    Filed under:
    USA, Insolvency & Restructuring, Jones Day, Bankruptcy, Debtor, Consumer protection, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Pedro A. Jimenez , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day

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