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    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
    TOUSA 3.0: Eleventh Circuit holds lenders to high standards
    2012-06-01

    In a much anticipated opinion,In re TOUSA, Inc., --- F.3d ----, 2012 WL 1673910 (11th Cir. May 15, 2012), the Eleventh Circuit Court of Appeals has resolved a disagreement between the Bankruptcy Court and District Court for the Southern District of Florida by upholding the Bankruptcy Court’s findings—to the chagrin of lenders, who are now arguably exposed to new liabilities and higher standards of due diligence.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Mintz, Federal Reporter, Liability (financial accounting), United States bankruptcy court, Eleventh Circuit
    Location:
    USA
    Firm:
    Mintz
    Supreme Court affirms secured creditors’ credit bid rights under plan
    2012-06-01

    The United States Supreme Court unanimously[1] held that secured creditors have a statutory right to credit bid their debt at an asset sale conducted under a so-called "cramdown" plan. RadLAX Gateway Hotels, LLC et al., v. Amalgamated Bank (In re River Road Hotel Partners, LLC),__S.Ct.__ No. 11-166, 2012 WL 1912197 (U.S. May 29, 2012).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Credit (finance), Debtor, Collateral (finance), Federal Reporter, Secured creditor, Supreme Court of the United States
    Authors:
    Lawrence V. Gelber , James T. Bentley
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    U.S. Supreme Court upholds secured lenders’ right to credit bid in sale of collateral under plan of reorganization
    2012-05-30

    The U.S. Supreme Court has ruled that a secured creditor cannot be denied its right to “credit bid”—i.e., to offset the amount of its debt against the purchase price of assets, rather than bidding in cash—in sales of collateral undertaken in connection with plans of reorganization under Chapter 11 of the Bankruptcy Code. In so ruling, the Court resolved a widely publicized split of authority among the Circuit Courts of Appeal, and rejected the Third Circuit’s ruling in the Philadelphia Newspapers case.1

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Credit (finance), Collateral (finance), Statutory interpretation, Debt, Secured creditor, Secured loan, Title 11 of the US Code
    Authors:
    Brian Trust , Howard S. Beltzer , Thomas S. Kiriakos
    Location:
    USA
    Firm:
    Mayer Brown
    Supreme Court in RadLAX rules that cramdown plans providing for sales of secured creditors’ collateral must allow for credit bid rights
    2012-05-31

    In what it described as “an easy decision,” the U.S. Supreme Court issued its eagerly anticipated decision in RadLAX Gateway Hotel, LLC et al. v. Amalgamated Bank1 on May 29, 2012.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Bankruptcy, Debtor, Collateral (finance), Secured creditor
    Authors:
    Lenard Parkins , Trevor Hoffmann , John D. Beck , Stephen Pezanosky , Kenric Kattner , Eric Terry
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Madoff costs surpass victim payouts
    2012-05-31

    Madoff trustee Irving Picard is seeking to recoup nearly $65 billion for investors. However, he has only been able to procure approximately $9 billion. Of that $9 billion, approximately $6.4 billion is tied up in challenges, leaving only $2.6 billion for Picard to disburse. Picard has actually paid investors around $330 million, while reserving the remaining $2.3 billion in customer accounts.  

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Sedgwick LLP
    Location:
    USA
    Firm:
    Sedgwick LLP
    U.S. Supreme Court enforces secured creditor’s right to credit bid
    2012-05-31

    Recently, the Supreme Court of the United States held that a debtor cannot confirm a Chapter 11 “cramdown” plan that provides for the sale of collateral free and clear of a secured creditor’s lien when it denies the secured creditor’s right to credit bid at the auction.  This should be welcome news to members of the secured lending community because guaranteeing the right of secured creditors to credit bid will reduce the risk of making such loans.

    --------------------------------------------------------------------------------

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, McDermott Will & Emery, Debtor, Collateral (finance), Secured creditor, Fifth Circuit
    Authors:
    Timothy W. Walsh
    Location:
    USA
    Firm:
    McDermott Will & Emery
    Unanimous Supreme Court rules that chapter 11 debtors cannot use bankruptcy code’s “cramdown” provisions to eliminate a secured creditor’s right to credit bid
    2012-05-31

    In a major victory for secured creditors, the United States Supreme Court, on May 29, 2012, unanimously held that a chapter 11 plan involving a sale of secured property must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code (the “Bankruptcy Code”).1 In so holding, the Supreme Court resolved the split that had emerged among the United States Circuit Courts of Appeals, as illustrated by the Seventh Circuit’s decision below,2 which contrasted with recent decisions from the Third and Fifth Circui

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Thompson Hine LLP, Credit (finance), Debtor, Secured creditor, US Code, Title 11 of the US Code, Supreme Court of the United States, Seventh Circuit
    Authors:
    Alan R. Lepene , Andrew L. Turscak, Jr. , James Henderson
    Location:
    USA
    Firm:
    Thompson Hine LLP

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