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    The year in review: U.S. business bankruptcies in 2011
    2012-02-29

    2011 did not begin with a bang for bankruptcy professionals. Commercial bankruptcy case filings were infrequent and so too were the release (or publication) of major bankruptcy court decisions. The second half of the year was a different story.  

    Filed under:
    USA, Insolvency & Restructuring, Chadbourne & Parke LLP, Bankruptcy
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Overview of leading U.S. bankruptcy cases of 2011
    2012-02-29

    Click here to view table

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Responding to capital directives and related enforcement actions by Banking Regulators
    2012-02-29

    This discussion is being provided to our clients and friends to analyze the challenges presented in this difficult economic environment when an FDICinsured institution experiences a capital difficulty and is directed by the Banking Regulators1 to restore the institution's capital adequacy.2 In the past four years, the FDIC has closed approximately 400 insured institutions—as of January 1, 2012, the FDIC has indicated that there were over 800 banks on its "problem bank list." The difficulties experienced by many of these institutions are summarized in this analysis—

    Filed under:
    USA, Banking, Insolvency & Restructuring, Pillsbury Winthrop Shaw Pittman LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Joseph T. Lynyak, III
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    Supreme Court to weigh in on plan credit bidding
    2012-02-29

    About two years ago, decisions were issued by different circuit court of appeals that addressed the fundamental issue of whether a plan proponent can deny a secured creditor the right to credit bid on collateral of the secured creditor when the sale is made pursuant to a plan of reorganization. Both circuit courts, including the Third Circuit in the much heralded Philadelphia Newspapers LLC decision, found that a debtor could deny a secured creditor that opportunity. See In re Philadelphia Newspapers, 599 F.3d 298 (3rd Cir.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Secured creditor, Third Circuit
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Is Chapter 9 really an option for most municipalities?
    2012-02-29

    News reports in 2011 suggested that municipal bankruptcy filings were frequent and substantial. Each of Central Falls, Rhode Island, Harrisburg, Pennsylvania, and Jefferson County, Alabama filed for bankruptcy protection in the second half of 2011. Even a state-owned local monopoly on (legal) gambling was not safe from financial turmoil in 2011: Suffolk County’s Off-Track Betting Corporation filed for bankruptcy on March 18. Indeed, 2011 seemed to be the year of chapter 9, which governs municipal bankruptcy filings.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bankruptcy, Gambling
    Authors:
    Francisco Vazquez , Marc B. Roitman
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Decisions in Enron and Madoff cases confirm safe harbor protections
    2012-02-29

    Active participants in the derivatives market rely on the Bankruptcy Code safe harbor set forth in section 546(e) in pricing their securities. That provision restricts a debtor’s power to recover payments made in connection with certain securities transactions that might otherwise be avoidable under the Bankruptcy Code. Two high profile cases decided in 2011 addressed challenges to the application of section 546(e). The more widely reported decision (at least outside the bankruptcy arena) was in connection with the Madoff insolvency case. See Picard v.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bankruptcy, Debtor, Security (finance), Derivatives market, Enron
    Authors:
    Robert J. Gayda
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    New bankruptcy rule 2019
    2012-02-29

    In a September 7, 2010 article, the Wall Street Journal reported an uptick in bankruptcy claim activity by traders and the desire of the traders to not comply with certain bankruptcy disclosure requirements that applied to “committees.” The Journal highlighted one case where Bankruptcy Judge Brendan Shannon of the Delaware District Court held the following exchange with a lawyer for certain bondholders: “‘Are you a Committee?’ The lawyer began to answer, ‘Well, actually Your Honor, we are a group of - -’.

    Filed under:
    USA, Insolvency & Restructuring, Chadbourne & Parke LLP, Bankruptcy, Distressed securities
    Authors:
    Douglas E. Deutsch
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Decision in AE Liquidation, Inc allows preference complaint to be amended after the expiration of the statute of limitations
    2012-02-23

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Statute of limitations, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Unsecured creditor agent in Orleans Homebuilders files preference actions
    2012-02-27

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Unsecured creditor
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Does your firm's standard lien language create a possibility that your customer IRAs may lose their tax exempt status and protection from third-party creditors?
    2012-02-27

    It is not uncommon for firms to use standard language in their account agreements that creates liens on Individual Retirement Accounts (IRAs). Two recent federal court decisions, however, suggest that granting such a lien on an IRA may constitute a prohibited transaction that causes these accounts to lose their tax exempt status, which in turn could potentially make IRAs subject to third-party creditor claims. These two decisions could have far-reaching implications for any firm that has used or still uses similar lien-creating language in their account agreements.

    Filed under:
    USA, California, Tennessee, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Greenberg Traurig LLP, Tax exemption, Debtor, Merrill, United States bankruptcy court
    Location:
    USA
    Firm:
    Greenberg Traurig LLP

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