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    Chapter 7 trustee in ManagedStorage (aka Incentrix Solutions) files preference actions
    2012-02-05

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Title 11 of the US Code, United States bankruptcy court
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Seventh Court of Appeals further strengthens rights of secured lenders in Chapter 11 cases
    2012-01-30

    On January 19, 2012, the Seventh Circuit in In re River East Plaza, LLC, (No. 11-3263), held in favor of a secured lender further strengthening the rights of secured creditors in bankruptcy cases.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Debtor, Secured creditor, Seventh Circuit
    Authors:
    David A. Zdunkewicz
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Post-receivership claims against receiver are barred by collateral estoppel
    2012-01-31

    VIRNICH v. VORWALD (December 20, 2011)

    Filed under:
    USA, Wisconsin, Banking, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Collateral (finance), Collateral estoppel
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Creditors of LLC lack standing to bring derivative claims
    2012-01-31

    In CML V, LLC v. Bax, No. 735, 2010 (Del. Sept. 6, 2011), the Delaware Supreme Court held that a creditor of an insolvent LLC, unlike a creditor of an insolvent corporation, does not possess standing to pursue derivative claims. CML, which had lent money to a jet leasing company that later became insolvent, brought a derivative action charging that the company’s officers had engaged in mismanagement and selfinterested transactions.

    Filed under:
    USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Jenner & Block LLP, Limited liability company, Standing (law), Delaware Supreme Court
    Authors:
    Terrence J. Truax , Brent Caslin , Joseph A. Saltiel , Jeffrey A. Koppy
    Location:
    USA
    Firm:
    Jenner & Block LLP
    An [in]subordinate lender: Delaware Bankruptcy Court dismisses mezzanine borrower's chapter 11 case for bad faith
    2012-01-24

    In an opinion that has wide-ranging implications for the structured finance industry, the Delaware bankruptcy court recently dismissed a mezzanine borrower’s chapter 11 case as a bad faith filing pursuant to section 1112(b) of the Bankruptcy Code. In re JER/Jameson Mezz Borrower II, LLC, No. 11-13338, 2011 WL 6749058 (Bankr. D. Del. Dec.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cole Schotz PC, Bankruptcy, Bad faith, United States bankruptcy court
    Location:
    USA
    Firm:
    Cole Schotz PC
    FDIC files suit against former directors of the Bank of Asheville
    2012-01-25

    On December 29, 2011, the FDIC filed suit against seven former directors of the Bank of Asheville in the Western District of North Carolina seeking to recover over $6.8 million in losses suffered by the bank prior to receivership.  All of the directors named as defendants were members of the bank’s Loan Committee, the committee responsible “for the amplification, implementation and administration of the loan policy” and “management of the lending function”.  The Complaint cites 30 specific commercial real estate and business loans approved by the defendants between June 26, 2007 a

    Filed under:
    USA, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Federal Deposit Insurance Corporation (USA)
    Authors:
    John R. Bielema
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Seventh Circuit holds real estate debtor cannot cram down undersecured lender with bonds
    2012-01-25

    The U.S. Court of Appeals for the Seventh Circuit affirmed a bankruptcy court’s dismissal of a single asset real estate case on Jan. 19, 2012, reasoning that the debtor’s proposed substitute collateral “was not the indubitable equivalent of the [undersecured lender’s] mortgage.”In re River East Plaza, LLC, 2012 WL 169760, *2 (7th Cir. Jan. 19, 2012) (Posner, J.). In the court’s words, the debtor “wanted [the lender] out of there and decided to seek confirmation of a [reorganization] plan . . .

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Collateral (finance), Default (finance), United States bankruptcy court, Seventh Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Delaware Bankruptcy Court dismisses single-asset real estate Mezz debtor’s bankruptcy case for bad faith
    2012-01-26

    On December 22, 2011, the United States Bankruptcy Court for the District of Delaware inIn re JER/Jameson Mezz Borrower II LLC 1 dismissed with prejudice a mezzanine borrower’s bankruptcy case for bad faith under Section 1112(b) of the Bankruptcy Code. In doing so, the court clarified that the standard in the Third Circuit to evaluate the good faith of a debtor seeking shelter under the umbrella of Chapter 11 of the Bankruptcy Code is an objective one and does not consider the subjective good faith of a debtor as do courts within the Secon d Circuit.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Debtor, Good faith, Prejudice, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Jason H. Watson , David A. Wender , Jonathan T. Edwards
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Picard seeks injunction against California attorney general
    2012-01-26

    On January 4, 2012, Madoff trustee Irving Picard filed a lawsuit in the U.S.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Sedgwick LLP, California Attorney General, United States bankruptcy court
    Location:
    USA
    Firm:
    Sedgwick LLP
    Impact of a client’s bankruptcy on its tort liability
    2012-01-27

    While bankruptcy law and tort law may not seem related, it is important to know if your client has ever gone through a bankruptcy and, if so, the terms of its plan of reorganization. A recent Eighth Circuit decision confirmed the importance of knowing the ins and outs of a client’s bankruptcy and the terms of the applicable plan.

    Filed under:
    USA, Aviation, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Liability (financial accounting), Bankruptcy discharge, Eighth Circuit
    Authors:
    Jenny A. Mendelsohn
    Location:
    USA
    Firm:
    Alston & Bird LLP

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