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    Junior noteholder gets “ZING’d” as Bankruptcy Court allows involuntary filing of CDO issuer by senior noteholder
    2011-10-31

    The Bottom Line:

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Liquidation, Collateralized debt obligation, Bank of New York Mellon, Trustee, United States bankruptcy court, US District Court for District of New Jersey
    Authors:
    Lauren Macksoud
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Sixth Circuit Bankruptcy Appellate Panel directs lower court to determine secured party as of the date of debtor's bankruptcy petition when notes were endorsed after petition filed
    2011-10-24

    In a recent appeal to the Sixth Circuit Bankruptcy Appellate Panel, Inre Collins, 2011 WL 4445451 (6th Cir. BAP Aug. 12, 2011), the trustee sought a declaratory judgment to determine the validity, extent, and priority of liens on the debtor’s real property held by four defendants.  The trustee appealed the district court’s dismissal of his complaint as to purported holders of the debtor’s first and second mortgages on the debtor’s property.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Debtor, Interest, Debt, Mortgage loan, Bank of New York Mellon, Ally Financial, US Code, Trustee, United States bankruptcy court, Sixth Circuit, Bankruptcy Appellate Panel
    Authors:
    William T. Repasky
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Shipping companies’ Chapter 11 reorganization proceedings: jurisdictional battles
    2011-10-24

    In recent months, U.S. bankruptcy filings – such as Omega Navigation (filed July 8 in Houston) and Marco Polo Seatrade (filed July 29 in New York) – have caught the attention of the worldwide shipping community. It is no surprise that some shipping companies have sought bankruptcy protection resulting from financial distress. Rather, the cause for surprise is that non-U.S. shipping companies have sought protection in U.S. bankruptcy courts. High-profile secured creditors in these cases have contested the exercise of the jurisdiction of U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Holland & Knight LLP, Bankruptcy, Debtor, Foreclosure, Liquidation, Bad faith, Prejudice, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Michael J. Frevola
    Location:
    USA
    Firm:
    Holland & Knight LLP
    Mark iIV ruling: district court affirms bankruptcy court’s denial of discharge of environmental obligations
    2011-10-24

    Last month, District Court Judge Shira A. Scheindlin of the Southern District of New York affirmed a bankruptcy court ruling which held that the environmental cleanup obligations of debtor Mark IV Industries, Inc. were not discharged in bankruptcy.2 Given the current legal landscape, Mark IV may make the likelihood of discharging environmental claims even more difficult, potentially undermining chapter 11 as an optimal alternative for companies saddled with environmental liabilities.

    Filed under:
    USA, New York, Environment & Climate Change, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Contamination, Environmental remediation, Pollution, Bankruptcy, Debtor, Injunction, Debt, Liability (financial accounting), Liquidation, Bankruptcy discharge, Second Circuit, United States bankruptcy court
    Authors:
    Larren M. Nashelsky , Todd M. Goren , Kristin A. Hiensch
    Location:
    USA
    Firm:
    Morrison & Foerster LLP
    Bill would limit venue for corporate bankruptcies
    2011-10-24

    On October 18th, Bloomberg reported on H.R. 2433, the Chapter 11 Bankruptcy Venue Reform Act of 2011. The bill would restrict corporate bankruptcy filings to the state in which a firm has its principal place of business or holds most of its assets. Forum Shopping.

    Filed under:
    USA, Insolvency & Restructuring, Winston & Strawn LLP, Bankruptcy, US House of Representatives
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Owners may be "stuck" with dissolved company’s debt
    2011-10-25

    A recent New York bankruptcy case holds that shareholders, directors and officers who dissolve a corporation to avoid paying a judgment against the business may be jointly and severally liable for a non-dischargeable debt in their personal bankruptcies.

    Filed under:
    USA, New York, Company & Commercial, Insolvency & Restructuring, Litigation, BakerHostetler, Bankruptcy, Shareholder, Debtor, Debt, Mortgage loan, Personal property, Misrepresentation, Joint-stock company, Joint and several liability, Dissolution (law), Corporate bond, Title 11 of the US Code, United States bankruptcy court
    Authors:
    George Klidonas
    Location:
    USA
    Firm:
    BakerHostetler
    Seventh Circuit: outcast minority member of LLC is still an insider
    2011-10-26

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Bankruptcy, Debtor, Interest, Limited liability company, Capital punishment, Trustee, United States bankruptcy court, Third Circuit, Seventh Circuit
    Authors:
    Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    California restricts access of municipalities to Chapter 9 of the Bankruptcy Code
    2011-10-26

    Numerous municipalities in California and elsewhere are struggling financially. Indeed, Harrisburg, Pennsylvania and Central Falls, Rhode Island have both recently filed for Chapter 9 protection. State governments may have neither the economic reserves nor the political will to bail out troubled cities and counties. These circumstances have raised the focus on Chapter 9 as a tool for reorganizing municipality debt obligations and has deepened the debate between states and their municipalities about the best strategies for addressing a fiscal crisis.

    Filed under:
    USA, California, Insolvency & Restructuring, Public, Pillsbury Winthrop Shaw Pittman LLP, Bond (finance), Lobbying, Debtor, Trade union, Debt, State-owned enterprise, Good faith, Collective bargaining agreements, California State Assembly, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Craig A. Barbarosh , Karen B. Dine , Brandon R. Johnson
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    Washington LLC member files bankruptcy - court reinstates his membership rights
    2011-10-27

    Charles McSwain, a 53% member of Hawks Prairie Casino, LLC, a Washington LLC, filed a voluntary Chapter 11 bankruptcy petition in 2007. Hawks Prairie operates a gambling casino in Thurston County, Washington.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoel Rives LLP, Bankruptcy, Conflict of laws, Debtor, Federal Reporter, Limited liability company, Gambling, Consent, Debtor in possession, Casino, US Code, Trustee, Ninth Circuit
    Location:
    USA
    Firm:
    Stoel Rives LLP
    Objections filed in Harrisburg Chapter 9 bankruptcy
    2011-10-30

    As expected a number of objections to the Chapter 9 bankruptcy petition filed by the Harrisburg city council were filed on Friday October 28, the deadline set by the Bankruptcy Court for such objections. As expected both the Commonwealth of Pennsylvania and the Harrisburg Mayor’s Office filed objections.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Public, Mintz, Bankruptcy, United States bankruptcy court
    Authors:
    William W. Kannel
    Location:
    USA
    Firm:
    Mintz

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