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Underwater Cover: The Supreme Court's Protection Of Junior Mortgage Holders
The Eleventh Circuit's decision to uphold the Bankruptcy Court's decisions was obviously not a welcome decision to many junior residential lenders across the country and the cases were appealed to the Supreme Court.
United States
3 Aug 2015
A Look At The Friendly Foreclosure Option
When a debtor defaults on a loan, a secured lender has several options for repayment. One option is a foreclosure sale under Article 9 of the Uniform Commercial Code ("UCC").
United States
6 May 2015
Mistakes And Regrets: UCC Filing Error Terminates Security Interest
When a secured loan is being paid off, lenders routinely authorize the borrower’s counsel to prepare and file UCC termination statements releasing the lender’s security interest in the borrower’s property.
United States
2 Feb 2015
River Road: A Cautionary Tale For Chapter 11 Financial Advisors
This Chapter 11 case concerned River Road Hotel Partners LLC and its affiliates in connection with their ownership of the Intercontinental Hotel at Chicago’s O’Hare Airport.
United States
2 Feb 2015
Springing Recourse For Breach Of Solvency And Debt Payment Covenants? Does New York Need Cherryland Legislation?
Instead, it determined that proper construction of the contract dictated that the court not be overly literal in its interpretation of the debt and solvency covenants in its effort to construe and enforce the document.
United States
2 Jan 2015
New Jersey Bankruptcy Court Holds That Mortgage Was No Longer Enforceable And Borrower Was Entitled To A "Free House"
Action Item: In light of this decision, lenders should ensure that foreclosures in New Jersey are filed within six years of the date of default.
United States
2 Dec 2014
Credit Bid Rights At 363 Sales: Have The Ground Rules Changed?
The decisions by the Bankruptcy Court for the District of Delaware in In re Fisker Auto. Holdings, Inc., and the Bankruptcy Court for the Eastern District of Virginia inFree Lance-Star Publ’g Co., have sparked discussions.
United States
2 Dec 2014
Valuation In Maritime Chapter 11 Cases Under The U.S. Bankruptcy Code: Genco And "NAV"
On July 2, 2014, a dry bulk shipping company with a fleet of at least 53 vessels, and affiliated entities entered Chapter 11 with a prepackaged plan of reorganization.
United States
24 Oct 2014
The Gateway To Chapter 15: An Evolving Issue
Chapter 15 of the United States Bankruptcy Code is a relatively recent addition to the American bankruptcy statute.
United States
25 Jun 2014
"Loss Payee" v. "Lender Loss Payee": How The Difference Of One Word Can Prevent A Secured Lender's Recovery On Insurance Proceeds
As a secured lender, you take a security interest in your borrower’s inventory and/or equipment and then perfect it under applicable law.
United States
14 Feb 2014
Exit Lenders Accept Distributions In Contravention Of Credit Agreement And Are Held Liable For Conversion
In a recent decision, New York state judge Charles E. Ramos granted summary judgment in favor of aggrieved syndicate members on both their breach of contract and conversion claims against exit lenders following the acceptance by the exit lenders of collateral sale proceeds contrary to the plaintiffs’ right to receive pro rata distributions.
United States
9 Aug 2013
Chapter 15: An Update
Chapter 15 of the Bankruptcy Code has received a fair amount of use by distressed shipping companies since it was enacted in 2005.
United States
31 Jan 2013
Purchasers Of Bankruptcy Claims Beware: "Disabilities" Of Purchased Claims Could Limit Your Recovery
Recently, a Delaware bankruptcy court denied a purchaser of claims its recovery because of judgments against the original holders of the claims from whom the claims were purchased.
United States
15 Aug 2012
11th Circuit Upholds Fraudulent Transfer Claims Against Lenders In Tousa
In a recent decision, Senior Transeastern Lenders v. Official Comm. of Unsecured Creditors (In re TOUSA, Inc.), 2012 US App. LEXIS 9796 (11th Cir. May 15, 2012), the 11th Circuit Court of Appeals overturned a district court decision which had forcefully quashed a bankruptcy court decision to avoid, as a fraudulent transfer, a $400 million settlement and loan repayment by a parent company to a group of lenders (the "Transeastern lenders").
United States
21 Jun 2012
The Aftermath Of Stern v. Marshall: The Bankruptcy Court's Power To Hear And Decide Fraudulent Transfer
For decades, bankruptcy courts have been hearing and entering final judgments in fraudulent conveyance and preference actions with little question as to their authority to do so.
United States
17 Apr 2012
Secured Creditor’s Right To Credit Bid In A Sale Conducted Under A Plan
For decades there have been few, if any, significant opinions that considered a secured creditor’s right to credit bid its claim in an asset sale under a Chapter 11 plan.
United States
18 Mar 2012
Can A Refinancing Be "Collapsed" With A Prior Leveraged Acquisition And Avoided As A Fraudulent Transfer?
A recent decision of the Delaware bankruptcy court serves as a reminder of a key risk for lenders who finance leveraged transactions—namely, that a bankruptcy court may "collapse" the components of a leveraged transaction in order to avoid the lender’s liens and the debtor’s loan obligations as fraudulent transfers.
United States
14 Nov 2011
CBP Proposed Notice Changes Would Make It Harder For Importers To Determine Liquidation Status Of Their Entries: Opportunity To Comment On Proposed Changes
In the Federal Register of March 16, 2010, U.S. Customs and Border Protection ("CBP") published a notice of proposed rulemaking by which the agency proposes a regulatory amend­ment to eliminate the mailing of courtesy notices of liquidation to importers of record.
United States
24 Mar 2010
Viable Choices For The Restructuring Of U.S. And Non-U.S. Maritime Companies
Chapter 11 and Chapter 15 of the United States Bankruptcy Code (the “Code”) should be viewed as debtor friendly and helpful in facilitating restructurings.
United States
5 May 2009
Financial Reform Watch - November 10, PM Report
The U.S. Department of Treasury is proving it is nothing if not flexible.
United States
25 Nov 2008
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