“…to be my student, you must develop a taste for victory.”
Pai Mei, Kill Bill
The votes are in, Weil Bankruptcy Blog readers have decided. The ABI Commission to Study the Reform of Chapter 11’s proposed market rate on secured creditor cramdown in its Final Report and Recommendations
has prevailed over all other competing proposals in our epic March Madness matchup.
As the law currently stands, cramdowns in chapter 11 cases are decided using the Supreme Court’s decision in Till v. SCS Credit Corporation
, 541 U.S. 465 (2004) as precedent. Till
is a case in the chapter 13 context that decided the cramdown interest rate for a used pickup truck.
A cramdown, by the way, is the involuntary imposition by a bankruptcy court of a plan of reorganization on a class of creditors following a vote to reject a proposed plan or reorganization by that class.