The opinion issued by the U.S. Court of Appeals for the Ninth Circuit in DZ Bank Ag Deutsche Zentral-Genossenschaftbank, Frankfurt Am Main v. Meyer[1] is noteworthy to secured creditors in the context of the extent of the judgment to which they may be entitled as a consequence of the commission of actual fraud.
Secured Credit Committee
Committees
[1]A new business entity formed today more likely than not will be formed as a limited liability company (LLC).
Following a chapter 11 case, lenders face significant risks associated with debtor-in-possession (DIP) loans or cash-collateral orders that provide for automatically perfected liens encumbering a debtor’s assets.
Suppliers of goods to ocean-going vessels can face considerable counterparty risk, as the vessels that they supply may never return to the same port.
On Jan. 15, 2016, the U.S. Bankruptcy Court for the Middle District of Alabama decided In re Moorer, 15-30422-WRS, 2016 WL 199061 (Bankr. M.D. Ala. Jan. 15, 2016), wherein the court allowed the debtor to bifurcate a loan and treat the value of the property as the secured claim,
This year has been an exciting one for the Secured Credit Committee (SCC). For those of you interested in learning more about SCC activities, and hopefully becoming more involved, this message summarizes some of the highlights of the SCC in 2015, the SCC's goals for 2016, and areas in which you might want to become involved.
Can a debtor use its lack of following corporate and statutory formalities as a defense to a request for adequate protection? The U.S. Bankruptcy Court for the District of Maine ruled on this question as well as some others in In re Parkview Adventist Medical Center.
On June 1, 2015, the U.S. Supreme Court decided Bank of America N.A., v. Caulkett,[1] unanimously holding that debtors could not strip off a second lien in a chapter 7 proceeding. In Caulkett, the debtors were attempting to void a junior lien where the debt owed by the senior lien exceeded the value of the collateral.
Foreclosure of personal property is a necessary evil for lenders in the commercial default context, and the foreclosure and sale must meet the commercially reasonable standard to withstand later scrutiny by competing creditors and unrequited borrowers.
In In re Alternate Fuels Inc.[1], the Tenth Circuit Court of Appeals describes and applies standards for (1) recharacterizing debt claims as camouflaged equity and (2) equitably subordinating debt claims. In doing so, the court confirmed two things:
Fri, 04/15/2016
Legal and Practical Issues Involving Secured Creditors and the Retention of Financial Advisors.
Fri, 04/17/2015
Secured Credit Under the Code and Commission Report
Wed, 11/12/2014
The Asset Sales Committee hosted their most recent committee call on Wednesday, November 12. This call was titled "Bankruptcy Reform Commission’s Consideration of a Proposal to Surcharge Secured Lenders for 363 Asset Sales," and worked to more broadly inform and engage bankruptcy and restructuring professionals about the proposal being considered by the Bankruptcy Reform Commission to assess a charge on secured lenders for 363 asset sales in Chapter 11.
Mr. George Klidonas
Co-Chair
Associate Attorney
Kirkland & Ellis LLP
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Co-Chair
Associate Attorney
Kirkland & Ellis LLP
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Mr. Brendan L. McPherson
Co-Chair
Shareholder
Polsinelli
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Co-Chair
Shareholder
Polsinelli
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Ms. Michelle M. Masoner
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Partner
Bryan Cave Leighton Paisner LLP
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Newsletter Editor
Partner
Bryan Cave Leighton Paisner LLP
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Linowes & Blocher LLP
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Education Director
Linowes & Blocher LLP
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Spencer Fane LLP
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Spencer Fane LLP
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Membership Relations Director
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Saul Ewing Arnstein & Lehr LLP
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Membership Relations Director
Associate
Saul Ewing Arnstein & Lehr LLP
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19801-1165
(302) 421-6806
Ms. Alyson M. Fiedler, Esq.
Special Projects Leader
Counsel
Schiff Hardin LLP
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Special Projects Leader
Counsel
Schiff Hardin LLP
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New York NY
10103-1700
(212) 745-9531