Brian Trust

Bankruptcy Court Holds Assignment of Voting Right Unenforceable
Frederick D. Hyman,Brian Trust, November 30, 2011
The Bankruptcy Court for the District of Massachusetts recently issued an opinion in In re SW Boston Hotel Venture, LLC in which it found, among other things, that the assignment of voting rights from a junior creditor to a senior creditor pursuant to an intercreditor agreement was unenforceable....

Lehman Bankruptcy Court Denies Contractual Right to Three-Party Setoff in Bankruptcy
Howard S. Beltzer,Brian Trust, October 6, 2011
The Bankruptcy Court for the Southern District of New York has held that a cross-affiliate netting provision in an ISDA swap agreement is unenforceable in bankruptcy. In the SIPA proceedings of Lehman Brothers Inc. (LBI), UBS AG (UBS) sought to offset UBS’s obligation to return excess...

New York District Courts Differ Regarding the Scope of the Bankruptcy Code’s “Safe Harbors” for Protected Contracts
Frederick D. Hyman,Brian Trust, October 6, 2011
The District Court for the Southern District of New York recently issued an opinion in Picard v. Katz, et al., (In re Bernard L. Madoff Investment Securities LLC), which limits avoidance actions against a debtor-broker’s customers to those arising under federal law based on actual, rather...