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|Another Court Rules That Availability of Make-Whole Premiums in Bankruptcy Depends on Governing Documents|
Eric R. Blythe, Kevin J. Walsh; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 23, 2014, previously published on September 15, 2014In a recent bench decision in In re MPM Silicones, LLC et al., Case No. 14-22503-RDD (Bankr. S.D.N.Y. August 26, 2014), the Bankruptcy Court considered bondholders’ right to recover make-whole premiums (premiums paid for early repayment of debt) upon the payment of accelerated debt following...
|Proposed Margin Requirements for Uncleared Swaps Under Dodd-Frank: Federal Reserve Board, OCC, FDIC, Farm Credit Administration and Federal Housing Finance Agency Repropose Rules for Minimum Margin and Capital Requirements for Certain Dealers and Major Participants in Swaps and Security-Based Swaps|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 10, 2014 On September 3, 2014, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (“OCC”), the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential Regulators”) issued a proposed rule to...
|Massachusetts Division of Banks Gears Up to Implement State Law Limiting Flood Insurance Requirements on Residential Properties|
Nancy R. Wilsker; Hinckley, Allen & Snyder LLP;
September 23, 2014, previously published on September 17, 2014On Thursday, September 11, 2014 the Massachusetts Division of Banks held a public hearing regarding regulations to implement Chapter 177 of the Acts of 2014, An Act Further Regulating Flood Insurance (the "Act"). The Division will continue to accept written comments concerning the...
|Borrowers Need to be Made Aware of Mortgage Relief Scams|
Larry R. Rothenberg; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 8, 2014 While the media places great emphasis on lawsuits alleging wrongdoing by mortgage lenders against homeowners, less emphasis has been placed on egregious frauds perpetrated against distressed homeowners by supposed providers of mortgage assistance relief services (MARS).
|No Market Interest Rate and No Make Whole: Momentive Performance Court Rejects Lender Arguments Against Confirmation|
Ingrid Bagby, Mark C. Ellenberg, Michael A. Stevens; Cadwalader, Wickersham & Taft LLP;
September 23, 2014, previously published on September 17, 2014On August 26, 2014, Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York ruled that (i) the debtors could satisfy the cramdown requirements of section 1129(b) of the Bankruptcy Code by issuing to certain secured noteholders replacement notes with...
|Genco Shipping: Valuation Lessons Learned From "Underwater” Equity|
Michael S. Fox, Adam H. Friedman, Jordanna L. Nadritch; Olshan Frome Wolosky LLP;
September 23, 2014, previously published on September 11, 2014Valuation is a balance of art and science. In the bankruptcy context, valuation determines which constituents are entitled to a recovery and which are not, making it a centerpiece of the restructuring process. In In re Genco Shipping & Trading, Ltd. the federal bankruptcy court in New York...
|The Marcotte Decision: The Supreme Court of Canada Rules Against Banks in Provincial Consumer Protection Class Action|
David T. Neave, Rebecca R. von Rüti; Davis LLP;
September 23, 2014, previously published on September 22, 2014On September 19, 2014, the Supreme Court of Canada (the “Court”) ruled in Bank of Montreal v. Marcotte (“Marcotte”) that Quebec’s consumer protection legislation is applicable to federally regulated banks such that it provides the basis for consumer class actions in...
|CFPB and FTC Stop Two Payday Lending Scams|
Thomas I. Elkind; Foley & Lardner LLP;
September 23, 2014, previously published on September 18, 2014In separate suits brought by the Consumer Financial Practices Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) federal courts have frozen the assets of two separate groups who allegedly defrauded consumers by creating unauthorized payday loans.
|Bank Capital: Supplementary Leverage Ratio; Federal Banking Agencies Issue Final Rules Revising the Supplementary Leverage Ratio’s Exposure Measure Denominator|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 16, 2014 Earlier this month, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued final rules (the “Final SLR Rules”) that revise the definition and...
|Commercial Interest Rate Basics|
David Brown; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 18, 2014Ohio R.C. § 1343.01 caps commercial interest rates at 8% per annum with respect to bonds, bills, promissory notes, or other instruments of writing for the forbearance or payment of money at any future time. However, there are several broad exceptions which provide for interest rates above and...