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|Wrongful Foreclosure: Acting Offensively May Short-Circuit the Need for a Defense|
J. Matthew Kroplin; Burr & Forman LLP;
March 30, 2015, previously published on March 16, 2015In recent years, lenders have been forced to defend a record number of so-called “wrongful foreclosure” lawsuits. However, several Tennessee court rulings issued this year indicate that if lenders act quickly and offensively, they may prevent these challenges.
|Bankruptcy Sales: The Stalking Horse|
Brad B. Erens; Jones Day;
March 30, 2015, previously published on March 2015Sales of assets pursuant to Section 363 of the Bankruptcy Code or pursuant to a plan of reorganization provide a number of benefits to a purchaser, but they also present a number of potential impediments, particularly to purchasers who are not familiar with the bankruptcy sale process. The benefits...
|Potential Shareholder Liability Arising From Subsidiary WARN Act Violations|
Eric R. Blythe, Kevin J. Walsh; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
March 27, 2015, previously published on March 2, 2015When a company begins experiencing financial difficulty, shareholders often ask whether they may be liable under the Federal Worker Adjustment and Retraining Notification (“WARN”) Act for violations by the company. When the financial difficulty results in a quick shutdown and immediate...
|The Year in Bankruptcy: 2014|
Mark G. Douglas, Charles M. Oellermann; Jones Day;
March 27, 2015, previously published on January/February 2015Compared to much of the rest of the world, the United States had the most positive economic, business, and financial news in 2014. Developments abroad were less hopeful, with Europe and Japan backsliding into recession, China's economic growth stagnating, Russia staggering under the weight of...
|What to Make of a Diminished Thing: Tobacco Bond Defaults and Restructurings|
Paul J. Ricotta, Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
March 27, 2015, previously published on March 11, 2015There is little poetry in tobacco bonds these days. Cigarette consumption has declined beyond projections, and the advent of e-cigarettes may exacerbate the decline. Payments under the Master Settlement Agreement (MSA) are down, and turbo redemptions of some tobacco bonds have ceased; ratings on...
|BANKRUPTCY BEAT: Payments Made Directly From A DIP Account More Likely To Be “Unauthorized” Post-Petition Transfers|
Jessica Grossarth; Pullman & Comley, LLC;
March 25, 2015, previously published on February 9, 2015On December 19, 2014, The Honorable Julie A. Manning issued a Memorandum and Decision in the In re Louis Gherlone Excavating, Inc. case with respect to a Complaint filed by the Chapter 7 Trustee, Richard M. Coan (“the Trustee ”), to Avoid and Recover Unauthorized Post-Petition...
|End of the Road For Aereo? Embattled Video Streaming Startup Files for Bankruptcy|
Zachary W. Behler, Samuel J. Frederick, Mindi M. Johnson, Iris K. Linder, John W. Mashni; Foster, Swift, Collins & Smith, P.C.;
March 25, 2015, previously published on December 11, 2014In a prior post we reported that in June the U.S. Supreme Court ruled that streaming television service, Aereo, violated U.S. copyright law in connection with its business and legal battle with the major broadcast networks. At the time, we posed the question of whether, despite losing the lawsuit,...
|Puerto Rico’s Recovery Act Ruled Preempted: What Now?|
William W. Kannel, Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
March 25, 2015, previously published on February 8, 2015At the end of “The Candidate”, Robert Redford’s title character, having won, famously asks, “What do we do now?”
|House Bill 64, as Introduced, Includes Expansion of Ohio’s Sales Tax to Debt Collection Services|
Audra Taylor Funk; Weltman, Weinberg & Reis Co., L.P.A.;
March 25, 2015, previously published on March 5, 2015Ohio, like many states since the Great Recession, is looking to find a way to increase revenue while at the same time decrease small business income taxes and state income taxes for its residents. The current plan as proposed in the 2015-2016 budget includes not only an increase in the sales tax to...
|USA Synthetic Fuel Corporation Files Bankruptcy; Will Pursue A Sale|
Carl "Chuck" N. Kunz; Morris James LLP;
March 24, 2015, previously published on March 18, 2015 On March 17, 2015, following the lead of Quicksilver Resources Inc., USA Synthetic Fuel Corporation filed its own voluntary chapter 11 case in Delaware. The case is docketed as case no. 15-10599, and has been assigned to The Honorable Mary F. Walrath.