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|Good News for Secured Creditors and Commercial Lessors in Chapter 13 Cases|
Jason W. Johnson; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
August 26, 2015, previously published on August 25, 2015A new administrative order was entered by Chief Judge Jennemann in the Middle District of Florida on August 10. The Middle District of Florida stretches from Jacksonville on the east coast, through Central Florida and down the west coast through Fort Myers. The new procedures affect all Chapter 13...
|Italian Bankruptcy Law Reform Emphasizes Flexibility for Borrowers, Active Role for Creditors|
Francesco Squerzoni; Jones Day;
August 26, 2015, previously published on August 2015During the last few years, the section of Royal Decree No. 267 of March 16, 1942 (the "Italian Bankruptcy Law") dedicated to pre-insolvency proceedings has been reformed extensively by the Italian legislature. The purpose of the reform is to provide distressed Italian entities with a more...
|The SemCrude Bankruptcy: Commodity Traders Prevail Against Related Fraud and U.C.C. Claims|
Cheryl I. Aaron, Travis Cole McCullough, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
August 25, 2015, previously published on August 24, 2015In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute arose between dozens of oil producers (the Producers) that sold oil to...
|363 Sale Denied because Secured Creditor not Paid in Full from Proceeds|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
August 20, 2015, previously published on August 3, 2015A Delaware bankruptcy court held in In re Ferris Properties, Inc. that the debtors could not sell their property free and clear of the secured lender’s mortgages because the lender would not be paid in full from the proceeds of the sale. Specifically, the Court held that the lender could not...
|Claim Revested through Bankruptcy Proceeding Not Subject to Dismissal|
Gregory S. Emrick; Semmes, Bowen & Semmes A Professional Corporation;
August 19, 2015, previously published on August 2015On January 4, 2010, a car driven by Schlotzhauer was struck by a vehicle operated by Kevin Morton in the parking lot of a post office in Centreville, Maryland. Later that year, on October 6, 2010, Schlotzhauer filed a voluntary petition for Chapter 7 bankruptcy in the United States Bankruptcy Court...
|CMBS Loans: Borrower (and Bondholder) Beware|
Adam H. Friedman; Olshan Frome Wolosky LLP;
August 18, 2015, previously published on August 2015As discussed in our prior Client Alert, the CMBS loan structure is rife with complexity and potential for abuse. Generally speaking, upon default or imminent default, the Controlling Class of bondholders (or the Directing Certificate Holder), can appoint a Special Servicer to administer the...
|Understanding the Automatic Stay in a Debtor-General Contractor Bankruptcy Case|
Shalanda N. Franklin; Vandeventer Black LLP;
August 17, 2015, previously published on August 16, 2015What do you do when the general contractor files for bankruptcy before paying your invoices? When you receive notice that a general contractor of a project that you have been involved with has filed for bankruptcy, you must immediately stop any actions you may have begun to collect unpaid invoices.
|Observing the Formalities: An Overview of Creditors Rights Against a Trust in Michigan|
Christopher B. Best; Weltman Weinberg Reis Co. L.P.A.;
August 12, 2015, previously published on August 4, 2015From a creditor's perspective, when assets are placed within a trust, collection options narrow. First consideration may be a fraudulent transfer action, however an examination as to how the trust is set up is critical. Often times, the settlor of a trust and/or beneficiary (often the same parties)...
|Bankruptcy and Credit Scores|
Crystal H. Thornton-Illar; Leech Tishman;
August 11, 2015, previously published on August 11, 2015An overriding concern of individuals considering bankruptcy is what a bankruptcy will do to their credit score, and rightly so. Credit scores are used to determine whether you qualify for additional credit or, insurance, an apartment, and even a job. Your credit score may also affect how much you...
|SDNY Transfers Delaware Trust Company v. Wilmington Trust N.A. Intercreditor Dispute to Delaware Bankruptcy Court, Reaffirming Broad View of Bankruptcy Jurisdiction|
Thomas J. Curtin, Mark C. Ellenberg, Ellen Halstead, Howard R. Hawkins, Ivan Loncar; Cadwalader, Wickersham & Taft LLP;
August 11, 2015, previously published on August 5, 2015On July 23, 2015, in an action arising from the huge TCEH chapter 11 bankruptcy, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York issued an opinion in Delaware Trust Company v. Wilmington Trust N.A. denying plaintiff’s motion to remand the case back...