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|Sovereign Debt Update November/December 2015|
Mark G. Douglas; Jones Day;
November 27, 2015, previously published on November/December 2015The long-running dispute continues between the Republic of Argentina, which defaulted on its sovereign debt for the second time in July 2014, and holdout bondholders from two previous debt restructurings.
|Eleventh Circuit Weighs In on Section 1123(d): Reinstatement of Defaulted Loan Agreement Under Chapter 11 Plan Requires Payment of Default-Rate Interest|
Mark G. Douglas, Monika S. Wiener; Jones Day;
November 27, 2015, previously published on November/December 2015In 1994, Congress amended the Bankruptcy Code to, among other things, add section 1123(d), which provides that, if a chapter 11 plan proposes to “cure” a default under a contract, the cure amount must be determined in accordance with the underlying agreement and applicable nonbankruptcy...
|Funds Earmarked by Section 363 Purchaser to Pay Creditors Need Not Be Distributed in Accordance With Bankruptcy Code’s Priority Scheme|
Mark G. Douglas, Timothy Hoffmann; Jones Day;
November 27, 2015, previously published on November/December 2015A ruling recently handed down by the U.S. Court of Appeals for the Third Circuit may provide significant flexibility to debtors in that circuit who are implementing sales of substantially all of their assets. In In re LCI Holding Company, Inc., 2015 BL 295784 (3d Cir. Sept. 14, 2015), the court of...
|Tenth Circuit: Recharacterization Remedy in Bankruptcy Is Alive and Well|
Nicholas Joseph Morin; Jones Day;
November 27, 2015, previously published on November/December 2015In Redmond v. Jenkins (In re Alternate Fuels, Inc.), 789 F.3d 1139 (10th Cir. 2015), a panel of the U.S. Court of Appeals for the Tenth Circuit upheld bankruptcy courts’ authority to recharacterize insider debt as equity. In so ruling, the court rejected an argument that recent U.S. Supreme...
|The Continued Evolution of Bankruptcy Petitions, Schedules|
Devin L. Palmer; Boylan Code, LLP;
November 13, 2015, previously published on November 3, 2015Although the United States Constitution specifically empowered the Legislative Branch to establish “uniform laws on the subject of bankruptcies throughout the United States,” Congress’ only attempt by that point was an utter failure - the Bankruptcy Act of 1800, which was...
|Secured Creditor Loses Its Lien in Bankruptcy through Inattentiveness|
David E. Peterson; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
November 12, 2015, previously published on November 2, 2015A sophisticated lender holding a mortgage or security interest usually knows that its secured status accords it special protections in a bankruptcy filed by the borrower. However, the limits of that protection are often a mystery to the lender. A lender who does not enlist the services of an...
|Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable|
Paul A. Carrubba, Andrew D. Frame; Adams and Reese LLP;
November 5, 2015, previously published on October 26, 2015Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more sophisticated, and banks and courts respond to attacks.
|Court Denies Request to Add Defendants to FDCPA Complaint; Cites Lack of Diligence, Inordinate Delay and Substantial Prejudice|
Abrams Gorelick Friedman Jacobson LLP;
October 30, 2015, previously published on October 26, 2015Officers of two health care companies defeated Plaintiff's attempt to amend a Class Action Complaint to name them as defendants. United States District Judge Joanna Seybert denied Plaintiff's motion to amend due to Plaintiff's lack of diligence and inordinate delay, and the substantial prejudice...
|It's Time for Executives to Check Their Corporate Indemnities and D&O Insurance|
William C. Wagner; Taft Stettinius & Hollister LLP;
October 23, 2015, previously published on October 14, 2015Many corporate executives, including directors, believe they would be fully indemnified from the cost of defending against a government investigation or prosecution. They find solace in articles of incorporation or bylaws that require their corporation to fully indemnify them from criminal, civil,...
|Invalidation of Georgia Garnishment Statute - Now What?|
Thomas M. Byrne, Rocco E. Testani; Sutherland Asbill & Brennan LLP;
October 13, 2015, previously published on October 12, 2015On September 8, 2015, a federal district court invalidated a portion of the Georgia post-judgment garnishment statute in Strickland v. Alexander, No. 1:12-CV-02735-MHS (N.D. Ga.).