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Documents on Bankruptcy, Banking & Financial Services
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|Edgeworth: Commercial Reasonableness in Receivership Proceedings|
Seema Aggarwal, Jane Dietrich, Shayne Kukulowicz; Cassels Brock & Blackwell LLP;
September 24, 2014, previously published on September 17, 2014Recently, the Ontario Superior Court of Justice released a decision regarding amending a receivership order and re-allocating the proceeds of sale in a receivership proceeding (Romspen v Edgeworth, 2014 ONSC 4340). The effect of the decision is to confirm that, notwithstanding any final orders made...
|German Federal Court of Justice Clarifies "Opt-in" Rules Under the German Bonds Act|
Olaf Benning, Volker Kammel, Ulf Kreppel, Claudia Leyendecker, Karsten Müller-Eising; Jones Day;
September 24, 2014, previously published on September 2014On September 15, 2014, the German Federal Court of Justice (Bundesgerichtshof) published a landmark decision clarifying that holders of bonds issued prior to August 5, 2009, under the old German Bonds Act of 1899 may opt in to, and take advantage of the benefits of, the provisions of the new German...
|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...
|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...
|German Insolvency Law - Overview of Insolvency Challenge Rights|
Katharina Heßel, Malte Richter, Marco Wilhelm; Mayer Brown LLP;
September 12, 2014, previously published on September 10, 2014 The most important principle of the German insolvency law is the equal treatment of the creditors of the insolvency debtor. To satisfy their claims, the creditors are entitled to the debtor’s insolvency estate. The insolvency estate consists of the entire assets of the debtor which belong to...
|Know The Law: Know Your Rights When Dealing With Debt Collectors|
Andrew R. Hamilton; McLane, Graf, Raulerson & Middleton Professional Association;
September 10, 2014, previously published on September 2014Q: I received a voicemail yesterday from someone who said he was calling from a debt collection agency. I don’t believe that I am behind on any debt, what should I do?
|Discussed with Examiners: Common Issues in Examinations|
Randall L. Harbour; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014I recently had the opportunity to lead a discussion of prudential regulators and examiners at a meeting of the Banking Law Committee of the American Bar Association. Our topic was identifying the more frequent issues and problems they are seeing in their examinations of smaller financial...
|Non-Dischargeable Tax Debt Not Special Class of Unsecured Creditors|
Scott St. Amand, J. Ellsworth Summers; Rogers Towers, P.A.;
August 28, 2014, previously published on August 26, 2014In numerous previous posts, we have noted that the purpose of the Bankruptcy Code is to help the “honest but unfortunate debtor.” Like gerrymandering, certain “creative” debtors have attempted to classify their non-dischargeable debt as a separate, special class of unsecured...
|PREPA Bondholders Seek Summary Judgment Invalidating Puerto Rico’s Public Corporation Bankruptcy Legislation|
William W. Kannel, Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
August 22, 2014, previously published on August 12, 2014On August 11, Franklin Funds and Oppenheimer Rochester Funds filed a second amended complaint, opposition to motion to dismiss and cross-motion for summary judgment in the litigation they previously filed in the United States District Court for Puerto Rico challenging the constitutionality and...
|Bankruptcy Court Lacks Subject Matter Jurisdiction to Determine Tax Refund Claim Requested by Post-Confirmation Liquidating Trustee|
Scott M. Grossman; Greenberg Traurig, LLP;
August 21, 2014, previously published on August 18, 2014A bankruptcy court lacks subject matter jurisdiction to determine a tax refund claim under Section 505(a)(2)(B) of the Bankruptcy Code where the refund was requested by a liquidating trustee appointed pursuant to a plan, as opposed to a pre-confirmation bankruptcy trustee or debtor-in-possession,...