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|New Jersey Bankruptcy Court Holds that Mortgage was No Longer Enforceable and Borrower was Entitled to a “Free House”|
Edward W. Chang, Francis X. Crowley, Kevin C. Rakowski, Wayne Streibich; Blank Rome LLP;
December 19, 2014, previously published on November 2014Action Item: In light of this decision, lenders should ensure that foreclosures in New Jersey are filed within six years of the date of default. Failure to file a foreclosure within six years may cause the action to be barred by the statute of limitations.
|Vermont Doubles Down: Representative Testifies Before Congress Against Federal GMO Labeling Bill|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
December 19, 2014, previously published on December 15, 2014As we’ve explored in past posts, Congress is currently considering a bill that aims to harmonize the patchwork of state efforts at regulating GMO labeling by placing such regulation firmly within FDA’s jurisdiction. Dubbed the Safe and Accurate Food Labeling Act (H.R. 4432), this bill...
|Voter's Remorse: Taking Back an Acceptance or Rejection of a Chapter 11 Plan|
Mark G. Douglas, Charles M. Oellermann; Jones Day;
December 16, 2014, previously published on November/December 2014After a creditor or equity security holder casts its vote to accept or reject a chapter 11 plan, the vote can be changed or withdrawn "for cause shown" in accordance with Rule 3018(a) of the Federal Rules of Bankruptcy Procedure ("Rule 3018(a)"). However, "cause" is...
|Energy Update: Risk and Opportunity Amid Falling Oil Prices|
Jonathan M. Fisher, Thomas A. Howley, William Prescott Mills, Omar Samji, Jeffrey A. Schlegel; Jones Day;
December 16, 2014, previously published on December 2014The mainstream media have been trying to predict, on almost a daily basis, the causes of, and the winners and losers (mostly focused on the latter category) resulting from, the current volatility in oil and gas prices. Regardless of the cause, as of the end of November 2014, the American price for...
|New York Puts Assets in Foreign Bank Branches Beyond the Reach of Judgment Creditors|
Lee A. Armstrong, Sevan Ogulluk; Jones Day;
December 16, 2014, previously published on November 2014Two weeks ago, the New York Court of Appeals issued a decision of great importance to global financial institutions. For the first time, the state's highest court confirmed that New York common law prevents a court from freezing a civil judgment debtor's assets held in foreign bank accounts....
|New Chilean Insolvency Law Promotes Reorganizations|
Mark G. Douglas; Jones Day;
December 16, 2014, previously published on November/December 2014A new insolvency law was approved by the Chilean Congress at the end of 2013 and became effective in October 2014. The legislation substantially overhauls Chile's prior insolvency law, particularly with respect to business insolvency cases. It incorporates a number of provisions that permit the...
|Nine Lessons From Detroit's Chapter 9 Case|
Corinne Ball, Bruce Bennett, Beth Heifetz, Heather Lennox, Evan Miller; Jones Day;
December 16, 2014, previously published on November 2014On November 7, 2014, Judge Steven Rhodes, the judge presiding over the City of Detroit's bankruptcy case, announced that he would confirm the City's proposed Plan of Adjustment (the "Plan"), including the creditor settlements contained within that Plan. A more detailed written opinion...
|DIP Lender's Knowledge of Adverse Claim to Collateral Scuttles Mootness Bar to Appeal of Financing Order Based on "Good Faith"|
Mark G. Douglas, Paul M. Green, Thomas A. Howley; Jones Day;
December 16, 2014, previously published on November/December 2014The Bankruptcy Code provides certain protections to buyers of bankruptcy estate assets and to entities that extend credit or financing to a trustee or chapter 11 debtor-in-possession ("DIP"). However, these safe harbors are available only if a buyer or lender is deemed to have acted in...
|Better Late Than Never: Claims Filed Years Late Did Not Waive Subordination Agreement Priorities or Warrant Equitable Subordination|
Joseph A. Florczak; Jones Day;
December 16, 2014, previously published on November/December 2014The Bankruptcy Code dictates the priority of distributions to the holders of allowed secured and unsecured claims in accordance with various statutory priority schemes. However, the Bankruptcy Code also provides that consensual pre-bankruptcy agreements between or among creditors that prioritize...
|In Brief: Enforceability of Waivers of the Automatic Stay|
Michael J. Cohen; Jones Day;
December 16, 2014, previously published on November/December 2014An article appearing in the July/August 2014 issue of the Business Restructuring Review discusses a ruling by an Oregon bankruptcy court that held unenforceable a negative covenant in a limited liability company's operating agreement prohibiting the company from filing a bankruptcy petition, among...