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|Federal District Court Rebuffs Attempt by Navy Sailors to Satisfy Judgment Against Republic of Sudan by Attaching Assets Held by Global Banks|
Olga Greenberg, Meghana D. Shah, John E. Sharpe, Ronald W. Zdrojeski; Eversheds Sutherland (US) LLP;
February 16, 2017, previously published on February 15, 2017A recent decision by the United States District Court for the Southern District of New York delivered a victory to banks seeking to prevent judgment creditors from attaching assets “blocked” pursuant to Office of Foreign Assets Control (OFAC) regulations.1 In Harrison v. Republic of...
|Statutory Demands in the Cayman Islands|
Gary Smith, Ramona Tudorancea; Loeb Smith;
January 6, 2017, previously published on Winter 2017A statutory demand is a formal demand for payment of a debt made by a creditor to a debtor. It may be used as the basis for an application for a petition to wind up a Cayman company.
|Delaware Bankruptcy Court Reaffirms the Viability of Class Proofs of Claim in PacSun Bankruptcy|
Kevin C. Maclay, Todd E. Phillips, Sally J. Sullivan; Caplin & Drysdale, Chartered;
August 1, 2016, previously published on July 18, 2016On June 22, 2016, the Bankruptcy Court for the District of Delaware allowed a putative creditor class to file a class proof of claim in the In re Pacific Sunwear of California, Inc., et al., bankruptcy proceedings.1 In granting the motion, the bankruptcy court applied its discretion to certify a...
|First Impressions: Third Circuit Rules That a Terminated Collective Bargaining Agreement May Be Rejected Under Section 1113|
Mark G. Douglas, T. Daniel (Dan) Reynolds; Jones Day;
June 15, 2016, previously published on May/June 2016In In re Trump Entm’t Resorts UNITE HERE Local 54, 810 F.3d 161 (3d Cir. 2016), the U.S. Court of Appeals for the Third Circuit answered a question of apparent first impression among the circuit courts of appeal by ruling that section 1113 of the Bankruptcy Code permits a bankruptcy trustee...
|Liquidating Trusts Remain a Viable Alternative for Unsecured Creditors (and Deficiency Secured Claims)|
Alan H. Goodman; Breazeale, Sachse & Wilson, L.L.P.;
June 8, 2016, previously published on May 2016As the oil industry bankruptcy wave continues, the liquidating trust alternative pursuant to a Chapter 11 plan remains a viable alternative for the unsecured creditors who often are left behind (as well as deficiency claims of secured creditors).
|Forbearance Agreements - When Can You Safely Walk Away From the Negotiation Table|
James J. Niemeier; McGrath North Mullin & Kratz, PC LLO;
August 24, 2015, previously published on Third Quarter 2015Lenders who find themselves with a troubled loan that requires modification and a formal workout agreement can end up spending several weeks negotiating terms of the final forbearance agreement that will govern the remainder of the parties’ lending relationship, or at least get them past the...
|Lenders Get Protection Under New Amendments to Nevada’s HOA Lien Priority Statute|
Jacob D. Bundick, Leslie S. Godfrey, Sean A. Gordon, Jennifer L. Gray; Greenberg Traurig, LLP;
June 23, 2015, previously published on June 15, 2015In a September 2014 ruling, the Nevada Supreme Court sent shockwaves through the lending community by holding that a homeowners association’s (HOA) non-judicial foreclosure sale can extinguish a mortgage lender’s previously-recorded first deed of trust on a property if that foreclosure...
|New York Appellate Division Approves RMBS Settlement|
Christopher J. Houpt, Matthew D. Ingber; Mayer Brown LLP;
May 1, 2015, previously published on April 8, 2015The New York Appellate Division has decided the appeals in the Article 77 proceeding in which The Bank of New York Mellon (BNYM) sought approval relating to an $8.5 billion settlement covering 530 RMBS trusts.1 The settlement—between BNYM, Bank of America, and Countrywide—resolved...
|Securities Law Considerations in Cross-Border Restructurings|
Marie Elena Angulo, Pedro A. Jiménez, Jessica Mendoza; Jones Day;
March 30, 2015, previously published on March 2015Non-U.S. companies in the process of restructuring debt that includes one or more series of U.S. bonds must ensure that their restructuring plan and any securities issued as part of such plan comply with the requirements of U.S. securities law, in particular the registration requirements of the...
|Spinach for the Strong Arm Power|
G. Ray Warner; Greenberg Traurig, LLP;
March 26, 2015, previously published on March 20, 2015In a little-noticed November opinion, the Seventh Circuit greatly expanded the ability of a bankruptcy trustee to avoid a security interest for documentation errors under section 544(a)(1) of the Bankruptcy Code. See State Bank of Toulon v. Covey (In re Duckworth), 776 F.3d 453 (7th Cir. 2014).