Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way . The wave, however, has yet to materialize, and the bankruptcy...
The chapter 11 case of mortgage lender and servicer Residential Capital, LLC ("ResCap") is fascinating on a number of levels. Its parent company, Ally Financial, Inc. ("AFI"), hopes to use ResCap's bankruptcy to extricate itself...
By Ben Feder
The U.S. Supreme Court today in Radlax Gateway Hotel, LLC, et al. v. Amalgamated Bank unanimously upheld the right of secured creditors to credit bid their debt upon a sale of their collateral pursuant to a nonconsensual chapter 11 plan...
Supreme Court heard arguments yesterday in RadLAX Gateway Hotel over
whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell
encumbered assets without providing its secured lenders an opportunity to
credit bid their debt.
Opposing lawyers for Jefferson County, the debtor in the
largest Chapter 9 municipal bankruptcy case ever filed, and the holders of its
sewer warrants squared off last week in
the ongoing fight over control of the County's sewer system and the...
U.S. Bankruptcy Court Judge Thomas Bennett last month upheld
the Chapter 9 bankruptcy filing of Jefferson County, Alabama , the largest
municipal bankruptcy case in history. As has been widely reported, the
County's financial woes...
Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L.
Madoff Investment Securities LLC ("BLMIS") , to pursue an immediate appeal
Rakoff's recent decision to dismiss most of the counts set forth...