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Now He Tells Us? Sandy Weill Calls for Return of Separation Between Commercial and Investment Banking

Whether Glass-Steagall would have prevented the great financial meltdown of 2007 through 2009 remains debatable. Nevertheless, hearing Sandy Weill, who effectively served as the law's official undertaker , essentially call for its reinstatement is nothing short of remarkable (and perhaps more than...

Game On in Stockton, CA Chapter 9 Case - Bond Insurer Sets Focus on Calpers

The Olympics may be over, but a potential clash of titans is gearing up in the Chapter 9 bankruptcy case of Stockton, California . Municipal bond insurer National Public Finance Guarantee Corporation ("National") has challenged Stockton's eligibility to be a debtor under Chapter 9 of the...

Second Circuit To Weigh In On Trading of Bankruptcy Claims

The Second Circuit Court of Appeals recently heard arguments in a case that could have substantial implications on the trading of bankruptcy claims. While the court could choose to resolve the case, Longacre Master Fund, Ltd. v. ATS Automation Tooling Systems Inc. , based on a straightforward analysis...

Blink and You Missed It - Emergency Sale of Digital Domain Media Approved

Judge Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware last week approved the sale of Digital Domain Media Group , the special effects company founded by James Cameron , following one of the fastest distressed m&a transactions ever in a Chapter 11 case. The auction, held...

We've Seen This Movie Before - The Return of Covenant Lite and PIK-Toggle Debt

Even as the financial crisis of 2008-09 began to ebb, the so-called "wall of debt" loomed large . Hundreds of billions of dollars of leveraged and high yield debt issued during the irrational exuberance era was coming due by 2014, threatening to drive up default rates and posing an ongoing...

A Messy Break-Up But a Clean Divorce: Dewey LeBoeuf Avoids Litigation Morass of Most Law Firm Bankruptcy Cases

Large law firm failures typically produce lengthy and litigious bankruptcy cases . A frustrated lawyer in one such case succinctly described the essential problem: "the assets walk, talk and, worst of all, have their own counsel." To the inherent tensions and creditor demands of any large chapter...