Bankruptcy

Recent Posts

A Chicago Bankruptcy Case Lands at the US Supreme Court: The RadLAX Oral Argument - Part I
Posted on 24 Apr 2012 by Steve Jakubowski

Chicago bankruptcy professionals descended on the US Supreme Court to catch the final chapter in the RadLAX bankruptcy saga, one that had a remarkably swift journey to the highest court of the land. The case started as the neglected stepchild of Amalgamated... Read More

A Secured Creditor's Absolute Legal Right to Credit Bid (Part 2)
Posted on 5 Aug 2011 by James Lawniczak

James Lawniczak considers the circuit split over whether a secured creditor has an absolute right to credit bid when its collateral is being sold through a chapter 11 reorganization plan. Looking in detail at the Seventh Circuit's decision in River... Read More

Second Circuit Affirms Unfavorable Plan Treatment of Senior Secured Creditor in DBSD North America
Posted on 10 Dec 2010 by Kelley Drye & Warren LLP

The Second Circuit Court of Appeals issued a summary order this week upholding the aggressively unfavorable treatment of a senior secured creditor under the reorganization plan (the "Plan") of DBSD North America, f/k/a ICO North America ... Read More

Secured Lenders 101 - A Basic Review with Ancela Nastasi
Posted on 7 Jun 2011 by LexisNexis Bankruptcy Law Community Staff

On this edition, Ancela Nastasi, partner in the Restructuring and Bankruptcy Group at Richards Kibbe & Orbe LLP, explains "secured lender," intercreditor agreements, credit bidding, loan to own strategies and cram-down. Copyright© 2010... Read More

Prioritizing Creditors: The Doctrine of Equitable Marshaling
Posted on 10 Jan 2011 by Margit Livingston

Excerpt: Under Article 9 (Secured Transactions) of the Uniform Commercial Code, the default rule for priority among secured creditors is the first-to-file-or-perfect. U.C.C. § 9-322 (a)(1) (Official Text 2009). In other words, the secured party... Read More

None Too Appealing – District Court Turns Aside Free Lance-Star Publishing Credit Bid Lender
Posted on 28 May 2014 by Kelley Drye & Warren LLP

by Ben Feder A recent ruling in the Chapter 11 case of Free Lance-Star Publishing limited the credit bidding rights of a secured creditor . The ruling has called into question the ability of the holder of secured debt to utilize such debt to acquire... Read More

Supreme Court Extends Dewsnup but Suggests They Really Don't Care for the Decision
Posted on 3 Jun 2015 by Stephen Sather

The Supreme Court extended the holding of Dewsnup v. Timm , 502 U.S. 410 (1992) to a fully unsecured junior lien in a chapter 7 case [lexis.com subscribers may access Supreme Court briefs and an enhanced opinion for this case]. However, the Court suggested... Read More

A Secured Creditor's Absolute Legal Right to Credit Bid under 11 U.S.C. § 1129(b)(2)(A)
Posted on 21 Apr 2010 by James Lawniczak

In this Emerging Issues Analysis, James M. Lawniczak addresses decisions from the Third and Fifth Circuits holding that secured creditors do not have an absolute legal right to credit bid when their collateral is sold through a plan of reorganization... Read More

New Opinion Raises Difficult Questions on Adequate Creditor Protection
Posted on 1 Nov 2010 by Stephen Sather

A new opinion in the Scopac case raises difficult questions about adequate protection. In Matter of Scopac , No. 09-40307 (5 th Cir. 10/19/10), which can be found here, the Fifth Circuit ruled that secured creditors were entitled to a super priority... Read More

LexisNexis® Bankruptcy Law Community Podcast featuring James Lawniczak of Calfee, Halter & Griswold on a secured creditor's absolute legal right to credit bid
Posted on 28 May 2010 by LexisNexis Legal Business Community Staff

On this edition, James Lawniczak of Calfee, Halter & Griswold in Cleveland discusses the differences and similarities of two Circuit Court decisions that held secured creditors do not have an absolute legal right to credit bid when their collateral... Read More

The Dog That Didn't Bark - Second Circuit's Opinion in DBSD North America Disallows Gifting, But Is Silent on Cramdown of Secured Creditor
Posted on 2 Mar 2011 by Kelley Drye & Warren LLP

As discussed in previous posts on this site , back in December the Second Circuit Court of Appeals issued a summary order that reversed the bankruptcy court's confirmation of the reorganization plan (the "Plan") of DBSD North America... Read More

Supreme Court Indubitably Grapples With Credit Bidding
Posted on 27 Apr 2012 by Kelley Drye & Warren LLP

The 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. ... Read More

JPMorgan Agrees To Pay Nearly $700M To Settle Claims With Lehman Brothers
Posted on 2 Feb 2012 by LexisNexis® Mealey's™ Legal News

NEW YORK - (Mealey's) JPMorgan Chase Bank NA on Feb. 1 agreed to pay nearly $700 million to bankrupt Lehman Brothers Holdings Inc. (LBHI) that JPMorgan had been previously paid for "purportedly secured claims against LBHI on the basis that... Read More

In re Philadelphia Newspapers, LLC, 2010 U.S. App. LEXIS 5805 (3d Cir. Mar. 22, 2010)
Posted on 28 Apr 2010 by Paul H. Zumbro & Robert H. Trust

Authors from Cravath, Swaine & Moore consider the Third Circuit's decision in In re Philadelphia Newspapers. This decision, along with the decision in In re Pacific Lumber, marks a significant departure from long-held expectations of secured... Read More

LexisNexis® Bankruptcy Law Community Podcast: Kenneth Klee and Ancela Nastasi on the U.S. Supreme Court's decision in RadLAX Gateway Hotel LLC v. Amalgamated Bank.
Posted on 15 Aug 2012 by LexisNexis Bankruptcy Law Community Staff

On this edition, Ancela Nastasi of Fulbright & Jaworski and Kenneth Klee of Klee, Tuchin, Bogdanoff & Stern discuss the May 29, 2012 U.S. Supreme Court decision in RadLAX Gateway Hotel LLC v. Amalgamated Bank in which the court held that a secured... Read More