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...
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...
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
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...
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...
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...
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...
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
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...
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...
As discussed in previous
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...
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.
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...
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
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...