Bankruptcy

Recent Posts

Bank of New York Trust Co., NA v. Official Unsecured Creditors' Committee (In re Pacific Lumber Co.), 2009 U.S. App. LEXIS 21749 (Sept. 29, 2009)
Posted on 28 May 2010 by LexisNexis Bankruptcy Law Community Staff

LexisNexis Overview: Because Chapter 11 debtors were proceeding to sell assets free and clear under 11 U.S.C.S. § 1129(b)(2)(A)(iii), secured lenders had no right to credit bid at the auction sale of the collateral; thus, the district court's... Read More

RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 2012 U.S. LEXIS 3944 (May 29, 2012)
Posted on 30 May 2012 by LexisNexis Bankruptcy Law Community Staff

LexisNexis Core Overview: Sales free of liens under 11 U.S.C.S. § 1129(b)(2)(A) [ an annotated version of this statute is available to lexis.com subscribers ] had to satisfy § 1129(b)(2)(A)(ii)'s requirements, not those of both §... Read More

In re Philadelphia Newspapers, LLC, 2010 U.S. App. LEXIS 5805 (3d Cir. Mar. 22, 2010)
Posted on 28 May 2010 by LexisNexis Bankruptcy Law Community Staff

LexisNexis Overview: Because Chapter 11 debtors were proceeding to sell assets free and clear under 11 U.S.C.S. § 1129(b)(2)(A)(iii), secured lenders had no right to credit bid at the auction sale of the collateral; thus, the district court's... Read More

River Rd. Hotel Partners, LLC v. Amalgamated Bank, 2011 U.S. App. LEXIS 13131 (June 28, 2011)
Posted on 5 Aug 2011 by LexisNexis Bankruptcy Law Community Staff

LexisNexis Overview: Bankruptcy court did not err in denying confirmation of Chapter 11 debtors' plans on the basis that they did not comply with the specific requirements of 11 U.S.C.S. § 1129(b)(2)(A)(ii) because debtors could not sell encumbered... Read More

RadLAX Oral Argument - Part II: What's Indubitably Bothering the Supreme Court Justices Equivalently
Posted on 24 Apr 2012 by Steve Jakubowski

As I noted three years ago in my " What's Bothering Ruthie ? " post on Justice Ginsburg's one-liner that stopped the Chrysler sale dead in its tracks, today's Supreme Court oral argument in RadLAX Gateway Hotel, LLC v. Amalgamated... Read More

Ancela Nastasi Discusses Credit Bidding and In re River Road HotelPartners, LLC
Posted on 15 Aug 2011 by LexisNexis Bankruptcy Law Community Staff

On this edition, Ancela R. Nastasi of Richards Kibbe & Orbe LLP in New York discusses the background and holding of the 7th Circuit U.S. Court of Appeals in In re River Road Hotel Partners, LLC . She analyzes the implications of the court's ruling... 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

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

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