News and information on bankruptcy and bankruptcy law
By Brian Baxter | July 17, 2017
Struggling retail chains shopping for law lawyers in what might well become the year of the retail bankruptcy saw several of their ailing brethren dip into the Big Law ranks this month for a trio Chapter 11 cases. And Wachtell, Lipton, Rosen & Katz, a firm not down for advising debtors, appears to have a role in one case.
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By Samantha Joseph | July 17, 2017
Bankruptcy trustee Barry Mukamal "righted the ship" for a troubled homeowners' association before getting it an $11 million settlement.
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By therecorder | The Recorder | July 14, 2017
9th Cir.; 15-35572 The court of appeals affirmed a judgment. The court held that the bankruptcy court properly authorized the sale of the debtor’s…
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By Andrew C. Kassner and Joseph N. Argentina Jr. | July 14, 2017
Over the years, the real estate industry relied heavily on securitization vehicles to finance commercial real estate projects. The loans are packaged and then sold in pools to investors. Various mechanisms have been developed to facilitate collection of the loans without the uncertainty of a borrower bankruptcy filing that could delay and increase the costs of collection. Lenders in these secured transactions often use special purpose entities, or SPEs, to attempt to limit the risk of a borrower bankruptcy filing. While these structures can vary, the concept is to create a separate corporate entity whose only purpose and asset is the one real estate project, and the only significant obligation is the mortgage loan. The SPE is isolated from the financial affairs of the corporate parent or affiliates. The lender requires the borrower to appoint an independent director to the board from a mutually acceptable source, and unanimous board approval for certain key decisions, such as the decision to file for bankruptcy. Consequently, a lender is able to reduce the risk of delay after default and high costs of collection, and the borrower benefits from lower interest rates and fees from the lower cost loan.
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By Celia Ampel | July 14, 2017
The national retailer shut its doors at 61 stores without notice hours before the liquidation filing.
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By thelegalintelligencer | The Legal Intelligencer | July 14, 2017
Bankruptcy court had the authority to issue a filing injunction against a debtor who requested voluntary dismissal under §1307(b) because nothing in the bankruptcy code said otherwise but the injunction the court issued was an abuse of discretion since it failed to explain its reasoning for an injunction that was far broader than the one sought by credit union bringing the action. Order vacated.
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By Niclas Rolander | July 12, 2017
The man running Sweden's biggest security firm was declared bankrupt this week after his identity was hacked.
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By Lizzy McLellan | July 11, 2017
Ballard Spahr has closed its office in San Diego, the firm confirmed Tuesday, after losing two partners to Dinsmore & Shohl, and transferring other lawyers to its Los Angeles office.
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By therecorder | The Recorder | July 10, 2017
9th Cir.; 15-60045 The court of appeals affirmed a decision of the Bankruptcy Appellate Panel. The court held that the Mandatory Victims Restitution…
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By Rudolph J. Di Massa Jr. and Jarret P. Hitchings | July 3, 2017
Under Section 365(a) of the Bankruptcy Code, a debtor in bankruptcy may assume executory contracts or unexpired leases to which the debtor was a party before its bankruptcy filing. Before it is permitted to do so, however, the debtor must cure any and all defaults existing under the agreement (see 11 U.S.C. 365(b)(1)), thereby making the nondebtor counter-party "whole" upon assumption.
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