News and information on bankruptcy and bankruptcy law
By newyorklawjournal | New York Law Journal | July 24, 2017
Bankruptcy Court Did Not Abuse Its Discretion In Abstaining From Related Foreclosure Suit
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By Scott Flaherty | July 20, 2017
Greenberg Traurig and Husch Blackwell are tapped for bankruptcies in Hawaii and Texas that count several law firms among leading creditors.
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By Stephanie Forshee | July 18, 2017
Retailers are closing their doors, and in-house attorneys in the industry are feeling the effects.
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By Christine Simmons | July 18, 2017
A lawsuit against the firm by ex-client NextEra Energy is the latest in what appears to be a growing wave of bankruptcy-related malpractice cases facing law firms.
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By Lizzy McLellan | July 18, 2017
A Philadelphia lawyer from Duane Morris is one of the newest knights of the Republic of Italy, a distinction he received for his legal work against the Republic of Argentina on behalf of Italian citizens.
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By newyorklawjournal | New York Law Journal | July 17, 2017
11 USC §356(c)(2) Barred Trustee's Assumption Of Executory Contract to Issue Debtor's Stock
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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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