Eleventh Circuit rules “no-action” clause bars noteholders’ fraudulent-transfer claims *

USA - August 1 2012
On July 31, 2012, the Internal Revenue Service (the IRS) issued Notice 2012-52 (the Notice), providing long awaited confirmation that a charitable contribution to a limited liability company that is wholly owned by a charitable organization, and classified as a disregarded entity for U.S. federal income tax purposes (an SMLLC), will be treated as a contribution to a branch or division of the charitable organization.

RadLAX: credit bidding is cleared for takeoff by U.S. Supreme Court *

USA - June 5 2012
The U.S. Supreme Court in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, ___ S. Ct. ___, 2012 WL 1912197 (May 29, 2012), held that a debtor may not confirm a chapter 11 "cramdown" plan that provides for the sale of collateral free and clear of existing liens, but does not permit a secured creditor to credit-bid at the sale.

Co-authors: Kevyn D. Orr, Beth Heifetz .

Credit bidding and the Supreme Court: what happens next? *

USA - March 8 2012
On December 12, 2011, the Supreme Court granted a petition for certiorari in a case raising the question of whether a debtor's chapter 11 plan is confirmable when it proposes an auction sale of a secured creditor's assets free and clear of liens without permitting that creditor to "credit bid" its claims but instead provides the creditor with the "indubitable equivalent" of its secured claim.

Co-authors: Kevyn D. Orr, Beth Heifetz .

In re Lett: preserving APR plan confirmation objections on appeal *

USA - June 3 2011
Earlier this year, the United States Court of Appeals for the Eleventh Circuit decided in In re Lett that objections to a bankruptcy court's approval of a cram-down chapter 11 plan on the basis of noncompliance with the "absolute priority rule" may be raised for the first time on appeal

Co-authors: Mark G. Douglas.