Supreme Court confirms that credit bidding is alive and well *

USA - May 29 2012
Today, the Supreme Court of the United States issued its much-awaited decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank.

Co-authors: Anna Rozin, Robb L. Tretter.

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Circuit Court sides with secured lender -- holds credit bidding too important to be prohibited in bankruptcy sales, even those under a plan *

USA - July 5 2011
The United States Court of Appeals for the Seventh Circuit issued its much anticipated decision in In Re River Road Hotel Partners, LLC, __ F.3d __ (7th Cir., June 28, 2011).

Co-authors: Robb L. Tretter, Andrew Schoulder .

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Beware of fiduciary duties to creditors different for corporations and LLCs *

USA - February 1 2011
In a recent decision, CML V, LLC v. Bax, et al., C.A. No 5373-VCL (Del. Ch. Nov. 3, 2010), the Delaware Court of Chancery held that, unlike Delaware corporations, creditors of an insolvent Delaware limited liability company cannot bring derivative actions against the members or managers of the company unless they specifically contract for such rights.

Co-authors: Jonathan P. Gill, Robb L. Tretter.

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Third Circuit prevents plan sponsor from eliminating retiree benefits in bankruptcy *

USA - July 27 2010
On July 13, 2010, the U.S. Court of Appeals for the Third Circuit held, in a landmark decision, that a plan sponsor which had the right to unilaterally terminate retiree benefits outside of bankruptcy could not exercise that same right during a bankruptcy proceeding.

Co-authors: Michael A. Tomberg.

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Intercreditor agreements get trumped *

USA - July 15 2010
Intercreditor agreements between first and second lien lenders are created all the time and are therefore not usually glitzy topics for client updates.

Co-authors: Mark B. Joachim.

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