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, Jennifer Feldsher.

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: Jennifer Feldsher, Andrew Schoulder .

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, Jennifer Feldsher.

SEC proposes changes to Investment Advisers Act custody rule *

USA - May 22 2009
On May 20, 2009, the Securities and Exchange Commission (the "SEC") published its proposed changes (the "Proposed Amendments") to Rule 206(4)-2 (the "Custody Rule") promulgated under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

Co-authors: Jonathan P. Gill, Robert S. Frenchman, John A. Brunjes, Julian Rainero, Genna N. Garver.