In re Fairfield Sentry Ltd.: Second Circuit Court of Appeals provides guidance to “COMI” determinations in Chapter 15 cases *

USA - April 19 2013
On April 16, 2013, in Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.), the US Court of Appeals for the Second Circuit issued an…

Co-authors: Joel Moss, Frederick D. Hyman, Brian Trust.

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U.S. Supreme Court upholds secured lenders’ right to credit bid in sale of collateral under plan of reorganization *

USA - May 30 2012
The U.S. Supreme Court has ruled that a secured creditor cannot be denied its right to “credit bid”—i.e., to offset the amount of its debt against the purchase price of assets, rather than bidding in cash—in sales of collateral undertaken in connection with plans of reorganization under Chapter 11 of the Bankruptcy Code.

Co-authors: Thomas S. Kiriakos , Brian Trust.

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Lehman bankruptcy court holds that pre-petition collateral transfers and guaranties to clearing bank are safe harbored *

USA - April 26 2012
On April 19, 2012, the Lehman bankruptcy court handed down its decision on the long-pending motion to dismiss filed by JPMorgan Chase Bank, N.A., in response to Lehman Brothers Holdings Inc.’s $8.6 billion avoidance action against it.

Co-authors: Joshua Cohn, Christopher J. Houpt , Brian Trust, Mark G. Hanchet.

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Lehman bankruptcy court denies contractual right to three-party setoff in bankruptcy *

USA - October 5 2011
The Bankruptcy Court for the Southern District of New York has held that a cross-affiliate netting provision in an ISDA swap agreement is unenforceable in bankruptcy.

Co-authors: Brian Trust.

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In re TOUSA—Florida District Court Reverses and Quashes Bankruptcy Court Fraudulent Transfer Decision *

USA - February 14 2011
On February 11, 2011, Judge Alan S. Gold of the United States District Court for the Southern District of Florida issued a 113-page opinion in In re TOUSA, Inc. (the “District Court decision”) in which he reversed the TOUSA bankruptcy court’s decision.

Co-authors: Andrew D. Shaffer, Brian Trust, Sean T. Scott.

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