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U.S. Bankruptcy Court approves GM’s Section 363 asset sale

Alston & Bird LLP
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USA
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July 6 2009

Late last night, after presiding over a three-day hearing on the matter last week, U.S. Bankruptcy Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an order authorizing the sale of substantially all of the assets of General Motors Corporation (“Old GM”) under Section 363 of the Bankruptcy Code (“Section 363 Sale”

SEC permits Chicago Mercantile Exchange to operate clearing entity for credit default swaps

Alston & Bird LLP
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USA
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March 18 2009

Late last week, the SEC announced its approval of conditional temporary exemptions to allow the Chicago Mercantile Exchange Inc. (CME) to operate as a central counterparty (CCP) to clear credit default swaps (CDS), based on a request for exemptive relief submitted by CME and Citadel Investment Group, L.L.C. (Citadel

Financial Crisis Inquiry Commission holds field hearing in Miami, Florida

Alston & Bird LLP
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USA
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September 21 2010

Today, the Financial Crisis Inquiry Commission (FCIC) held the third in a series of four field hearings, entitled "The Impact of the Financial Crisis - Miami, Florida" to examine the role and impact of mortgage fraud in Miami

Multiple state attorneys general initiate probe of foreclosure practices of Ally Financial

Alston & Bird LLP
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USA
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September 28 2010

Various state attorneys general have initiated probes of the foreclosure practices of Ally Financial Inc.’s GMAC mortgage unit after Ally announced last week that it had not instituted a moratorium on residential foreclosures in 23 states, but rather that it had suspended evictions and post-foreclosure closings in the 23 states while it conducted a review of defective foreclosure practices

SEC files first credit default swap insider trading enforcement action

Alston & Bird LLP
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USA
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May 6 2009

Yesterday, the Securities and Exchange Commission filed a civil action against two individuals working in the financial services industry, charging them with insider trading in credit default swaps of VNU N.V., an international holding company that owns Nielsen Media and other media businesses

House Financial Services Committee holds hearing on effect of Lehman Brothers bankruptcy on state and local governments

Alston & Bird LLP
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USA
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May 5 2009

Today, the House Financial Services Committee, chaired by Representative Barney Frank (D-MA), held a hearing on the effects of the Lehman Brothers bankruptcy on state and local governments and other publicly-funded entities

Bankruptcy court approves $4.1 billion DIP facility for Chrysler

Alston & Bird LLP
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USA
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May 5 2009

Yesterday, in a bankruptcy court hearing held for Chrysler LLC (and 24 of its wholly owned subsidiaries), which filed for Chapter 11 bankruptcy protection last Thursday, U.S. Bankruptcy Judge Arthur Gonzalez issued an interim order approving Chrysler's motion for permission to enter into a $4.1 billion debtor-in-possession (DIP) financing arrangement from the U.S. Treasury and Export Development Canada, including interim approval of up to $1.4 billion of borrowings under the DIP facility, subject to an approved budget

U.S. Treasury announces proposed regulatory framework for OTC derivatives

Alston & Bird LLP
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USA
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May 13 2009

Today, the U.S. Treasury Department released a proposal, also submitted in a letter to Congressional leaders, which contemplates a comprehensive regulatory framework for all over-the-counter (OTC) derivatives, largely because “massive risks in derivatives markets have gone undetected by both regulators and market participants.”

Chrysler bankruptcy judge approves GMAC as preferred lender for dealers

Alston & Bird LLP
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USA
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May 13 2009

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles

Treasury Department releases fact sheet and letter in support of additional IMF funding

Alston & Bird LLP
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USA
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May 18 2009

Today, the U.S. Treasury Department released a fact sheet on IMF reforms and the New Arrangements to Borrow (NAB), highlighting the need for additional IMF funding as a trigger for “restoring a healthy world economy,” and alleviating the effects of the economic crisis on emerging markets and developing countries

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