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Separation of claims solely on the basis of personal guaranty not permitted

Reed Smith LLP
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USA
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February 18 2013

A single-asset real estate debtor proposed to separately classify the unsecured deficiency portion of the sole secured creditor’s claim from the other

Continuing ‘material’ obligations render license agreement executory Lewis Brothers

Reed Smith LLP
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USA
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February 18 2013

The trademark licensee appealed the district court’s ruling that a perpetual license agreement was an executory contract that the debtor could reject

Pre-petition security license in proceeds of FCC license continues post-petition Tracy Broadcasting overturned

Reed Smith LLP
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USA
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February 18 2013

The Tenth Circuit held that a creditor with a pre-petition security interest in the proceeds of an FCC license continues to have a lien on the

Letter of credit payment made independent of bond indenture is not a ‘settlement payment’ protected by section 546(e)

Reed Smith LLP
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USA
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October 15 2012

The liquidating trustee filed an avoidance action against a letter of credit (LC) issuer to recover a $33 million transfer by the debtor to repay the LC issuer for an LC draw made by the debtor’s bondholders under an indenture agreement

Third Circuit clarifies burden of proof analysis under section 506(a) valuation, and allows lien stripping in chapter 11

Reed Smith LLP
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USA
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October 15 2012

The junior secured creditor objected to the motion of the unsecured creditors committee to reduce the value of the junior secured creditor’s claim to zero in this chapter 11 reorganization case, arguing that to do so improperly valued the collateral, and constituted impermissible lien stripping

‘Substantive rights’ not assignable, intercreditor voting rights assignment nullified

Reed Smith LLP
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USA
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March 15 2012

The intercreditor agreement expressly provided for the assignment of bankruptcy plan voting rights from the junior secured creditor to the senior secured lender

Secured creditors need not file a proof of claim to lift the automatic stay to proceed with a foreclosure action

Reed Smith LLP
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USA
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December 19 2011

An individual debtor appealed the Bankruptcy Court’s orders lifting the automatic stay to permit two creditors to proceed with foreclosure proceedings on real property

Pre-petition liens on FCC license proceeds can attach to post-petition proceeds

Reed Smith LLP
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USA
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December 19 2011

Following TerreStar’s bankruptcy filing, Sprint, an unsecured creditor, filed a claim for $104 million for the costs of clearing certain bandwidth per FCC requirements

Subrogation to ‘claims’ entitles subrogee to vote on behalf of itself and subrogor

Reed Smith LLP
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USA
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September 14 2011

A junior and senior lender’s respective loans were secured by the same piece of land

Shareholders permitted to retain ownership under ‘new value exception’ to ‘absolute priority rule’

Reed Smith LLP
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USA
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September 14 2011

The creditor, holding both secured claims and unsecured deficiency claims, objected to the chapter 11 debtor’s reorganization plan on a number of grounds, most notably that: (1) the creditor’s unsecured claims were improperly gerrymandered from other unsecured claims merely because the claims were guaranteed by principals of the debtor and subject to equitable subordination claims in a pending adversary case; and, (2) the plan violated the absolute priority rule because the principals were receiving equity shares in the plan and had not contributed “new value.”