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Results: 1-10 of 39

The anti-deprivation principle and an Atlantic divide

  • McDermott Will & Emery
  • -
  • United Kingdom, USA
  • -
  • September 23 2009

Structured finance transactions frequently subordinate a swap counterparty’s rights to termination payments upon termination of a swap by reason of counterparty default

Solvent restructuring of Dana’s U.K. pension liabilities

  • Jones Day
  • -
  • United Kingdom, USA
  • -
  • August 2 2007

Ohio-based, 102-year-old automobile parts manufacturer Dana Corporation and 40 of its subsidiaries filed for chapter 11 protection in the U.S. in March 2006

Weathering the storm - priority of collateral conflicts

  • Haynes and Boone LLP
  • -
  • United Kingdom, USA
  • -
  • March 17 2010

A new wrinkle in the Lehman Brothers bankruptcy cases emerged recently when a U.S. bankruptcy judge issued an opinion directly at odds with the decisions previously rendered by certain English courts regarding priority of payment provisions (the “Priority Provisions”) with respect to collateral under the “Dante Program.”

US bankruptcy judgment can be enforced by the English courts

  • Freshfields Bruckhaus Deringer LLP
  • -
  • United Kingdom, USA
  • -
  • August 3 2010

The Court of Appeal uses common law principles to allow direct enforcement

Enforceability of subordination provisions in synthetic CDOs a Lehman perspective

  • Kramer Levin Naftalis & Frankel LLP
  • -
  • United Kingdom, USA
  • -
  • February 3 2010

On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom

U.S. and U.K. expand cooperation in unwinding failed banks

  • Winston & Strawn LLP
  • -
  • United Kingdom, USA
  • -
  • January 25 2010

On January 22nd, the FDIC and the Bank of England announced their agreement to a memorandum of understanding, expanding their cooperation when they act as resolution authorities in resolving troubled deposit-taking financial institutions with activities in the United States and United Kingdom

Scottish Lion: UK court permits solvent scheme to proceed to merits hearing over U.S. policyholder objections

  • Jenner & Block
  • -
  • United Kingdom, USA
  • -
  • February 16 2010

For nearly a year, the Scottish Lion Insurance Company, Limited ("Scottish Lion"), an insurance company that wrote coverage in the London insurance market, has been litigating with its creditors (policyholders), including many U.S. creditors, to permit it to enter into what is known under U.K. law as a solvent scheme of arrangement

A perpetual headache: ‘flip’ clause declared unenforceable by US Bankruptcy Court

  • Freshfields Bruckhaus Deringer LLP
  • -
  • United Kingdom, USA
  • -
  • January 28 2010

The US Bankruptcy Court has issued a declaratory judgment that the relevant clause flipping priority from the swap counterparty to the noteholders constituted an ipso facto provision and was therefore unenforceable a judgment that produces a different result under US law to that established by the Court of Appeal in the Perpetual Trustee case from November 2009

English courts can enforce U.S. bankruptcy judgments without a separate proceeding

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • United Kingdom, USA
  • -
  • September 9 2010

In the case of Rubin v. Eurofinance SA 2010 EWCA Civ 895, 2010 All ER (D) 358 (Jul), the English Court of Appeal, Civil Division, determined that a U.S. bankruptcy court’s monetary default judgment obtained against Eurofinance and its principals, British citizens, was enforceable

FSA statement to the US bankruptcy court examiner on the collapse of Lehman Brothers Holding Inc

  • Norton Rose LLP
  • -
  • United Kingdom, USA
  • -
  • March 22 2010

The FSA has published the statement that it has provided to the court appointed examiner of Lehman Brothers Holding Inc, which is referred to in his wider report on the collapse of Lehman Brothers published on 11 March 2010