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Ninth Circuit holds bankruptcy courts may recharacterize debt as equity

Alston & Bird LLP
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USA
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May 3 2013

The Ninth Circuit has joined the majority of Circuit Courts in holding that bankruptcy courts have the authority to recharacterize alleged debts as

In re Big M, Inc.

Alston & Bird LLP
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USA
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May 2 2013

In re Big M, Inc., No. 13-10233 (DHS), 2013 WL 1681489 (Bankr. D.N.J. April 17, 2013). In Big M, the Bankruptcy Court for the District of New Jersey

Bankruptcy update: repos & safe harbor

Alston & Bird LLP
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USA
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March 19 2013

Few courts have construed the meaning of "repurchase agreement" as used in the Bankruptcy Code, so the recent HomeBanc case out of the United States

The elusive upstream ‘C’

Alston & Bird LLP
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USA
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February 1 2013

In the late 20th century, the IRS made a combination of unrelated decisions resulting in a proliferation of upstream C reorganizations. First was the

World’s longest letter ruling

Alston & Bird LLP
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USA
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November 1 2012

LTR 201240017 is the world’s longest letter ruling, 111 pages in PDF format

The “conservative” tax majority on the Supreme Court

Alston & Bird LLP
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USA
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June 1 2012

The two most recent decisions of the Supreme Court involving federal taxes illustrate how a conservative approach to statutory interpretation tends to prevail, but only with great effort, and changing constituencies

TOUSA redux: the Eleventh Circuit Court of Appeals affirms bankruptcy court’s avoidance of constructively fraudulent transfers and reverses the district court

Alston & Bird LLP
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USA
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May 18 2012

The outcome of the TOUSA appeal has been much anticipated and closely watched by the lending community, their counsel and advisors, and legal scholars

Downstream D

Alston & Bird LLP
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USA
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April 7 2012

LTR 201214013 applies a 55 year old ruling to treat a subsidiary liquidation as a downstream D reorganization, thus preserving the basis in the liquidating subsidiary’s stock, which would not be the case if it had liquidated under section 332

Recent decisions on non-recourse carve-outs in CMBS loans

Alston & Bird LLP
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USA
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March 19 2012

Recent court decisions in the state of MichiganWells Fargo Bank, NA v. Cherryland Mall, ____ N.W.2d _____, 2011 WL 6785393 (Mich.App. 2011) (Cherryland) in the Michigan intermediate appellate court and 51382 Gratiot Avenue Holdings Inc. v. Chesterfield Development Company, 2011 U.S. Dist. LEXIS 142404 (E.D. Mi. Dec. 12, 2011) (Chesterfield) in a federal district courthave presented lenders, master and special servicers with new considerations in enforcing their rights and remedies, but confronted borrowers and guarantors in real estate finance markets with vastly different legal liability and unexpected economic consequences than had previously been understood or thought to have been documented in CMBS mortgage transactions

Reorganization and consolidated rulings issued

Alston & Bird LLP
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USA
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February 27 2012

The usual Friday release of a large number of letter rulings by the IRS included several rulings of interest on reorganizations and consolidated return issues

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