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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

River Community Bank of Virginia assumes all deposits of Imperial Savings and Loan Association

Alston & Bird LLP
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USA
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August 23 2010

On Friday, the Office of Thrift Supervision closed Imperial Savings and Loan Association, headquartered in Martinsville, Virginia, and appointed the FDIC as receiver

Reincorporations in spinoffs

Alston & Bird LLP
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USA
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June 13 2011

You will rely on section 355 for nonrecognition, but here you also must rely on section 332 to make the liquidations tax free, without any liquidation-reincorporation problem

Insolvent foreign subsidiaries

Alston & Bird LLP
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USA
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December 29 2011

GLAM 2011-003 is one of the most talked about internal IRS opinions in recent years

GM announces details of U.S. Treasury’s asset sale proposal; unofficial committee of bondholders indicates support of proposal

Alston & Bird LLP
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USA
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May 28 2009

This morning, General Motors Corp. (GM) announced in a Form 8-K filing that the U.S. Treasury Department has proposed details of a reorganization plan to GM in the event that GM seeks bankruptcy protection and bankruptcy court approval for the sale of substantially all of its assets to a newly organized company (New GM) pursuant to Section 363 of the Bankruptcy Code (363 Sale

Washington Mutual files revised reorganization plan with the support of the FDIC, JPMorgan Chase and unsecured creditors

Alston & Bird LLP
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USA
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May 23 2010

On Friday, Washington Mutual Inc. (WMI), the holding company that owned Washington Mutual Bank (WMB), filed a disclosure statement and amended reorganization plan with the U.S. Bankruptcy Court for the District of Delaware that contemplates the creation of a liquidating trust to distribute more than $7 billion

Central Bank assumes all deposits of Commerce Bank of Southwest Florida

Alston & Bird LLP
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USA
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November 20 2009

Today, the Florida Office of Financial Regulation closed Commerce Bank of Southwest Florida, headquartered in Fort Meyers, Florida, and the FDIC was appointed as receiver

Lehman Brothers Holdings Inc. files complaint against JPMorgan Chase Bank, N.A.

Alston & Bird LLP
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USA
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May 27 2010

Yesterday, Lehman Brothers Holdings Inc. (LBHI) and the Official Committee of Unsecured Creditors of LBHI (the Committee) filed a complaint against JPMorgan Chase Bank, N.A. (JPMorgan) in the U.S. Bankruptcy Court for the Southern District of New York

Oriental Bank and Trust assumes all of the deposits of Eurobank

Alston & Bird LLP
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USA
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May 1 2010

Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed Eurobank, headquartered in San Juan, Puerto Rico, and the FDIC was appointed receiver

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