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Beyond Dish Network: further developments in designating the votes of claims purchased in bankruptcy

Clifford Chance LLP
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USA
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March 19 2013

The decision of the United States Court of Appeals for Second Circuit in Dish Network Corp. v. DBSD North America, Inc. (In re DBSD North America

Circular lien priorities: tackling three-party subordination

Clifford Chance LLP
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USA
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April 4 2013

Lien subordination agreements are common in commercial transactions. Section 9-339 of the Uniform Commercial Code (UCC) generally permits a secured

The changing contractual landscape

Clifford Chance LLP
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United Kingdom, USA
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November 11 2010

Conflicting court decisions and divergent cross-border laws are leading to increasing uncertainty in cases affecting the financial markets

Lehman update

Clifford Chance LLP
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USA
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December 6 2010

By order dated November 19, 2010, the United States District Court for the Southern District of New York granted a request by Lehman Brothers Special Financing Inc. ("LBSF") and the Official Committee of Unsecured Creditors in the jointly administered chapter 11 cases of Lehman Brothers Holdings Inc for a stay of the appeal by BNY Corporate Trustee Services Ltd. of the Bankruptcy Court's order in respect of the waterfall payment priorities in relation to one of the Dante note programs to allow for, among others things, documentation of a potential settlement between LBSF and Perpetual Trustee Company Limited, the noteholder ("Perpetual"

Recourse to seller upheld in claims trading: the Longacre case

Clifford Chance LLP
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USA
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October 18 2012

A recent decision by the U.S. Court of Appeals for the Second Circuit should reassure purchasers of bankruptcy claims that recourse protections commonly negotiated into claim transfer agreements are enforceable

Sovereign pari passu clauses: don't cry for Argentina - yet

Clifford Chance LLP
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Argentina, USA
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December 11 2012

Holdout creditors who refused to take part in Argentina's two debt restructurings have won a major victory in the New York courts by relying on a pari passu clause, overturning the conventional wisdom as to the meaning of this clause