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Eighth Circuit BAP affirms lender’s loss of possessory lien

Schulte Roth & Zabel LLP
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USA
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April 4 2013

The U.S. Bankruptcy Appellate Panel ("BAP") for the Eighth Circuit held on March 25, 2013, that a lender "lost its possessory lien when it turned the

Supreme Court affirms secured creditors’ credit bid rights under plan

Schulte Roth & Zabel LLP
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USA
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June 1 2012

The United States Supreme Court unanimously held that secured creditors have a statutory right to credit bid their debt at an asset sale conducted under a so-called "cramdown" plan

Eleventh Circuit reverses TOUSA district court decision and holds lenders liable for fraudulent transfer

Schulte Roth & Zabel LLP
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USA
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May 21 2012

The United States Court of Appeals for the Eleventh Circuit, on May 15, 2012, reversed a district court's February 2011 decision that lenders were not liable on a fraudulent transfer claim

Seventh Circuit holds real estate debtor cannot cram down undersecured lender with bonds

Schulte Roth & Zabel LLP
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USA
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January 25 2012

The U.S. Court of Appeals for the Seventh Circuit affirmed a bankruptcy court’s dismissal of a single asset real estate case on Jan. 19, 2012, reasoning that the debtor’s proposed substitute collateral “was not the indubitable equivalent of the undersecured lender’s mortgage.”

Bankruptcy Court approves procedures for determining allowed amounts of structured securities claims

Schulte Roth & Zabel LLP
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USA
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August 12 2011

The United States Bankruptcy Court for the Southern District of New York, overseeing the bankruptcy cases of Lehman Brothers Holdings Inc. (“LBHI”) and its affiliated debtors (collectively, the “Debtors”), entered an order on Aug. 10, 2011 approving procedures for determining for both voting and distribution purposes the allowed amounts of claims filed based on structured securities issued or guaranteed by LBHI (the “Structured Securities”

Update on reorganization financing

Schulte Roth & Zabel LLP
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USA
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April 7 2011

Reorganization or debtor-in-possession ("DIP") financing has become an increasing source of litigation

LBIE administrators extend September 17, 2010 proof of debt submission deadline for Consensual Approach participants

Schulte Roth & Zabel LLP
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USA
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September 17 2010

Previously, on June 16, 2010, the Joint Administrators (the "Administrators") of Lehman Brothers International (Europe) ("LBIE") announced that they would be testing the feasibility of their so-called Consensual Approach to the resolution of LBIE's unsecured creditor claims

Champerty clarified: a victory for activist distressed debt and claims investors

Schulte Roth & Zabel LLP
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USA
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November 3 2009

In a decision to be hailed by buyers of distressed debt and bankruptcy claims on the secondary loan market, on Oct. 15, 2009, the New York Court of Appeals (the “Court”), in a fact-specific ruling, held that an assignment of claim does not violate New York’s champerty statute (forbidding trading in litigation claims) if the purpose of the assignment is to collect damages by means of a lawsuit for losses on a debt instrument in which the assignee holds a pre-existing proprietary interest

Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers

Schulte Roth & Zabel LLP
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USA
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October 30 2009

A Florida bankruptcy court, on Oct. 13, 2009, issued a 182-page decision after a 13-day trial, among other things, avoiding on fraudulent transfer grounds (a) secured subsidiary guarantees of $500 million and (b) $420 million pre-bankruptcy payments

Bankruptcy court allows collateral agent to credit bid without 100 approval of senior lenders in same facility

Schulte Roth & Zabel LLP
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USA
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April 28 2009

In a recent decision, the Bankruptcy Court for the District of Delaware allowed the collateral agent for senior lenders to credit bid for the debtors’ assets even though all of the senior lenders had not authorized the bid

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