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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

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

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

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”

Oversecured lender awarded post-petition interest at contractual default rate plus compounded interest

Schulte Roth & Zabel LLP
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USA
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January 23 2008

The United States Bankruptcy Court for the Southern District of New York recently awarded an oversecured lender post-petition interest on the full amount of its secured claim at the default rate set forth in the lender’s contract (19) plus compound (PIK) interest up to the aggregate rate of 25 (the maximum rate allowable under New York State usury laws

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

Second Circuit affirms dismissal of employees' lender liability WARN Act suit

Schulte Roth & Zabel LLP
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USA
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September 28 2007

The United States Court of Appeals for the Second Circuit on Aug. 30, 2007, affirmed the dismissal of a lender liability class action brought by employees of a defunct originator and seller of mortgages and home equity loans

Appeals court orders immediate payment of DIP lender's commitment and facility funding fees

Schulte Roth & Zabel LLP
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USA
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November 28 2007

District Judge James D. Zagel of the United States District Court for the Northern District of Illinois on Nov. 9, 2007, ordered a Chapter 11 debtor-in-possession ("DIP") to "immediately" pay its so-called "commitment" and "DIP Facility Funding" fees

Oversecured creditor wins default interest issue

Schulte Roth & Zabel LLP
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USA
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July 16 2008

The Ninth Circuit held on July 3, 2008, that an oversecured creditor’s claim for payment was entitled to a “presumption in favor of the loan agreement’s default rate (an additional 2 interest), subject only to reduction based upon any equities involved.”

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

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