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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

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

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

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.”

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

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

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

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 sets deadlines for filing claims against Lehman Brothers Inc

Schulte Roth & Zabel LLP
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USA
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November 14 2008

The United States Bankruptcy Court for the Southern District of New York overseeing the Lehman Brothers (“LBI“) case under the Securities Investor Protection Act (“SIPA“) entered an order on Nov. 7, 2008 (the “Claims Bar Date Order“) establishing the following deadlines for the filing of claims against LBI

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

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