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Defrauded initial lien holder maintains priority over subsequent innocent lenders

Reed Smith LLP
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USA
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June 12 2013

The court granted summary judgment in favor of a defrauded lender in a lien priority dispute with subsequent third-party lenders. The court

Bank loses possessory lien following turnover of funds to trustee should have sought adequate protection

Reed Smith LLP
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USA
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June 12 2013

The bank, which held a possessory lien in the deposit account of the debtor, lost its lien when it turned over the funds in the account to the trustee

Subtenant retains possessory rights under section 365(h) despite explicit free and clear section 363(f) sale

Reed Smith LLP
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USA
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June 12 2013

At a "free and clear" asset sale, a buyer obtained a lease of real property that the bankruptcy court held was not free and clear of interests after

Following Castleton Plaza, competitive bidding required where insider asserts ‘new value’ exception to absolute priority rule

Reed Smith LLP
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USA
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June 12 2013

The court denied confirmation of the debtor’s plan, finding that: (i) the debtor failed to demonstrate that it would be able to obtain financing to

Make-whole claim in the amount of 37 of loan balance is enforced by Delaware Bankruptcy Court

Reed Smith LLP
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USA
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June 12 2013

Good news for lenders. Judge Carey of the Bankruptcy Court for the District of Delaware enforced a make-whole premium equal to 37 percent of the

Court affirms separate classification, holds artificial impairment not per se impermissible

Reed Smith LLP
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USA
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June 12 2013

In a matter of first impression in the Fifth Circuit, the court affirmed the bankruptcy court’s confirmation of a chapter 11 cramdown plan, holding

Beware the credit overbid

Reed Smith LLP
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USA
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June 12 2013

The Sixth Circuit Court of Appeals held that the secured lender’s credit bid, which equaled the total debt owed on two properties but exceeded the

Trustee fails to carry burden, court affirms pre-petition transfers to cover check-kiting losses not avoidable preference

Reed Smith LLP
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USA
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June 12 2013

Pre-petition, the debtor engaged in a check-kiting scheme using accounts held at two banks. As a result of the scheme, one of the banks incurred

Fourth Circuit is the first to hold absolute priority rule applicable to individual Chapter 11 debtors

Reed Smith LLP
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USA
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June 12 2013

The Court of Appeals for the Fourth Circuit is the first court of appeals to determine whether the absolute priority rule continues to apply to

Creditor defeats preference action based on ‘new value’ defense

Reed Smith LLP
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USA
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June 12 2013

As a condition to issuing a surety bond, the insurer required the insured to obtain a Letter of Credit in favor of the insurer. To obtain the LOC, the

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Defrauded initial lien holder maintains priority over subsequent innocent lenders

Bank loses possessory lien following turnover of funds to trustee should have sought adequate protection

Subtenant retains possessory rights under section 365(h) despite explicit free and clear section 363(f) sale

Following Castleton Plaza, competitive bidding required where insider asserts ‘new value’ exception to absolute priority rule

Make-whole claim in the amount of 37 of loan balance is enforced by Delaware Bankruptcy Court

Court affirms separate classification, holds artificial impairment not per se impermissible

Beware the credit overbid

Trustee fails to carry burden, court affirms pre-petition transfers to cover check-kiting losses not avoidable preference

Fourth Circuit is the first to hold absolute priority rule applicable to individual Chapter 11 debtors

Creditor defeats preference action based on ‘new value’ defense

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