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Results: 1-10 of 27

Delaware Bankruptcy Court decision in SemCrude prohibits triangular setoff in absence of safe harbor

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • March 31 2009

Earlier this year, the United States Bankruptcy Court for the District of Delaware ruled that a nondebtor cannot effect a "triangular" setoff of the amounts owed between it and three affiliated debtors, even if the parties had entered into pre-petition contracts that expressly contemplated multiparty setoff

Detroit bankruptcy court refuses stay of Chapter 9 eligibility hearing under Stern v. Marshall

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • September 30 2013

On September 26, 2013, Judge Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan denied the Official Committee of

Lyondell Bankruptcy Court holds that safe harbors do not prohibit creditors from asserting state law constructive fraudulent transfer claims

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • January 29 2014

On January 14, 2014, Judge Robert E. Gerber of the United States Bankruptcy Court for the Southern District of New York in Weisfelner v. Fund 1. (In

General Growth Properties bankruptcy court enters final order on cash collateral, cash management, and DIP financing issues

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • May 18 2009

Our May 11th memo entitled “General Growth Properties Bankruptcy Court Defers Final Ruling on Cash Collateral, Cash Management and DIP Financing Issues” concluded that the ultimate impact of the bankruptcy filings of General Growth Properties, Inc. and its affiliates would depend in large part on how the cash collateral and DIP Loan issues were resolved

Lenders file motions to dismiss twenty-one General Growth Properties bankruptcy cases as bad-faith filings

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • June 4 2009

Metropolitan Insurance Company has joined ING Clarion Capital Loan Services, Inc., Wells Fargo Bank, N.A., and FRM Funding Company, Inc in requesting the Bankruptcy Court to dismiss as bad-faith filings the bankruptcy cases of twenty-one property-level CMBS borrower subsidiaries of General Growth Properties, Inc

Fourth Circuit examines swap agreements subject to Bankruptcy Code safe harbors

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • June 24 2009

In Hutson v. E.I. du Pont de Nemours & Co. (In re National Gas Distributors, LLC), the United States Court of Appeals for the Fourth Circuit interpreted the definition of “swap agreement” under the Bankruptcy Code

American Home court denies bank’s deficiency claim by accepting discounted cash flow valuation of mortgage loan portfolio subject to repurchase agreement

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • September 17 2009

A Delaware bankruptcy court recently delivered the first decision applying section 562 of the Bankruptcy Code to a claim based on the termination of a repurchase agreement

Lehman bankruptcy court holds ISDA swap counterparty in violation of automatic staycounterparty seeks modification

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • September 29 2009

In a recent ruling from the bench, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York held that Metavante Corporation’s suspension of payments under an outstanding swap agreement with Lehman Brothers Special Financing Inc. (“LBSF”) was not safe harbored, and instead violated the automatic stay of section 362(a) of the Bankruptcy Code

Lehman court finds payment priority provision is unenforceable ipso facto clause, and must be part of swap for safe harbor protection

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • January 29 2010

On January 25, 2010, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York ruled that provisions in a CDO indenture subordinating payments due to Lehman Brothers Special Financing Inc., as swap provider, constituted unenforceable ipso facto clauses under the facts and circumstances of this case

U.S. district court affirms Delaware Bankruptcy Court decision in SemCrude prohibiting triangular setoff

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • May 25 2010

The United States District Court for the District of Delaware recently affirmed a Bankruptcy Court decision that invalidated the use by creditors of so-called "triangular", or non-mutual, setoffs in which obligations are offset among not only the parties to a bilateral contract but also their affiliates