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The seller of loan participation interests protected from preference recovery under the ‘conduit theory’

Reed Smith LLP
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USA
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December 19 2011

In this case of first impression, the court determined whether the status of the lead bank in a loan participation was that of an “initial transferee” or a mere conduit for the purposes of establishing preference liability

Court denies lender’s motion to dismiss Section 547 preference action seeking to avoid valid foreclosure sale

Reed Smith LLP
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USA
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December 19 2011

The lender foreclosed on the borrower’s property after the borrower defaulted on its loan obligations

Court recharacterizes claim, declines to adopt a per se rule that recharacterization only applies to insiders

Reed Smith LLP
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USA
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December 19 2011

In a case of first impression in the Fifth Circuit, the court recharacterized a claim of a non-insider, declining to create a per se rule that recharacterization could only apply to insiders

Unable to show ‘indubitable equivalence’ where property appraisals diverge significantly

Reed Smith LLP
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USA
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September 14 2011

The bank had loaned money to two affiliated borrowers

Debtor unable to provide adequate assurance; court denies motions to use cash collateral and obtain DIP financing priming original lien

Reed Smith LLP
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USA
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June 15 2011

The debtor sought to use cash collateral to enable it to pay insurance premiums on policies essential to the continuation of its business

Priming lien approved: new loan use would benefit the estate debtor’s sizable equity cushion adequate assurance

Reed Smith LLP
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USA
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June 15 2011

The single-asset chapter 11 debtor sought approval from the Bankruptcy Court to borrow funds from a new lender, and grant the new lender superpriority status over the liens of the debtor’s pre-petition secured lender

Replacement lien in rents in favor of secured creditor is not adequate protection where the debtor has no equity cushion

Reed Smith LLP
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USA
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March 22 2011

The debtor, the developer of a retail shopping center, executed: (i) a mortgage securing the property, and (ii) an assignment of all rents from the property, in favor of its lender