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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

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

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

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

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