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Second Circuit affirms dismissal of employees' lender liability WARN Act suit
- Schulte Roth & Zabel LLP
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- USA
- -
- 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
Appeals court orders immediate payment of DIP lender's commitment and facility funding fees
- Schulte Roth & Zabel LLP
- -
- USA
- -
- November 28 2007
District Judge James D. Zagel of the United States District Court for the Northern District of Illinois on Nov. 9, 2007, ordered a Chapter 11 debtor-in-possession ("DIP") to "immediately" pay its so-called "commitment" and "DIP Facility Funding" fees
Oversecured creditor wins default interest issue
- Schulte Roth & Zabel LLP
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- USA
- -
- 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.”
Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers
- Schulte Roth & Zabel LLP
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- USA
- -
- 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
Champerty clarified: a victory for activist distressed debt and claims investors
- Schulte Roth & Zabel LLP
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- USA
- -
- November 3 2009
In a decision to be hailed by buyers of distressed debt and bankruptcy claims on the secondary loan market, on Oct. 15, 2009, the New York Court of Appeals (the “Court”), in a fact-specific ruling, held that an assignment of claim does not violate New York’s champerty statute (forbidding trading in litigation claims) if the purpose of the assignment is to collect damages by means of a lawsuit for losses on a debt instrument in which the assignee holds a pre-existing proprietary interest
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
U.K. Appeals Court expands scope of client money pool and universe of clients eligible for client money pool distributions
- Schulte Roth & Zabel LLP
- -
- United Kingdom
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- August 10 2010
The U.K. Court of Appeal (the “Court of Appeal”) on Aug. 2, 2010, handed down a long-awaited decision regarding an appeal related to the scope of, and eligibility to receive distributions from, the Lehman Brothers Europe (International) (“LBIE”) pool of client money
LBIE administrators extend September 17, 2010 proof of debt submission deadline for Consensual Approach participants
- Schulte Roth & Zabel LLP
- -
- USA
- -
- 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
Debt traders settling post-reorganization equity
- Schulte Roth & Zabel LLP
- -
- Global
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- August 11 2011
DURING THE PAST YEAR, many investors in the distressed debt market have received postreorganization private equity either through a confirmed plan of reorganization or through participation in a rights offering
Bankruptcy Court approves procedures for determining allowed amounts of structured securities claims
- Schulte Roth & Zabel LLP
- -
- USA
- -
- August 12 2011
The United States Bankruptcy Court for the Southern District of New York, overseeing the bankruptcy cases of Lehman Brothers Holdings Inc. (“LBHI”) and its affiliated debtors (collectively, the “Debtors”), entered an order on Aug. 10, 2011 approving procedures for determining for both voting and distribution purposes the allowed amounts of claims filed based on structured securities issued or guaranteed by LBHI (the “Structured Securities”
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- Workarea - Banking
- Workarea - Insolvency & Restructuring
- Firm Name - Schulte Roth & Zabel LLP
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