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Results: 1-10 of 29

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


Lehman bankruptcy court rules safe harbors do not override setoff mutuality requirement
  • Cadwalader Wickersham & Taft LLP
  • USA
  • May 6 2010

On May 5, 2009, Judge James Peck, the Bankruptcy Judge in the Lehman Brothers bankruptcy cases, held that the safe harbor provisions of the Bankruptcy Code do not override the mutuality requirements for setoff under section 553(a) of the Bankruptcy Code


Stern v. Marshall: how big is it?
  • Cadwalader Wickersham & Taft LLP
  • USA
  • July 14 2011

On June 23, 2011, the Supreme Court ruled 5-4, in an opinion by Chief Justice Roberts, that a Bankruptcy Judge lacked constitutional authority to issue a final ruling on state law counterclaims by a debtor against a claimant


S.D.N.Y. Bankruptcy Court continues to construe Bankruptcy Code’s safe harbor provisions narrowly
  • Cadwalader Wickersham & Taft LLP
  • USA
  • June 7 2011

In two recent decisions, the United States Bankruptcy Court for the Southern District of New York has interpreted narrowly certain of the Bankruptcy Code’s safe harbor provisions


Bankruptcy Court for Southern District of New York prohibits triangular setoff provided for in safe harbored contract
  • Cadwalader Wickersham & Taft LLP
  • USA
  • October 12 2011

On October 4, 2011, the United States Bankruptcy Court for the Southern District of New York ruled that a contractual right of a triangular (non-mutual) setoff was unenforceable in bankruptcy, even though the contract was safe harbored


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


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


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