Joseph D. Filloy

Commercial restructuring & bankruptcy alert (vol. IV, no. 3)

USA - November 25 2013 Most of us are familiar with the concept that liens generally pass through a bankruptcy. But what happens to the secured creditor’s claim if the…

Alison Wickizer Toepp, Luke E. Debevec, Peter S. Clark, II, Jeanne S. Lofgren, Brian M. Schenker

Defrauded initial lien holder maintains priority over subsequent innocent lenders

USA - June 12 2013 The court granted summary judgment in favor of a defrauded lender in a lien priority dispute with subsequent third-party lenders. The court…

Creditor defeats preference action based on ‘new value’ defense

USA - June 12 2013 As a condition to issuing a surety bond, the insurer required the insured to obtain a Letter of Credit in favor of the insurer. To obtain the LOC, the…

Secured creditor does not particip ate in bankruptcy case, court allows lien to pass through plan confirmation

USA - February 18 2013 The first priority secured creditor, who did not file a claim or participate in any way with the bankruptcy case until after the debtor’s plan was…

Discrimination in classification of claims okay, so long as not unfair discrimination

USA - February 18 2013 The court denied the objections of the Bankruptcy Administrator and the Unsecured Creditor’s Committee, and confirmed the chapter 11 debtor’s proposed…