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11 results found

Article

Reed Smith LLP | USA | 12 Jun 2013

Following Castleton Plaza, competitive bidding required where insider asserts ‘new value’ exception to absolute priority rule

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

Article

Reed Smith LLP | USA | 14 Sep 2011

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

The bank had loaned money to two affiliated borrowers.

Article

Reed Smith LLP | USA | 15 Jun 2011

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

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.

Article

Reed Smith LLP | USA | 15 Jun 2011

Collateral-order doctrine utilized in a case of first impression; court affirms broad equitable powers of a receiver

The principal officers of a small group of related investment funds had invested money in impermissible investments, received kickbacks, and inflated investment results, to the extent that the funds eventually had to be closed down.

Article

Reed Smith LLP | USA | 22 Mar 2011

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

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.

Article

Reed Smith LLP | USA | 1 Dec 2010

Post-confirmation cramdown interest rate: ‘market formula’ applies to oversecured

A chapter 11 debtor sought confirmation of its reorganization plan, over the objections of its oversecured commercial mortgage lender.

Article

Reed Smith LLP | USA | 1 Dec 2010

In a case of first impression, the circuit court determines that a trustee of a securitized investment pool is a ‘transferee’ in a preference action

The Seventh Circuit examined the merits of a preference action filed against LaSalle Bank in its capacity as the trustee of a securitized investment pool, and determined as a matter of first impression that the trustee of a securitized investment pool could be a “transferee” as that term is used under Section 550(a)(1) of the Bankruptcy Code.

Article

Reed Smith LLP | USA | 13 Sep 2010

Texas district court affirms the contractual default interest rate where the debtor is solvent

A secured creditor in a chapter 11 case objected to the confirmation of the reorganization plan of the debtor, arguing that the proper "cramdown" interest rate (court-modified rate) was the pre-petition contractual default rate, rather than the significantly lower cramdown rate.

Article

Reed Smith LLP | USA | 13 Sep 2010

An LLC membermanager is an ‘insider,’ so that payments are preferential transfers subject to avoidance up to one year prior to bankruptcy filing

A member of the Board of Managers of a limited liability company settled a lawsuit against the LLC, receiving partial payment four months prior to the LLC filing its petition for chapter 11 bankruptcy.

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