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Seyfarth Shaw LLP | USA | 13 Sep 2011

Second Circuit adopts net investment method to determine net equity in Madoff bankruptcy case

On August 16, 2011, the Second Circuit held that Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("Trustee"), utilized the correct methodology to determine the "net equity" of each Madoff investor under the Securities Investor Protection Act ("SIPA").


Pillsbury | USA | 23 Jun 2011

New markets tax credits: a growing element in community development

The federal New Markets Tax Credit Program is a prime example of public-private partnerships successfully funding projects and businesses.


Kelley Drye & Warren LLP | USA | 3 Feb 2011

Madoff Trustee vs. The Wilpons - meet the mess

Fred Wilpon, the owner of the New York Mets, was a close friend of Bernie Madoff, and it has been generally believed since the outset of the scandal that Wilpon, his family and affiliated enterprises lost hundreds of millions in the great Ponzi scheme.


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.


Moses & Singer LLP | USA | 19 Nov 2010

Subscription-secured credit facilities: basic credit-related issues for secured lenders

Quite popular before recent economic dislocations, and beginning to re-emerge, is a credit facility that provides liquidity for an investment fund (a "Fund", particularly a so-called "opportunity fund"), on a faster basis than calling for capital contributions by the fund's equity investors - - typically governmental and private pension funds, insurance companies, endowment funds, and other institutional entities who make substantial commitments to pay subscribed capital.


Ropes & Gray LLP | USA | 26 Oct 2010

Fraudulent conveyance clawback: the "good faith" defense

In a much-followed case given the recent publicity surrounding collapsed Ponzi schemes, the U.S. District Court for the Southern District of New York on September 17, 2010 reversed a decision of the Bankruptcy Court from the Southern District of New York that had broadened the scope of those facts and circumstances that may trigger inquiry notice under the "good faith" defense to a fraudulent conveyance claim.


Drinker Biddle & Reath LLP | USA | 11 Aug 2009

Ten things to know about TALF

The Term Asset-Backed Securities Loan Facility (TALF) is a government-backed lending facility designed to restore credit availability to consumers and businesses by facilitating loans to investors to purchase certain highly rated asset-backed securities (ABS).


White & Case LLP | USA | 14 Nov 2007

US bankruptcy court denies recognition of Cayman insolvency proceedings concerning Bear Stearns funds

Can a United States bankruptcy court deny recognition of a foreign insolvency proceeding even if no one opposes such recognition?

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