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31 results found


Maurice Wutscher LLP | USA | 8 Mar 2019

7th Cir. Holds Mortgagee’s Deficiency Claim in Bankruptcy Was Precluded by Failure to Raise in Foreclosure

The U.S. Court of Appeals for the Seventh Circuit recently held that a mortgagee’s failure to take a deficiency judgment against a borrower who filed


Thompson Coburn LLP | USA | 7 Mar 2018

Data in the cloud: what if the cloud provider goes bankrupt?

With data being the new “coin of the realm,” those who control and exploit data have a winning advantage over competitors. This piece focuses on control of data in the unique situation of a cloud hosting provider’s bankruptcy.


Hunton Andrews Kurth LLP | USA | 14 Jun 2016

Two Recent Decisions Invalidate LLC Agreement Provisions Requiring Consent for LLC Bankruptcy Filings

Since April, two bankruptcy courts have refused to enforce limited liability company ("LLC") agreement provisions requiring the respective LLCs to


Holland & Hart LLP | USA | 7 Jun 2016

Lenders Beware: Make Sure Your Borrower’s Organizational Documents’ Blocking Director Provisions Comply With State Law

Many lenders attempt to render their borrower bankruptcy remote by requiring the borrower to have on its board a director, known as a “blocking


Weil Gotshal & Manges LLP | USA | 27 Apr 2016

Bankruptcy Court Rejects Use of Blocking Director to Prevent Bankruptcy Filing

Does the bankruptcy filing of a limited liability company without the approval of its “Special Member,” the secured lender serving as “blocking


McGuireWoods LLP | USA | 18 Apr 2016

Bankruptcy Court Chips Away at Bankruptcy Remoteness of Special Purpose Vehicles

A Chicago bankruptcy court declined to dismiss the Chapter 11 case of a "bankruptcy remote" limited liability company even though the debtor failed


Franczek Radelet PC | USA | 7 Apr 2015

General Assembly considers municipallocal government bankruptcy legislation

Illinois legislators are considering a bill that would amend the Illinois Municipal Code to allow municipalities and other local government entities


Weil Gotshal & Manges LLP | USA | 17 Mar 2015

Bankruptcy court denies debtor’s request to pay estate professionals with cash collateral

Undersecured creditors may breathe a little easier. In a recent decision, the United States Bankruptcy Court for the Northern District of Illinois


Mintz | USA | 14 Nov 2013

For secured creditors, too late may be too little

In a recent advisory, we reported on an apparently favorable decision to secured creditors from the Fifth Circuit Court of Appeals that held that a


Miller Canfield PLC | USA | 23 May 2013

Illinois Legislature and court clarifies confusion on mortgage requirements after In re Crane

A new Illinois law will close a loophole through which some mortgages could be subject to avoidance in bankruptcy. The loophole, created by U.S

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