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Much has been written about what §503(b)(9) is not: It does not do enough to protect creditors; it gives too much leverage to vendors and not enough to the debtor; it is not clear enough to provide various constituencies with definite implementation guidelines; or it just adds another layer of complexity that has to be dealt with.
When the Federal Deposit Insurance Corporation (FDIC) determines that a bank is insolvent, the FDIC will sometimes take it over to ensure that the bank’s deposits are secure. One way the FDIC protects these deposits is by selling off the loans that the bank owns, often at a discount.
After U.S. Government “bailout” loans, days of congressional hearings and months of speculation about “too big to fail” or the “cascading” effect throughout the supply chain, GM and Chrysler both filed for protection under chapter 11. Here’s why chapter 11 made sense.
As a result of the general prohibition under §1125(b) of the Bankruptcy Code on solicitation of votes to accept or reject a plan prior to court approval of a disclosure statement, there is usually a period of time between the hearing on approval of a disclosure statement and the hearing on confirmation of the plan.
A major trend in insolvency law over the past 10 years is the increase in assets sales through bankruptcy. Instead of a confirming a reorganization plan under chapter 11, a majority of debtors market and sell substantially all their assets through a §363 sale. A major challenge for potential buyers in this situation is the ability to accurately value the assets to be purchased. This uncertainty can be especially pronounced when intellectual property (IP) rights, such as trademarks, are involved since their value depends, in large part, on the ability of the owner to enforce its monopoly.
A recent bankruptcy decision confirms that loan servicers for a securitized trust have standing to pursue relief from the automatic stay. In re Woodberry, 383 B.R. 373 (Bankr. D. S.C. Feb.
The recent disruptions in financial markets have caused many of our clients to assess their counterparty exposure to troubled financial institutions. This article summarizes the key principles governing swap participants' rights in bankruptcy proceedings to assist the reader in working through the current turmoil in financial markets.
ABI is pleased to announce your 2008-2009 co-chairs, as well as the addition of five new leadership positions. These new positions are a result of your feedback regarding opportunities for involvement and advancement in the association. The first position is that of the Education Director, who will assist the chairs in coordinating and administering
