Education & Information About Restructuring & Insolvency

PUBLIC NOTICE OF SALE: Lee E. Buchwald, Chapter 7 Trustee of Magnesium Corporation of America & Renco Metals, Inc., to Hold 363 Sale of Interest in $213 Million Judgment Against The Renco Group, Inc. & Ira Leon Rennert

July 20, 2016

Lee E. Buchwald, the Chapter 7 trustee of Magnesium Corporation of America and Renco Metals, Inc. (“Debtors”), announces a bankruptcy auction of an interest in certain litigation claims against The Renco Group, Inc. and Ira Leon Rennert,...

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PUBLIC NOTICE OF SALE: Howard B. Samuels as Assignee for the Benefit of Creditors of Olympic Oil Ltd. Announces a Public Auction Sale of All the Assets of Olympic Oil Ltd.

July 18, 2016

NOTICE OF PUBLIC SALE BY ORDER OF ASSIGNEE FOR THE BENEFIT OF CREDITORS OF  OLYMPIC OIL LTD. 5000 W 41st St. CICERO, IL  60804 SALE OF ASSETS: Notice is hereby given that on Monday, July 25, 2016 at 2:00 pm, central time (the “Date of...

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Transparency Is Key

July 13, 2016

Firms targeting fellow restructuring professionals’ disinterestedness to gain leverage Transparency and disclosure are pillars of the bankruptcy system. Companies going through chapter 11, as debtors, are required to publicly report information...

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Best Bankruptcy Blogs

eSign & Commercial Finance: A License to Trash the Original Note?

January 26, 2016

Are “electronic document” provisions appearing in your commercial loan documents?  This is the second in a series examining two provisions recently reviewed by me in commercial real estate transactions.   Unfortunately, the two provisions have serious problems: for UCC Article 3 notes, making a copy of it will not clothe the copy with Article 3 protections. Copy & Trash the Original Note: No No & No Electronic...

Appalachian Conventional Production Comp Files Chapter 7 Liquidation

July 24, 2016

On July 13, 2016, Appalachian Conventional Production Comp (“Appalachian” or “Debtor”) filed a Chapter 7 liquidation in the United States Bankruptcy Court for the District of Delaware.  According to the Debtor’s Petition, Appalachian has assets less totaling less than $500,000, and liabilities between $500,000 and $1 million.  Click here to view a copy of Appalachian’s Petition, Schedules of Assets...

Eleventh Circuit Panel Makes Cursory (and Erroneous) Ruling on "Till in Chapter 11"

April 4, 2016

A few  weeks ago, a panel of the Eleventh Circuit issued an opinion, In re Seaside Engineering & Surveying, Inc., No. 14-11590, denying an appeal of a chapter 11 confirmation order, that includes, among several issues considered, a brief holding relying on [a misreading of]  Till v SCS Credit Corp.  The entire section of the opinion dealing with Till is only 7 sentences and 12 lines long. The case involved a tiny amount of...

New Rule Would Make It Easier For Consumers To Sue Banks

May 6, 2016

Per www.npr.orgMay 5, 2016:Many credit card and loan agreements these days have in the small type what's called a "mandatory arbitration clause." Most people don't even know what that means. But by signing, customers agree not to sue the financial firm in a class action lawsuit. Instead, they agree to work out any problem with an arbitrator hired by the bank."The company can sidestep the legal system, avoid accountability, and continue to pursue...

ICYMI . . . Sovereign debt restructuring: what can we learn from Argentina, Greece and Ukraine?

July 21, 2016

Kirsten Erichsen and Andrew J. Wilkinson examine sovereign debt restructuring in an article published in Butterworths Journal of International Banking and Financial Law. This article considers what lessons can be learned from Greece, Argentina and Ukraine’s sovereign restructurings.

Energy Future Holdings Chapter 11 Case – The Largest Game Ever of Texas Hold’em?

May 31, 2016

The chapter 11 case of Energy Future Holdings (“EFH” or “Debtors”) roared back to life this month. Certain key conditions for the plan of reorganization approved last December (the “First Plan”) to become effective were not met by a deadline of April 30, and one of the major parties to the support agreement that underlay the First Plan gave written notice of termination on May 1.  The Debtors followed up...

Indah Kiat – A Scheme Pulped

July 5, 2016

On 12 February 2016 Snowden J handed down his judgment in Indah Kiat International Finance Company B.V. [2016] EWHC 246 (Ch). Indah Kiat International Finance Company B.V. (“Indah Kiat”), part of the global Asia Pulp & Paper Group (one of the world’s largest pulp and paper manufacturers), applied for an order convening a meeting of scheme creditors to consider and, if thought fit, approve a proposed scheme of...

The Big 1-0

July 18, 2016

Today is the tenth anniversary of the launch of Credit Slips. We started the blog in the middle of a big research project as an exercise in team building We also thought the blog might be a place where we could try to reach a wider audience about the scholarship coming out of the project. It is hard to believe we are still chugging along after 10 years. A lot has happened in 10 years. When we started, blogging was relatively new and...

U.S. Supreme Court to Weigh in on Structured Dismissals and Settlements Circumventing the Bankruptcy Code’s Priority Scheme

July 12, 2016

On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates.  See Official Comm. of Unsecured Creditors v. CIT Grp./Bus. Credit Inc. (In re Jevic Holding Corp.), 787 F.3d 173 (3d Cir. 2015), cert. granted Czyzewski v. Jevic Holding Corp., No. 15-649, 2016 WL 3496769 (U.S....

Dealing With Distress For Fun & Profit – Chapter 11 – Is Stay Relief Necessary?

July 4, 2016

A written tour of business bankruptcy and its alternatives George Kuney and Jonathan Friedland[1] Our most recent installment in this series gives an overview of the automatic stay.  In this installment we dive a little deeper, and we start with...

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DON’T LET YOUR MONEY GO UP IN SMOKE: A Legal Marijuana Business Owes Me Money; Now What?

June 27, 2016

Times and mores are changing.  More and more people and more and more states have de-stigmatized and legalized (in at least some respects) marijuana use, sales and cultivation.  As the marijuana “industry” expands, and however...

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PUBLIC NOTICE OF SALE: Howard B. Samuels as Assignee for the Benefit of Creditors of The American Group of Contractors, Inc. and American Chartered Bank as Sellers Announce the Joint Public Auction Sale Of Substantially All the Assets of Securities Industries, Inc., at the Offices of Rally Capital Services, Inc. in Chicago

May 27, 2016


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