PLEASE TAKE NOTICE THAT the chapter 11 Debtor educational software company has filed a motion and proposed order in bankruptcy court requesting the establishment of procedures for the sale of the Debtor company’s assets by auction. ...Read Full Article
David Warfield published an article on Missouri’s new receivership statute on Commercial Bankruptcy Alternatives in August, 2016. Warfield characterized the new receivership statute as “modernized,” specifically pointing...Read Full Article
It its recent unpublished opinion PEM Entities, LLC v. Province Grande Old Liberty, LLC, 2016 WL 4254917, (4th Cir. Aug. 12, 2016), the Fourth Circuit Court of Appeals affirmed the bankruptcy court’s award of summary judgment to certain...Read Full Article
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...
In the recent decision of Pacifica L51 LLC v. New Invs., Inc. (In re New Invs., Inc.), No. 13-36194, 2016 WL 6543520 (9th Cir. Nov. 4, 2016), the Ninth Circuit held that Section 1123(d) of the Bankruptcy Code legislatively overruled Great W. Bank & Tr. v. Entz-White Lumber & Supply, Inc. (In re Entz-White Lumber & Supply, Inc.), 850 F.2d 1338 (9th Cir. 1988), and required debtors to pay interest at the default rate to...
I went into Fidelity's website to research the stock of Aramark, the food services provider. Under the "News and Events" tab, these were the four most recent items: Zacks Investment Research, Inc. downgrades ARAMARK from HOLD to SELL. Investars Analyst Actions - private – 12/01/2016 ...
Yesterday I made the post immediately below this one, discussing transparency issues in the bankruptcy proceedings of Hanjin Shipping. It was read by thousands of people around the World in a matter of hours. I subsequently invited those following the case closely in the shipping industry to post court filings to a website that can be made publicly available. I am happy to help, and await a positive response.Meanwhile, I was...
Contributed by Nicholas Messana Section 1104(a)(2) of the Bankruptcy Code provides for the appointment of a chapter 11 trustee “if such appointment is in the interests of the creditors, any equity security holders, and other interests of the estate . . . .” While it is not often that we see a court displace management pursuant to section 1104(a)(2), it does happen on occasion. One such recent case is In re China...
The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week. The questions it presents are relatively simple. First, can a bankruptcy court, in dismissing a case under the U.S. Bankruptcy Code, permit parties to “structure” the dismissal to include substantive provisions regarding the distribution of assets of a debtor’s bankruptcy estate, instead of simply...
Recently, the Third Circuit reversed decisions issued by the Delaware Bankruptcy and District Courts and permitted first and second lien noteholders of Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. to receive payment of a make-whole premium. In re Energy Future Holdings Corp., No. 16-1351 (3d Cir. Nov. 17, 2016). The decision, which is largely grounded in New York law, departs from recent controversial...
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Limitless Mobile, LLC, successor to Keystone Wireless, LLC, has filed a petition for relief under chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12685). According to the First Day Declaration, Limitless, which is headquartered in Harrisburg, Pennsylvania, was formed in 2013 to provide broadband and wireless telecommunication services in nine rural counties in central Pennsylvania, and is part of a...
PUBLIC NOTICE OF SALE OF ATLANTA OFFICE TOWER AND 5.5 ACRES Hays Financial Consulting as Receiver and Greystone Brown Real Estate Advisors are conducting a sale by receiver of the Presidential Tower and surrounding acreage in...Read Full Article
NOTICE OF SALE OF OPERATING COMPANY EVANS TEMPCON, INC. Charles (Chip) Hoebeke of Rehmann Turnaround and Receivership Services, LLC, appointed as the Receiver over Evans Tempcon, Inc. (“Evans”) by the U.S. District Court for the Western...Read Full Article
The skinny: the Sixth Circuit recently revived a trustee’s $17 million avoidance and claw-back suit against a lender, finding that the lender’s existing security interests could have been extinguished via novation. ...Read Full Article
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According to the Wall Street Journal, a GAO report offers first full cost estimate of debt relief programs, berates Education Department over accounting methods
According to Businesswire, Logans Roadhouse, Inc., a leading casual dining steakhouse chain, today announced its emergence from chapter 11 under its Plan of Reorganization.
According to MPR News, a federal judge will consider millions of dollars more in payments to attorneys and other professionals working on the bankruptcy of the Archdiocese of St. Paul and Minneapolis.
By the end of today, Atlantic City will use $2.3 million to cover payments due on its bonds, saving investors from the toll of the seaside casino towns financial collapse.
According to the New York Times, regulators are airing significant concern about the millions of Americans who are falling behind on their car loans, even as auto lending continues to boom at a near record pace.
Bloomberg reports that key senators recentlyb sent a letter to Securities and Exchange Commission chair Mary Jo White, urging her to freeze any unfinished rules related to the Dodd-Frank Act until president elect Donald Trump takes office next year
The Wall Street Journal reports that the President elect talks of consequences for leaving the U.S., moving jobs overseas
According to MorningConsult.com, the House recently passed a measure that would revise the standards used to designate bank holding companies systemically important.
Reuters reports that a Chapter 11 bankruptcy exit plan by Abengoa SAs main U.S. subsidiary, Abeinsa Holding Inc, violates the law by shielding the Spanish renewable energy parent from lawsuits, according to the U.S. government's bankruptcy watchdog.
U.S., Canadian judges approve materials explaining telecommunication firms creditor-repayment plan
The sponsors of pension funds run by Catholic hospitals have taken advantage of an IRS rule, which, in effect, gives zero protection to retirees if the pension goes bust, reported the NJ.com.
A federal judge in Texas issued a nationwide injunction against an Obama administration regulation expanding by millions the number of workers who would be eligible for time and a half overtime pay, the New York Times reported
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