Education & Information About Restructuring & Insolvency

PUBLIC NOTICE OF BANKRUPTCY SALE: 65-ACRE Master Planned Waterfront in Downtown Sacramento

August 12, 2018

BANKRUPTCY SALE: 65-ACRE MASTER PLANNED WATERFRONT IN DOWNTOWN SACRAMENTO 1. Executive Summary: Colliers International and Keen-Summit Capital Partners LLC, in a joint listing effort, have been hired as the exclusive listing agent to market for sale...

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Law Firm Bankruptcies: The “Unfinished Business” Doctrine and the Jewel Waiver

August 9, 2018

By Philip Anker Wilmer Cutler Pickering Hale and Dorr LLP One of the interesting aspects of business bankruptcy cases is that both the businesses and the issues their bankruptcy proceedings present can differ so much. In recent years, for example, we...

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July 27, 2018

NOTICE OF DISPOSITION OF COLLATERAL UNDER NEW YORK UNIFORM COMMERCIAL CODE 1. Executive Summary. UMB Bank, National Association (“Collateral Agent”), as collateral agent for lenders Pine River Master Fund Ltd. and Pine River Fixed Income...

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PUBLIC NOTICE OF ARTICLE 9 SALE: PF Holdings (4700 Ashland), LLC

July 25, 2018

AMENDED NOTICE OF PUBLIC SALE OF COLLATERAL UNDER ILLINOIS UNIFORM COMMERCIAL CODE 1. Executive Summary. Patrick Kane (“Lender”) and William Platt (“Borrower”) are parties to a promissory note dated as of March 21, 2012 (as...

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July 21, 2018

NOTICE OF BANKRUPTCY AUCTION OF TWO HOTELS IN PEORIA, IL Keen-Summit Capital Partners LLC has been engaged by GEM Hospitality, LLC, et al. (“Debtors”), as exclusive adviser for the sale of the nationally registered historic Marriott...

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PUBLIC NOTICE OF ARTICLE 9 SALE: Alfa Romeo & Fiat of Chicago

July 16, 2018

NOTIFICATION OF INTENDED DISPOSITION OF COLLATERAL BY PUBLIC AUCTION SALE SALE OF ASSETS: Notice is hereby given that, at 2:00 p.m. prevailing Central Time, on Thursday, July 26, 2018, the Secured Party Santander Bank, N.A. (the “Secured...

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Loan Modification vs Forbearance. Things to Consider.

May 28, 2018

At the point in time when the economic structure of loan becomes financially unsupportable for the borrower, a lender is faced with a few options.  The lender could simply default the loan and begin collection activity.  Alternatively, the lender could seek to re-work the deal in some way to provide some breathing room for the borrower.  No good deed goes un-punished, so it’s good to understand the impact of the two most...

Fox Expands Presence in Wilmington Through Merger With Shaw Fishman

June 7, 2018

Fox Rothschild is pleased to announce that, effective June 11, it will merge with Shaw Fishman Glantz & Towbin LLC, a 23-attorney firm with robust practices in bankruptcy, commercial litigation and real estate. The merger with the Chicago-based firm will also deepen Fox’s capabilities in Wilmington, with the addition of counsel Johnna Darby and partner Tom Horan. Johnna Darby represents businesses of various sizes and in various...

Second Circuit Decision in Momentive: Half a Loaf is Better Than None, But Even the American HomePatient Approach Does Not Conform to the Fair and Equitable Standard

October 21, 2017

On Friday, the Second Circuit panel that heard the senior secured lenders’ appeal in MPM Silicones issued its opinion affirming the lower courts’ holdings in all but one respect, that being the interest rate applicable to a cramdown / cram-up of the senior secured claims under 11 U.S.C. § 1129(b)(2)(A)(I).  The court held that the lower courts’ application of the Till formula had been incorrect as a matter of...

Alert About Filing Documents Electronically with the US Bankruptcy Court for the Southern District of New York

August 2, 2018

One of the important aspects of practicing law in the information age is understanding that there is a duty of technology competence.  Can an attorney get help with tasks requiring a working understanding of how to use technology?  Yes.  While tasks can be delegated, responsibility cannot be delegated.There are a variety of approaches for dealing with this in a litigation practice.  The approach I recommend is the one I...

Getting off on the Right Foot: Bankruptcy Court Rejects U.S. Trustee’s Unconventional Position That Management Consultant Must be Retained Under Section 327 of the Bankruptcy Code

August 10, 2018

In In re Nine West Holdings, Inc., the United States Bankruptcy Court for the Southern District of New York overruled the U.S. Trustee’s objection to the debtors’ application to retain Alvarez & Marsal North America, LLC (“A&M”) to provide the debtors an interim CEO and certain additional personnel pursuant to section 363(b) of the Bankruptcy Code1. The U.S. Trustee filed the only objection to the debtors’...

Delaware Judge Rejects Challenge to Payment of Fees for Indenture Trustee in Southeastern Grocers Chapter 11 Case

June 12, 2018

Southeastern Grocers (operator of the Winn-Dixie, Bi Lo and Harvey’s supermarket chains) recently completed a successful restructuring of its balance sheet through a “prepackaged” chapter 11 case in the District of Delaware. As part of the deal with the holders of its unsecured bonds, the company agreed that under the plan of reorganization it would pay in cash the fees and expenses of the trustee for the indenture under which...

Diligence Deferred Is A Transfer Denied

August 3, 2018

The Delaware Bankruptcy Court recently voided the transfer of bankruptcy claims where the seller failed to obtain the debtor’s prior written consent, as required by the underlying promissory notes. Both the promissory notes and the related loan agreement included anti-assignment language providing that any transfer would be null and void unless the debtor provided its prior written consent. In spite of this restriction, the note...

Some Thoughts on the Alter Ego Ruling in Crystallex

August 11, 2018

I have had a bit of time to digest the district court’s ruling that PDVSA is Venezuela’s alter ego, and here are some preliminary thoughts. The opinion is 75 pages and covers a lot of ground, but I’ll focus on perhaps the most important and least technical question: Is the case a one-off or a harbinger? Put differently, assuming the ruling stands after appeal and further proceedings in the district court, does it definitively...

Delaware Organizational Meeting – RM Holdco LLC

August 10, 2018

Upcoming Committee Formation Meeting:  Friday, August 17 10:00 AM Case Name: 18-11975 (MFW) Location:The Doubletree Hotel, 700 King Street, Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief. Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.