Education & Information About Restructuring & Insolvency


Litigation Funder Monetizes Portion of Fraudulent Transfer Judgment in Cutting-Edge Transaction

September 19, 2016

Gerchen Keller purchases a portion of the interest in proceeds of $213 million fraudulent conveyance judgment in innovative public sale. An interesting transaction took place on September 8, 2016. The chapter 7 bankruptcy trustee for Magnesium...

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PUBLIC NOTICE OF SALE BY ONLINE AUCTION OF SHOPPING CENTERS: Two shopping centers located in Jasper, Alabama, to be sold individually. Online Bidding Only @ AuctionByPearce.com. Bidding Ends 10/13/16

September 16, 2016

SALE OF TWO MALLS.  Notice is hereby given that Pierce & Associates, on behalf of Development Specialists, Inc. as Liquidating Trustee appointed in the chapter 11 bankruptcy case of In re J&E Land Company, Inc., Case No. 13-02081 (Bankr....

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PUBLIC NOTICE OF SALE BY AUCTION: Howard B. Samuels, as Assignee for the Benefit of Creditors of Midwest Exchange Enterprises, Inc. (“Midwest Exchange”), Announces the Public Sale by Auction and UCC Sale of Certain Assets of Midwest Exchange, Formerly the Operator of a Plastics Recycling Facility, Auction Date: Sept. 28, 2016; Qualified Bid Deadline: September 19, 2016

September 1, 2016

JOINT NOTICE OF PUBLIC SALE BY THE SECURED CREDITOR AND ASSIGNEE FOR THE BENEFIT OF CREDITORS OF MIDWEST EXCHANGE ENTERPRISES, INC. 4012 MORRISON DR. GURNEE, IL 60031 SALE OF ASSETS:  On Wednesday, September 28, 2016 Howard B. Samuels, not...

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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...

Bankruptcy Court Denies Motion to Compel Arbitration

September 19, 2016

In the recent decision of FBI Wind Down Inc. Liquidating Trust, by and through Alan D. Halperin, as Liquidating Trustee, v. Heritage Home Group, LLC, et al., Adv. Pro. No. 15-51899 (CSS) (Bankr. D. Del. Sept. 15, 2016) Judge Sontchi considered whether motion to compel the arbitration of several claims.  For the reasons set forth below, the Court denied the motion. Background Heritage Home Group LLC (“Heritage”), purchased...

The Puerto Rico Oversight Board Has Been Appointed (Sell on the News).

September 1, 2016

Yesterday, August 31, President Obama appointed the 7 voting members of the oversight board for Puerto Rico under the law colloquially known as Promesa.  The board has a broad charter and a ridiculously impossible task in front of it. Back in June, in a moment of weakness, I told a friend of mine at a hedge fund, “Sure, you can try to put my name on one of the lists of nominees.”  Then came August and his liaison in...

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...

Return to Sender? Domestic Reach of Foreign Stay Can Be Modified in Chapter 15 Recognition Order, Without Trip to Foreign Court

August 18, 2016

A recent decision by the United States Bankruptcy Court for the Western District of Texas in In re Sanjel (USA) Inc. is a reminder that in a chapter 15 case, the U.S. bankruptcy court will not always apply the law of the foreign jurisdiction to U.S. creditors and U.S.-based claims.  Specifically, the case adds a wrinkle to caselaw addressing the domestic application of foreign stays through chapter 15, and in particular whether it is...

Secured Creditors Can Chill a Bit Following Aeropostale Ruling

September 8, 2016

The ability of a secured creditor to credit bid its debt in connection with a sale of a debtor’s assets received a strong boost in a decision last month in the Chapter 11 case of Aeropostale from U.S. Bankruptcy Judge Sean Lane of the Southern District of New York.  Two recent decisions, Fisker Automotive and Free Lance-Star Publishing Co., had surprised many observers by narrowing the rights of secured creditors to credit bid,...

New LSTA Par Confirm Penalizes Buyers for Settlement Delays

August 31, 2016

  In an effort to reduce settlement times, the Loan Syndications and Trading Association (the “LSTA”) recently revised its standard par loan trading documents to penalize buyers who take too long to settle. Beginning September 1, 2016, buyers who fail to fulfill their obligations to timely settle par loan trades will forfeit the right to receive interest that accrues prior to the settlement date. The changes do not apply to loans...

Venezuela

September 24, 2016

John Dizard has a useful, and clearly written, piece on the lay of the land in this morning's FT. What puzzles me is why PDVSA, the national oil company,  has not done a UK scheme of arrangement or a US prepack to exchange the bonds, instead of messing around with an exchange offer. But the entire situation is rather opaque.

New Delaware Chapter 11 Filing – Verengo, Inc.

September 23, 2016

Verengo, Inc., a well-known installer of residential solar power systems, filed for Ch. 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12098).  Verengo attributes its filing to quality issues with its former operations in the eastern United States.  Despite selling its northeast operations to NRG Energy, Inc. and restructuring its remaining lines of business, Verengo is unable to service its current...



The Myth of the Newspaper Notice as Being Commercially Reasonable

August 29, 2016

Editor’s Note:  the August edition of The Bankruptcy Strategist and the September edition of the Equipment Leasing Newsletter, each ran a substantially similar article by the authors.  We are pleased to run this version here. You...

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PUBLIC NOTICE OF SALE BY AUCTION: The secured party Big Shoulders Capital LLC announces the Public Auction of Equipment and Other Assets of borrower Alpha Aluminum, LLC., operator of an aluminum rolling mill. Auction: Sept. 13, 2016

August 26, 2016

NOTICE OF PUBLIC SALE – ALPHA ALUMINUM, LLC NOTICE IS HEREBY GIVEN that on Tuesday, September 13, 2016, at 10:00 a.m. (the “Date of Sale”) in the offices of Bryan Cave LLP, 161 North Clark Street, Suite 4300, Chicago, Illinois, the...

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PUBLIC NOTICE OF SALE BY AUCTION: The Debtors in the chapter 11 cases of Emerald Oil, Inc. and its affiliates Announce the Public Sale of All the Assets of the Debtors, primarily an oil and gas exploration company. Bid deadline: August 26, 2016; Auction: September 20, 2016

August 22, 2016

PLEASE TAKE NOTICE THAT the debtors (the “Debtors”) in the chapter 11 cases administratively consolidated as In re Emerald Oil, Inc., Case No. 16-10704, pending in the United States Bankruptcy Court for the District of Delaware (the...

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