Education & Information About Restructuring & Insolvency

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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PUBLIC NOTICE OF SALE: Keen-Summit Capital Partners, in Conjunction with FTI Consulting & Savills Studley Announces the Bankruptcy Auction Sale of the Seaboard Realty Portfolio of Commercial Real Property Located in Fairfield County, CT, Including Apartment Buildings, Office Buildings, & a Marriott Hotel

May 4, 2016

Keen-Summit Capital Partners LLC, in conjunction with FTI Consulting and Savills-Studley are pleased to offer for sale by Bankruptcy Auction an exceptional portfolio of real estate assets located in downtown Stamford, New Canaan, and Norwalk,...

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Personal Property Appraisals 101

April 27, 2016

Are you a lender who needs an appraisal of personal property (machinery, equipment, and inventory) in connection with making a loan? Are you a company that needs one in connection with a capital raise or some other purpose? Regardless of the reason...

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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...

Intervention Energy Holdings LLC Files for Chapter 11 Protection

May 23, 2016

Another North Dakota shale oil driller has filed for bankruptcy protection.  On May 20, 2016, Intervention Energy Holdings LLC, and its affiliates (“Debtors”) sought chapter 11 protection from the United States Bankruptcy Court for the District of Delaware. Other Williston Basin, ND shale oil victims include Emerald Oil Inc., and Halcón Resources Corp., which indicated that it plans to file for chapter 11...

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...

Lookback Period – Twelve Weeks (pt. 4)

May 27, 2016

Court Looks to the Knowledge of the Transferees in Madoff Maurice Horwitz reported on the latest decision to interpret fraudulent transfer law in the context of the Madoff Ponzi scheme in In Madoff Fraudulent Transfer Cases, Bankruptcy Court Focuses on Intent of the Transferees.  In the context of actual fraud, the intent of the transferor determines whether the transfer is avoidable, and fraudulent intent is presumed in the context of Ponzi...

Landlords Beware: Lease Terminations May Be Voidable In Bankruptcy

March 24, 2016

The Seventh Circuit Court of Appeals recently handed down a decision with significant implications for landlords contemplating lease termination agreements with distressed tenants. Ruling on a direct appeal in the chapter 11 case In re Great Lakes Quick Lube LP, the court held that a lease termination agreement between a landlord and a financially distressed tenant can be voided as either a fraudulent conveyance or a preferential transfer in the...

Not So Fast – Supreme Court Holds Prepetition Fraudulent Transfer Precludes Post-Petition Discharge in Husky International

May 25, 2016

One of the goals of the Bankruptcy Code is to provide a debtor with a fresh start. The discharge of prepetition debts at the conclusion of a bankruptcy case is one of the most important ways to attain this fresh start.  On May 16, 2016, the Supreme Court made it harder for debtors to obtain a fresh start by broadening an exception to discharge. Section 523(a)(2)(A) of the Bankruptcy Code provides that an individual debtor is not discharged...

Puerto Rico: PROMESA and Presiding Judges

May 26, 2016

H.R. 5278, containing debt restructuring authority and an oversight board for Puerto Rico, inched closer to passage after yesterday's approval by the House Natural Resources Committee. A combination of Rs and Ds rejected amendments that would have unraveled the compromise (scroll here for the amendments and their fates). They indicated an appreciation for the automatic stay, for the downsides of exempting classes of debt from...

Organizational Meeting – Phoenix Brands LLC, et al.

May 23, 2016

Upcoming Committee Formation Meeting: June 1, 2016, 10:00 AM Case Name:  Phoenix Brands LLC, et al.Case Number:  16-11242 (BLS) Location:  J. Caleb Boggs Federal Building, 844 King St., Room 2112, Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. The petitions (including the consolidated list of top 20 creditors), first day declaration and docket are available through...

90 Second Lesson: What is the Difference Between Recharacterization and Equitable Subordination?

April 25, 2016

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to and we will try to answer it.    QUESTION:  Jeff P. from Los...

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90 Second Lesson: How is a General Carve-Out Different than a Professional Fee Carve-Out?   

April 25, 2016

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to and we will try to answer it.    QUESTION:  Last month we...

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90 Second Lesson: California Receiverships

90 Second Lesson: California Receiverships

April 12, 2016

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to and we will try to answer it.    QUESTION:  Jeffrey B....

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