Education & Information About Restructuring & Insolvency


August 20, 2018

NOTICE OF DISPOSITION OF COLLATERAL PLEDGED BY LIBERTY AMMUNITION, INC. UNDER ARTICLE 9 OF THE UCC Executive Summary. Pursuant to Section 9-610 of the Uniform Commercial Code, the Secured Creditor (defined below) intends to foreclose upon its...

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August 20, 2018

NOTICE OF ASSIGNEE SALE OF ASSETS TETERS FLORAL PRODUCTS, INC., (“TETERS”) Assets to be sold: Substantially all of the personal property of Teters and the assignment estate, including all on-hand inventory, work in progress, certain...

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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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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...

A Cautionary Tale for Claims Traders and Other Contract Counterparties

September 17, 2018

“Although our intellect always longs for clarity and certainty, our nature often finds uncertainty fascinating.” Carl Philipp Gottfried von Clausewitz A Prussian general and the author of On War may still have a thing or two to teach claims traders and other contract counterparties seeking to avoid their deals being blown up. If you’re in the claims trading business, you’re welcome to skip the history lesson and instead...

Square Peg / Round Hole – The Supreme Court and the Constitutional Authority of U.S. Bankruptcy Courts

September 11, 2018

The judicial power of the United States is vested in courts created under Article III of the Constitution. However, Congress created the current bankruptcy court system over 40 years ago pursuant to Article I of the Constitution rather than under Article III.  The Supreme Court has long held that Article I courts are limited to territorial courts, military tribunals, and courts created to hear cases involving “public rights”...

Plaintiffs Cannot Claim Creditor Status Retroactively

September 20, 2018

  The Fifth Circuit Court of Appeals reminded the plaintiff that standing is “determined as of the commencement of the suit” and post filing claims purchases will not suffice to establish standing. Here, the plaintiff, [also the debtor’s owner], sought to appeal appointment of special counsel. The Bankruptcy Court found that the plaintiff lacked standing to object because he was not a creditor and did not have a stake in...

Public Service Loan Forgiveness Fail

September 21, 2018

20,521 applications rejected as ineligible. 96 borrowers approved.  Those are the early results for the Public Service Loan Forgiveness program. PSLF promised student borrowers with federal Direct Loans who worked in qualifying public service jobs that they would have their loan balances discharged after 10 years of income-based repayment. The first cohort of PSLF borrowers applied beginning in the Fall of 2017, so these results reflect the...

New Delaware Chapter 15 Filing – Kraus Carpet Inc., et al.

September 13, 2018

Kraus Carpet Inc., along with five subsidiaries and affiliates, has filed a petition for recognition of a foreign proceeding under chapter 15 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12057).  According to the accompanying Declaration, Kraus, based in Waterloo, Ontario, Canada, operates a carpet and flooring distribution network throughout the United States and Canada.  Kraus...