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...

Maxus Energy Corp. Filed For Chapter 11

June 20, 2016

Yet another company in the energy sector has filed for bankruptcy protection.  On June 17, 2016, Maxus Energy Corporation, and its affiliates (“Debtors”) filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. A significant portion of this post draws upon information in the first day declaration of Javier Gonzalez [D.I. 2] (the “Declaration”).  The Debtors’...

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...

ICYMI . . .The Transactional Common Interest Privilege in New York–Common, But Not So Privileged

June 24, 2016

Transacting parties beware—in New York, unlike some other jurisdictions, sharing legal analysis between transacting parties results in the loss of the attorney-client privilege by each party so sharing as of the time of the sharing, even though the transaction subsequently closes and the acquiring party inherits the privilege (unless you can show that the sharing was in anticipation of litigation in which the parties shared a common...

Energy Future Holdings Chapter 11 Case – The Largest Game Ever of Texas Hold’em?

May 31, 2016

The chapter 11 case of Energy Future Holdings (“EFH” or “Debtors”) roared back to life this month. Certain key conditions for the plan of reorganization approved last December (the “First Plan”) to become effective were not met by a deadline of April 30, and one of the major parties to the support agreement that underlay the First Plan gave written notice of termination on May 1.  The Debtors followed up...

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...

A few thoughts on Brexit and Restructuring

June 17, 2016

Over at Dealb%k.

New Delaware Chapter 11 Filing – iON Worldwide LLC

June 24, 2016

iON Worldwide, LLC, a maker of point-of-view video cameras, has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-11543).  The company indicates that it will seek to enter into a financial restructuring pursuant to the terms of a restructuring support agreement and has obtained debtor-in-possession financing.  The petition includes the consolidated list of top 20...

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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