Education & Information About Restructuring & Insolvency


PUBLIC NOTICE OF SALE BY AUCTION: Chapter 11 Debtor Educational Software Company Announces the Public Sale of All the Assets of the Debtor, Including Flash-based Software Platform, Trademarks, Logos, & Educational & Learning Programs. Bid Deadline: Jan. 3, 2017; Auction Jan. 5, 2017 in Chicago. DATES AND LOCATION ARE PROPOSED AND SUBJECT TO COURT APPROVAL

December 5, 2016

PLEASE TAKE NOTICE THAT the chapter 11 Debtor educational software company has filed a motion and proposed order in bankruptcy court requesting the establishment of procedures for the sale of the Debtor company’s assets by auction. ...

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Update To: Missouri’s New Receivership Statute

December 1, 2016

David Warfield published an article on Missouri’s new receivership statute on Commercial Bankruptcy Alternatives in August, 2016.  Warfield characterized the new receivership statute as “modernized,” specifically pointing...

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Fourth Circuit Approves Recharacterization of Secured Debt Into Equity

November 28, 2016

It its recent unpublished opinion PEM  Entities, LLC v. Province Grande Old Liberty, LLC, 2016 WL 4254917, (4th Cir. Aug. 12, 2016), the Fourth Circuit Court of Appeals affirmed the bankruptcy court’s award of summary judgment to certain...

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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...

Ninth Circuit Requires Debtors to Pay Interest at Default Rate to Cure Default

November 30, 2016

In the recent decision of Pacifica L51 LLC v. New Invs., Inc. (In re New Invs., Inc.), No. 13-36194, 2016 WL 6543520 (9th Cir. Nov. 4, 2016), the Ninth Circuit held that Section 1123(d) of the Bankruptcy Code legislatively overruled Great W. Bank & Tr. v. Entz-White Lumber & Supply, Inc. (In re Entz-White Lumber & Supply, Inc.), 850 F.2d 1338 (9th Cir. 1988), and required debtors to pay interest at the default rate to...

Zacks Investments Having Trouble Making Up its Mind About Aramark

December 3, 2016

I went into Fidelity's website to research the stock of Aramark, the food services provider.  Under the "News and Events" tab, these were the four most recent items: Zacks Investment Research, Inc. downgrades ARAMARK from HOLD to SELL. Investars Analyst Actions - private – 12/01/2016 ...

Hanjin Shipping Update - Changes to the Time Table

November 19, 2016

Yesterday I made the post immediately below this one, discussing transparency issues in the bankruptcy proceedings of Hanjin Shipping.  It was read by thousands of people around the World in a matter of hours.  I subsequently invited those following the case closely in the shipping industry to post court filings to a website that can be made publicly available.  I am happy to help, and await a positive response.Meanwhile, I was...

Something Smells Fishy and it Isn’t the Fish: Chapter 11 Trustee Appointed by Southern District of New York Bankruptcy Court in Case Involving Anchovy Fisheries

December 2, 2016

Contributed by Nicholas Messana Section 1104(a)(2) of the Bankruptcy Code provides for the appointment of a chapter 11 trustee “if such appointment is in the interests of the creditors, any equity security holders, and other interests of the estate . . . .”  While it is not often that we see a court displace management pursuant to section 1104(a)(2), it does happen on occasion.  One such recent case is In re China...

Jevic Could Be the Most Consequential Chapter 11 Decision in Many Years

October 14, 2016

The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week.  The questions it presents are relatively simple.  First, can a bankruptcy court, in dismissing a case under the U.S. Bankruptcy Code, permit parties to “structure” the dismissal to include substantive provisions regarding the distribution of assets of a debtor’s bankruptcy estate, instead of simply...

Third Circuit Departs from Momentive and Reinstates EFIH Noteholder Make-Whole Claims Causing Uncertainty over EFH’s Ability to Exit Bankruptcy

December 1, 2016

  Recently, the Third Circuit reversed decisions issued by the Delaware Bankruptcy and District Courts and permitted first and second lien noteholders of Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. to receive payment of a make-whole premium. In re Energy Future Holdings Corp., No. 16-1351 (3d Cir. Nov. 17, 2016).  The decision, which is largely grounded in New York law, departs from recent controversial...

ABA Journal Blawg 100!

November 30, 2016

Credit Slips is honored to have been selected as part of the ABA Journal's Blawg 100, their annual list of the top 100 blogs about law and lawyering. It is our second year in a row for inclusion on the list. We appreciate all of our readers and are humbled by the time you spend with us. The comments to the posts continually demonstrate that one of the things that makes this blog work is our readership. Thanks for visiting.

New Delaware Chapter 11 Filing- Limitless Mobile, LLC

December 5, 2016

Limitless Mobile, LLC, successor to Keystone Wireless, LLC, has filed a petition for relief under chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12685).  According to the First Day Declaration, Limitless, which is headquartered in Harrisburg, Pennsylvania, was formed in 2013 to provide broadband and wireless telecommunication services in nine rural counties in central Pennsylvania, and is part of a...



PUBLIC NOTICE OF SALE: Sale of 14-Story Presidential Tower: 222 Units on 5.5 Acres in Atlanta (S. Gregory Hays as Receiver)

November 21, 2016

PUBLIC NOTICE OF SALE OF ATLANTA OFFICE TOWER AND 5.5 ACRES Hays Financial Consulting as Receiver and Greystone Brown Real Estate Advisors are conducting a sale by receiver of the Presidential Tower and surrounding acreage in...

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PUBLIC NOTICE OF PRIVATE SALE OF OPERATING COMPANY: The Court-Appointed Receiver of Evans Tempcon, Inc. Announces the Going-Concern Private Sale of Industry Leading Company That Engineers & Manufactures HVAC Systems & Components for RVs, Agricultural & Specialty Vehicles

November 21, 2016

NOTICE OF SALE OF OPERATING COMPANY EVANS TEMPCON, INC. Charles (Chip) Hoebeke of Rehmann Turnaround and Receivership Services, LLC, appointed as the Receiver over Evans Tempcon, Inc. (“Evans”) by the U.S. District Court for the Western...

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Ponzi Scheme Lender May Be On The Hook, After All!

November 21, 2016

The skinny:  the Sixth Circuit recently revived a trustee’s $17 million avoidance and claw-back suit against a lender, finding that the lender’s existing security interests could  have been extinguished via novation. ...

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