Education & Information About Restructuring & Insolvency


An Introduction to Bankruptcy Claims Trading

March 27, 2017

Upon the filing of a bankruptcy petition by a debtor in a U.S. chapter 11 proceeding, any attempts to collect debt by a creditor are halted.  As a result, creditors face the daunting prospects of either waiting out the debtor’s bankruptcy...

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90 Second Lesson: Application of Federal Income Tax Laws in Insolvency Cases

March 20, 2017

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to info@dailydac.com and we will try to answer it.    QUESTION: Are insolvent or...

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NOTICE OF ASSIGNEE SALE: of Rainbow Books, Inc. By Assignee Joshua E. Joseph of Frontline Real Estate Partners

March 13, 2017

NOTICE OF ASSIGNEE SALE RAINBOW BOOKS, INC.   NOTICE IS HEREBY GIVEN that March 22, 2017 at 10:00 a.m., at the office of Frontline Real Estate Partners, LLC, 477 Elm Place, Highland Park, IL 60035, Joshua E. Joseph, not individually, but solely...

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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...

RadioShack – Bankruptcy Round Two

March 9, 2017

Serving as an illustration of the principal that a financial restructuring won’t save a business that has ceased to be frequented by customers, RadioShack has filed for bankruptcy for the second time in as many years.  The prior case was filed in the Bankruptcy Court for the District of Delaware as case no. 15-10197.  This case is also in the Bankruptcy Court for the District of Delaware, and is case no. 17-10506.  Prime...

Sally Yates Should be Disbarred

January 31, 2017

I/m no fan of President Trump or his immigration policy, bit I don't know if there has ever been as massive and blatant a departure from professional responsibility as Sally Yates' instruction to all DOJ lawyers this week not to defend their client in pending lawsuits because, while conceding that the client had taken an action that was "lawful on its face", she did not believe the "policy choice embodied in [the relevant] executive order is wise...

Foreign companies filing for bankruptcy in the United States are not exempt from enforcement of American sanctions regulations by the Office of Foreign Asset Control.

March 11, 2017

Foreign companies have sought bankruptcy protection in the United States for decades.  Their hope often is to restructure under the laws of the United States their obligations, including their obligations to pay creditors and investors based overseas. And sometimes obligations are extinguished and principals of foreign companies are given releases as a matter of U.S. law.Bankruptcy protection does not preclude regulatory action.  Some...

BREAKING NEWS: Structured Dismissals Survive Supreme Court Scrutiny, Strict Adherence to Absolute Priority Rule Specified

March 23, 2017

Good news: structured dismissals have survived Supreme Court scrutiny. Bad news: dismissals may be harder to structure, given yesterday’s 6-2 decision overruling the Third Circuit in Jevic narrowing the context in which they can be approved. We now have guidance on whether or not structured dismissals must follow the Bankruptcy Code’s priority scheme. The short answer is that they must. In issuing a decision that requires...

Nortel Judge Rejects Noteholders’ Challenge to Indenture Trustee’s Fees

March 15, 2017

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware handed down an important ruling last week that turned aside most of an unusual challenge to the fees and expenses of an indenture trustee in the long-running Nortel chapter 11 case.  The dispute has been watched closely by financial institutions that serve as trustees on bond issuances.  (Kelley Drye & Warren LLP represented a large creditor in the Nortel...

Orrick Assists in the Restructuring of Leading French Digital Media Group SoLocal

March 17, 2017

Orrick assisted GLAS Trust Corporation Limited in the recent financial restructuring of SoLocal Group S.A., the leading French provider of digital local media and marketing. The main creditors involved were the lenders of around €835 million in senior secured bank debt and the holders of €350,000,000 8.875% senior secured notes due 2018 (the “Notes”). The restructuring agreed between the company, its shareholders and its...

$45 Million for Stay Violations

March 28, 2017

How much in punitive damages is enough to punish unlawful conduct and deter its repetition? $45 million was one bankruptcy court's opinion, in the case of a wrongful home foreclosure and eviction in knowing violation of the automatic stay. The court described the plaintiff-debtors’ treatment by defendant Bank of America as Kafkaesque, and found their deeply emotional testimony (one of them attempted suicide during the ordeal) completely...

New Delaware Chapter 11 Filing – Aerospace Holdings, Inc.

March 28, 2017

Aerospace Holdings, d/b/a GroupAero, along with four of its affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-10635).  The Debtors’ petition reports $10-50 million in assets and $50-100 million in liabilities.  Through its operating subsidiaries, Aerospace Holdings provides engineering, design and manufacturing services to the space, commercial...



90 Second Lesson: Bankruptcy vs Receivership

March 13, 2017

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to info@dailydac.com and we will try to answer it.    QUESTION: Do secured creditors...

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PUBLIC NOTICE OF AUCTION: Virtually All Assets of Lobster Gram Int.

March 10, 2017

HOWARD B. SAMUELS, AS ASSIGNEE FOR THE BENEFIT OF CREDITORS OF GOURMET GRAM INT., INC. D/B/A LOBSTER GRAM INTERNATIONAL, INC. ANNOUNCES PUBLIC AUCTION OF ALL OF LOBSTER GRAM’S RIGHT, TITLE AND INTEREST IN AND TO ALL OF ITS ASSETS   Howard...

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NOTICE OF PUBLIC DISPOSITION OF COLLATERAL: Virtually All Personal Property of Firefly Systems, Inc.

March 6, 2017

NOTICE OF PUBLIC DISPOSITION OF COLLATERAL CLICK HERE FOR EXHIBIT A – BILL OF SALE & TRANSFERRED ASSETS TO: FIREFLY SYSTEMS INC. and any party entitled to notice under Texas Uniform Commercial Code § 9.611 FROM: EOS LAUNCHER,...

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