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Business Bankruptcy

Dealing with Corporate Distress 04: Chapter 11—If You’ve Seen One, You’ve Seen Them All

The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency This installment of our series is required reading for the next, which attempts the audacious task of describing a “typical” chapter 11. And if you didn’t get it, the title of this installment, “Chapter 11—If You’ve Seen One, You’ve Seen Them All,” is intended to be […]


Discharging student loan debt in bankruptcy

How to Discharge Student Loan Debt in Bankruptcy – Yes, It’s Possible!

The Complexity of Student Loan Debt in Bankruptcy… Demystified   Student loan debt has hit a record $1.6 trillion. This number is staggering on its own, but as millions of Americans lose their jobs and source of income during the COVID-19 pandemic, student loan borrowers have to look at their options for repayment.  The U.S. […]


90 Second Lesson: Deciphering California Receiverships

Understanding California Receiverships Through California CCP   Editors’ Note: This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it. Question: Jeffrey B. asks:  Wwhere is a good starting place to understand California receiverships?  Let’s address these […]


Man drafting collateral description

6 Common Mistakes in Drafting Collateral Descriptions

Avoid These Costly Errors in Collateral Descriptions   Drafting can easily go awry. When collateral descriptions are drafted errantly in security agreements and financing statements, secured creditors may not get what they bargained for, and expensive disputes can bloom. A valid security agreement executed by the owner of the collateral and the secured party creates […]


Convertible Securities: Appealing in this Uncertain Market

The market has changed a lot since our last look at convertible bonds about six months ago. Not only has the stock market been shaken by the potential fall-out from the Covid-19 stay-at-home orders, but also interest rates have fallen sharply. The market has shown resilience, but risks clearly remain as the economic recovery may […]


Bank Stocks on Sale

With the sharp slowdown in the economy, bank stocks have declined significantly, and, unlike the broad S&P 500 Index, have not recovered much of their lost value.  Year-to-date, our universe of 180 bank stocks has declined 31%, compared to the 6% decline in the broad market. Driving the weak shares are concerns over higher credit […]


Recharacterization and equitable subordination as tools for altering order of priority of creditors

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

Discerning Similar Methods to Lower the Order of Priority of Creditors’ Claims   [Editors’ Note: This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it.] Question: Jeff P. from Los Angeles asked us to explain the […]


Best Practices for UCC-3 Terminations and Continuations

Careless UCC-3 Termination Filings Have Costly Consequences   Lenders and borrowers are focused on potential workouts and refinancing of loans due to the COVID-19 pandemic. As such, UCC-3 terminations and continuations will be thrust into the spotlight. Under Article 9 of the Uniform Commercial Code (“UCC”), a UCC-3 is defined as a filing used to make or […]


Example of substitute collateral with apple and orange

Kuney’s Corner – Giving Secured Creditor Substitute Collateral in a Chapter 11 Cramdown

Pacifying a Hostile Lender with a Motion to Substitute Collateral    Can a Chapter 11 debtor confirm a plan that gives a hostile secured creditor a lien on an orange as a substitute, in essence, for the secured creditor’s lien on an apple that the debtor wants to keep and use?1 Yes, a motion to […]


Small businesses in bankruptcy can apply for PPP loans though risky

PPP Loans for Chapter 11 Debtors? Maybe…But You Have Other Options

The SBA’s Views, Court Rulings and Options for Your Company You need to restructure your debt and/or deal as soon as possible with assertive creditors. You want to preserve your company, and you would benefit (or already have benefited) from Paycheck Protection Program (PPP) funds as a bridge. What do you do? Can you risk […]


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