Healthcare providers face many pressures, including regulatory compliance costs and the costs of necessary technological and infrastructure investments. Congress’ repeated attempts to reform healthcare legislation this year have created new uncertainties for the healthcare industry. A survey of financial experts and bankruptcy lawyers predicted the healthcare industry would join the retail industry and oil and […]
The Supreme Court is about to take on the Safe Harbor rules in the Bankrupcty Code.
A transaction in which a foreign company gains control of US assets can be hammered to sleep by the President acting upon the recommendation of the Committee on Foreign Investment in the United States (“CFIUS”). The delay of CFIUS review and its potential draconian consequence affect the viability of foreign purchaser participation in asset sales […]
No One Questioned This Hedge Fund’s Madoff-Like Returns, by Zeke Faux and published in Bloomberg.com (Jan. 4, 2017), discusses the possibly $1 billion fraud alleged to have been engineered by Platinum Partners entities under the direction of Mark Nordlicht and others. From this article we take away two principal points: Any sense that the SEC […]
Gerchen Keller purchases a portion of the interest in proceeds of $213 million fraudulent conveyance judgment in innovative public sale. An interesting transaction took place on September 8, 2016. The chapter 7 bankruptcy trustee for Magnesium Corporation of America (“MagCorp”) sold a $50 million share of a $213 million judgment it has against fraudulent conveyance […]
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 the need may arise, there are some baseline concepts that you should understand before hiring an appraisal firm. This article discusses some of them.
Hard times lead to new ways. The City of Detroit falls on hard times—and files bankruptcy to find a new way. Catholic Dioceses in various places are confronted with massive litigation burdens—and are finding solutions through bankruptcy. The Detroit bankruptcy case and the group of Diocese bankruptcy cases have little in common: The Diocese cases […]
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. Impact: secured lenders entering into amended and restated loan documents should adopt definitive and irrefutable language demonstrating that the parties do NOT intend for the new […]
Recently, Judge Jacqueline P. Cox in the U.S. Bankruptcy Court for the Northern District of Illinois issued an opinion which reviewed Seventh Circuit precedent in determining the appropriate rate of post-petition interest for unsecured creditors in Chapter 11 cases where the debtor is solvent. The legal implications of the Judge’s decision are interesting and worthy of […]
Back in the mid-to-late ‘80s, when Dennis Miller had a massive mullet (and his stand-up performances were much more likely to be attended by you and your friends than your distant aunt and uncle who worked on the ’72 Nixon campaign), his “Weekend Update” features on Saturday Night Live were often enriched by little segments featuring […]