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Shale and Petroleum – The Big Picture (Part 1)

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 […]

The Rumors of Kanye West Buying Karmaloop Have Been Greatly Exaggerated

There has been a lot of hot air blown in the past couple of weeks regarding Kanye West and Dame Dash being interested in buying the troubled e-commerce retailer Karmaloop. The two made a series of Instagram posts where they described with some bluster how they were purchasing the company. “We just about to do […]

Showdown in Spokane: The Spokane Country Club Bankruptcy Case

The bankruptcy case of the Spokane Country Club (“SCC” the “Club” or the “Debtor”) is a very interesting study of how the bankruptcy process has not only been used to disrupt the collection efforts of plaintiff creditors who have already been awarded a judgment, but also to essentially negate significant policy changes for a club that had been stipulated […]

Mega RV—Lender Compromise Provides Funds to Creditors

A recent settlement agreement in the Mega RV Corp. (“Mega” or the “Debtor”) bankruptcy highlights the interplay between an overzealous lender and a repentant business owner who came together to cooperate and provide a windfall recovery to unsecured creditors. Mega RV was founded in 2000 by Mike McMahon as McMahon’s RV. The Debtor was in the […]

Venue in Bankruptcy: Appaloosa Fails in Bid to Establish Caesars Venue in Delaware

Caesars’ main operating company prevailed against a creditors’ motion last Wednesday in the Delaware Bankruptcy Court that will allow its bankruptcy case to move forward in the Chicago Bankruptcy Court. On January 12, 2014, bondholders filed an involuntary chapter 11 petition against the operating company, Caesars Entertainment Operating Company, Inc. (“CEOC”), in the United States […]

Not Necessarily Free and Clear II: Successor Liability in General Motors

The scene is Detroit, and the time is early 2009. General Motors is in a pickle. Years of multi-billion dollar losses and mounting pension obligations have taken their toll on GM, and it is looking in to filing a chapter 11 bankruptcy as a means of becoming solvent once again. By June, the U.S. Government […]

Yes, Law Firm, You Were JPM’s Agent in Losing $1.5 Billion – Mistaken Termination Statements Still Effective

The Second Circuit has spoken: “We conclude that although the termination statement mistakenly identified for termination of a security interest that the lender did not intend to terminate, the secured lender authorized the filing of the document, and the termination statement was effective to terminate the security interest.”[i] As a result, JPMorgan Chase & Co. […]

North Riverside Follow up, Part 2 – North Riverside’s Path to Solvency?

The city teeters on the edge of insolvency, as do many other nearby municipalities, as well as the State of Illinois itself. Spurred on by the highly burdensome cost of public servants’ compensation and pension plans, which are consuming an inordinate amount of the fiscal budget, the city is being forced to consider drastic options […]

North Riverside Follow up – Court Strikes Down Senate Bill, Protects Public Pensions

Illinois legislators were dealt a blow recently when when a court ruled that an Illinois Senate bill is unconstitutional, dashing the legislature’s hopes for reducing the state’s unfunded liabilities. The purpose of the bill, Public Act 98-0955, was to attempt to stabilize Illinois’ long term finances and to address some of the state’s $111 billion […]

Federal Interest Rates: The Fed’s Desperate / Get Used To It

The undesirable (though certainly not unexpected) effects of the Fed’s interest rate and bond-buying policies are increasingly a prime topic of discussion within the restructuring industry, and the subject is beginning to break out now into major news media as well. At the core of the issue, really, is the question, What is the long-term […]