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Perfection

You Do Not Have to Mean It: Authorizing the Filing of a Mistaken Termination Statement Suffices to End Perfection of the Security Interest [Committee (re Old GM) v. JPM]

In a previous article, we explained how the unsecured creditors committee in the bankruptcy case of Old GM is suing Old GM’s lender – JPM (as agent for a syndicate of lenders) – to recover $1.5 billion that had been paid to JPM during the bankruptcy case.  Below we trace the technical legal framework for […]


Selling Distressed Assets: The Assignment for the Benefit of Creditors (ABC) Alternative

Editor’s Note: This article provides a broad overview of the use of state law assignments for the benefit of creditors (ABCs) as an efficient alternative to chapter 11 and chapter 7 liquidations conducted under federal law. For a great discussion on other options available to struggling businesses, we recommend this webinar. Financially distressed businesses faced with unlikely […]


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