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Secured Claims

Dealing With Distress For Fun & Profit – Installment #8 – What Every Secured Creditor (And Its Lawyer) Should Know About Chapter 11

A written tour of business bankruptcy and its alternatives In our past few installments we’ve been approaching our topic in a more or less chronological manner, explaining what generally happens first, second, third, and so on. We think it useful to switch convention and spend this and the next few installments talking about things from […]


RECOMMENDED READING: How Fisker and Free Lance Star-Publishing Did Not Alter Credit-Bidding

The Editorial Staff of Commercial Bankruptcy Investor recently reviewed the seemingly earth-shaking Fisker and Free Lance Star-Publishing orders limiting credit bidding rights. The Editorial Staff concluded that much of the angst is misplaced and that credit bidders should try to be the least bit cool in credit bidding, in particular to avoid inequitable behavior in […]


Try to Be the Least Bit Cool: Credit Bidding Rights After Fisker and Free Lance Star-Publishing

Holders of secured debt now have two cases to make them nervous as to whether they got all they paid for with respect to their right to credit bid at a sale of the collateral in a section 363 sale in bankruptcy.  It may appear that both courts chopped back credit bidding rights solely to […]


KUNEY’S CORNER – Cramming Down a Chapter 11 Plan by Giving Secured Creditor 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?[i] Yes, if the value of the new lien meets the test of “indubitable equivalence” with […]


KUNEY’S CORNER – To Cheat Perdition Under the Debtor’s Plan: The Secured Creditor’s Section 1111(b) Election

A recent article by this author on this site presented the debtor’s cram down powers, to be employed in confirming a plan over the opposition of impaired creditors.[i] That article referred briefly to an undersecured secured creditor’s counter-measure: the section 1111(b)(2) election. By making this election, a secured creditor chooses to do without (i.e. “plucks […]


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