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Seventh Circuit Permits Discharge of Student Loan in Bankruptcy Proceeding
The United States Court of Appeals for the Seventh Circuit ruled that a borrower can discharge her student loans under the bankruptcy code.
United States
17 Apr 2013
Chapter 15 Of The U.S. Bankruptcy Code: Accessing The U.S. Bankruptcy Courts
Please join our Insolvency & Restructuring Group and our guest speaker, Dan Glosband, from the U.S. law firm Goodwin Procter LLP for an informative discussion on cross-border insolvency issues.
United States
28 Jan 2013
Can Any "Municipality" File For Ch 9 Bankruptcy? Part 2 Of 2
The three eligible types of entities under Chapter 9 of the Bankruptcy Code include the nebulous "instrumentality of a state," which is receiving increasing attention from potential filers.
United States
30 Oct 2012
Can Any "Municipality" File For Ch 9 Bankruptcy? Part 1 Of 2
As cities and states continue to struggle financially, and with cities in Alabama and California already availing themselves of its protections, more governmental entities are examining the option of restructuring under Chapter 9 of the Bankruptcy Code.
United States
22 Oct 2012
Will Municipal Bankruptcies Unsettle The Bond Market?
The surge in municipal bankruptcies across the country, including three in California since January, has been unsettling for bond market participants.
United States
16 Oct 2012
Characteristics Of "Neutral Evaluators": The California Experience To Date
In October 2011, California passed AB 506 which established prerequisites before a municipality is eligible to file for protection under Chapter 9 of the United States Bankruptcy Code.
United States
16 Oct 2012
California Prerequisites To Municipal Bankruptcy Filings: Working Or Not?
Historically, a municipality could file for protection under Chapter 9 of the United States Bankruptcy Code without seeking prior state approval or satisfying any pre-conditions.
United States
15 Oct 2012
Building Consensus In A Municipal Bankruptcy
Throughout the United States, many municipalities are facing severe financial distress and being forced to examine Chapter 9 -- the section of the Bankruptcy Code governing municipality eligibility -- as a means of eliminating debt and restructuring their obligations.
United States
14 Oct 2012
Sixth Circuit Holds That ERISA Preempts State Law Claims Against Nonfiduciary Plan Custodian
In "McLemore v. Regions Bank", No. 10-5480 (6th Cir. June 8, 2012), a divided panel of the U.S. Court of Appeals for the Sixth Circuit ruled that ERISA preempted state law.
United States
8 Jul 2012
Class Certification Challenging Validity Of Assignments In Foreclosure Actions Denied
The United States District Court for the District of Massachusetts recently denied a motion for class certification in a case asserting that defendants failed to obtain valid assignments prior to foreclosing.
United States
25 May 2012
Bankruptcy Ruling Favors IP Licensees In Cross-Border Transactions
In the Chapter 15 bankruptcy case of Qimonda AG, a manufacturer of semiconductor memory devices with headquarters in Munich, Germany, the U.S. Bankruptcy Court for the Eastern District of Virginia refused to permit a German Insolvency Administrator to apply German law to abrogate intellectual property license agreements and deprive licensees of the option to retain their rights.
United States
28 Nov 2011
Jefferson County, Alabama, Files Historic Municipal Bankruptcy
Jefferson County, Alabama, has filed for Chapter 9 bankruptcy protection after failing to reach a final agreement on terms with creditors to settle a $3.14 billion sewer-system bond debt.
United States
23 Nov 2011
New California Law Will Restrict Cities' Access To Bankruptcy Under Chapter 9
Like many other states, California is in the midst of a financial crisis often referred to as "the next Greece." California’s fiscal crisis has heightened fears that its other cities or municipal agencies will follow the City of Vallejo into federal bankruptcy protection under Chapter 9 ("Chapter 9") of Title 11 of the United States Code (the "Bankruptcy Code").
United States
27 Oct 2011
Third Circuit Decision in In re Philadelphia Newspapers Has Ramifications for Secured Creditors’ Credit Bid Rights
A recent decision by the Third Circuit Court of Appeals has significant ramifications for relationships between borrowers and lenders that extend beyond the boundaries of bankruptcy proceedings.
United States
8 Apr 2010
FFIEC Issues Proposed Guidance On Reverse Mortgage Products
The FFIEC released proposed guidance on reverse mortgage products for comment. The guidance covers the compliance and reputation risks raised by reverse mortgage lending.
United States
4 Jan 2010
Lehman Bankruptcy Court Declares “Bankruptcy Default” Under Swap Agreement To Be Unenforceable
When Lehman Brothers Holdings, Inc. filed for bankruptcy protection on September 15, 2008, Lehman (directly and through its subsidiaries and affiliates) was party to more than 900,000 derivative contracts.
United States
29 Sep 2009
GGP Ruling Exposes Weaknesses In Popular Bankruptcy Remote SPE Structures
In a recent ruling declining to dismiss the Chapter 11 cases of several subsidiaries of General Growth Properties ("GGP"), the U.S. Bankruptcy Court for the Southern District of New York demonstrated that special purpose entities ("SPEs"), designed to avoid bankruptcy, can nonetheless be subject to bankruptcy proceedings.
United States
25 Aug 2009
Bankruptcy Auctions: The New Buyout Market?
What is a private equity firm to do in the current leverage constrained market? The days of bidding up the prices of profitable and growing businesses in robust auctions fueled by stapled financing featuring PIK/toggle covenant light terms at 7x EBITDA are a thing of the past.
United States
29 Apr 2009
Bankruptcy Court Rejects Cayman Proceedings Of Bear Stearns Hedge Funds
The refusal by a U.S. Bankruptcy Judge to provide assistance to Cayman liquidation proceedings of failed Bear Stearns hedge funds raises the question of what country should conduct the bankruptcy of a hedge fund that is registered offshore but that conducts all of its business in the United States.
United States
13 Sep 2007
SEC Issues Interpretations of Private Fund Adviser Registration Rules (Hedge Fund Alert)
Certain advisers of private investment funds will be required to register under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), no later than February 1, 2006 to comply with rules adopted by the Securities and Exchange Commission in December 2004 (the "Registration Rules").
United States
30 Jan 2006
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