Charles Calloway

A lot of what the TPMC has been discussing over the last few weeks was addressed in the ACIC CLE presentation on April 16, 2020 entitled,“The Practical Impacts of COVID-19 on Private Placement Transactions”, by Colin Pennycooke (Principal Insurance), Stacey Pike (Chapman and Cutler LLP), Christopher A. Lawrence (Akin Gump Strauss Hauer & Feld LLP), […]

The National Association of Insurance Commissioners (the “NAIC”) recently approved new rules with respect to ground lease financing transactions (each a “GLFT”).  GLFTs are generally those that have the following characteristics: (i)        a long term ground lease (typically 99 years); (ii)       one or more subtenants in an existing or to be construction building; (iii)      both […]

In re Palm Avenue Partners, LLC, No. 8:12-bk-09808-MGW, 2019 WL 6971160 (Bankr. M.D. Fla. December 17, 2019). Tom Leiter solicited $2.5 million in investments to develop property through Palm Avenue Partners, a company he and his son managed. He (through Beacon Homes, which he solely owned) spent $300,000.00 to acquire the contractual rights to buy […]

TMX Finance, LLC v. Goldsmith, 352 Ga. App. 190 (Ct. Ap. Ga. 2019). Ousted owners of ICOT Holdings, LLC and ICOT Hearing (collectively, “ICOT”) filed a direct action against Young, a guarantor and former co-member of ICOT, in addition to his web of companies, alleging breach of a limited liability company’s operating agreement, breach of […]

SE Prop. Holdings, LLC v. Unified Recovery Grp., LLC, 410 F. Supp. 3d 775 (E.D. La. 2019). A Louisiana parish contracted with Unified Recovery Group, LLC (“URG”) to remove debris following Hurricane Katrina (the “Katrina Contract”) and Hurricane Isaac (the “Isaac Contract”).  Thereafter, URG entered into a security agreement with SE Property Holdings, LLC (“SEPH”), […]

Bethesda Road Partners, LLC v. Strachan, 832 S.E.2d 503 (N.C. Ct. App. 2019). A real estate venture (the “Borrower”) executed a promissory note (the “Note”) to a bank (the “Bank”) as part of a project. The Bank required each of the members of the LLC to execute personal guaranties. The project failed, the Note matured, […]

In re Tara Retail Group, LLC, 607 B.R. 839 (Bankr. Dist. W. Va. 2019) In September 2013, Tara Retail Group, LLC (“Debtor”) purchased a multi-tenant commercial property known as The Crossings Mall. In conjunction with the purchase of this property, the Debtor entered into a Loan Agreement with UBS Real Estate Securities, Inc. The Debtor […]

Membership Committee The primary responsibility of the Membership Committee is to consider applications for ACIC membership and to recommend those applicants meeting the membership criteria of the College to the Board of Trustees for a membership vote.  In discharging this responsibility, the committee considers the totality of a candidate’s responses in his/her application, with particular […]

Auctus Fund, LLC v. Sunstock, Inc., 405 F. Supp. 3d 218 (D. Mass. 2019) Sunstock Inc., (the “Borrower”) issued convertible promissory notes to Auctus Fund, LLC  (“Auctus”) and EMA Financial, LLC (“EMA”, and each a “Lender”, and collectively the “Lenders”) in 2017.  Both Lenders had a provision in their respective promissory notes where in the […]

Metcalf v. Fitzgerald, 333 Conn. 1, 214 A.3d 361 (2019) Jonathan Metcalf (the “Debtor”) filed a chapter 7 bankruptcy petition for his business and later a petition individually.  One of his creditors, Ion Bank (the “Creditor”), objected to the discharge of any the Debtor’s obligations in bankruptcy court and initiated an adversary proceeding against the […]

Bank of America, N.A. v. New England Quality Service, Inc., 790 F. App’x 314 (2d Cir. 2019) In August of 2012, New England Quality Service, Inc. and affiliates (the “Borrowers”) entered into a loan agreement with Bank of America, N.A. (the “Lender”).  Over the next few years, the Borrowers expanded their relationship with the Lender, […]

Protecting Tax in Insolvency Introduction The current priority of debts in an English insolvency are determined by reference to the Insolvency Act 1986, which provides for preferential status in respect of certain debts including, for example, employee remuneration and occupational pension schemes.  This status ensures that these preferred debts are paid after creditors holding fixed […]

New York Superintendent of Financial Services Linda A. Lacewell has appointed, current ACIC fellow and former ACIC Trustee, My Chi To, as executive deputy superintendent of the Insurance Division at the Department of Financial Services (DFS), which regulates more than 1,400 insurance companies with assets of $4.7 trillion.  Click Here to learn more.

Syncreon: The English Patient On 1 October 2019, the landmark cross-border restructuring of the Syncreon group completed.  Pursuant to the restructuring, the Syncreon group’s funded debt was reduced by approximately U.S. $625 million and the Syncreon group was provided with approximately U.S. $250 million of new financing.  The restructuring of the Syncreon group is widely […]

To Our ACIC Fellows and Friends: Please allow us a few moments to introduce you to our newly designed ACIC Website! The members of the website committee, along with our ACIC administrative office, have been hard at work for the past year on the new site, and we are excited for you all to see […]

Wei v Li, 2019 BCCA 114 Summary In Canada, s. 347 of the Criminal Code of Canada (the Criminal Code) precludes interest rates in excess of 60% per annum. In Wei v Li., the defendants defaulted in the re-payment of their loans to the plaintiff.  The plaintiff obtained a judgment from a Chinese court after […]