Article courtesy of Wendy Harlan (Unum) Among other new members who have joined during the first half of 2023, the ACIC is thrilled to welcome: Marla Berger (Kuvare Insurance Services) Jake Gawlak (Akin Gump) John Hreno (Morgan Lewis) Ben Leese (ArentFox Schiff) Rob Lewton (The Hartford) Jillian Ludwig (Allstate) Matthew Melick (State Farm) Chris Nowatarski […]
Midwest Update – In re Buchanan
Article courtesy of Michael Robson (Greenberg Traurig, LLP) In re Buchanan, 31 F.4th 1091, 1092 (8th Cir. 2022) This case arises from a dispute between Jay Buchanan and Lori Buchanan (the “Buchanans”), sole owners of Signature Electric, LLC (“Signature”), and Lund-Ross Constructors, Inc., a general contractor (“Lund-Ross”). Lund-Ross hired Signature to do electrical work on […]
Midwest Update – In re West
Article courtesy of Michael Robson (Greenberg Traurig, LLP) In re West, No. 21 31047 JDA, 2022 WL 1309939 (Bankr. E.D. Mich. May 2, 2022) In an adversary proceeding, the defendant, Shiawassee County in the State of Michigan, sought to dismiss the plaintiff/debtor’s four count complaint, which alleged that the state court judgment of foreclosure against […]
Midwest Update – In re Juntoff
Article courtesy of Michael Robson (Greenberg Traurig, LLP) In re Juntoff, 636 B.R. 868 (B.A.P. 6th Cir. 2022) In a consolidated appeal arising from two separate Chapter 13 cases, the debtors objected to priority unsecured claims filed by United States on behalf of Internal Revenue Service (“IRS”) for “shared responsibility payment” (“SRP”) assessed for failure […]
Mid-Atlantic Update – Purdue Pharma L.P. v. City of Grande Prairie
Article courtesy of Maggie Parker-Yavuz (Akin Gump) and Jake Gawlak (Akin Gump) Purdue Pharma L.P. v. City of Grande Prairie (In re Pharma L.P.), 69 F.4th 45 (2d Cir. 2023) Overview: The U.S. Court of Appeals for the Second Circuit reversed the order of the U.S. District Court for the Southern District of New York […]
Mid-Atlantic Update – TLA Claimholders Grp. v. LATAM Airlines Grp. S.A.
Article courtesy of Maggie Parker-Yavuz (Akin Gump) and Jake Gawlak (Akin Gump) TLA Claimholders Grp. v. LATAM Airlines Grp. S.A. (In re LATAM Airlines Grp. S.A.), 55 F.4th 377 (2d Cir. 2022) Overview: Unsecured creditors of Tam Linhas Aéreas S.A., a subsidiary of LATAM Airlines Group S.A., appealed to the U.S. Court of Appeals for […]
Analysis of the English Court’s Decision in the Adler Group Restructuring Matter
Authored by Barry Russell and Richard Hornshaw of Akin Gump Introduction The English court’s recent decision in Re AGPS BondCo PLC raises a number of important issues for fixed income investors in the debt of companies where those companies may be able to take advantage of the new restructuring plan in the UK. In particular, […]
2023 Fall Annual Meeting and Education Conference Sneak Peek
A message from the co-chairs of the 2023 Fall Annual Meeting and Education Conference, Margaret Parker-Yavuz (Akin Gump) and Thomas Pasuit (Kuvare): On behalf of the Board of Trustees and the Education Committee, we invite you to join us at the ACIC’s 2023 Fall Investment Forum to be held at the Westin Grand Central in […]
Spotlight on New ACIC Members – Second Half of 2022
Article courtesy of Chiraag Kumar (MetLife) The ACIC is thrilled to have welcomed the following new members during the second half of 2022: Kaileigh Fagan Hobson (King & Spalding) Chris Parrott (Akin Gump) Bret Strzelczyk (Greenberg Traurig) Hailey Osland (Lincoln Financial) Jamie Kocis (Kramer Levin Naftalis & Frankel) To learn more about these esteemed new […]
Midwest Update – In re Franklin
Article courtesy of Michael Robson (Greenberg Traurig, LLP) In re Franklin, No. 21 20657 DOB, 2022 WL 903735 (Bankr. E.D. Mich. Mar. 28, 2022) In a dispute between Jermaine Franklin Jr., the debtor, and Mark Haak, Mr. Franklin looked to have the court determine if he must continue performing the tasks required under a personal […]
Midwest Update – Peters Broadcast Engineering, Inc. v. 24 Cap., LLC
Article courtesy of Michael Robson (Greenberg Traurig, LLP) Peters Broadcast Engineering, Inc. v. 24 Cap., LLC, 40 F.4th 432 (6th Cir. 2022) In a dispute between Peters Broadcast Engineering, Inc. (“Peters Broadcast”), a broadcasting company, alleging RICO violations against 24 Capital, LLC (“24 Capital”) and its operations manager, the United States Court of Appeals, Sixth […]
Midwest Update – FishDish, LLC v. VeroBlue Farms USA, Inc.
Article courtesy of Michael Robson (Greenberg Traurig, LLP) FishDish, LLC v. VeroBlue Farms USA, Inc., No. 19 CV 3026 CJW KEM, 2022 WL 1093271 (N.D. Iowa Apr. 12, 2022) In a dispute between FishDish, LLC (“FishDish”) and Alder Aqua, Ltd. (“Alder Aqua”), VeroBlue Farms USA, Inc. (“VeroBlue”), and Broadmoor Financial L.P. (collectively “appellees”) on appeal […]
Mid-Atlantic Update – Halperin v. Morgan Stanley Investment Mgmt.
Article courtesy of Maggie Parker-Yavuz (Akin Gump) and Jake Gawlak (Akin Gump) Halperin v. Morgan Stanley Investment Mgmt. (In re Tops Holding II Corp.), Docket Nos. 18-22279, 20-08950, 2022 Bankr. LEXIS 2899 (Bankr. S.D.N.Y. Oct. 12, 2022) Overview: Litigation trustee for unsecured creditors of Tops Holding II Corporation in its chapter 11 bankruptcy case brought […]
Mid-Atlantic Update – Bayside Cap. Inc. v. TPC Group Inc.
Article courtesy of Maggie Parker-Yavuz (Akin Gump) and Jake Gawlak (Akin Gump) Bayside Cap. Inc. v. TPC Group Inc. (In re TPC Group Inc.), Docket Nos. 22-10493 (CTG), 22-50372 (CTG) (Bankr. D. Del. July 6, 2022) Overview: Minority holders of notes issued by chapter 11 debtor TPC Group Inc. under a 2019 indenture filed an […]
Mid-Atlantic Update – Citibank, N.A. v. Brigade Capital Mgmt.
Article courtesy of Maggie Parker-Yavuz (Akin Gump) and Jake Gawlak (Akin Gump) Citibank, N.A. v. Brigade Capital Mgmt., LP, 49 F.4th 42 (2d Cir. 2022) Overview: The U.S. Court of Appeals for the Second Circuit considered whether, under New York law, lenders to Revlon were entitled to keep an erroneous payment of approximately $500 million […]
2023 Spring Investment Forum Sneak Peek
A message from the co-chairs of the 2023 Spring Investment Forum, Manny Rodriguez (Avila Law) and Brendan Kelly (New York Life): On behalf of the Board of Trustees and the Education Committee, we invite you to join us at the ACIC’s 2023 Spring Investment Forum to be held at the Four Seasons Hotel in Chicago […]
Green and Sustainability-Linked Private Placements by European and UK Issuers
Authored By: Amy Kennedy, Chris Lawrence, Inderveer Hothi, Maggie Parker Yavuz, Mike Gustafson, Tom O’Connor, Bruce E. Simonetti, and Michael Roebuck of Akin Gump Environmental, social and governance (“ESG”) factors are becoming increasingly relevant across a range of financial investments. This has been driven in part by changes in the legal and regulatory landscape, including […]
Introducing the ACIC’s New Officers and Trustees
Contributed by Benjamin Cordiano (Morgan Lewis) — The ACIC is pleased to congratulate and welcome its newest officers and trustees. The following individuals were elected to the positions described below during the ACIC’s annual meeting. Officers for 2022-2023: President: Renée M. Dailey (Akin Gump Straus Hauer & Feld LLP) Vice President 1: Luke Weedon (Baker […]
2022 Fall Annual Meeting and Education Conference Summary
Recap of the 2022 Fall Annual Meeting and Education Conference (held October 20 & 21, 2022) Prepared by Andy Christianson (Reinhart Boerner Van Deuren) This year’s ACIC Fall Annual Meeting and Education Conference was held at the Boston Marriott Long Wharf, simulcast on the Whova platform for remote attendees, and co-chaired by Jennifer Fitzpatrick (Pacific […]
Southwest Update – U.S. Bank Nat’l Ass’n v. Lamell
Article courtesy of Clint Culpepper of Baker Botts A debtor challenged a notice of intent to accelerate by asserting a statute of limitations defense. The case was determined based on the sufficiency of notice to the debtor of the intent to abandon a previous acceleration notice. U.S. Bank Nat’l Ass’n v. Lamell, 2022 U.S. App. […]
Committee Reports – September 2022
Compiled by Tyler Margolis of ArentFox Schiff LLP Communications Committee The Communications Committee is responsible for communications among the College’s members and for communications between the College and the investment community at large. The Committee is responsible for preparing and publishing the College’s monthly newsletter, Private Notes. The monthly Private Notes includes summaries of recent […]
Southern Region Update – Tuggle v. Ameris Bank
Article courtesy of Jeff Dutson of King & Spalding Love and affection, while nice, do not constitute reasonably equivalent value for transfer of properties worth more than $1 million under Georgia’s Uniform Fraudulent Transfers Act. Tuggle v. Ameris Bank, 363 Ga. App. 600 (Ct. App. Ga. 2022) A borrower transferred two parcels of property to […]
Southern Region Update – Versailles Farm Home and Garden, LLC v. Haynes et al.
Article courtesy of Jeff Dutson of King & Spalding Overturning prior appellate court precedent, the Kentucky Supreme Court upheld the trial court’s and Court of Appeals’ determination that the Kentucky UCC does not require future advances be explicitly stated in a security agreement in order to be secured by such security agreement so long as […]
Southern Region Update – Whitten v. Clarke
Article courtesy of Jeff Dutson of King & Spalding Under Delaware law, requirement that a shareholder first make demand on the board before bringing suit is not excused on the basis of substantial likelihood of liability claim in the absence of showing that the board had actual knowledge of the alleged misconduct prior to the […]
Southern Region Update – Cherry Cmty. Org. v. Sellars
Article courtesy of Jeff Dutson of King & Spalding Debtor’s knowledge imputed to debtor’s co-principals, rendering land sale from debtor to debtor’s co-principals voidable under the UVTA as to debtor’s creditor. Cherry Cmty. Org. v. Sellars, 871 S.E. 2d 706 (N.C. 2022) A North Carolina nonprofit entity focused on the preservation and restoration of a […]
New England Update – In re CE Electrical Contractors, LLC
Article courtesy of Kevin P. Braun of Morgan, Lewis & Bockius LLP Debtor’s proposed plan of reorganization failed to satisfy the “best interests of creditors” test and Bankruptcy Code cramdown requirements due to plan’s proposed modifications to secured lender’s note, including paying secured lender less than the full amount of it’s claim while paying other […]
New England Update – Unibank for Savings v. 999 Private Jet, LLC
Article courtesy of Kevin P. Braun of Morgan, Lewis & Bockius LLP Purported senior lienholder failed to perfect its security interest in aircraft by not satisfying the FAA’s recordation requirements when it filed only a claim-of-lien letter with the FAA; competing lienholder with no knowledge of adverse claims qualified as a good faith purchaser for […]
Spotlight on New ACIC Members Since February 2022
Article courtesy of Chiraag Kumar (MetLife) Among other new members who have joined since February 2022, the ACIC is thrilled to welcome: Taylor Courtade (Baker Botts) Gregory (Greg) LaHood (Mayer Brown) Eric Larson (Greenberg Traurig) Jeff Leider (Milbank) Clara Pauw (Chapman & Cutler) David Shim (Morgan, Lewis & Bockius) To learn more about our esteemed […]
UK Update – Corbin & King: First Judicial Considerations of the English Moratorium
Contributed by Tom Bannister and Lauren Pflueger (Akin Gump) _ Corbin & King: First Judicial Consideration of the English Moratorium In June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) introduced a new standalone moratorium process in England, alongside the restructuring plan and certain temporary measures in response to the pandemic. Over 18 […]
Canadian Update: The Supreme Court of Canada Clarifies the Court’s Discretion to Stay Pre-Post Set-off Claims under the Companies’ Creditors Arrangement Act
Contributed by Danielle Maksimow (Norton Rose Fulbright Canada) _ Montréal (City) v. Deloitte Restructuring Inc. (City v Deloitte) Canadian Update: The Supreme Court of Canada Clarifies the Court’s Discretion to stay Pre-Post Set-off Claims under the Companies’ Creditors Arrangement Act Introduction In December 2021, the Supreme Court of Canada (the “SCC”) confirmed the majority decision […]
President’s Message – June 2022
Written by Chris Dallas (Pacific Life) _ So far, 2022 seems to be shaping up better, or at least different, than 2021 for many of us. As we start to return to the office, many of us are faced with the tradeoffs between working at home or in the office. On the plus side, it […]
Spotlight on New ACIC Members Since August 2021
Article courtesy of Nicholas Dumas (Aflac Global Investments) The ACIC is thrilled to welcome the following new members since August 2021: John Beck (Hogan Lovells) Nicholas Dumas (Aflac Global Investments) Inderveer Hothi (Akin Gump) Niki Khatami (SLC Management) Sarah Challen McKee (Akin Gump) Ron Silverman (Hogan Lovells) Sarah Stanton (Northwestern Mutual) Issa Yesufu (Northwestern Mutual) […]
Midwest Update – Sauter v. Brack
Article courtesy of Michael Robson (Greenberg Traurig, LLP) Sauter v. Brack, No. 20A MI 751, 2020 WL 5104870 (Ind. Ct. App. March 31, 2020) In a dispute between the guarantor of a promissory note that was subordinated to a previously granted commercial loan and the junior lender, the Indiana Court of Appeals (the “Court”) held […]
Mid-Atlantic Update – In re 3P Highstown, LLC
Article courtesy of Margaret G. Parker-Yavuz (Akin Gump) and Chanwon (Pio) Yoon (Akin Gump) In re 3P Highstown, LLC, 631 B.R. 205 (Bankr. D.N.J. 2021) Overview: On creditor Hightstown Enterprises, LLC’s motion seeking dismissal, the Bankruptcy Court for the District of New Jersey dismissed a voluntary chapter 11 petition of the debtor 3P Hightstown, LLC […]
Mid-Atlantic Update – In re Purdue Pharma, L.P.
Article courtesy of Margaret G. Parker-Yavuz (Akin Gump) and Chanwon (Pio) Yoon (Akin Gump) In re Purdue Pharma, L.P., 2021 Dist. LEXIS 242236 (S.D.N.Y. Dec. 16, 2021) Overview: The U.S. Bankruptcy Court for the Southern District of New York confirmed a chapter 11 plan of Purdue Pharma L.P. and its debtor affiliates which provided, among […]
Mid-Atlantic Update – In re Hertz Corp.
Article courtesy of Margaret G. Parker-Yavuz (Akin Gump) and Chanwon (Pio) Yoon (Akin Gump) Wells Fargo Bank, N.A. v. Hertz Corp. (In re Hertz Corp.), 2021 Bankr. LEXIS 3491 (Bankr. D. Del. Dec. 22, 2021) Overview: The Hertz debtors filed a motion to dismiss unsecured notes indenture trustees’ complaint seeking to recover make-whole premium and/or […]
Mid-Atlantic Update – In re Tribune Co. Fraudulent Conveyance Litig.
Article courtesy of Margaret G. Parker-Yavuz (Akin Gump) and Chanwon (Pio) Yoon (Akin Gump) Kirschner v. Large S’holders (In re Tribune Co. Fraudulent Conveyance Litig.), 10 F.4th 147 (2d Cir. 2021) Overview: Bankruptcy litigation trustee brought fraudulent conveyance and other claims on behalf of creditors against shareholders who sold their stock in the Tribune Company’s […]
Midwest Update – In re Hitz Restaurant Group
Article courtesy of Michael Robson (Greenberg Traurig, LLP) In re Hitz Restaurant Group, 616 B.R. 374, 2020 WL 2924523 (Bankr. N.D. Ill. 2020) In a bankruptcy proceeding relating to the interpretation of a force majeure clause in a restaurant lease (the “Lease”) in the Covid 19 pandemic (“Covid 19”), the United States Bankruptcy Court for […]
Midwest Update – In re Murray Metallurgical Coal Holdings, LLC
Article courtesy of Michael Robson (Greenberg Traurig, LLP) In re Murray Metallurgical Coal Holdings, LLC et al., 2020 WL 1307378, 68 BCD 143 (Bankr. S.D. Ohio 2020) Overruling an objection brought by two employee benefit funds, the Southern District of Ohio Bankruptcy Court (“Court”) held that a debtor in possession may pay prepetition claims of […]
2022 Spring Investment Forum Teaser
A message from the co-chairs of the 2021 Spring Investment Forum, Noelle Sproul (Nuveen) and Charles Calloway (Chapman & Cutler): On behalf of the Board of Trustees and the Education Committee, we invite you to join us for the ACIC’s 2022 Spring Investment Forum, to be held April 7-8, 2022 at the Four Seasons Hotel […]
