Authored by Tom Bannister, Lauren Pflueger, Barry Russell and Emma Simmonds (Akin Gump Strauss Hauer & Feld LLP) When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England [1], comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code) were inevitable. A […]
The Inflation Reduction Act’s Significant Expansion of Green Technology Industry Tax Credits: Overview and Potential Investment and Monetization Opportunities
Article Coursey of Amy Maloney, Authored by Casey S. August (Morgan Lewis) Signed into law on August 16, 2022, the Inflation Reduction Act of 2022 includes a wide range of legislation addressing climate change, healthcare, prescription drug pricing, and tax matters. Among its most significant features, the act includes approximately $370 billion in energy […]
Rocky Mountain Western – In re Shoot the Moon, LLC
All Settlements Final: District of Montana Bankruptcy Court Refuses to Set Aside Releases Alleged to Have Been Obtained by Fraud In re Shoot the Moon, LLC, 635 B.R. 568 (Bankr. D. Mont. 2022) Article Courtesy of David Simonds of Hogan Lovells Summary In In re Shoot the Moon, LLC, the United States […]
Rocky Mountain Western – In re PG&E Corp.
Ninth Circuit Holds that Unimpaired Creditors of Solvent Debtor Are Entitled to Postpetition Interest In re PG&E Corp., No. 21-16043, 2022 WL 3712478 (9th Cir. Aug. 29, 2022) Article Courtesy of David Simonds of Hogan Lovells Summary In In re PG&E Corp., a panel of the United States Court of Appeals for the […]
Rocky Mountain Western – In re Source Hotel, LLC
A Hotel That Is Not Operational and Non-Revenue Producing Is a Single Asset Real Estate Debtor In re Source Hotel, LLC, No. 8:21-BK-10525-ES, 2022 WL 2072673 (C.D. Cal. June 8, 2022) Article Courtesy of David Simonds of Hogan Lovells Summary In In re Source Hotel, LLC, the United States District Court for the […]
What To Do In Boston
Helpfully Compiled by Danielle Maksimow (Norton Rose) Looking for things to do in Boston in October? When the hardest part of your vacation is deciding which of the many attractions to visit, you know you chose the right destination. Boston is one of such places, so while you are there for Thursday and […]
Mid-West Update – Peterson v. Colony American Finance Lender LLC et al. (In re Mack Industries Ltd. et al.)
Article Courtesy of Michael Robson (Greenberg Traurig) Peterson v. Colony American Finance Lender LLC, et al. (In re Mack Industries Ltd., et al.), 71 BCD 42, 2021 WL 6015700 (Bankr. N.D. Ill. 2021) U.S. Bankruptcy Judge Carol A. Doyle of the Northern District of Illinois (the “Court”) partially granted a motion to dismiss […]
Mid-West Update – Upper Explorerland Regional Planning Commission v. Vanhorn (In re Vanhorn)
Article Courtesy of Michael Robson (Greenberg Traurig) Upper Explorerland Regional Planning Commission v. Vanhorn (In re Vanhorn), 69 BCD 240, 2021 WL 741999 (Bankr. N.D. Iowa 2021) Overview Chief U.S. Bankruptcy Judge Thad J. Collins of the Northern District of Iowa (the “Court”) ruled that a business lender’s purchase-money security interest (“PMSI”) does […]
Mid-West Update – Lowry v. Southfield Neighborhood Revitalization Initiative, et al. (In re Lowry)
Article Courtesy of Michael Robson (Greenberg Traurig) Lowry v. Southfield Neighborhood Revitalization Initiative, et al. (In re Lowry), 71 BCD 36, 2021 WL 6112972 (6th Cir. 2021) Overview As the price paid by the city of Southfield, Michigan (the “City”) to acquire the debtor’s home bore no relationship to the property’s fair market […]
Mid-West Update – In re Nu-Cast Step & Supply Inc.
Article Courtesy of Michael Robson (Greenberg Traurig) In re Nu-Cast Step & Supply Inc., 639 B.R. 440 (Bankr. E.D. Mich. 2021) Overview The United States Bankruptcy Court for the Eastern District of Michigan (the “Bankruptcy Court”) ruled that a company that bought a liquidated concrete business’s assets may not reopen the debtor’s 4-year-old […]
Mid-Atlantic Update – Miller v. Fallas (In re J & M Sales Inc.)
Article Courtesy of Margaret G. Parker-Yavuz (Akin Gump Strauss Hauer & Feld LLP); Secondary Contributor Troy DeLeon (Akin Gump Strauss Hauer & Feld LLP) Miller v. Fallas (In re J & M Sales Inc.), Nos. 18-11801 (JTD), 20-50775 (JTD), 2022 Bankr. LEXIS 434 (Bankr. D. Del. Feb. 22, 2022) Overview: Bankruptcy trustee in […]
Mid-Atlantic Update – In re Ocean View Motel
Article Courtesy of Margaret G. Parker-Yavuz (Akin Gump Strauss Hauer & Feld LLP); Secondary Contributor Troy DeLeon (Akin Gump Strauss Hauer & Feld LLP) In re Ocean View Motel, No. 20-21165-ABA, 2022 Bankr. LEXIS 190 (Bankr. D.N.J. Jan. 25, 2022) Overview: Secured creditor objected to the cramdown of his claim in the confirmation […]
Mid-Atlantic Update – Tilton v. MBIA Inc. (In re Zohar III, Corp.)
Article Courtesy of Margaret G. Parker-Yavuz (Akin Gump Strauss Hauer & Feld LLP); Secondary Contributor Troy DeLeon (Akin Gump Strauss Hauer & Feld LLP) Tilton v. MBIA Inc. (In re Zohar III, Corp.), 639 B. R. 73 (Bankr. D. Del. March 25, 2022) Overview: Plaintiff creditors filed a complaint with the U.S. Bankruptcy Court for […]
Southern Update – DSLRPros, Inc. v. Lalo Copy
Article courtesy of Jeff Dutson of King & Spalding Individual shareholders signing a pledge agreement in their personal capacity agreed to be held personally liable for all amounts due under a loan agreement, including at the statutory rate of interest. DSLRPros, Inc. v. Lalo, — So.3d –, 2021 WL 5348890 (Nov. 17, 2021) An […]
Delaware Supreme Court Holds Transfer of Assets by Insolvent Company to its Creditors Required Shareholder Vote; Leaves Open Question of Statutory Requirements
Article authored by Larry G. Halperin, Joon P. Hong, and Helena Honig, Chapman and Cutler LLP Content kindly provided by Charles C. Calloway, Jr., Chapman and Cutler LLP In an opinion issued on June 15, 2022, the Delaware Supreme Court reversed a decision by the Chancery Court and found that a transfer by an […]
Committee Reports – March 2022
Committee Reports compiled by Sarah Olson of Thrivent. 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. Among other items of interest to the […]
Southern Update – Reynolds American Inc. v. Third Motion Equities Master Fund Ltd.
Article courtesy of Jeff Dutson of King & Spalding In first impression appraisal judgment case, with an underlying conflicted transaction, the Supreme Court of North Carolina gives wide latitude to trial courts determining ‘Fair Value’ under MBCA based N.C.G.S §55-13-22. Reynolds American Inc. v. Third Motion Equities Master Fund Ltd., 866 S.E. 2d 869 […]
Southern Update – DSLRPros, Inc. v. Lalo
Article courtesy of Jeff Dutson of King & Spalding Individual shareholders signing a pledge agreement in their personal capacity agreed to be held personally liable for all amounts due under a loan agreement, including at the statutory rate of interest. DSLRPros, Inc. v. Lalo, — So.3d –, 2021 WL 5348890 (Nov. 17, 2021) An […]
Southern Update – Underwood v. Colony Bank
Article courtesy of Jeff Dutson of King & Spalding Issue of triable fact exists as to whether there was a mutual departure from the terms of a forbearance agreement when the bank repeatedly accepted late, partial payments and later sought to exercise remedies. Underwood v. Colony Bank, No. A21A1639, 2022 WL 414579 (Ga. Ct. […]
New England Update – In re NESV Ice, LLC
Article courtesy of Kevin P. Braun of Morgan, Lewis & Bockius LLP United States Bankruptcy Court for the District of Massachusetts holds that under the standard for equitable subordination, the Debtors’ allegations that the Lender’s aggressive actions to advance the Lender’s acquisition of the Debtors’ properties harmed the Debtors and their other creditors were sufficient […]
New England Update – Precision Computer Servs., Inc. v. Newtown Sav. Bank
Article courtesy of Kevin P. Braun of Morgan, Lewis & Bockius LLP Connecticut Superior Court finds bank liable under Article 4A of the UCC for processing a fraudulent wire transfer request from email address impersonating a customer’s authorized representative due to bank’s failure to comply in good faith with its existing security protocols. Precision […]
Southern Update – SPI Holdco, LLC v. Mookerji
Article courtesy of Jeff Dutson of King & Spalding The Georgia Court of Appeals agreed that Siddhartha Mookerji, founder of Software Paradigms International Inc., was entitled to the compensation over the objection of SPI Holdco, LLC which was acquired in 2017 by private equity group Tower Arch Capital. SPI Holdco, LLC v. Mookerji, 864 […]
Southern Update – Ledford v. Keen
Article courtesy of Jeff Dutson of King & Spalding Making its best Eerie “guess,” Fifth Circuit finds that Texas law requires more than proof of undercapitalization to survive a defendant’s motion for summary judgment but leaves open the question of whether it is possible to pierce the veil of a non-profit corporation in Texas. […]
Southern Update – 623 Partners, LLC v. Bowers
Article courtesy of Jeff Dutson of King & Spalding As a matter of first impression, the Alabama Supreme Court held that the elapsing of a decade following entry of judgment and judgment creditor’s failure to revive the judgment rendered the fraudulent-conveyance claim moot. 623 Partners, LLC v. Bowers, 2021 WL 4129413 (Ala. 2021) In […]
