2016

By: Mikhel Schecter (Paul Weiss) 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 […]

Learn more about your newest colleagues as of July 2016! Resource Type: Newsletter File Attachments: member_spotlight_july_2016.pdf

Delaware Bankruptcy Court Dismisses Adversary Proceeding by First Lien Noteholders Seeking Payment of Make-Whole Premium from Second Lien Noteholders Under Intercreditor Agreement – Delaware Trust Company v. ComputerShare Trust Company, N.A. and Computer Share Trust Company of Canada, Adv. Proc. No. 14-50410 (CSS) (Bankr. D. Del. June 3, 2016). On June 3, 2016, Judge Christopher Sontchi […]

Delaware Bankruptcy Court Denies Motion to Dismiss Debtor’s Bankruptcy Case Despite Terms Under its Limited Liability Company Agreement Requiring Authorization of its Members – In re Intervention Energy Holdings, LLC, No. 16-11247 (KJC) (Bankr. D. Del. June 3, 2016). On May 20, 2016, Intervention Energy Holdings, LLC (“IE Holdings”) and its operating subsidiary filed voluntary petitions for […]

Rock the Vote! Happy Summer Everyone! It’s been a steamy one of late here on the east coast, and as we work toward our 2016 Annual Meeting and Education Conference, things are heating up with the College, as well. Before providing some teasers for the Annual Meeting program, I want to take a moment to […]

Clay Hufft is a Vice President and Associate General Counsel at AIG Investments.  Clay works in the Dallas, Texas office, where he advises internal business clients with respect to private placement transactions and general corporate matters.  Clay joined AIG Investments in January 2015.  Prior to joining AIG Investments, he was a Senior Associate at Vinson & […]

Background On 6 April 2016, the U.K. government introduced the requirement for each applicable U.K. entity (i.e. most U.K. companies, U.K. LLPs and U.K. SEs) to maintain a publicly available register of persons with significant control (“PSCs”) over that entity (a “PSC register”).  The rationale for this register requirement is to try to tackle the […]

Introduction In response to the recent economic crisis and developments in certain other countries, the Dutch legislator has (already in December 2012) announced a number of measures to improve restructuring possibilities for companies: one proposal dealing with the “Dutch prepack” and a second proposal dealing with the “Dutch Scheme”.[1] Although the proposals have, against initial expectations […]

Financing Public-Private Partnerships in the U.S. Private Placement Market Over the past several years, a number of public-private partnership (“P3”) transactions have been financed in the domestic and cross-border U.S. private placement market. Given the need for new infrastructure both domestically and abroad, we anticipate that the number of P3 transactions entering the U.S. private […]

 King & Spalding  Recent News in the RadioShack Bankruptcy Case: Court Resolves Intercreditor Dispute in Favor of Senior Lenders By Sarah R. Borders, Jeffrey R. Dutson and Elizabeth Tramm On May 11, 2016, the Delaware Bankruptcy Court issued an opinion in the RadioShack bankruptcy case addressing an intercreditor dispute between Salus Capital Partners, LLC, the “Last Out” lender in […]

ACIC Spring Investment Forum  American Bandstand The Four Seasons Hotel in downtown Chicago played host to the 2016 Spring Investment Forum, bringing together 196 attorneys, speakers, panelists and guests. This year, the theme was a throwback to American Bandstand – Who’s Calling the Investment Tunes in 2016? Attendees were treated to vintage hits including, Taking Care of […]

Greetings All! 2016 is well underway and while I am not exactly sure where January has gone, I am sure that the College is off to a rockin’ start. Our early April 2016 Spring Forum will feature Kirk Orr of AIG Investments and Brad Crawford of Vedder Price P.C. spinning the hits for our own American college of investment […]

In March 2011, Sign Builders, Inc. (“Sign Builders”) filed a breach of contract claim against SVI Themed Construction Solutions, Inc. (“SVI”) seeking to recover amounts allegedly due for merchandise and services it provided to SVI.  SVI failed to answer or otherwise appear and a default judgment was entered against it.  A separate prove-up hearing was […]

M. Bruenger & Co. (“MBC”) is a trucking concern operating in Kansas.  As part of its ongoing business, MBC would locate and sell trucks to its drivers.  The drivers would purchase the trucks from MBC and then drive loads provided by MBC.   To assist the purchase of the trucks, MBC established a program pursuant to […]

Quadrant Structured Products Company, Ltd. v. Vertin, C.A. No. 6990-Vcl (Del. Ch. Ct. Oct. 20, 2015) On October 20, 2015, Vice Chancellor J. Travis Laster of the Delaware Chancery Court rejected a minority noteholder’s claims challenging decisions made by directors of a distressed Delaware corporation.  The defendant, Athilon Capital Corporation (“Athilon”), was in the business […]

In re Petrobras Securities Litigation, No. 1:14-cv-09662 (JSR) (S.D.N.Y. Dec. 21, 2015) On December 21, 2015, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York held in In re Petrobras Securities Litigation that several plaintiff-purchasers of securities issued by Petróleo Brasileiro S.A. (“Petrobras”), a Brazilian oil and gas company, were […]

ComputerShare Trust Company, N.A. and Computer Share Trust Company of Canada v. Energy Future Intermediate Holding Company LLC and EFIH Finance, Inc., No. 14-50405 (CSS) (Bankr. D. Del. Oct. 29, 2015); In re Energy Future Holdings Corp., et al., No. 14-10979 (CSS) (Bankr. D. Del. Oct. 30, 2015). In a pair of decisions in the Energy Future […]

Yes, folks – it’s time once again for another episode of AMERICAN College of Investment Counsel BANDSTAND!  Whether you want the new and latest investment tunes or love your favorite golden oldies – please join us at the ACIC’s 2016 Spring Investment Forum on April 7 and 8 at the Four Seasons Hotel in Chicago, […]

1. Executive Summary A scheme of arrangement is a statutory, court-supervised procedure under Part 26 of the UK Companies Act 2006 (the “CA 2006”) which allows a company to make a compromise or arrangement with its members or creditors (or a class of them). Schemes of arrangement are not an insolvency procedure although they can […]

Introduction In Canada, some long waited amendments to the conflict of law provisions in the Personal Property Security Act (Ontario) (the “ Ontario PPSA”) will finally be coming into force on December 31, 2015.  These changes will set out clear criteria in Ontario for determining where a debtor is “located” for the purposes of demining which law […]

The recent Supreme Court of Nova Scotia decision in Business Development Bank of Canada v D’Eon Fisheries Limited [2015 NSSC 160] dealt with the issue of whether fishing quota entitlements are personal property subject to the Personal Property Security Act (Nova Scotia) (the “PPSA”). In 2008, the Supreme Court of Canada held in Saulnier v Royal Bank of Canada [2008 SCC […]

The Board of Trustees is continuing to pursue opportunities to improve the ACIC.  Significant recent initiatives have included website renovations, increased membership communications and involvement, development of new membership criteria and a focus on recruitment efforts, and an upgrade to the location of the NY Annual Meeting.  Most recently the Board is increasing its focus […]

On 1 November 2015, the revised version of the Statement of Insolvency Practice 16: Pre-packaged Sales in Administrations (“Revised SIP 16”) became effective, applying to appointments of insolvency practitioners starting on or after that date.  The Revised SIP 16 was the culmination of a process which began in 2013 with the commencement of the Graham Review, commissioned […]

Many thanks to all of the ACIC Fellows that completed and returned the CLE topic cards at the Annual Meeting in October.  We appreciate your ideas and feedback!  Congrats to Jenna Jenson, Ed Hammond and Bill Bulmer as the lucky winners, by random drawing, of the special prize—an ACIC travel mug!  We look forward to […]