2024

Contributed by Andy Christianson (Reinhart Boerner Van Deuren s.c.) During the ACIC’s 2024 annual meeting, the following individuals were elected to serve the positions set forth below. Please join the ACIC in welcoming and congratulating its newest officers and trustees. Officers for 2024: President:  Melody R. Cross (The Prudential Insurance Company of America) Vice President […]

By: Danielle Maksimow and Kay Olugbemi, Norton Rose Fulbright Canada LLP Introduction On January 1, 2025, the Canadian government is amending Sections 347 and 347.1 of the Criminal Code Act of Canada (the Criminal Code) through the Budget Implementation Act, 2023, No.1 (S.C. 2003, c. 26) and the Criminal Interest Rate Regulations, SOR/2024-114 (the Regulations). […]

A Message from Luke Weedon, 2024 ACIC President Happy Holidays! As we all frantically try to close year-end deals while also enjoying this festive season with our colleagues, friends and families, I would be remiss if I did not take a moment to reflect on the accomplishments of the ACIC during 2024. It has been […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells Kirkland v. Rund (In re EPD Investment Company), No. 22-55944, 2024 WL 3909749 (9th Cir. Aug. 23, 2024) A divided panel of the United States Ninth Circuit Court of Appeals reconfirmed the so-called Ponzi scheme presumption, holding that the district court, which […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells   Silver State Broadcasting, LLC v. Carmel (In re Silver State Broadcasting, LLC), No. BAP NV-23-1196-FCL, 2024 WL 3877360 (B.A.P. 9th Cir. Aug. 20, 2024) Here, the United States Bankruptcy Appellate Panel for the Ninth Circuit (the “BAP”) held that the bankruptcy […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells SJS Mech. Servs. LLC v. Walsh Construction Co. II LLC, No. BR 24-01010, 2024 WL 2701959 (W.D. Wash. May 24, 2024) On an issue of first impression, the United States Bankruptcy Court for the Western District of Washington (the “Bankruptcy Court”) considered […]

Article courtesy of Jeff Dutson (King & Spalding) W.P. Productions, Inc. v. Tramontina U.S.A., Inc., 101 F.4th 787 (11th Cir. 2024). Sydney Silverman was the sole shareholder of WPP, an S corporation. The corporation was licensed to use the Wolfgang Puck name in the manufacture and distribution of kitchen products, and it entered into an […]

Article courtesy of Jeff Dutson (King & Spalding) The Supreme Court of Mississippi affirmed a Chancery Court’s refusal to set aside a foreclosure sale, holding the statute of frauds prevented the enforcement of an oral promise to sell property purchased at foreclosure sale back to prior owners, promissory estoppel was inapplicable as former owners could […]

Article courtesy of Jeff Dutson (King & Spalding) An equity receiver for a Ponzi estate had standing to maintain fraudulent transfer claims on behalf of the estate injured by the Ponzi scheme operator and its accomplice. However, an equity receiver for a Ponzi estate did not have standing to maintain common-law tort claims of negligence […]

Article courtesy of Kevin Braun, Claire Santaniello, and Paige Forcier (Morgan, Lewis & Bockius LLP) Green Earth Energy Photovolatic Corp, v. KeyCorp, No. CV 19-30123-MGM, 2024 WL 1363953 (D. Mass. March 29, 2024) Between 2017 and 2019, KeyBank National Association (“KeyBank”) provided approximately $15 million in loans to Green Earth Energy Photovoltaic Corp. (“GEE”) to […]

Article courtesy of Kevin Braun, Claire Santaniello, and Paige Forcier (Morgan, Lewis & Bockius LLP)   WM Cap. Partners 85, LLC v. Cashman Equip. Corp., No. CV 23-11658-FDS, 2024 WL 2962710 (D. Mass. June 12, 2024). On June 9, 2017, each of Cashman Equipment Corp., Cashman Scrap & Salvage LLC, Servicio Marino Superior, LLC and […]

Article courtesy of Chiraag Kumar (Met Life) The ACIC is thrilled to have welcomed the following new members during the second half of 2024: Jessica Wolfert (Greenberg Traurig LLP) Sarah Schultz (Akin Gump Strauss Hauer & Feld LLP) Paige Forcier (Morgan, Lewis & Bockius LLP) Stephen Patterson Fang (Rimon Law Limited) Jason Miller (MetLife) Kevin […]

Article courtesy of Michael Robson (Greenberg Traurig) In re Richard M. Judy Fam. Tr., 614 B.R. 685 (Bankr. W.D. Mo. 2020) In this bankruptcy dispute in the United States Bankruptcy Court in the Western District of Missouri (the “Court”), competing creditors argued over the priority of their claims with respect to insurance proceeds dispensed to […]

Article courtesy of Michael Robson (Greenberg Traurig) Joseph & Anita Russell Tr. v. Russell, 338 Mich. App. 170, 979 N.W.2d 672 (2021) In a dispute among Joni White (“White”) and Joshua and Kelly Russell (the “Russells”), on appeal from the Eaton County Circuit Court, the Michigan Court of Appeals (the “Court”) affirmed the district court’s […]

Article courtesy of Michael Robson (Greenberg Traurig) Ascentium Capital LLC v. Littell, 583 F. Supp. 3d 1234 (W.D. Mo. 2022) The United States District Court, W.D. Missouri, Central Division (the “Court”) reviewed a breach of contract claim among Ascentium Capital LLC (“Ascentium”), as secured lender, against White Knight Limousine, Inc. (“White Knight”) and Ted and […]

Contributed by Keith Atkinson (Nuveen)     6:00 AM (EDT) Awaken; take the dog for a walk. I *try* to adhere to the guidance that you should get 20 or more minutes a day of exercise.  I get 24 minutes today, which equates to 1.4 miles. As I try to always remember, today I walked […]

A message from the co-chairs of the 2024 Fall Annual Meeting and Education Conference, Sarah Olson (Thrivent) and Julia Singh (Greenberg Traurig): Come one, come all, to the ACIC World’s Fair! On behalf of the Board of Trustees and the Education Committee, we invite you to join us at the ACIC’s 2024 Fall Annual Meeting […]

  Ed. Note: Prior articles regarding the English restructuring plan can be found here and here. Adler Restructuring Plan Set Aside Reflections on the English Court of Appeal’s Landmark Ruling By: Tom Bannister, Lauren Pflueger, Barry Russell (Akin) In one of the most highly anticipated judgments in the European restructuring market in recent years, on […]

Courtesy of Tyler Margolis (ArentfFox Schiff) Introduction The ACIC’s Spring Investment Forum held on April 11th and 12th was nothing short of spectacular, echoing the grandeur of blockbuster concerts that have left audiences spellbound worldwide. Aptly themed “Unobstructed Views – The ACIC Future Markets Tour,” the event drew inspiration from the mega-concerts that rocked 2023, […]

Article courtesy of Clint Culpepper of Baker Botts In Happy Hollow Ranch, LP v. Howley (In re Howley), No. 23-31029-sgj7, Adversary No. 23-03068-sgj, 2024 WL 409126, 2024 Bankr. LEXIS 260 (Bankr. N.D. Tex. Feb. 2, 2024) (opinion not yet released for publication), the bankruptcy court needed to decide whether the state court’s damage award was […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells Issa v. Royal Metal Industries, Inc. (In re X-Treme Bullets, Inc.), 2024 WL 837043 (9th Cir. Feb 28, 2024) In a short, unpublished opinion, the United States Court of Appeals for the Ninth Circuit (the “Ninth Circuit”), following prior Ninth Circuit decisions, […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells Bird v. Wardley (In re White), No. AP 16-2089, 2024 WL 698232 (B.A.P. 10th Cir. Feb. 21, 2024) In In re White, the Bankruptcy Appellate Panel for the Tenth Circuit (the “BAP”) held that a chapter 7 trustee was unable to avoid […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells   In re: Hawkeye Ent., LLC, No. 1:23-BK-11501-MB, 2024 WL 1528460 (Bankr. C.D. Cal. Apr. 8, 2024) In Hawkeye Entertainment, the United States Bankruptcy Court for the Central District of California (the “Court”) considered whether (i) to dismiss a bankruptcy case as […]

Article courtesy of Emily Kenna (PPM America) The ACIC is thrilled to welcome: Troy Harder (Bracewell LLP) Sam Harmelech (Legal & General Investment Management America, Inc.) Angus Hortop (Pricoa Private Capital) Steven Laabs (The Northwestern Mutual Life Insurance Company) To learn more about our esteemed new colleagues, continue reading: Troy Harder – Bracewell LLP: Troy […]

Created by Charles C. Calloway, Jr. and Rebecca Fabian (Chapman & Cutler) As you prepare for your trip to Chicago for the 2024 Spring Investment Forum, the College wanted to put together a guide to some amazing events and attractions that are happening in Chicago that week. There is no place like Chicago in the […]

Compiled by Danielle Maksimow (Norton Rose Fulbright) 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 prepares and publishes the College’s newsletter, Private Notes. Among other items of interest to the College’s members, the monthly Private […]

Article courtesy of Kevin Braun (Morgan Lewis) Centerplan Constr. Co. LLC v. City of Hartford, 2023 WL 6121116 (Conn. Super. Ct. Sept. 11, 2023) The City of Hartford (the “City”) entered into construction agreements (the “Construction Agreements”) with Centerplan Construction Company LLC (“Construction Co.”), as contractor, providing for the construction of the Dunkin Donuts Park, […]

Article courtesy of Kevin Braun (Morgan Lewis) Bank of New York Mellon v. Gosset, 307 A.3d 861, 863–64 (R.I. 2024) In August 2006, Ronald A. Gosset (“Father”) signed a promissory note in exchange for a loan secured by a mortgage on real property in Newport, Rhode Island, which Father owned as a joint tenant with […]

Article courtesy of Dorothy Lila Foster (Akin Gump) Kirschner v. JP Morgan Chase Bank, N.A., 79 F.4th 290 (2d Cir. 2023) Overview: The U.S. Court of Appeals for the Second Circuit examined whether the District Court for the Southern District of New York had subject matter jurisdiction over an action arising from a syndicated loan […]

Article courtesy of Dorothy Lila Foster (Akin Gump) In re Golden Seahorse LLC, 652 B.R. 593 (Bankr. S.D.N.Y. 2023) Overview: Secured lenders of Golden Seahorse LLC asked the Southern District of New York Bankruptcy Court to consider whether a debtor must pay default-rate interest and fees to reinstate a defaulted loan under a chapter 11 […]

Article courtesy of Tom Bannister, Barry Russell and Lauren Pflueger (Akin Gump LLP) The Evolving English Restructuring Plan: Reflections on 2023 and Predictions for 2024 In the summer of 2020, the Corporate Insolvency and Governance Act 2020 introduced some of the most significant changes to the UK’s corporate insolvency and restructuring regime in nearly 20 […]

Article courtesy of Danielle Maksimow (Norton Rose Fulbright) Canada Revenue Agency May Set-Off Post-Bankruptcy Credits against Pre-Filing Debt (Kidd (Re), 2023 ABKB 469) In November 2011, Darren Kidd assigned himself into bankruptcy. The proved unsecured claims were approximately $300,000. Of that, $52,720.35 was outstanding tax debt (the Tax Debt) stemming from income taxes, penalties and […]

Article courtesy of Danielle Maksimow (Norton Rose Fulbright) Contract Acceptance by way of Emoji “👍” In South West Terminal Ltd. v Achter Land & Cattle Ltd., 2023 SKKB 116 South West Terminal Ltd. (“SWT”) brought a claim in the Saskatchewan Court of Kings Bench against Achter Land & Cattle Ltd. (“Achter Ltd.”) for breach of […]

Article courtesy of Michael Robson (Greenberg Traurig) CREDITBOX.COM, LLC v. Weathers, 408 Wis.2d 725 (Wis. Ct. App. June 22, 2023) In a dispute between CreditBox, LLC (“CreditBox”), a short term consumer lender, and the debtor Antjuan Weathers (“Weathers”), the Court of Appeals of Wisconsin held that (1) accelerating debt and commencing proceedings against the debtor […]

Article courtesy of Michael Robson (Greenberg Traurig) First National Bank v. Inghram, 969 N.W.2d 471 (S.D. January 12, 2022) In a dispute between First National Bank (“FNB”) and Sharmin and Justin Inghram (collectively, the “Inghrams”) on appeal from the Fourth Judicial Circuit Court of Meade County, the Supreme Court of South Dakota held that the […]

Article courtesy of Michael Robson (Greenberg Traurig) Cassidy v. Signature Bank, 2021 IL App (1st) 191781-U In a dispute between James Cassidy (“Cassidy”) and Signature Bank (“Signature”) on appeal from the circuit court of Cook County, the Appellate Court of Illinois affirmed the circuit court’s ruling and found Signature in breach of contract when the […]

Article courtesy of Michael Robson (Greenberg Traurig) The Alliance Group, Inc. v. NGC Group, Inc., 970 N.W.2d 505 (Neb. Ct. App. 2021)   In a dispute between The Alliance Group, Inc. (“Alliance”) and NGC Group, Inc. (“NGC”) and its owner, Justin Hernandez on appeal from the Douglas County District Court, the Nebraska Court of Appeals […]

A message from the co-chairs of the 2024 Spring Investment Forum, Sumbul Ali (Sun Life Capital Management) and Jeff Dutson (King & Spalding): On behalf of the Board of Trustees and the Education Committee, we invite you to join us for the ACIC’s 2024 Spring Investment Forum, to be held April 11-12, 2024 at the […]