News Archive

Posted: August 2, 2018
Posted: July 30, 2018
Bankruptcy Court in Delaware Rules Anti-Assignment Clause in Promissory Note Enforceable Over UCC Anti-Assignment Rules – In re Woodbridge Group of Companies, LLC, et al., No. 17-12560 (Bankr. D. Del. June 20, 2018)
Posted: July 30, 2018
Secured Creditors Fail to Establish Ability to Waive Security Interests in Order to Qualify as Unsecured Creditors For Purposes of Filing Involuntary Chapter 11 Petition — In re Taberna Preferred Funding IV, Ltd., 578 B.R. 244 (Bankr. S.D.N.Y. 2017)
Posted: July 26, 2018
Brandt v. FDIC (In re Equip. Acquisition Res., Inc.), 560 B.R. 501 (N.D. Ill. Bankr. 2016)
Posted: July 26, 2018
Capital One Equip. Fin. Corp. v. Adela Inc., No. 17‑cv‑0304, 2017 U.S. Dist. LEXIS 181632 (N.D. Ill. Nov. 2, 2017)In a motion for summary judgment, the District Court for the Northern District of Illinois (the “Court”) found that borrowers and guarantors were in default and liable to the creditor for the unpaid amounts on their loans and guaranties.
Posted: July 26, 2018
FirstMerit Bank, N.A. v. Kloysner Grp., LLC, No. 16‑cv‑4930, 2017 U.S. Dist. LEXIS 183695 (N.D. Ill. Nov. 6, 2017)In an action for violations of various sections of the Illinois Uniform Fraudulent Transfer Act, the District Court for the Northern District of Illinois (the “Court”) denied the Defendants’ Motion to Dismiss for lack of subject‑matter jurisdiction and failure to state a claim.
Posted: July 25, 2018
Together with the Board of Trustees and the Education Committee, co-chairs Michael Shepherd and Sarah Smith invite you to attend our 21st Century version of selected Canterbury Tales, together with the ACIC's 2018 Annual Meeting.  Attendees should gather not at the Tabard Inn, but at the Grand Hyatt Hotel, New York City, on October 18-19.
Posted: July 13, 2018
Posted: July 3, 2018
“Lex Agrokor”IntroductionIn April 2017, the Croatian government adopted the Act on Extraordinary Administration Proceedings in Companies of Systemic Importance for the Republic of Croatia (“EA Act”), which sets out a framework for an extraordinary, pre-insolvency restructuring proceeding for companies that are deemed to be of systemic relevance for the Croatian economy as a whole.
Posted: July 3, 2018
UK Court judgment on the meaning of “control” for the purpose of noteholder enforcement
Posted: July 2, 2018
Aaron John Borden.  Aaron is a Vice President and Corporate Counsel at Prudential Capital Group based in Los Angeles.  Aaron spends his time working on private placement investments, private equity invesments and mezzanine and subordinated debt investments in the U.S. and internationally.  Prior to joining Prudential in 2017, Aaron was a shareholder at Vedder Price P.C.
Posted: July 2, 2018
Happy summer 2018 to all our members!We had a tremendous Spring Investment Forum in Chicago in April.   Bill Bulmer (Prudential) and Cathy Hood (Pillsbury) orchestrated “Chicago - Our Kind of Town” which showcased panels on energy financing, private equity, project financing, private ratings, and restructuring and intercreditor issues, while also offering two panels with potential ethics credit (anti-bias and diversity and the complexities of representing a group of clients in a restructuring).
Posted: June 21, 2018
Posted: June 8, 2018
Posted: June 7, 2018
By: Robert S. Bozarth (Fidelity National Title Group) and Stevens A. Carey (Pircher, Nichols & Meeks LLP)This article will propose, for review and comment, a form of equity title insurance endorsement. [1]
Posted: May 24, 2018
The ACIC returned to their home away from home, the Four Seasons Hotel in Chicago, for the 2018 Spring Investment Forum. The ACIC drew its largest spring meeting attendance since 2010, with 184 participants. This year, the event was organized by co-chairs, William H. Bulmer, The Prudential Insurance Company of America, and Catherine C.
Posted: April 10, 2018
Posted: March 27, 2018
Seller not Deemed to be Third-Party Beneficiary of Loan AgreementIn First Bank v. Brumitt, 519 S.W.3d 95 (Tex. 2017), the Supreme Court of Texas, reversed the judgment of the Houston Court of Appeals and determined that the seller of a company was not a third-party beneficiary of a lending transaction. 
Posted: March 27, 2018
Oversecured Creditor’s Motion for Payment of Postpetition Late Charges and Prepayment Premium DeniedIn In re: Amigo PAT Texas, LLC, Debtor, 579 B.R. 779 (2017), the court evaluated a motion by People’s United Equipment Finance Corp. (“PUEFC”), as creditor, for payment of post-petition interest, late charges, prepayment premium and attorney’s fees by Amigo PAT Texas, LLC, as debtor (“Amigo”). 
Posted: March 26, 2018
Vitatech International, Inc. v. Sporn, 2017 WL 4876175 (Cal. Ct. App. 2018).An agreement to settle a contract dispute that provided for a stipulated judgment if payment was not made created an unenforceable penalty because the defendant never admitted to liability on the underlying claim and the increased liability was disproportionate to the harm caused.  
Posted: March 26, 2018
Dray v. Revah, 2017 WL 6523566 (Cal. Ct. App. 2017).A loan agreement’s dispute resolution clause containing an arbitration provision was superseded by a later executed promissory note for the same underlying loan that did not also include an arbitration provision.  
Posted: March 26, 2018
Lucas v. Deutsche Bank National Trust Company, 2018 WL 300393 (Cal. Ct. App. 2018).In a dispute between a lender and a borrower for attorney fees, the Court of Appeal did not award the lender attorney fees where the relevant provisions of the contracts did not sufficiently provide for such attorney fees. 
Posted: March 26, 2018
Ultra Petroleum Corp. (HoldCo), Ultra Resources, Inc. (OpCo), and other Ultra entities (collectively, the Debtors) filed for bankruptcy protection on April 29, 2016. The Debtors classified the OpCo Notes as unimpaired under the plan of reorganization, yet objected to the Make-Whole Amount triggered as a result of the filing. The Debtors acknowledged that OpCo was solvent, and proposed to pay post-petition interest at the federal judgment rate on all OpCo claims (other than the Make-Whole Amount).
Posted: March 6, 2018

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