News Archive

Posted: September 25, 2018
No Exemplary Damages as a result of Fraudulent Financing Statement Filing
Posted: September 25, 2018
Claim Arising out of Equity Redemption is Subject to Mandatory Subordination in Bankruptcy
Posted: September 20, 2018
Posted: September 10, 2018
FERC Changes to PJM Capacity Market.  In an action that will impact finance transactions with respect to projects located within the PJM market, the Federal Energy Regulatory Commission (“FERC”) issued an order in late June of this year rejecting market revisions proposed by PJM Interconnection, LLC (“PJM”) to its capacity market structure to accommodate State public policy initiatives in wholesale competitive markets (the “Order”).[1] In the Order, FERC determined that PJM’s capacity market has become “untenably threatened” by state ou
Posted: September 10, 2018
Six-Year Statute of Limitations Under Vermont UCC, Instead of Fourteen-Year Statute of Limitations for a witnessed promissory note Under Vermont Statutes, Applied To Claim To Recover On Promissory Note.  Clark v. DiStefano, 2018 WL 3799978 (VT, August 10, 2018).
Posted: September 10, 2018
An Assignment Of A Promissory Note Carried With It An Assignment Of The Guarantee Thereof Even Where No Assignment Of The Guarantee Was Specified In The Allonge.  Jenzack Partners LLC v. Stoneridge Associates, LLC, et. al., 183 Conn. App. 128 (July 3, 2018)
Posted: September 10, 2018
District Court Holds That Acceleration Of The Maturity Date Of A Promissory Note Secured By A Mortgage Does Not Affect The Maturity Date Of Said Mortgage for the purposes of the Massachusetts obsolete mortgage statute.  Gelfgatt v. U.S. Bank National Association, 2018 WL 3614139 (D. Mass., July 27, 2018)
Posted: September 10, 2018
South Carolina Supreme Court clarifies Single Business Enterprise criteria: shared ownership, shared management, and a lack of corporate formalities are insufficient in proving Single Business Enterprise where statutory requirements for corporate structure allow for lack of corporate formalities and there is no evidence of bad faith; Single Business Enterprise requires evidence of bad faith, abuse, fraud, wrongdoing, or injustice resulting from the blurring of the entities’ legal distinctions. Pertius v. Front Roe Restaurants, Inc., Case No. 2016-000749 (Sup. Ct. S.C.
Posted: September 10, 2018
In the context of a close corporation, a minority shareholder may have a direct cause of action for breach of fiduciary duty against a majority shareholder(s) based upon the majority’s oppressive conduct. Tri-State Petroleum Corp. v. Coyne, 240 W. Va 542 (2018).
Posted: September 10, 2018
Trial court erred in initial proceeding and again on remand by failing to permit successor bank to deduct its expenses prior to distributing sale proceeds, in accordance with participation agreements; a participation agreement and Georgia precedent required proceeds to be distributed pro rata based on ownership interest in the loans. Community & Southern Bank v. First Bank of Dalton, 344 Ga. App. 815, 811 S.E.2d 490 (2018).
Posted: September 10, 2018
Eleventh Circuit Court of Appeals extends “equitable mootness” doctrine and dismisses an appeal of the confirmation of a plan of reorganization for Jefferson County Alabama.  Bennett v. Jefferson County, Alabama,  2:14-cv-00213-SLB (11th Cir. 2018).
Posted: September 10, 2018
Getting to Know the Officers and TrusteesHave you ever wondered how the Officers and Trustees got started in the ACIC?  Or are you interested in finding fun things (other than work) to talk about during networking?  Below some of your Officers and Trustees have answered both serious and not-serious questions about themselves.  Want to know more? Make sure to seek them out at the upcoming Annual Meeting on October 18 and 19 and ask!_____________________________________________________________________________
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).

Pages