News Archive

Posted: February 6, 2018
Kaplum v. Edgebrook Acquisition 2, LLC, 2016 WL 4493534 (N.D. Ill. Aug. 25, 2016)In an action against bank agents of a failed bank, an Illinois federal court (the “District Court”) has held that (i) only the Federal Deposit Insurance Corporation receiver (“FDIC‑R”) has standing to sue bank agents for derivative claims of unlawful dissolution or breach of fiduciary duty and (ii) an individual must allege harm to himself in order to have standing. 
Posted: February 6, 2018
In the Matter of Spanish Peaks Holdings II, LLC, 2017 WL 2979660, 64 BCD 105 (9th Cir. 2017)Background
Posted: February 6, 2018
RED Mortgage Capital, LLC v. Shores, LLC, et al., No. 2:16‑ 678, 2017 WL 1196170 (S.D. Ohio 03/31/17)Background
Posted: February 6, 2018
Bowling Green Sports Center, Inc. v. G.A.G. LLC, Ill. App. (2d) 160656, 77 N.E.3d 728 (2017)In a dispute between senior and junior lenders, the Illinois Appellate Court (the “Court”) has held that in the event of a breach of an intercreditor agreement for not obtaining a junior lender’s consent prior to a senior lender’s increase of its loan, the junior lender had a superior lien but only to the extent of such increase.
Posted: February 6, 2018
Second Circuit Affirms Lower Court Decisions Denying Make-Whole Premium and Endorses Market Interest Rate in Chapter 11 Cramdown Plans – BOKF, NA v. Momentive Performance Materials Inc. (In re MPM Silicones, L.L.C.), 874 F.3d 787 (2d Cir. 2017)The United States Court of Appeals for the Second Circuit has issued a decision containing both favorable and unfavorable rulings for creditors of distressed companies: 
Posted: February 1, 2018
Posted: January 31, 2018
CHICAGO — Our Kind of TownThere are 106 miles to Chicago and 70 days to the  ACIC Spring Investment Forum.   We have a full agenda, plenty of speakers,  and it’s coming soon. Don’t forget to wear your sunglasses. – Elwood Blues
Posted: January 17, 2018
Happy New Year to all of our Fellows!  We just completed a great year for the American College of Investment Counsel and look forward to building on our momentum to enhance and grow our College.
Posted: December 7, 2017
Posted: November 28, 2017
UK Pensions Regulator's new tougher approach following BHSBackground
Posted: November 28, 2017
UK Court of Appeal judgment on Lehman Waterfall II Parts A and B - Statutory interestThe Court of Appeal has dismissed all appeals brought by creditors relating to the extent and calculation of creditors’ entitlements to statutory interest on their debts for periods after the commencement of the administration of Lehman Brothers International (Europe) (“LBIE”).Background
Posted: November 28, 2017
Recast European Insolvency Regulation (2015) came into effect on 26 June 2017Background
Posted: November 27, 2017
Redwater Decisions and Outcomes in Alberta, Canada
Posted: November 3, 2017
Posted: October 31, 2017
2017 ACIC Annual Meeting and Educational Conference · October 19-20Broadway Nights- Curtains Up with Life Performances & Market UpdatesBy Richard Rejino
Posted: October 25, 2017
Goldman Sachs imagines Libor substitute: itselfInternational Finance Review 2203 30 September to 6 October 2017By:  Shankar Ramakrishnan and Eleanor DuncanGoldman Sachs raised eyebrows last week with language in a bond deal that outlined how the debt would be valued after the discontinuation of Libor.But in a surprising twist, the bank said a “calculation agent” would decide what to use in Libor’s place - and named itself the agent.
Posted: October 23, 2017
The American College of Investment Counsel (ACIC), a national organization of lawyers focused on advising institutional investors, recently elected officers and selected a new class of trustees at the organization’s annual meeting on October 19 in New York City.
Posted: October 5, 2017
Posted: September 26, 2017
An Indemnity Agreement was not invalidated as to a limited liability company by either the lack of authority of the signing manager or the misstated capacity of the signing manager.  Western Surety Co. v. La Cumbre Offices Partners, LLC, 2017 WL 445408 (Cal. Ct. App. 2017). 
Posted: September 26, 2017
A predispute arbitration agreement that waived the statutory right to seek, in any forum, public injunctive relief under California’s consumer protection laws, was not preempted (and therefore saved) by the Federal Arbitration Act.  McGill v. Citibank, N.A., 2 Cal. 5th 945 (Cal. April 6, 2017).
Posted: September 26, 2017
In California litigation, parties to a loan agreement cannot use choice of law provisions to circumvent the right to a jury trial. Rincon EV Realty LLC v. CP III Rincon Towers, Inc., 2017 WL 429267 (Cal. Ct. App. 2017).
Posted: September 25, 2017
“Piercing the Corporate Veil” Supported Due to Fraudulent Activity
Posted: September 25, 2017
E-mail Acceptance Sufficient to Satisfy Statute of FraudsIn Khoury v. Tomlinson, 518 S.W. 3d 568 (Tex. App. -- Houston 1st Dist.), the court of appeals (the "court") held, among other things, that e-mail correspondence was sufficiently definite to give rise to an enforceable contract and that the entry of a party’s e-mail address in the “from” field of the e-mail was sufficient as a signature for purposes of satisfying the Statute of Frauds. 
Posted: September 15, 2017
Posted: August 31, 2017
Bankruptcy Court Holds That Chapter 13 Debtor’s Surrender of Collateral Property Does Not Impose On Secured Creditors A Requirement To Accept That Property In Satisfaction Of Its Claims.  In re Sagendorph, 562 B.R. 545 (D. Mass 2017).