News Archive

Posted: August 31, 2017
A Third Party That Acquires An Unendorsed Note Has Standing To Enforce That Note Though Not Technically A Holder Of The Note.  Valley Nat'l Bank v. Marcano, 174 Conn. App. 206 (2017).
Posted: August 31, 2017
Bankruptcy Court Rules That Pre-Petition Guaranties of Post-Petition Extensions of Credit Are Not Subject to Bankruptcy Discharges.  In re Reardon, 2017 WL 1283449 (Bkrtcy. D. Mass., Judge Bailey).
Posted: August 30, 2017
Membership CommitteeThe Membership Committee is charged with administering the process of electing individuals for membership in the College, and does so by receiving nominations for fellowship from other Fellows of the College, and reviewing the applications of nominated individuals for compliance with the relevant membership criteria. The Committee makes recommendations to the Trustees with respect to each application, and the Trustees are then tasked with acting on applications for fellowship.
Posted: August 30, 2017
James Kelly is a Staff Attorney in the Investments and Business Transactions department of Allstate Insurance Company. He advises clients with respect to infrastructure investments, debt and equity transactions and general investment matters. Prior to joining Allstate in 2014, he was in-house counsel at Lario Oil & Gas Company in Wichita, KS where his practice focused on derivatives, M&A transactions, corporate litigation and energy law. Jim received a B.S. from the University of Kansas and a J.D. from Brooklyn Law School.
Posted: August 30, 2017
An originating bank’s failure to disclose a borrower’s post-default settlement offer or third-party purchase offers to a participating bank and the originating bank’s rejection of the participating bank’s demand to charge interest at a default rate did not breach the originating bank’s obligation under a loan participation agreement to consult with and obtain the written consent of the participating bank prior to any modification, amendment or termination of any material terms in the loan documents.  Sentinel Capital Orlando, LLC v. Centennial Bank, 676 Fed.
Posted: August 30, 2017
Lenders’ acquiescence to actions inconsistent with terms of Blocked Account Agreement resulted in abandonment and waiver of Lenders’ right to enforce the agreement. Edwards Family Partnership, LP v. Bancorpsouth Bank, ___F. Supp. 3d___, 2017 WL 1732709 (S.D. Miss. February 21, 2017).
Posted: August 30, 2017
Pre-petition waiver of automatic stay unenforceable and relief from automatic stay otherwise not warranted where grow contracts disguised financing arrangements. In re Jeff Benfield Nursery, Inc., 565 B.R. 603 (Bankr. W.D. N.C. 2017).
Posted: August 30, 2017
Indemnification and no-liability clauses of Agreements between Subsidiary and Parent Companies found procedurally and substantively unconscionable under New York law.  Blackrock Capital Inv. Corp. v. Fish, 799 S.E.2d 520 (W. Va. 2017).
Posted: August 30, 2017
Broad release and waiver provisions are enforceable;  Borrowers could not sue a lender for misconduct which occurred prior to the execution of an agreement containing the broad release and waiver provisions. Beck-Ford Constr., LLC v. TCA Glob. Credit Master Fund, LP, No. 1:15-CV-61706-UU, 2017 WL 2366472 (S.D. Fla. Mar. 6, 2017).
Posted: August 2, 2017
Posted: July 25, 2017
New York Court of Appeals Revives Doctrine of Champerty to Dismiss Claims of Third Party Litigation Financier – Justinian Capital SPC v. WestLB AG, 28 N.Y.3d 160, 65 N.E.3d 1253 (2016).In this case, the New York Court of Appeals affirmed the lower courts’ prior rulings that a transfer of certain notes days before the commencement of the relevant action was champertous and did not fall within the safe harbor under New York’s Judiciary Law § 489(2).
Posted: July 25, 2017
New York Court of Appeals Reaffirms Binding Nature of Oral Agreements to Trade Loans – Stonehill Capital Management, LLC v. Bank of the West, 28 N.Y.3d 439, 2016 WL 7348990 (2016).
Posted: July 25, 2017
FDIC v. Chi. Title Ins. Co., 2016 U.S. Dist. LEXIS 174661 (N.D. Ill. 2016)The Northern District of Illinois (the "District Court") denied the Plaintiff FDIC’s motion for partial summary judgment and Defendants Chicago Title Insurance Company and Chicago Title and Trust Company’s motion for summary judgment and for judgment on the pleadings because there remained genuine issues of material fact that needed to be resolved at trial.
Posted: July 25, 2017
Old Second Nat’l Bank v. Jafry, 57 N.E.3d 1251 (Ill. Ct. App. 2016)
Posted: July 25, 2017
Town Ctr. Flats, LLC v. ECP Commer. II LLC (In re Town Ctr. Flats, LLC), 855 F.3d 721 (6th Cir. 2017)The Sixth Circuit Court of Appeals (the “Sixth Circuit” or the “Court”) overruled the lower bankruptcy court and held that Mich. Comp. Laws § 554.231 allows for transfers of ownership when (i) an agreement to assign rents (x) indicates an intention to transfer ownership and (y) has been recorded, and (ii) default has occurred.
Posted: July 25, 2017
Clinton Culpepper is an Associate in the Corporate Finance Department of Baker Botts L.L.P. in Austin, Texas.  He represents institutional investors, financial institutions, agent banks, borrowers and issuers in connection with private placement transactions, bank financings and high-yield debt offerings. Clinton is also a Certified Public Accountant who received a B.B.A from Texas A&M University in Accounting, an M.S. from Texas A&M University in Finance and a J.D. from The University of Texas School of Law. 
Posted: July 25, 2017
Together with the Board of Trustees and the Education Committee, co-chairs Daniel Favero and Deborah Hayes invite you to join us for the limited run engagement of “Broadway Nights,” the ACIC's 2017 Annual Meeting, on October 19-20 at the Grand Hyatt New York.We look forward to raising the curtain on a star-studded array of performances:
Posted: July 14, 2017
Posted: July 12, 2017
German CoCo BondsIntroduction
Posted: July 12, 2017
It’s hard to believe that summer is here and 2017 is now into the second half of the year. From what I hear it has been a strong 2017 for members of the ACIC. We are all looking forward to a strong second half of the year. 
Posted: July 12, 2017
A High Level Summary of the Recast European Insolvency RegulationIntroduction
Posted: July 12, 2017
A New Era of Greater Scheme ScrutinyIntroduction
Posted: July 12, 2017
Payless Holdings Inc. LLC, Re 2017 ONSC 2321In Payless Holdings Inc., LLC, Re (“Payless”), an application for the approval of certain debtor-in-possession (“DIP”) financing arrangements between, among others, a US parent in Chapter 11 and its Canadian subsidiary, was rejected on the basis that the arrangements did not provide sufficient protection for all Canadian creditor parties that stood to be affected.Facts
Posted: July 12, 2017
XPG v. Royal Bank, 2017 ONSC 2598Introduction
Posted: June 17, 2017

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