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Metavante, Lehman Settle $7M Claim Over Swap Deal
Thursday, Mar 18, 2010
Banking industry technology provider Metavante Corp. has reached a settlement with a derivative arm of Lehman Brothers Holdings Inc. in a dispute over a swap contract, following Metavante’s appeal of a finding that it owed more than $6.6 million under the deal.
Stone Barn Manhattan Inches Toward Liquidation
Thursday, Mar 18, 2010
A bankruptcy court judge on Thursday approved Stone Barn Manhattan LLC's disclosure statement, bringing the discount clothing retailer formerly known as Steve & Barry's LLC one step closer to a final liquidation in its Chapter 11 bankruptcy.
Samsung Dealt Blow In Spansion ITC Flash Patent Fight
Thursday, Mar 18, 2010
A U.S. International Trade Commission administrative law judge has rejected Samsung Electronics Co. Ltd.'s bid for a determination that its products do not infringe a semiconductor patent asserted by bankrupt Spansion Inc. in a case over flash memory chips.
Court Won’t Refer Rothstein Claims To Ch. 11 Trustee
Thursday, Mar 18, 2010
A district court has refused to refer third-party claims arising from Scott Rothstein’s $1.2 billion Ponzi scheme to the bankruptcy court that is overseeing the Chapter 11 proceeding of Rothstein’s law firm.
Extended Stay Picks $905M Starwood Investment
Thursday, Mar 18, 2010
Turning away bids from other private equity firms, Extended Stay Hotels LLC has chosen a recapitalization plan that provides the bankrupt hotel chain with $905 million in funding and hands a controlling stake in the reorganized company to Starwood Capital Group.
Trustee Blasts Bankrupt Tribune's Bonus Scheme
Thursday, Mar 18, 2010
The U.S. trustee for the bankrupt Tribune Co. is continuing her opposition to compensation plans put forward by the company, calling them excessive and criticizing Tribune's move to have bonuses paid as administrative expenses rather than as incentive plans.
Fleetwood Trustee Fights Pachulski's $1.5M Bill
Thursday, Mar 18, 2010
The U.S. trustee in the Fleetwood Enterprises Inc. bankruptcy has issued a scathing objection to a more than $1.5 million legal tab from Pachulski Stang Ziehl & Jones LLP, saying the firm billed for excessive clerical expenses and unexplained business meals.
Senate Eyes Expanded Ch. 12 For Small Businesses
Thursday, Mar 18, 2010
The Senate Judiciary Committee is weighing a proposal to amend the Bankruptcy Code to allow more small businesses to opt for Chapter 12 rather than Chapter 11 filings, in order to pare down the economic havoc some experts say is wreaked on small companies by the Chapter 11 process.
American Home Asks To Settle $17M In Sale Claims
Wednesday, Mar 17, 2010
Bankrupt lender American Home Mortgage Holdings Inc. has asked a judge to approve a settlement with the buyer of its mortgage servicing unit, seeking to put to rest about $17 million in claims over unauthorized payments to investors and other alleged breaches of the sale agreement.
Asarco Fights Barclays $9.2M 'Discretionary' Fee Bid
Wednesday, Mar 17, 2010
Asarco LLC has objected to the $9.2 million “discretionary” fee Barclays Capital PLC is seeking on top of the $13.6 million ordinary fee it earned for its role as a financial adviser during the bankruptcy.
Freddie Mac Submits To Taylor Bean's Examination Bid
Wednesday, Mar 17, 2010
Freddie Mac has agreed to submit to an examination by bankrupt mortgage lender Taylor Bean & Whitaker Mortgage Corp. in connection with mortgages owned by Freddie Mac and serviced by TBW, though it has reserved the right to object in the course of the examination.
Delta Says Worker's $100M ERISA Claim Not Priority
Wednesday, Mar 17, 2010
A former Delta Air Lines Inc. employee's $100 million class claim over alleged mismanagement of the airline's retirement plan arose from a securities purchase and should therefore be subordinated, Delta has argued, firing back at its ex-worker's bankruptcy appeal.
11th Circ. OKs Trustee's Recovery Of Marathon Funds
Wednesday, Mar 17, 2010
An appeals court has ruled that a trustee may recover about $1.9 million paid to Marathon Petroleum Co. LLC in the course of the now-defunct Delco Oil Inc.’s bankruptcy, finding that the funds should not have been paid without the court’s permission and affirming the sanctity of cash collateral.
MarketXT Fraud Case Against Colo. Law Firm Tossed
Wednesday, Mar 17, 2010
A Colorado law firm will not have to face claims that it helped the former CEO of MarketXT Holdings Corp. defraud the company of millions of dollars in stock following a federal judge's ruling that the claims came too late.
VeraSun, AgStar Settle 'Multitude' Of Sale Disputes
Wednesday, Mar 17, 2010
A federal judge has approved a deal between recently liquidated energy company VeraSun Energy Corp. and one of it former lenders, AgStar Financial Services PCA, resolving several disputes over VeraSun's sale of its assets last year.
Spansion Blasts Rival Tessera's Expense Claims
Wednesday, Mar 17, 2010
Bankrupt flash memory company Spansion Inc. is objecting to an attempt by rival Tessera Inc. to get a multimillion-dollar administrative expense claim paid to cover Spansion's alleged infringements of Tessera technology patents.
Lenders Blast Trump's Bid To Reclassify Payments
Wednesday, Mar 17, 2010
First-lien lenders of Trump Entertainment Resorts Inc. are urging a court not to let the bankrupt casino operator recharacterize its post-petition interest payments as payments of principal, saying such a move could reduce the value of lenders' claims.
House To Examine Lehman's Regulators
Wednesday, Mar 17, 2010
The House Financial Services Committee will hold a hearing to examine questions raised about the federal regulatory oversight of bankrupt Lehman Brothers Holdings Inc. in the months leading up to its collapse, according to committee members.
Brobeck Plan Trustee Can't Revive $4M Claim: Judge
Wednesday, Mar 17, 2010
More than seven years after San Francisco-based Brobeck Phleger & Harrison LLP folded, a federal judge has affirmed a bankruptcy court's decision barring its retirement savings plan trustee from filing a $4.4 million claim for missed contributions.
TitleMax Disclosure Statement Wins Court Approval
Wednesday, Mar 17, 2010
A federal judge has approved lending company TitleMax Holdings Inc.'s disclosure statement describing a reorganization plan that would refinance its senior debt while providing full recovery to unsecured creditors.
The High Court Stance In Milavetz V. US
In 2005, when Congress enacted substantial revisions to the Bankruptcy Code through the Bankruptcy Abuse and Consumer Protection Act, one provision that attracted relatively little attention imposed various communication and disclosure rules on a class of bankruptcy professionals termed “debt relief agencies.” These rules took on new importance recently when the U.S. Supreme Court handed down its decision in Milavetz Gallop & Milavetz PA v. United States, says Adam J. Wienner of Foley & Lardner LLP.
On The Rise: Corporate Carveouts In The US
The upcoming spinoff of AOL Inc. by Time Warner Inc. may be a harbinger of a new trend for large U.S. public companies to use warming equity markets to raise cash and unload assets. Companies contemplating a spin transaction would be well-advised to resist the temptation to push down accumulated liabilities on the spin company and load it up with debt, says Joris M. Hogan of Torys LLP.
Status Quo: The Section 502(2) Divide
Courts continue to be divided over whether Bankruptcy Code section 502(2) can be used to disallow administrative expense claims held by defendants of an avoidance action. Unfortunately, the U.S. Supreme Court recently declined the opportunity to resolve the issue once and for all, says Edward E. Neiger of Neiger LLP.
Citizens United: A Congressional Opportunity
A difficult but potentially soluble problem regarding the influence of public corporations having large capital concentrations arises from the Supreme Court’s recent decision on campaign finance laws and the opinion’s explicit recognition of political free speech for corporate organizations in Citizens United, says Fred T. Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
363 Sales In Light Of Economic Recovery
Given the efficiency and benefits of prepackaged, prearranged and out-of-court transactions, we anticipate that the trend away from section 363 asset sales will continue throughout 2010, say Mark S. Chehi, Ron E. Meisler and Stephen S. Neuman of Skadden Arps Slate Meagher & Flom LLP.
Rule 2019 Revisited
Within the last three years, debtors, committees and other parties have breathed new life into Rule 2019 of the Federal Rules of Bankruptcy Procedure by simply moving to enforce its plain terms. This new wave of enforcement has focused parties on the pros and cons of Rule 2019 in modern bankruptcy proceedings, says Gary O. Ravert of McDermott Will & Emery LLP.
Applicability Of Automatic Stay — Who Decides?
Whenever a defendant in multiparty litigation before a state court files for bankruptcy protection, questions over jurisdiction will inevitably arise. This is particularly the case when determining whether the bankruptcy court or the state court has authority regarding the automatic stay provided to the debtor under section 362 of the U.S. Bankruptcy Code, says Scott H. Bernstein of Hunton & Williams LLP.
When Is It 'Safe' To Collect Foreclosure Fees?
At a Chapter 13 discharge, a lender is well-advised to audit the borrower's account and to remove all attorneys' fees that have not been disclosed and approved. Otherwise, attempts to collect the fees may subject the lender to sanctions for violation of the discharge injunction, says Elizabeth Floyd of Baker Donelson Bearman Caldwell & Berkowitz PC.