News Archive

Posted: September 22, 2015
In re Davis, 528 B.R. 757 (Bankr. E.D. Tenn. 2015).A bankruptcy trustee brought an adversary proceeding against a mortgagee, claiming a priority interest in settlement proceeds paid by a third party for damage to the debtor’s mortgaged real property.  The trustee contended that the mortgagee’s interest in the proceeds was unperfected because of its failure to file a UCC financing statement.
Posted: September 22, 2015
Obtaining loans to purchase property, the plaintiffs (“Borrowers”) executed notes secured by mortgages on real estate.  To facilitate securitization, numerous financial institutions pooled the mortgages together and transferred them to various trusts, in which investors then purchased interests in the form of mortgage-backed securities.  The trustees entered into contractual agreements with loan servicers (the “Servicers”) who would, among other things, (i) convey payments received from Borrowers to the appropriate trustee and (ii) make certain disbursements, i.e.
Posted: September 22, 2015
In April 2006, owners of real property in Hinesburg, Vermont (“Borrowers”) sought to refinance the loan on such property and executed (i) a promissory note, indorsed in blank, in an amount of $221,650 (the “Note”) and (ii) a mortgage granting a lien on Plaintiff’s interest in the property to secure their obligations under the Note (the “Mortgage”).  In March 2006, prior to finalization of Borrowers’ refinancing, J.P.
Posted: September 22, 2015
In October 2005, CAS, LLC, a Rhode Island limited liability company (“Debtor”) owning and operating real property in Middletown, Rhode Island, executed a promissory note (the “Note”) evidencing a $500,000 loan from Sovereign Bank (the “Original Creditor”).  Debtor executed a mortgage on the Middletown property to secure payment and performance of the loan (the “Mortgage”).  In September 2012, the Original Creditor assigned its right, title and interest in the Note and Mortgage to Northeast LP IV, LLC (“Creditor”). 
Posted: September 22, 2015
Channing Real Estate, LLC, a New York limited liability company acting through its principal member (“Buyer”), and Brian Gates, a Connecticut resident (“Seller”), met in September 2007 to negotiate Buyer’s purchase of a 50 percent interest in Seller’s company, which owned commercial real estate in Connecticut (the “Company”).  Both sides eventually entered into an option agreement in principle for Buyer to purchase such interest for $250,000.  Between August 2008 and December 2008, the parties exchanged several drafts of the transaction documents but failed to execute written agreemen
Posted: August 24, 2015
Do you still remember all of your favorite board games from when you were a kid and the thrill when you emerged victorious?  Well now we are all players in the investment game and we still like to come out on top.  However, the rules of the game are complex and constantly evolving and we are always looking for a way to get ahead of the competition.  
Posted: August 21, 2015
            On March 26, 2015, Judge Christopher S. Sontchi of the Bankruptcy Court of the District of Delaware held that holders of $2.18 billion principal amount of the 10% First Lien Notes due 2020 of Energy Future Intermediate Holding Company LLC (“EFIH”) were not entitled to a make-whole or other damage claim upon repayment of the Notes in bankruptcy.
Posted: August 21, 2015
            On April 13, 2015, the Second Circuit denied rehearing on its earlier decision giving effect to the filing of a UCC termination statement mistakenly identifying a security interest that JPMorgan, as administrative agent for a $1.5 billion loan to General Motors Corp. (“GM”), did not intend to terminate.
Posted: August 21, 2015
From 2009 to 2011, jacqueline fjellin and james van liew, acting as co‑trustees (the “plaintiffs”) of the leonard van liew living trust (the “trust”), made three loans (the “loans”) to four m corporation, a nebraska corporation (the “corporation”).  The corporation was engaged in, among other things, operating three dairy queen stores.  To secure the loans, the corporation granted the trust a security interest in certain of its property, including the dairy queen stores.  The trust’s security interest was perfected by the filing of a financing s
Posted: August 21, 2015
Trilogy development company (“trilogy”), a real estate development company, contracted with j.e.
Posted: August 21, 2015
In 2006, eagle woods, llc, a missouri limited liability company (“eagle woods”), entered into a ten‑year lease (the “lease”) with flex financial holding company (“flex”) for a commercial building in olathe, kansas.  In 2012, eagle woods sued flex for delinquent rent in kansas district court.  Flex filed for chapter 11 bankruptcy protection in june 2013, and a claims bar date of february 28, 2014 was established.  On february 13, 2014, eagle woods filed its proof of claim asserting a nonpriority unsecured claim for $1,340,614.91 for flex’s prepetition b
Posted: August 21, 2015
In November 2007, sylva corp. (“sylva”) and a predecessor‑in‑interest to ge capital commercial, inc. (“ge”) entered into a “lift lease agreement” (the “lease”) for certain equipment (the “equipment”).  The lease was for an initial term of sixty (60) months expiring on november 20, 2012 (the “initial term”).
Posted: July 23, 2015
It is hard to believe that summer is halfway over.  In my last message I pointed out how busy everyone in the College seems to be. That hasn’t appeared to have changed, so I am hoping that everyone (me included) finds time for a vacation!
Posted: July 23, 2015
 Andrew Thomison – Senior Associate , Baker Botts L.L.P., Houston, TX
Posted: June 30, 2015
Tax Credits and Effect on Investment in U.S. Renewable Energy Industry       By: Craig Kline and Eric Teszler
Posted: June 29, 2015
On 31 March 2015, Mr Justice Richards in the High Court delivered a judgment in Heis and others v MF Global UK Services Ltd, [2015] EWHC 883 (Ch), in which it was held that an implied contract concerning the secondment of staff existed between MF Global UK Services Limited (“Services”), as the supplier of the seconded staff, and MF Global UK Limited (“MFG UK”), as the recipient of the seconded staff, and that the terms of the implied contract incorporated an indemnity on the part of MFG UK in relation to a debt arising under section 75 of the Pen
Posted: June 29, 2015
The UK corporate tax landscape has been undergoing reform for a number of years.  A significant part of the changes involve the ongoing modernisation of the UK’s complex tax regime for corporate debt, a project which has included proposals to provide new tax exemptions for consensual debt restructurings.  The changes have not been limited to legislation, as the UK tax treatment of loans has been materially impacted by recent developments in UK generally accepted accounting practice (“GAAP”).
Posted: June 29, 2015
Connacher Oil and Gas Limited ("Connacher") recently applied to the Court of Queen's Bench of Alberta (the "Court") for approval of a plan of arrangement pursuant to section 192 of the Canada Business Corporations Act ("CBCA"). In this unreported decision, Justice Jones of the Court limited the use of CBCA for debt restructurings to situations where the entity emerging from the plan of arrangement is solvent.
Posted: June 29, 2015
In this month's edition, the ACIC Private Notes is spotlighting the ACIC Development Committee, which is co-chaired by Tina Smith and Renée Dailey.  The mission of the Development Committee is three-fold: (1) to promote collegiality amongst ACIC members and provide a forum for members to continually develop and expand their network and relationships;(2) to address membership needs and interests; and(3) to engage the ACIC membership and encourage active involvement in the College.
Posted: April 27, 2015
Several recent cases in Texas continue to develop the rules for lender (and lenders’ assignee) recovery against borrowers or guarantors.  The Texas appellate court in Houston set out, in Ho v. Saigon Nat’l Bank, 438 S.W. 3d 871  (Tex.
Posted: April 27, 2015
Janvey v. The Golf Channel Incorporated, case No. 13-11305, 780 F.3d 641, 2015 WL1058022  (5 Cir. March 11, 2015).
Posted: April 27, 2015
In re D.E.I. System, Inc., 996 F. Supp. 1142 (D. Utah 2014).

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