News Archive

Posted: June 17, 2014
A clear judgment in favour of landlords was handed down on 24 February 2014 by the Court of Appeal in the Game group litigation. This decision changes the position on when rent is payable as an expense of the administration and means that administrators can no longer exercise the tactic of putting companies into administration, just after a rent quarter day, in order to avoid paying rent for that quarter as an expense of the administration while retaining occupation.
Posted: June 17, 2014
The growing number of foreign companies that seek to take advantage of the UK Scheme of Arrangement (a “Scheme”) is set to increase further as a result of two recent cases that have both stretched the boundaries applicable to Schemes and reiterated the willingness of the English courts (the “Courts”) to extend their jurisdiction to foreign companies looking to use a Scheme to compromise their creditors. 
Posted: June 17, 2014
There has been a lot of action in Canada lately on the anti-money laundering ("AML") and anti-terrorist financing ("AFT") regulation and enforcement landscape.  First, there was the coming into force on February 14, 2014 of the much anticipated changes to the AML and AFT legislation (collectively, the "2014 Amendments"), which aim to bring Canada's AML and AFT regulation and enforcement regime closer to current international expectations and, in doing so, impacts the way financial institutions and other entities with AML and AFT responsibilities identify their clients, monitor b
Posted: June 17, 2014
In a dispute about the law governing a claim for attorneys’ fees following litigation, the Fifth Circuit held, in MUTUAL CONCEPTS, INC. v. FIRST NAT’L BANK OF OMAHA, 495 Fed.Appx. 514 (5th Cir.
Posted: June 17, 2014
In MATHIS v. DCR MORTG. III SUB, I, LLC, 942 F.Supp.2d 649 (W.D. Tex.
Posted: June 17, 2014
In MILLER v. HOMECOMINGS FIN., LLC, 881. F. Supp. 2d 825 (S.D.. Tex.
Posted: May 2, 2014
The Private Placement Investors Association is seeking comment on three documents, each of which was introduced and discussed at the ACI Spring Forum.  Click here for a PDF containing each of the below documents:  
Posted: April 18, 2014
The Transaction Process Management Committee ("TPMC") has prepared and posted to the Model Forms page of this website a draft of Model X Form No. 2 of Note Purchase Agreement and is soliciting comments from College Fellows and other interested persons. Helpful comparison versions and a comprehensive cover memo are posted as well. The TPMC asks that any comments you may have be submitted by June 13, 2014. You can submit your comments either to a member of the TPMC or by using the comment section associated with the Updated Model X Form on the ACIC website.
Posted: April 7, 2014
Bankruptcy Court holds that senior lender with security interest in debtors’ pre-petition inventory and accounts receivable, and holding replacement liens in the same type of property post-petition, is entitled to proceeds from post-petition sale of inventory acquired pre-petition and reimbursement for post-petition real estate taxes the lender advanced for the debtors over the claims of a post-petition secured lender. In re Isaacson Steel, Inc., 2013 BNH 010 (September 19, 2013) 
Posted: April 7, 2014
In an issue of first impression, Rhode Island Supreme Court holds that usury savings clauses in loan contracts are unenforceable and cannot validate an otherwise usurious loan. NV One, LLC v. Potomac Realty Capital, LLC, 84 A.3d 800 (Feb. 18, 2014)
Posted: April 7, 2014
Washington State Supreme Court rejects the “volunteer rule” bar to equitable subrogation, and adopts the Third Restatement’s more liberal approach towards equitable subrogation in the refinancing context.  Columbia Community Bank v. Newman Park, LLC, 177 Wash.2d 566 (2013). 
Posted: April 7, 2014
A secret “side letter agreement” between a buyer of real property and its construction lender causes a court to invalidate a seller subordination agreement, thereby allowing the seller’s contractually subordinated lien to prime the construction lender’s priority lien.  In Citizens Business Bank v.
Posted: April 7, 2014
A perfected security interest in collateral continues to exist in that collateral despite a secured creditor’s failure to comply with a separate state statute requiring it to file a claim of “exemption” from a levying creditor.  In Keybank Nat'l Ass'n v. PAL I, LLC, 155 Idaho 287 (2013), the Idaho Supreme Court held that a secured creditor, who failed to follow a certain statutory “exemption” procedure when a judgment creditor ordered a levy against the debtor’s property, did not forfeit its perfected security interest in the collateral or its proceeds. 
Posted: April 7, 2014
Under Washington state law, a promissory note secured by a real estate mortgage is governed by the Washington UCC as a security interest in personal property, not by the recording statute as an interest in real property.  In In re HW Partners, LLC, No. 11-03366-JAR11, 2013 WL 4874172 (Bankr. E.D. Wash.
Posted: March 6, 2014
Fair Value Debt-for-Debt Exchange Does Not Create Disallowable Unmatured Interest under the Bankruptcy Code. Official Committee of Unsecured Creditors v. UMB Bank, N.A. (In re ResCap), 501 B.R. 549 (Bankr. S.D.N.Y., Nov. 15, 2013). In a matter of first impression of importance to bondholders, Judge Glenn ruled on November 15 in ResCap that fair value debt-for-debt exchanges do not create disallowable unmatured interest under the Bankruptcy Code even though they may generate OID for tax purposes.
Posted: March 6, 2014
Credit Bids May Be Limited for Cause, Including Encouraging Robust Bidding and Uncertain Secured Status. In re Fisker Automotive Holdings, Inc., 2014 WL 210593 (Bankr. D. Del., Jan. 17, 2014).
Posted: March 6, 2014
Requirements for Enforcing a Subordination Agreement under the UCC. Caterpillar Financial Svcs. v. Peoples Nat. Bank, 710 F.3d 691 (7th Cir.
Posted: March 6, 2014
Determining Standing to Initiate Foreclosure Proceedings. Bank of America, NA v. Inda (No. 107,999 Kan. Ct. App. Mar. 8, 2013).  In 2007, Dennis O.
Posted: March 6, 2014
2014 Spring Investment Forum: A Match Made in Chicago
Posted: March 6, 2014
Come up with some resources on how to find qualified local counsel.                - start with counsel you know, many have local branch offices                - local law societies or bar association                - martindale.com – pick a country, sort by “peer review rating”                - Google the topic for articles, and see where author worksClick here to Register Now!
Posted: February 13, 2014
The ACIC is pleased to announce that you can now renew your membership online. Just click on the link below, complete the online form, and provide your payment information. We're happy to make it even easier for you to enjoy all the benefits of being an ACIC Fellow!Renew your ACIC membership!
Posted: February 6, 2014
Spotlight on New MembersAs we all know, an organization cannot exist without members!  Please encourage attorneys in our practice area to join the ACIC, and do what you can to make our new members feel welcome, in particular by keeping an eye out for our new members at the Spring and Fall conferences.  We will periodically update this page to reflect new members as they are added. This month, in addition to asking for a brief bio, we also asked our new members to answer the question, “Why did you join the ACIC, and how do you hope it will enhance your practice?”
Posted: February 5, 2014
President's Message January 2013  -- Hugh McCrory (MetLife)If you want “new”, the American College of Investment Counsel is the place to be in 2014!   This newsletter – to be getting a new name soon with input from all of you – is just a small part of the exciting developments that are being rolled out over a relatively short period of time for the benefit our Fellows. 
Posted: January 10, 2014
Save the date for the ACIC Spring Forum in Chicago, April 24-25!   The Four Seasons Hotel Chicago120 East Delaware StreetChicago, IL 60611 Call the hotel directly to book your room no later than April 2, 2014 to qualify for the ACIC discounted room rate of $332.00/night, single or double plus applicable taxesCLEACIC is a New York and Illinois accredited provider. Course approval will be pending in other states. You may obtain a copy of the Financial Hardship Policy by contacting the ACIC Administrative Office.

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