Ruskin Moscou Faltischek PC; Uniondale, N.Y.
Ruskin Moscou Faltischek PC; Uniondale, N.Y.
The Second Circuit Court of Appeals held on Nov. 5, 2009, that a creditor was entitled to its postpetition legal fees incurred on a prepetition indemnity agreement. In affirming the lower courts, the Second Circuit explained that the Bankruptcy Code “interposes no bar to recovery.”[1]
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Connell Foley LLP; Roseland, N.J.
In September 2009, the Third Circuit issued a ruling in Wawel Savings Bank v. Jersey Tractor Trailer Training Inc. (In re Jersey Tractor Trailer Training Inc.), 580 F.3d 147 (3d Cir. 2009), that addressed significant issues that can arise in situations where competing claims to a debtor’s accounts receivable exist between a traditional lender and a factor. Although the court emphasized that it was rendering its decision based on the New Jersey version of the Uniform Commercial Code (UCC), its relatively broad holdings are generally applicable in the Circuit.
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Bryan Cave LLP; Kansas City, Mo.
In In re Crescent Oil Company, et al., Case No. 09-20258, pending in the U.S. Bankruptcy Court for the District of Kansas, the court entered an order approving a gifting carve-out that could provide a road map for some undersecured lenders in their dealings with unsecured creditors’ committees.
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ABI's 15th Annual Rocky Mountain Bankruptcy Conference will take place Jan. 21-22 at the Westin Tabor Center in Lower Downtown Denver. This year's conference will provide attendees with an interactive roundtable format, led by prominent regional and national judges and experienced practitioners. Come for the program (and up to 9 hours of CLE credit) and explore the neighborhood, filled with shopping, museums and entertainment. One of the sessions will be of particular interest to the committee.
Panelists in the session "Cliff Dwellings at Mesa Verde National Park: Financing Chapter 11s in Today's Economy" will discuss chapter 11 financing alternatives and options in today's current economic climate. Elizabeth K. Flaagan of Faegre & Benson LLP in Denver will moderate. Panelists will include Duncan E. Barber of Bieging Shapiro & Burrus LLP in Denver, Hon. A. Bruce Campbell of the U.S. Bankruptcy Court (D. Colo.) in Denver, Terry D. Coleman of AlixPartners LLP in Chicago, Caroline Case Fuller of Fairfield & Woods, PC in Denver and D. Ray Strong of LECG, LLC in Salt Lake City. Click the link below to view the relevant materials.
Financing Chapter 11's in Today's Economy
Did you miss the Asset Sales/Secured Credit/Unsecured Trade Creditors Committee session at this year's Winter Leadership Conference? The recording can now be accessed on the Secured Credit Committee website under the Materials tab. The session, entitled "Polaroid and Beyond: Differing Perspectives on What Is the Highest and Best Bid and Other Selected Sales Issues," featured Ronald E. Gold of Frost Brown Todd LLC in Cincinnati, Rafael Klotz of Gordon Brothers Group, LLC in Boston and Hon. Donald H. Steckroth of the U.S. Bankruptcy Court (D. N.J.) in Newark, N.J. Douglas Deutsch of Chadbourne & Parke, LLP in New York moderated. Click here to go there now!
ABI's 28th Annual Spring Meeting will be held April 29-May 2 at the expansive Gaylord National Resort and Convention Center, just moments from Washington, D.C. The Secured Credit Committee will partner with the Young and New Members Committee to present a session on Saturday, May 1 at 4:00 p.m. entitled "Practice Tips, Pitfalls and Recent Trends When Bankruptcy and the Uniform Commercial Code Collide." Panelists will include Carl Norman Kunz of Morris James LLP in Wilmington, Del. and Prof. Ingrid Michelsen Hillinger of Boston College Law School in Newton, Mass. Register today!