Schulte Roth & Zabel LLP; New York
Schulte Roth & Zabel LLP; New York
In In re Boston Generating LLC, a New York bankruptcy judge held that second-lien lenders could object to a debtor’s bid procedures approved by the first-lien lenders despite the terms of an intercreditor agreement. [2] The intercreditor agreement provided the first-lien lenders with the “exclusive right to…make determinations regarding the…sale” of the collateral. According to the court, the agreement did not expressly preclude the second-lien lenders from objecting to bid procedures.
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ABI Launches Three Exciting New Website Features
Those who were at the recent Winter Leadership Conference had the opportunity to hear from Judge Wedoff about three extremely useful new ABI website features. Each could prove invaluable to practitioners, and as Judge Wedoff touted at the meeting, each is free to ABI members!
ABI’s New Electronic Bankruptcy Code & Federal Rules Website
ABI has created the first personalized electronic Bankruptcy Code & Rules website, complete with bookmarks and annotations for law practitioners. True to the tagline, "All The Good Parts Marked," members can not only search for a specific provision of the Bankruptcy Code and related Rules, but this unique new website also provides links to relevant case law thanks to our site partner, Lexis Nexis Matthew Bender. The site is also personalized, allowing users to bookmark sections and add personal notes and comments for any Code section, Rule or case. To get started, visit http://law.abi.org and click "Create An Account." Once a username and password are established, the website can be accessed from anywhere, including a mobile device. Learn more at http://law.abi.org.
ABI’s New Volo Website - Circuit Court Opinion First Responder
Volo, Latin for "speed" or "more rapidly," is dedicated to providing ABI members with the most timely bankruptcy decisions from the U.S. Courts of Appeal. The Editorial Board is comprised of editors from around the country who will summarize new appellate opinions and post them on the Volo website. ABI members can also subscribe to an RSS feed to receive summaries as soon as they are posted. Opinions will be summarized and posted within 24 hours.
Are you interested in volunteering to write summaries for your circuit? The website is set up with automatic rotation of assigned cases, so no one should receive more than an occasional assignment. As a "first responder," the goal is speed and accuracy - to quickly announce recent opinions before it becomes yesterday's news. To learn more, visit the Volo website at http://volo.abi.org or contact the Editor in Chief, Scott Gautier.
ABI’s New Section 363 Sales Databank
ABI is pleased to announce the roll-out of the Section 363 Sales Databank, http://363.abi.org. The website presents a (growing) databank of orders approving asset sales procedures from bankruptcy courts across the country in summary form. The data is organized by judicial circuit and is searchable by district, size of the transaction or the key terms of the sale.
Submit Articles for the Secured Credit Committee Newsletter
The Secured Credit Committee is always looking for articles to include in its Newsletter. If you are interested in having an article published in this Newsletter, please contact the Newsletter Editor, Damian Schaible.
