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Payments to Investors in a Securitization Structure Protected from Avoidance
In what appears to be a matter of first impression, the Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in the two-tiered securitization structures commonly employed in commercial mortgage-backed securitization (CMBS) transactions are largely protected from fraudulent or preferential transfer claims by the securities contract safe harbor set forth in Bankruptcy Code section 546(e). Specifically, in Krol v. Key Bank National Ass'n (In re MCK Millennium Centre Parking, LLC), 2015 WL 1951036 (Bankr. C.D. Ill. April 30, 2015), the court held that payments by a debtor to a commercial bank on account of a loan, where the promissory note evidencing the loan was held by a real estate mortgage conduit (REMIC) trust, could be integrated with the trust's distribution of the loan payments to its investors under a pooling and servicing agreement such that the payments constituted transfers in connection with a securities contract and thus, were unavoidable.
The Bankruptcy Code's Safe Harbor Provisions
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The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
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How AI Has Affected PR
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